Centralization, along with the development of a robust and stable infrastructure, has contributed to the registration of billions of individuals on the WWW. But a centralized internet also comes with some speculation, such as a web monopoly by big tech companies and less chance of backing up data. Web3 is the solution to all these predicaments. This concept puts power in the hands of individuals rather than businesses. built, owned and operated by you.
Let’s take a look at the history of Web3 and why you should pay attention to Web3.
It all started in 1990 with the introduction of Web 1.0, a platform that enabled information sharing from anywhere on the planet. Because this platform is a static website, there is almost zero interaction between operators and is primarily known as a read-only web. The WWW concept took its next step toward success in 2004 with the introduction of Web 2.0, a web compatible read/write operation. This all happened with the advent of social media platforms, making it easier for businesses to share content and gather user perceptions.
The term “Web3” was popularized in 2014 by Ethereum co-founder Gavin Wood. However, the idea caught fire in his 2021 from large tech organizations, cryptocurrency enthusiasts and venture capital firms. Unlike Web 1.0 and Web 2.0, Web3 gives an individual the ability to read, write and own her web. Web3 gives users ownership of their vision of delivering a new and better Internet.
What can Web3 offer?
Web3 or decentralized internet has more features than Web1 and Web2. Here are five key characteristics of Web3 that make it unique and reliable.
Web3 is the internet’s next big progressive leap, driven by NFTs, blockchain and cryptocurrencies. One of Web3’s greatest characteristics is its decentralization, which makes it one of the most valuable concepts in the modern world. As a challenge to the centralized Internet, Web3 has ensured that centralization is not the only way forward. The platform leverages a token-based economy and blockchain-based infrastructure, allowing users to interact and trade without third-party intervention.
The platform has the power to initiate a major power shift, taking control away from authorities and intermediaries and putting power in the hands of users. Web3 made it easy for users to freely use the Internet.
The next notable feature is the Web3 connection to metaverse development. This technology made it easier for users to interact and trade with others within the virtual space. Next, representing the importance of Web3 is the exchange of digital assets in the metaverse.
Apart from the virtual space, this technology has also secured a strong position in real-world use. The unpredictable price fluctuations and headlines in the NFT space better explain Web3’s use in the real world.
Another powerful feature of Web3 is the transformation of business operations using blockchain. Blockchain will be one of the most transformative Web3 technologies for business.
Web3 is the Internet’s next big breakthrough, putting power in the hands of users. Features such as decentralization, empowerment to users, development of the metaverse, transformation of business operations, and real-world use have made Web3 a huge player in the age of technology.