Let’s talk web3: Is it the future or just hype?
People are calling web3 the next revolution of the internet; what do you think?
In this article, I’ll be scratching the broad surface of Web3, the Blockchain system, its future, and everything in between.
THE BUILD-UP TO WEB3
Before I address Web3, it’s necessary I take you back to what the web was like in the 90s’. Now, Web1 operates as a ‘read only’ internet function with static websites developed by a handful of communities that didn’t generate a lot of interactions.
Then Web2 transitioned to ‘read and write,’ meaning that web developers can authorize end-users to publish their content or remarks alongside establishing various social media platforms. With Web2, building websites became easy for users to do even without having HTML knowledge or knowing what a web server is. However, certain centralized companies can still manipulate, keep and trade user content and personal data, thus generating staggering income levels.
Web3 is now the third generation of the web. It’s built on a blockchain, allowing for secure transactions between individuals and businesses. It also allows for smart contracts, meaning that they can execute automatically without human interference.
General tech entities and tech giants control your assets and data behind wall gardens, so the next phase of digital ownership is long overdue. Web3 is the next generation of the internet and the first decentralized web. So while web2 greatly enhanced the internet's sociability and user experience, web3 introduced a new era by empowering ownership to users using blockchain technology.
WHAT’S SO INTERESTING ABOUT WEB3?
{Decentralization!}
This means that a central authority does not control your data; you, the individual, hold it, and you decide how you use it. This way, rather than being sold as a product, you get to capture your own value.
Web3 has resistance to many of the traditional weaknesses of DNS, As its features continue to get built out, ranging from seamless payments to identity verifications, users have built a strong guarantee that their Web3 interactions are secured across payment networks, social media platforms, and other websites they visit daily.
WEB3, CRYPTOCURRENCY, BLOCKCHAIN — ARE THEY JUST COOL BUZZWORDS?
Some cynics in the tech space have been rapidly tagging Web3 as a scam, tho it seems a bit too hasty to label a whole ecosystem as a scam. The problem we might be having is that the terms, web3 , crypto and blockchainare often used interchangeably though they all mean different things. However, it's almost obvious that whatever a concluded web3 system will look like, crypto will likely have a big part to play.
Web 3 “is intrinsically tied with financial value — Li Jin
BLOCKCHAIN
Blockchain is a manner of recording data that makes it unattainable or complex for the system to be changed, hacked, or exploited. A blockchain is a log replicating and distributing transactions across the network of computers participating in the Blockchain.
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Google Docs is an easy analogy of how blockchain technology operates. After creating a Google Doc, you can share it with different people. The document is then distributed instead of just being copied or transferred. This builds a decentralized distribution chain that allows everybody to access the base document simultaneously. This eliminates the possibility of anyone being shut out due to awaiting modifications or changes from another party.
In contrast, all changes to the document are being registered in real-time, making changes an entirely noticeable thing. An important attribute to note, however, is that unlike Google Docs, original content and data on the blockchain platform cannot be adjusted once written due to its increased level of security.
Blockchain is more complex than a Google document, but the analogy is qualified because it illustrates the essential concepts of the technology.
Why Blockchain happens to be a big deal…
Well!, the simple explanation would be that Blockchain is considered an up-and-coming and revolutionary technology because it has helped decrease security risks, stomp out scams, and bring transparency in a more scalable way.
In the 2010s, Blockchain grew increasingly popular due to its affiliation with cryptocurrency and NFTs. Since then, blockchain technology has become a management resolution for different international industries. Today, Blockchain has provided a high level of transparency, data security, and healthcare and has generally changed how we handle data ownership on a large scale.
The Application of Blockchain in tech companies.
As stated earlier, Blockchain’s use goes far beyond just its cores in cryptocurrency — the technology is morphing into almost every modern industry in some way.
Blockchain technology revolutionizes smart contracts, healthcare, banking, and even voting. Now while such technology’s continuous growth exists, Blockchain’s feasible applications are yet to be discovered.
THE FUTURE OF WEB3….
The internet’s rapid transition over the years has never failed to capture attention. A couple of years ago, no one would have speculated that virtual worlds would someday become a reality. Now, the entire tech space is gabbing about the arrival of web3, how long it will be around, and so forth.
All these trending queries emphasize the critical benefits of web3 and its use cases. The model of Facebook and its transition to Meta is the most suitable highlight for the future of the web. The big tech companies have hired thousands of people to work on their metaverse development projects. Most importantly, the inflow of capital with around $50 million and the creation of new jobs proffers a reliable boost to metaverse development.
Final Thoughts
The bottom line is that Web3 is working towards transforming users’ experience of the internet. People are just naturally prone to want to try new things, and the interest of users in cryptocurrency and NFTs already proves that. I would say that the future of Web3 will most likely go through many challenges before it eventually transforms into a full-fledged standard throughout the internet.
NOTE
This article isn't completly opinion-based, but also a result of internet research and thus should not be taken as an investment advice.
