The internet is rapidly evolving, and with each new era comes new possibilities. WEB 3.0/Web3 is the next stage of the internet, and it offers many exciting opportunities for businesses and consumers alike.
Think about it — during the early days of the internet, people were mostly skeptical about it. But look at how far we’ve come since then! The internet has completely transformed the way we live, work, and communicate with each other. WEB 3.0 has that same potential, and in this article, we’ll explore what it is and how it could change the future of the internet.
So what is Web 3.0?
In the simplest terms, WEB 3.0 is the next stage of the internet. It’s a decentralized peer-to-peer network that runs on protocols, or rules, that are designed to be more secure and efficient than the current system.
The key difference between WEB 3.0 and the current one is its decentralized nature. This means that all codes and applications are encrypted and spread across different nodes, or computers, around the world. Doing so eliminates any one single point of failure, making the system much more secure and efficient.
Why the need for Web3?
At this point, you might be wondering — why is there a need for a new web? There are a few serious flaws with the current infrastructure:
1. The centralized nature of Web 2.0 gives big companies control to manipulate and censor
When it comes to Web 2.0, it’s best to remember that if something is free it means that you are the product. Large companies like Google, Microsoft, Meta, YouTube, TikTok, Twitter, and Pintrest are all “free.” But, there’s something that they’re getting from you in return — your data.
Your data is collected (often without your permission) and used to provide “personalized” content and ads in the hope that you will purchase from one of their advertisers.
Not only this but using these platforms also gives them the power to censor what you see and hear on the Internet. For example, if you are interested in conspiracy theories, the algorithms of these platforms will continue to feed you information on these theories from all sides. This can have real-world consequences, such as the shooting at a crowded pizzeria as a result of the Pizzagate conspiracy theory.
Lastly, these platforms do not promote freedom of speech and can ban you for breaching their terms and conditions or community guidelines — like these 21 famous people who have been banned from Twitter.
2. Platforms have the right to use the content you post including photographs, profile data and more
For example, on Facebook, when you share, post or upload content, you give them “licence” to use your content (in order for the platform to function as it should):
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3. A centralized system is a treasure trove for hackers
These large platforms store all data (including financial data, personal information etc) on centralized storage. This makes them an easy target for criminals to hack and steal data. This data is then sold on hacking forums or the dark web.
Web3 promises to solve these problems by putting the power back into the user’s hands. Users will have greater control over their data and the information that they read and hear on the internet. Not only this, but finances will be decentralised which will increase the security.
How does WEB3 work?
To understand how Web3 works, it’s helpful to think about the internet as a giant network of computers. Currently, our data is stored on centralized servers that are controlled by a single entity, such as a government or corporation.
With WEB 3.0, each user will have their own node — a device or a personal offline server — that stores their data. These nodes will be connected to each other, forming a decentralized network. This will allow users to interact with each other directly without having to go through a third-party intermediary.
More importantly, every node on the network is a perfect copy of all the data that exists on the network. This means that if one node goes offline, the rest of the network can continue to function without interruption. For this reason, Web3 is often referred to as a “distributed ledger” because it is constantly being updated and verified by all the nodes on the network.
Now that you have an idea of how Web3 works, let’s take a look at some of the ways it will change the internet as we know it:
- It will give users true ownership of data — currently, when you create an account on a centralized platform like Facebook or Twitter, you are essentially giving those companies ownership of your data.
- Improved data security — because WEB 3.0 is decentralized, it makes it more difficult for hackers to access our data. Even if they were able to hack into one node, they would only be able to access a small portion of the overall network.
- It will give users complete control over privacy — Users will be able to decide who can see their data and how it can be used.
Given these benefits, it’s easy to see how WEB 3.0 will become the future of the web and it’s only a matter of time before Web3 becomes the new standard for the internet.
How to invest in WEB 3?
If you’re interested in Web3, there are a few ways you can get involved such as buying cryptocurrency, using “dApps” (Web3-enabled applications), or Initial Coin Offerings (ICOs).
Perhaps one of the easiest ways to get involved in Web 3.0 is to buy crypto. Ethereum is a cryptocurrency and it’s blockchain technology is used as the underlying infrastructure that powers Web 3 applications or dApps.
For example, CryptoKitties, a digital pet game that uses blockchain technology. You can use Ethereum to purchase one-of-a-kind kitties. Augur, is an Ethereum-based prediction market platform that allows you to bet globally with no limits. If you already have Ethereum, then you can use these applications quite easily.
You can also invest in Web3-based projects through ICOs or initial coin offerings. These are similar to IPOs for traditional companies, except that instead of buying shares in a company, you’re buying tokens that represent a stake in the project.
Finally, you can support the movement in your own way by adopting existing technologies (that are currently still Web 2.0) that safeguard online privacy. You can do that with ClearVPN, which is a VPN service (Virtual Private Network) that encrypts your internet traffic and routes it through a network of servers. This makes it much more difficult for your ISP or government to track your online activity. It also keeps your data private.
Is Web3 a metaverse?
No. A metaverse is different in that it’s a shared virtual reality where users can interact with each other in a virtual space. WEB 3.0 is more like an upgrade to the current internet, that will enable new applications and use cases that are not possible with the current infrastructure.
However, Web3 can be used to create metaverses, as well as other immersive applications. A WEB 3.0 metaverse would be a decentralized virtual reality, where each user has their own node that stores their data.
What is a dapp?
A dapp is a decentralized application that runs on the Web3 network. Dapps can be used for a variety of purposes, from games to social media platforms.
What is an ICO?
An ICO is an initial coin offering. This is similar to an IPO for a traditional company, except that instead of buying shares in the company, you’re buying tokens that represent a stake in the project.
When will Web3 be launched?
The Web3 protocol is still in development, so there is no set launch date. However, Web3-enabled applications, or “dapps,” are already being built and used by early adopters.