Centralization has assisted in the onboarding of billions of users to the World Wide Web as well as the construction of a stable, robust infrastructure. At the same time, a few centralized businesses have a stranglehold over large portions of the World Wide Web, arbitrarily deciding what should and should not be authorized.
Web3 is the answer to this dilemma. In contrast to a Web monopolized by large technical businesses, Web3 emphasizes decentralization and is developed, operated, and owned by its users. Users are empowered by Web3.
Web 1.0 consisted primarily of static websites owned by businesses, with little dynamic content. Tim Berners-Lee’s original vision for the World Wide Web was to develop open, decentralized protocols that allowed information to be shared from anywhere on the planet. The Web we know today is not what was initially envisioned.
The Web 2.0 period began in 2004 with the emergence of social media platforms and read-write publishing. Users could generate material, but they didn’t own it and couldn’t profit from it.. The era also birthed the advertising-driven revenue model.
The term ‘Web 3.0’ was coined by Gavin Wood shortly after the launch of the first version of the Ether coin. Gavin put into words a solution for the problem that many early crypto adopters felt: the Web required too much trust to be trusted.
What exactly is Web3?
Web3 has become a catch-all slogan for the idea of a better internet. At its heart, Web3 employs blockchains, cryptocurrencies, and NFTs to return power to people in the form of ownership. Web1 was read-only, Web2 was write-only, and Web3 will be read-write-own, according to a tweet from the year 2020.. Although a formal description of Web3 is difficult to come by, it is influenced by a few fundamental notions. Instead of significant swaths of the internet being managed and owned by centralized companies, ownership of Web3 is divided among its architects and users.Web3 is permissionless, which means that anybody can use it.
Importance of Web3
Although Web3’s killer features are not isolated and do not fit neatly into tidy categories, we have attempted to separate them for clarity.
OWNERSHIP IN WEB3
Web3 gives you complete control over your digital assets for the first time.. Let’s suppose you’re playing a web2 game. When you purchase an in-game item, it is associated with your account. You will lose these things if the game’s makers terminate your account. If you quit playing the game, the value you have placed in your in-game stuff will be lost.
Web3 enables direct ownership via non-fungible tokens (NFTs). No one, not even the makers of the game, has the ability to take away your ownership. If you quit playing, you may recuperate the value of your in-game things by selling or trading them on open marketplaces.
LIMITATIONS ON WEB3
Despite the apparent advantages of Web3 in its present state, the ecosystem still faces significant limits that must be addressed in order for it to thrive.
Sign-in with Ethereum, for example, is already free for everyone to use. However, for many people, the transaction costs are still too high. Because of the high transaction costs, Web3 is less likely to be used in less-developed countries. Network enhancements and layer 2 scaling methods are being used to address these issues on Ethereum. The technology is available, but to make Web3 accessible to everyone, we need a greater degree of acceptance on layer 2.
Decentralized Future on Web3
Web3 is a young and evolving ecosystem, but as we continue to improve the infrastructure that will support it, the future of the Web looks bright. In the last year alone, there has been a considerable surge in the interest in cryptocurrency, improvements to layer 2 scaling solutions, and massive experiments with new forms of governance.
The Web3 environment is new and rapidly expanding. As a result, it is currently heavily dependent on centralized infrastructure (GitHub, Twitter, etc.). Many Web3 companies are attempting to fill these gaps, but establishing a high-quality, reliable infrastructure takes time.