Web3 Future of the Internet – Web3 Examples
We live in a world between Web 2.0 & Web 3.0, and the future of the web has yet to be decided. We’ll talk more about the idea of Web3 and look at some specific technologies that fit into this category.
Web vs. Internet: Key Differences
Before we go any further, it’s important to note that the web is not the same as the Internet. The computers and networking hardware that make up the Internet are what keeps everyone in the world connected.
One service (or group of services) that runs on the Internet is the web. Even though the web is the part of the Internet that most people are used to, it doesn’t have all of its services. Both are using the same amount of bandwidth.
The History of the Web: What Web 1.0 and Web 2.0 Are and How They Work
The World Wide Web started to take off around the middle of the 1990s. This was the first generation of the World Wide Web. People now call it “Web 1.0.” So, early websites had more than one host. Some sites were hosted on both big servers in the IT department of the company and on personal computers. Still, there had to be huge data centers where most websites store their information.
Most of the content on Web 1.0 was static, non-interactive pages that could only be “read.” You would go to a website to learn something, but you wouldn’t sign up for anything or give the website any information in return. This is the main difference between the first generation of the Internet and the second generation, Web 2.0, which is happening right now.
What’s good about Web3 technology
With Web3 marketplace development, people, not governments or corporations, are in charge of their information and content on the web again. It also paves the way for a web where people can make money by sharing knowledge and trading daily.
One benefit is that a single organization does not control or make money from the data. Web3 lets users keep their data and any money they make from their content.
Web Technologies that Meet the Web3 Criteria
1. Blockchain Technology
A blockchain is important for many other Web3 technologies to work. The blockchain is a shared ledger that keeps track of how users spend and earn money. The blockchain is stored on many different computers all over the Internet. Every trade can be seen by anyone and can’t be undone.
A cryptocurrency is a form of digital money that works without a central bank or government. Cryptocurrencies use blockchain technology to track how much money is out there and who has it.
3. Initial Coin Offerings (ICOs)
Since the “coins” that are given out in an ICO are a digital currencies, the two ideas are connected. When you make a new cryptocurrency, you need seed money to get things going.
Investors in an ICO buy your cryptocurrency before it has any value, hoping that, like Bitcoin and Ethereum, its value will quickly rise, making them rich overnight.
ICOs are sometimes sold like stocks in a company, even though the people who buy them will never own anything. ICOs have become a popular way for startups to raise money because they don’t need traditional funding sources like banks, investors, or venture capital.
4. Non-Fungible Tokens (NFTs)
The Web3 architecture depends on NFTs. Even though NFTs and cryptographic currencies have a lot in common, you can’t trade one for the other. This is true, as the word “non-fungible” makes clear. NFTs are linked to digital or physical assets, just like the paper title deed to a house shows who owns it.
5. Decentralized Apps (dApps)
With Google Docs and other cloud-based services like it, users can access a single program. Google has full access to your documents, can fully read them, and decides what you can and can’t do with them. The trade-offs are worth it because cloud computing has benefits like making it easy to share and work together.
6. Smart Contracts
Smart contracts can do the same things, but they don’t need a third party to keep an eye on them or enforce them. In line with the agreement’s reasoning and rules, the action takes place without help from a person.
Smart contracts make it a lot cheaper for people to get financial services and sign legally binding contracts with each other. When they are put into action, they lead to a more fair result and can’t be changed.
7. Distributed Computing (Edge Computing)
In DAOs, however there is no position for a chief executive officer, chief financial officer, or something similar. Members of the group vote on when and how to spend the group’s money. A permissionless blockchain (also called “trustless”) stores an organization‘s rules in a way that can’t be changed.