Let’s discuss the Web 3, the new prime reduplication of the net, that promises a shift of the control gained by the dominant corporations on the net. Sounds interesting?! Read more below!

The web is a never-ending story. Here we are discussing the next possible prime duplication of the Internet. Wouldn’t it be nice to see Internet users overtaking the control from the powerful corporations that are dominating the web?

One of the major reasons why the notion of redesigning the ongoing net appeared is the fact that most of the platforms that people use are actually monitored and supervised by mighty companies that exploit and benefit from the personal data provided by the Internet users.

Web 3 is basically a new method for people to explore the net but without the need to provide private and significant data.

Web 1.0

Let us first look at what was happening before the occurrence of Web 3

Back in the days when the Internet first appeared and Web 1.0 was created users could only passively consume the net. They just read the content so basically, there was no dynamic interaction between them and the net. So, when the new Web 2.0 appeared this was all changed.

Web 2.0

When Web 2.0 was introduced the users’ interactivity was also introduced

In this second phase, customers were the ones that created most of the content material on social platforms like YouTube, Facebook, or Twitter. This kind of net got a new collaborative form and became more social. In this context, we could foresee some arising issues especially one of the privacy and providing personal info. All these data freely offered by the users have been used by the controlling companies.

What does Web 3 mean?

When the Internet grows up, it will become Web 3. We cannot define what exactly we understand under the term of Web 3 as it is still in the process of building.

However, if we wish to give some kind of framework to Web 3 we can say that it is enabled by networks like Ethereum and Bitcoin. They came up with the idea that everyone will surely like – to use a platform that is not controlled by a single company and at the same time trust this network. This is because each of the users or customers of the network has to obey a number of coded rules that are called consensus protocols.

The second great thing about this is that the networks enable the transfer of money or value from one account into another. If you want to understand Web 3 we need to understand decentralization and online money.

Who came up with the idea of Web 3?

Just like with the older web versions, this one does not have one person who created it. It has arisen from a project designed by various individuals and companies that worked together on its development. Talking generally, we can recognize leaders of Web 3 among the blockchain platform providers, for instance, Ethereum, TRON, and EOS.

Have you heard?

Have you heard of web3.js? No, well here is the answer. It is one of the major and most famous programming libraries that was exploited for Ethereum code. Another use of Web 3 is the Web3 Foundation, operated and managed by the creators of the Polkadot network.

What’s so special about it?

One of the main pros of Web 3 is that it tries to pinpoint the major problem that appeared as an outcome from Web 2: Private nets, which after collecting personal information by the users, sell them to advertisers or sometimes these data are even hacked.

What makes Web 3 amazing, is the decentralization of the network. This basically means that the network is open for the users who can build applications and the data is not controlled by one entity. The central companies are no longer asked to grant permission for access to and building of the so-called dapps which is abbreviation from decentralized applications.

Any difference?

When talking about money on Web 3 we are discussing tokens and cryptocurrency that are not tied to borders but rather global and instant. This also gives an opportunity for the development of new types of economies and models, a whole science under development which is known under the name of tokenomics.

For instance, one needs to change the approach to advertising on Web 3 as no longer the personal data are sold to the advertisers. One possible idea is to give rewards to clients in forms of tokens if, for example, they are watching an ad. At the time being, this is the case with Brave Browser and BAT (Basic Attention Token).

How can we exploit Web 3?

If interested you can find many available Web 3 dapps. As a successfully developed example, we would take the DeFi tools which means decentralized financial tools, which can be used for making investments and predictions, trading with the crypto assets as well as lending and borrowing and tokenizing assets from the real world. In addition other well-known and famous ways of exploiting Web 3 are gambling and games playing.

What can we expect next

Where do we imagine the future of the web? Well, certainly we would like to see the web to be more applicable, with increased usage and scalability. If we want to see more of this then the number of people using dapps needs to be increased significantly. On the other hand, this asks not only for a bigger number of dapps but also for much user-friendlier dapps that can be used by individuals who are not very skillful with technics.

One of the most famous smart-contract platforms, Ethereum, which at the moment is managing an enormous number of transactions, can make great use of Web 3 nets, but only if these networks become quicker and develop in scale so the platform can use their full capacity and they can become competitors to Web 2.