OVERVIEW:

The internet as we know it today didn’t exist in the late 1980s. Tim Berners Lee was the one who dreamed of creating the World Wide Web. While working at CERN in 1989, he created the prototype for the web.

This meant that users could only read them, but they couldn’t create any content. It was simply an alternative to traditional media. The evolution and history of the WEB

The internet took off in the early 2000s. It is the next generation of the web. The users are the creators, but the beneficiaries of this web 2.0 are the companies who own the user data. The biggest drawbacks of this system are “data”, privacy, and censorship.

What is Web3‘s importance?

Web3’s most important features don’t all fit into neat categories. We’ve attempted to simplify their understanding by separating them.

Ownership

Web3 Ownership allows you to have unique control over your digital assets. Imagine that you’re playing a web2 game. Any in-game purchases will tie to your account. If your account is deleted, these items will be lost. If you stop playing the game, you will also lose all of the value you invested in your in-game goods.

Web3 allows direct ownership via non-fungible tokens. Your ownership is not transferable by anyone, even the game creators. You can also sell or trade in-game items on the open market to recoup their value if you quit playing.

Resistance to censorship

The power dynamics between content creators and platforms are severely imbalanced.

OnlyFans is a platform for creating adult content users create. It has over 1 million content creators. Many of these content creators use the platform to earn their primary income. OnlyFans announced in August 2021 that it would ban explicit sexual content.The decision was quickly reversed after the backlash. Despite creators winning the battle, this highlights a problem Web 2.0 creators have: losing their reputation and followers if they quit a platform.

Web3 stores your data on the blockchain.

You can take your reputation to a platform if you leave it.

Web 2.0 requires content creators to trust platforms to respect. Web3 platforms are able to censorship-resistant. Decentralized autonomous organizations (DAOs) Web3 lets you own your data, and you can also join a collective that controls the platform through tokens. These tokens can be used as shares in a company. DAOs enable you to coordinate decentralized ownership and make decisions about the future development of a platform. DAOs are smart contracts that can be described as decentralized decisions. They automate the decision-making process over a pool of tokens. The code allows users to vote on how resources should be spent. Many Web3 communities can be referred to by users as DAOs. Each community is different in terms of automation and decentralization. Identity You would create an account on each platform you use. Twitter, YouTube, and Reddit accounts might be available. You can modify your profile picture and display name. This must be done on all accounts. Social sign-ins are possible in some cases but this presents a problem: censorship. These platforms could quickly block you from your entire online existence. You will need to provide your personal information in order to create an account. Web3 solves these problems by allowing you to control your digital identity through an Ethereum address or ENS Profile.

THE USE OF ETHEREUM:

Using an Ethereum address provides a single login across platforms that are secure, censorship-resistant, and anonymous. Register with Ethereum Native payments Web2’s payment infrastructure is dependent on banks and payment processing companies. This excludes those who don’t have a bank account or are not citizens of the correct country. Web3 uses tokens like ETH to transfer money directly from the browser. It doesn’t require trusted third parties. Web3 has some limitationsWeb3’s current form has many benefits, but the ecosystem still needs to address some of its limitations in order for it to flourish.

Accessibility

Web3 features such as Sign-in with Ethereum are available to everyone at no cost. However, transactions are still expensive for many. Due to high transaction fees, Web3 is not likely to be used in developing countries or less wealthy nations. These issues are being addressed on Ethereum through network upgrades, and level 2 scaling solutions.

User experience

Web3’s technical barriers to entry are currently too high. Web3 users must be able to understand security issues, navigate confusing user interfaces, and comprehend technical documentation. Wallet providers are particularly working on this problem, but Web3 adoption is still far off the mark.

Education

Web3 introduces new paradigms, which require different mental models to those used in Web2.0. Similar education efforts were underway when Web1.0 gained popularity in the late 1990s. Proponents of the internet used a variety of educational techniques to educate people from simple metaphors (the Internet highway, browsing the web, and surfing the web) to television broadcasts. Web3 isn’t hard, but it is very different. Web3’s success depends on the education of Web2 users about these Web3 paradigms.

Ethereum.org contributes web3 education via our translation program. This program aims to translate important Ethereum content into as many languages as possible.

Centralized infrastructure

Web3 is still young and evolving rapidly. It relies heavily on centralized infrastructures such as GitHub, Twitter, and Discord. While many Web3 companies are eager to fill these gaps in the infrastructure, it takes time to build reliable, high-quality infrastructure.

Future decentralized

Web3 is still a young ecosystem. Gavin Wood invented the term Web3 in 2014. However, many of these ideas are only now becoming a reality. The last year has seen a significant increase in interest in cryptocurrency. There have been improvements in layer 2 scaling solutions, large experiments with new forms and governance methods, as well as revolutions in digital identity.

Web3 is just the beginning of a better Web. However, as we improve the infrastructure to support it, the Web’s future looks bright. WEB 3.0 

 

These technologies are what make web 3 possible:

Blockchain

Blockchain is the core technology behind web 3. It acts as a large storage container, which stores all data that is exchanged on the network in an open and decentralized manner. Each block stores data that refers back to the previous block, creating a chain (hence ).

A block that includes the details of each transaction is required to create a transaction between two people. A consensus mechanism is what creates a block. This consensus is an algorithm that allows the creation of blocks without the involvement or approval of a central authority.

There are many kinds of consensus mechanisms currently in existence. The most important consensus mechanisms are:

1. Proof Of Work:                                                                                                                                                                                                                                            Bitcoin uses this mechanism use. This is where all nodes and parties within the blockchain network compete to solve a cryptographic puzzle, known as mining, to validate the transaction. The incentive rewards the first node to solve the puzzle with a percentage of the transaction.

2. Proof Of Stake: This algorithm is more advanced! This is the transition Ethereum is making to this system. To validate a transaction, validators (nodes) stake some cryptocurrency. All validators who verify the transaction receive some cryptocurrency fees.

Cryptocurrency

You may have noticed that I used cryptocurrency to explain blockchain.

It is therefore highly secure and immune to government interference.

Ethereum and Bitcoin are two of the most well-known cryptocurrencies.

NFT

. Tokens can be generated by cryptography, or more specifically hashing algorithms such as SHA256. To generate these tokens, these algorithms require keys. Without the keys, it is impossible to claim or verify these tokens.

All that exists in the web3 universe is generally a Token!

What is a non-fungible or fungible token?

• Fungible token: Each transaction has a new owner. Ex. We can also use Bitcoin and USD as physical equivalents of these tokens.
• Non-Fungible token: These tokens are unique. Examples include artworks, real property, music, or any other unique asset.

The reason NFT exists has to do with the history of digital art, music, or any other digital piece. It’s difficult to keep track of copyrighted content on the internet as anyone can download or copy the piece and then use it in any way they want.

 

Jargon time! Smart contracts are digital programs that run under certain conditions on the blockchain. These programs are similar to server programming, but they run on the blockchain in a decentralized manner instead of on a single server.

A website exists that curates Dapps.

Members vote by submitting proposals and voting in groups using TOKENS.

Defi

It also uses the blockchain network as its foundation. It is similar to DAOs, and it relies on programmed rules. This creates trust and transparency. These platforms are efficient by nature.

These applications include crowdfunding, exchange tokens, and your imagination.