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Tim Berners-Lee and CERN came up with the first ever place for “a collaborative medium, a place where we all meet and read and write.” Since then, developments and several years later, presenting the Web 3.0.
What Is Web 3.0?
The concept of Web3, also called Web 3.0, is a decentralised internet to be run on blockchain technology, which would be different from the versions in use, Web 1.0 and Web 2.0. In Web 3.0, the users will potentially have ownership stakes in platforms and applications, instead of merely tech giants having control over this space.
In a single word, the difference between Web 2.0 and 3.0 is decentralisation. To top it, Web 3 perks up the Internet with some other more features for Web 3.0 is trustless, verifiable, permission-less, robust and self-governing.
The Long Answer
In order to truly understand Web 3.0, we need to understand 2 things: How Blockchain technology works and how it decentralises the entire ecosystem in general.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a network. An asset can be tangible (a house, car, cash, land) or intangible (cryptocurrency, NFTs, ideas etc.). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
This brings me to what decentralisation is. In the blockchain, decentralisation refers to the transfer of supervision and decision-making from a centralised individual or company to a dispersed network. This facilitates a trustless setting, improves data recovery and optimises asset delocalisation.
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Now taking all of these into account and implementing it to Web 3.0, we find a scenario where there is a record for everything, a backup ledger for a backup ledger and most importantly, the power lies with no one, but with everyone.
What’s In The Future?
If you know about Metaverse and you have heard about NFTs, Web 3.0 is the latest piece of the puzzle. In the grand scheme of designs, Web3 is what allows us to dive deep into something like the Metaverse, a vast expanse of near-infinite virtual space where users can create, interact and expand in real-time and grow their monetary assets (case in point, cryptocurrencies and NFTs).
Web 3.0 will give us a fairer internet, where each individual is a sovereign. This indirectly implies the freedom to profit off of your own time and information, where no one else can breach it.
Web 3.0’s decentralised blockchain protocol enables individuals to connect to an internet where they can own and be properly compensated for their time and data, shunning an exploitative and unjust web, where giant, centralised repositories are the only ones that own and profit from it.
Web 3.0 is the future.
Disclaimer: This article is fact-checked.
Image Credits: Google Images
Sources: LinkedIn, The Hindu, Forbes
Connect With The Blogger: Shouvonik Bose
This post is tagged under: web 3.0, blockchain, technology, what is web 3.0, NFTs, cryptocurrency, decentralisation, what is blockchain, is web 3.0 good, India web 3.0
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