The internet and technologies related to it constantly change or improve. We might not notice them, and it might seem like the digital space is static. However, various alterations happen right under our noses.
One of the more disturbing truths sometimes can be challenging to grasp. After all, each digital move online is tracked in one way or another. And both users and specialists agree that this tendency is a frightening concept.
As Web 2.0 is not that strongly aligned with privacy, the concept of Web 3.0 was introduced in 2014 by computer scientist Gavin Wood. The founder of Ethereum presented the concept of decentralizing the internet, which is in its final stages today.
Essentially, Web3 is the decentralized internet or world wide web 3.0, where users completely control their data. In other words, it is a more secure and private way to access the internet. The decentralized identity system lets users control their online identities more.
The core motive of Web 3.0 is that the ownership of user data should be transferred from large corporates to the end users. In an environment like this, users will have complete ownership of digital products and services.
Let us warn you! Web 3.0 has all those concepts that would be a buzzword for most of you. Here are some of those key concepts.
The most popular and crucial concept of Web 3.0, the blockchain, is a distributed database that stores information immutable and securely. Blockchain in Web 3.0 varies from Web 2.0, though there was no blockchain in Web 2.0. But the way apps are hosted and managed varies a lot.
Unlike Web 2, where apps were created and hosted on a single server and database, Web 3.0 has apps running on the blockchain. An app running on the blockchain is known as a dApp that does not has barriers as on a centralized server. These apps cannot be blocked, and end users’ identities remain anonymous.
NFTs are non-fungible tokens that hold some value. NFTs certify digital assets’ ownership and make them unique. Unlike Bitcoin or Ethereum, where each token is equal, NFTs have a value of their own. The concept of NFT was first introduced in the gaming industry to verify in-game assets’ ownership.
Unlike Web 2.0, where banks and financial institutions were the central spots for monetization and exchange for money, Web 3.0 uses a token named NFT that is unique and cannot be traded. Moreover, in Web 3.0, an NFT can be anything digital such as content, art, virtual land, and even digital music.
Along with blockchain, Web 3.0 also features the concept of P2P nodes and networks. In these networks, devices can interact and transfer information without needing an intermediary.
Each peer or node has a copy of the ledger database, making Web 3.0 robust, secure, and transparent.
Web3 is a game-changer as it completely changes how we interact with the internet. It promotes privacy and security while giving users complete control over their data.
Some of the benefits of using Web 3.0 include:
- Increased privacy and security. As your data is not stored in centralized servers, it is much more difficult for hackers to access it. Furthermore, all data is encrypted, so even if hackers were to get their hands on it, they would not be able to read it. To make it harder, using a VPN for PC and mobile devices will add an additional layer of security. After all, a Virtual Private Network encrypts internet traffic and masks IP addresses. Thus, it plays an important role in making the internet a safer and more private place.
- Complete control over your data. You are the only one with access to your data; no one else can see it or use it without your permission. It is crucial since many details about our identities can be extracted from what you do online. That includes activities via computers, smartphones, TVs, and other online gadgets.
- Improved performance. The decentralization of the internet means that there is no need for intermediaries, which often slow down processes. It could also mean that your data does not travel through many entities.
- Reduced costs. With improved performance comes reduced costs. You can save a lot of money when you don’t have to rely on intermediaries.
- Increased transparency. All data is stored on a decentralized network to be transparent and accessible to everyone.
- Improved scalability. The decentralized nature of Web 3.0 means that it can scale much better than centralized web 2.0.
- Greater democracy. As users have complete control over their data, they can choose who they want to share it with.
Web 3.0 is the next step in the evolution of the internet. It can completely change how we interact with the internet and could hugely impact our lives. We are just starting to uncover the basics of what is feasible with Web 3.0, and we can’t wait to see what the future holds.