Web3 or Web 3.0 is the concept of an Internet version that’s decentralized, and is based upon public blockchains. It has seen a lot of interest and investment from prominent technologists and companies in the years 2020-2021.
We now get to watch how the events unfold and learn what we can expect from our new frontier journey.
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Web 3.0 is poised to revolutionize the way we use the internet. This new web era means that you don’t need to log onto Facebook, Google, Twitter or any other site in order to navigate the web. The web has been seen as a way to democratize access to information, but there weren’t always great ways of navigating it. With the vast amount of information we have today, it was messy and confusing.
Web 2.0 is what we call it. It was around the mid 2000s. Google, Amazon, Facebook, and Twitter were among the first to appear. They opened up a whole new world for Internet transactions and made it possible to easily connect with everyone.
Web3 stores data in multiple P2P networks. Protocol contains management guidelines that are documented and signed by all participants. Participants are also incentivized to use a native token as a reward for their activity. Because it redefines web data structures, the Blockchain is the backbone for the Web3. This governance layer is built on the existing Internet and allows people to communicate over the Internet.
Bitcoin and other blockchains provided a way for participants in networks to store and transfer digitally native value without having to trust intermediaries. Web 3.0 will be likely to have some decentralization and build upon the system called blockchain. This is what underpins Bitcoin, as well as other cryptocurrencies. Imagine it as a type of bookkeeping where many computers at once host data that’s searchable by anyone. It’s operated by users collectively, rather than a corporation. DAOs are the new platforms. People are given “tokens” for participating. Tokens are able to be used for voting on decisions and can even earn real value. These are just a few of the many potential characteristics of Web 3.0.
It is perfect for transactions, and allows you to keep track of different wallets. Web 3.0 has the potential to provide mass opportunities, while still allowing transactions to take place in privacy. As time passes, more information about Web 3.0 will be available.