Table of Contents
What is Web3 Technology?
The newest version of the internet is Web3. It largely relies on artificial intelligence, machine learning, and blockchain technology. With open, interconnected, intelligent websites and online apps, it seeks to build a decentralized internet.
Founder of Polkadot and co-founder of Ethereum Gavin Wood coined the phrase “Web3” in 2014. According to his definition of Web3, it is a “decentralized online ecosystem built on blockchain.”
Web3 will provide individuals more control over their online data whereas Web 2.0 focuses on interactive websites and user-generated content stored on centralized websites.
Simply, static webpages with no interactivity or functionality make up Web1, the earliest read-only version of the internet. Then, the web changed throughout the subsequent Web2 era, making it participatory. Accordingly, users had the option to exchange information, freely engage with one another, and create content. Hence, the read-write phase is the term for this. The disadvantage in this situation was the concentration of power in a small number of enormous players like Facebook, Google, and Twitter.
Therefore, people envisioned Web3 as a decentralized internet that makes use of blockchain technology. Also, ownership, which grants people complete control over their information, data, and assets via blockchain, is its distinguishing characteristic. The hope is that Web3 would dismantle the monopoly of Web2 companies by redistributing power to the internet community through the usage of blockchain, cryptocurrency, and NFTs. That it will result in a more equitable, independent, and open internet.
What benefits does Web3 bring you?
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Data Ownership
Tech behemoths control and profit from user-generated data in Web 2.0. End users will own all of the user data in web3 enabled by blockchain. You may decide what details you wish to sell to businesses and advertising agencies in order to profit from them.
Additionally, nobody owns Web3. Decentralized apps (dApps) won’t be censored as a result, nor will access to them be limited.
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Reduced Intermediaries
Web3, which appears on the blockchain, will link businesses and customers directly. The number of central authorities that will share in the profits from electronic transactions will be extremely small, if not none. Even while there will still be a need for sufficient laws and regulations to ensure justice, there will be a trend away from centralized institutions and toward trustless and decentralized networks.
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Transparency
Users will be able to trace their data on the decentralized web and see the platform’s source code if they so want. Every stakeholder will constantly be aware of the value and business they have a connection with. For access to this information, you won’t need to rely on a middleman.
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Efficient information connection and searching
You can search for information more effectively with Web3. Instead of displaying the most popular pages that people click when you search for anything on a search engine, it will offer you more relevant search results. Online data will have a better connection thanks to the semantic web.
You will benefit from it by being more productive and saving time when looking for information.
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Individualized Web Experience
Because websites will be better able to detect our tastes, it will provide a more individualized internet browsing experience. Web apps study how we use the internet and our online behaviors to best adapt to our device, location, etc.
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Continuous services
Data will be kept on dispersed nodes on Web3. Users won’t have to worry about a specific account being suspended or about service interruptions brought on by technical issues or other factors.
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More efficient marketing
Selling demands might be well approachable by sellers using Web3 driven by AI. Buyers who have interests in such items and shown services. More relevant and helpful ads will be visible to consumers.
Web3 Limitations
Web3 currently has certain restrictions:
