What is Web3?

Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.

Web3 is freedom, democracy, and ownership — an idealistic version of the web built for users. Web3 is still in development, a few years away from being usable. Web3 could be a massive overhaul of how we engage with the web and each other. It could just as well be a hyped platform for decentralized finance and trading NFTs.

How does Web3 work?

1. Ownership of data
   When you use a platform like Facebook or Youtube, your data is collected, owned, and monetized by these companies. In web3, your data is stored on your crypto wallet. You'll engage with apps and communities on web3 through your wallet, and you'll take your data with you when you log off. Theoretically, since you own this data, you'll also be able to decide if you want to monetize it.

2. Identity
   When it comes to identity, you are used to changing the display name or profile picture across every account. In certain circumstances, social sign-ins are an option, although censoring is a well-known issue that arises. Making an account on numerous sites, you must provide them with your personally identifying information. Luckily, Web3 solves these issues by enabling you to manage your online identity using blockchain technology. Web3 focuses on technology that runs in the background and is generally hidden from the user.

How is Web3 different from the previous forms of web?

The first version of the Web(Web1) was formed by creating web pages and material for a big audience of readers, enabling them to find the information they need. Most websites were read-only web pages.

Platforms like Instagram, Twitter, TikTok, and other social media platforms represent Web2. Users began to communicate with other users, and the center of gravity of content production shifted from the platform to humans. Unlike Web1 portals that users only consume, Web2 relies heavily on user-generated content.

Conclusion

Web3 is young but quickly evolving. As a result, it currently depends mainly on centralized infrastructure (GitHub, Twitter, Discord, etc.). Many Web3 companies are rushing to fill these gaps, but building high-quality, reliable infrastructure takes time. As the the infrastracture used to support it is continuously being improved, the future of web looks bright.