Your slice of the internet is entirely yours.
Sounds good? Or are you concerned someone might try and steal it when you aren’t looking?
In short, this is the reception the Web3 ecosystem has received since its inception. However, to understand the basics of Web3 and how it brings together the ideas of decentralised and permissionless internet, we have to go back in time and visit the internet as it was when it was born.
A Trip Down Memory Lane: An Overview Of Web1 & Web2
Spanning between the mid-1980s to the early 2000s, Web1 was the dinosaur age of the internet. Many of these early web protocols, such as HTTP, SMTP and FTP, which stand for web, email and file transfer, respectively, are the foundation of the modern internet. However, this era did not support interaction with the internet, i.e., users were passive receivers of information and couldn’t respond to what they discovered.
On the other hand, Web2 enables users to create, share and publish their creative content. It is the current phase of the internet and allows users to become a crucial part of expanding the internet. Another game-changer is the introduction of e-commerce on Web2. This enabled users to make payments, review purchases, track packages, request refunds, etc. However, users’ dependence on specific platforms to enhance their experience on the internet has centralised how data is owned. This means that tech giants like Google, Amazon, Facebook, etc., form a roadblock when communicating directly with different groups of users. This is because they own all data posted on their platforms and reserve the right to delete it or even block certain accounts if they deem fit.
Do you remember the time when Twitter suspended former US President Donald Trump’s account? It’s an excellent example of the power the tech giants have over everything you do on the internet.
Data ownership and centralisation of data are the two main reasons why the ideology of blockchain and Web3 was born.
More often than not, Web3 and the Metaverse are used interchangeably; but this is incorrect. While the Metaverse is the way of interacting using virtual and augmented reality technologies, Web3 is simply a decentralised internet. But several protocols of Web3, such as NFTs and direct crypto transactions, will help in an immersive Metaverse experience. Non-Fungible Tokens or NFTs provide a specific location in the Metaverse and are crucial to the way of social communication in the future.
Understanding the challenges of Web3
Still, in the developmental stage, Web3 is more challenging to achieve than previously thought. Here’s why:
- Web 3 is hard to develop: Several debugging and testing problems are plaguing the development of Web3. This is because the apps used to create the software are relatively new, hence unreliable.
- Web 3 is chaotic: Decentralisation at its core values consensus from the majority rather than decisions made by a single entity. Because of the lack of set rules, scammers look for more ways than one to breach and steal data.
- No profit for businesses: Mainstream businesses do not see the need to shift to a decentralised network, especially if they are well-established on the Web2 internet. It just doesn’t make sense for them to give up the data they are currently profiting from.
- The fragile crypto market can prove to be a problem: While Web3 and the concept of decentralised internet may still have a long way to go. It is good to keep yourself updated with what’s in store for us and the future of the internet. So, tune into Exalt.Club to explore the latest tech news and connect with fellow tech enthusiasts.
Frequently Asked Questions
1) How to invest in Web3?
Here’s how you can invest in Web3:
- Study the difference between a passive or active investor and decide which one you want to be.
- Carefully select the companies and projects you want to invest in.
- Choose your asset allocation based on conviction or risk tolerance.
- Monitor and rebalance your portfolio on a regular basis.
2) What are the Web3 coins?
Here are some examples of Web3 coins:
- Filecoin (FIL)
- Flux (FLUX)
- Theta (THETA)
- ZCash (ZEC)
3) Is Web3 a metaverse?
Web3 is the third stage in the development of the World Wide Web. It is not the same as the Metaverse. Metaverse is a virtual reality-based parallel internet world where users can interact with each other and digital objects in 3D space.