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October 2, 2022

An Introduction to Web3 & How It Changes The Internet

An Introduction to Web3 & How It Changes The Internet

Society is reliant on the internet. Billions of people across the globe use it every day for social media, phone calls, virtual meetings, shopping, and much more. Almost all personal and professional tasks now rely on an internet connection.

However, in its current form – web2, there are many flaws that need to be corrected to enable society as a whole to benefit from its power.

Let’s look at the history of the internet. Originally, the world wide web was created as a source of information, somewhere people could consume information and perform simple interactions. Web2 came along, and all of a sudden, anyone in the world could not only consume content, but they could also create it too. Now, the birth of web3 will add the ability to own content.

So, rather than keep confusing you with talk of web1, web2, and web3, let’s get down to explaining the difference. Here's an introduction to web3 and its potential for the future.

What is Web1?

The first iteration of the internet. Incredibly basic compared to what we know now, pages were made up of static HTML, and its sole purpose was to give people access to information. As the internet was in its early stages a few realized its true potential. Web1 was completely decentralized. Anyone could host servers, build web pages, and not be censored.

However, web1 wasn't really built for communication. Interaction between users was minimal, meaning people used it as a source of information and little else.

What Is Web2?

Web2 is the internet as we know it today. A centralized platform dominated by giant tech companies focused on capturing, selling, and monetizing data.

With billions of people now having access to the internet, the emphasis is on content creation and communication, in addition to sourcing information.

Privacy and user welfare are the main concerns of web2. Big companies care about the money you make for them and are focused on keeping you in their ecosystem. AI and machine learning have been built in a way to encourage users to engage with platforms.

What Is Web 3?

Web3 is the latest iteration of the internet. It fuses the benefits of web1 and web2, creating an ecosystem that combines decentralization and user participation. The core mission of web3 is to remove power from the tech companies currently running our lives. Harnessing the power of decentralization, users can regain control of their data and fully own their content.

Benefits of Web3 & Web3 Use Cases

Decentralized

By now, you know web3 is decentralized, but why is that a good thing? Currently, to large tech companies, you are the product. They’re taking your personal information and online habits and selling you to companies who want to advertise products and services – you aren’t in control of what you see online.

Web3 overcomes that. In fact, it proposes that businesses should pay users for data rather than taking it for free and selling advertising based on that. Also, as crypto and blockchain are decentralized, it opens the door for P2P payments, cutting out the need for financial institutions with hefty charges.

Web3 Content Creation

A new era of content creation and ownership will come to fruition. As web3 uses blockchain technology, content creators will have access to a multitude of ecosystems, enabling them to easily monetize their content. Currently, people are uploading content to social media platforms, and they can no longer claim full ownership of the work they created.

Better Data Security Practices

Tech giants and other companies hold an incredible amount of personal data that we’ve freely given them. This information is stored in centralized databases, which are more vulnerable to hacking and data breaches. Web3 uses decentralized solutions to store and manage data, making it highly secure and incredibly difficult to gain access to.

New Technology & Improved Interactions

Web3 is at the forefront of new technology. Developers are creating platforms for improved social interactions using virtual reality, augmented reality, artificial intelligence, and other applications.

The perfect example of this is the metaverse. In the future, people will be able to meet in digital spaces and build a digital life alongside the physical world. This will become the norm, giving people the chance to own virtual real estate, own digital businesses, and meet like-minded individuals from across the globe.

Tackle Fake News

Currently, social media and the internet are controlled by a few central powerhouses. This means they can control the narrative, manipulate storylines, and change the way people think and behave. This has impacted election results, been divisive in free speech controversies, and much more.

Web3 takes the power of censorship off the hands of large companies and gives it back to the people.

In Summary

Overall, this introduction to web3 explains what web3 is, the benefits it brings, and why it’s important. While it may be some time before we see its true impact, there are many web3 crypto projects already underway and making a real difference.

This aim is simple, to take power away from corporate tech giants, give control back to the people, and provide platforms that encourage social interaction, information sharing, and data protection. While giving users full ownership of content and freedom of speech.

To get started in the world of web3 and crypto, you’ll need a secure digital wallet – check out Escrypto.

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