Web3

In short, Web3 is about taking back some control from the tech giants that dominate today’s web.

Web3 is a movement to make the internet more secure, private, and powerful for its users. It’s about giving you the option to control your data and how you interact with the web, instead of being bombarded with ads or tracked by third parties. It’s also about making you feel more secure when you’re online, whether that means strong encryption of your passwords or a guarantee that your data won’t be sold to advertisers without your consent.

Web3 is a new kind of internet—it’s one that puts users in control of their data and their interactions online. It’s an internet where you don’t have to worry about third parties selling your personal information, and there’s no need to sacrifice your privacy just because a company wants to send you ads.

It’s also an internet where users are more powerful than ever before: they can do everything from making transactions on a blockchain network to building their own apps on Ethereum. The possibilities are endless.

How does Web3 work?

Web3 is the next generation of the web, and it’s built on a new stack of technologies that allows for truly decentralized applications. What does that mean? In web3, developers don’t usually build and deploy applications that run on a single server or that store their data in a single database (usually hosted on and managed by a single cloud provider).

Instead, web3 applications either run on blockchains, decentralized networks of many peer-to-peer nodes (servers), or a combination of the two that forms a cryptoeconomic protocol. These apps are often referred to as dapps (decentralized apps), and you will see that term used often in the web3 space.

To achieve a stable and secure decentralized network, network participants (developers) are incentivized and compete to provide the highest quality services to anyone using the service.

Main attributes

Web3 adds a few new qualities to the internet as we know it today, in addition to the ones we already have. web3 is comprised of:

• Verifiable
• Trustless
• Self-governing
• Permissionless
• Distributed and dependable
• Stateful
• Payments are built-in from the start

Web2 – Web3 comparison

Web2 is the internet we know today. An internet controlled by firms who trade your personal data for services. Web3 refers to decentralized programs that operate on the Ethereum blockchain. These applications let everyone engage without selling their data.

Benefits of Web3

A current example of Web3 is Ethereum. Ethereum is more than a cryptocurrency: it’s an open-source blockchain platform that enables developers to build and deploy decentralized applications (dapps). It’s also possible for users to create smart contracts on the Ethereum platform.

Many Web3 developers have chosen to build dapps because of Ethereum’s inherent decentralization:

• Anyone who is on the network has permission to use the service – or in other words, permission isn’t required.
• No one can block you or deny you access to the service.
• Payments are built-in via the native token, ether (ETH).
• Ethereum is Turing-complete, meaning you can pretty much program anything.

Disadvantages

Currently, Web3 has certain restrictions, including the following:

• Scalability — Because web3 transactions are decentralized, they are more time-consuming. Changes to the status of the network, such as a payment, must be processed by a miner and disseminated across the system.
• Interacting with web3 apps may need the use of additional processes, software, and instruction. This may be a stumbling block in the adoption process.
• Accessibility – Because web3 is not integrated into most current web browsers, it is less accessible to the majority of users.
• Cost — Because blockchain technology is costly, most successful dapps only put a tiny amount of their code on the blockchain.