In this blog, I'll be sharing some facts about WEB3.0 and the vision behind it, like
Why we need web3?
What kind of benefits it provides us?
What is web3? and so on and so forth...
In more simple terms, the intention of this blog is to provide people belongs to tech or either non-tech background "The whole idea of web3" so that they can either gather this knowledge for their sake or dive into this technology and hit milestones.
What is WEB3.0?
Using ideas like decentralisation, blockchain technology, and token-based economics, Web3 proposes a new version of the World Wide Web. The solution to this problem is Web3. The Web3, which supports decentralisation and is being produced, operated, and owned by its users, is not a Web that is monopolised by big tech companies. Web3 gives people the ability to make decisions rather than companies.
Lets take a look to the earlier webs (web1 & web2) and see what were they and how the concept of web3 is better than those?
WEB1:
The original iteration of the Internet, known as Web 1.0, was developed by the Defense Advanced Research Projects Agency (DARPA) and was the first global network to reflect the future of digital communications. It describes the initial "iteration" of what eventually developed into a platform with significant multi-functional applications. The early Internet consisted largely of web pages connected by hyperlinks, lacking the modern day extra images, controls, and forms. It was a "read-only" web, or one that wasn't interactive in any meaningful way, according to experts.
WEB2:
The term "Web 2.0" refers to the current state of the internet, which features more user-generated content and is more user-friendly than Web 1.0. Web 2.0 generally refers to the Internet applications of the twenty-first century that, in the wake of the dotcom (.com) bubble, have revolutionised the digital age. Web 2.0 does not specifically relate to any internet technology advancements. It merely alludes to a change in the way people utilise the internet in the twenty-first century. The extent of information exchange and connection among individuals has increased in the modern era. Instead of just being information consumers that passively consume content, users can now actively engage in the experience.
WEB3.0:
Web 3.0 has the ability to bring about a huge paradigm change and be just as disruptive as Web 2.0. Web 3.0 is built on the essential principles of decentralisation, openness, and enhanced user usefulness. The next phase of internet development is called Web 3.0, or simply Web 3.
Imagine a new sort of Internet where everything you consume is more tailored than ever before and where everything you type and say, whether through text, speech, or other media, is precisely translated and understood. You are about to embark on a new phase in the development of the Internet. It is known as Web 3.0.
If you've read this far then great!! So till now we've understood "What is web3, and how its different from other or earlier webs?." Now lets see why we actually need web3 and how its bringing revolution to the technology?
Why we need WEB3?
Unlike web2, which are centralized and are governed by a single or a group of authorities, where the users have to rely on the authorities. Web3 comes with the idea of "Decentralization". This massive change is brings immortal features to the web and provides each user the ownership of the web which they're using. It gives the ownership of the digital assets in an unprecedented way. For example suppose you went to a website which lets you purchase items online and suppose you bought something and made a transaction for it. Now suppose the owner of that website cheats with you and erase your transaction from that website and also delete your account... Then what you'll do?
As that website is deployed on web2 and is controlled by a single authority that governs it and can manipulate anything in that website. They can play with your data and also can do a fraud like the Mc'Donalds monopoly fraud.
But if this website was in web3 and you made transaction for buying something, The authorities won't be able to delete anything as the whole web3 is a peer to peer network which is governed by user's pcs itself, hence everything is visible at each node. Direct ownership is possible with Web3 thanks to non-fungible tokens (NFTs). Nobody, not even the designers of the game, has the authority to revoke your ownership. Additionally, you can sell or trade your in-game possessions on open markets to recuperate their worth if you decide to stop playing.
Web3 also provides so many amazing features like:
Censorship resistance: Blockchains have a feature called censorship resistance that guarantees a transaction will be approved as long as all the prerequisites are satisfied. This guarantees that, regardless of their level of influence, no government or organisation may affect or change transactions on a blockchain.
Dencentralized autonomous organizations (DAOs): In addition to owning your data in Web3, you can also use tokens that function like stock to collectively own the platform. DAOs enable decentralised platform ownership coordination and future platform decision-making. Technically speaking, DAOs are predetermined smart contracts that automate decentralised decision-making over a resource pool (tokens). Users who possess tokens can vote on how resources are allocated, and the code executes the results of the vote automatically.
Identity: In the past, you would register for an account on each platform you used. You might, for instance, maintain accounts on Reddit, YouTube, and Twitter. Want to modify your profile photo or display name? It must be done for each account. In some circumstances, social sign-ins are an option, although censoring is a well-known issue that arises. These sites have the ability to shut you out of your entire online existence with just one click. Even worse, in order to make an account on numerous platforms, you must trust them with your personally identifying information. These issues are resolved by Web3 by enabling you to manage your online identity using an ENS profile and an Ethereum address. A single, secure, censorship-resistant, and anonymous login across platforms is offered by using an Ethereum address.
Native payments: Web2's payment infrastructure relies on banks and payment processors, excluding people without bank accounts or those who happen to live within the borders of the wrong country. Web3 uses tokens like ETH to send money directly in the browser and requires no trusted third party