The Web3 is a term you may have heard about. Could this be a glimpse into the future?
A JavaScript framework for interacting with the Ethereum blockchain, Web3.js, gives its name to Web3. Web3, on the other hand, is much more than simply Web3.js and Ethereum. An open and decentralised Internet with no middlemen or central authority is a utopian concept. On unreliable networks, users are in charge of their own data.
Massive corporations dominating the internet and its different apps, gathering user data and selling it to advertising for profit are the hallmarks of Web 1.0 and 2.0. It’s not uncommon for a corporation in web 2.0 to expel the US president from its platform for spreading false information. Companies do not have control over platforms in the Web3 era. Platforms have a low level of central control. So-called decentralised applications (dapps) are what they’re known as.
There are no major hosting companies like Amazon, Microsoft, Google, or Rackspace in Web3 since applications are not housed on a central server controlled by the firm. There are multiple nodes on which the dapps are running (servers). A virtual server on Amazon, Microsoft, Google, or Rackspace may also make you a node.
Venture money is required for web 2.0 enterprises, which means they must part with a portion of their company equity to investors. When it comes to Web3, developers don’t have to hand over equity to VCs; instead, they may sell tokens (DeFi — Decentralized Finance) to hundreds of supporters, who can then vote on how the project progresses, what features are added, and how it is promoted. It’s a democracy victory for the people! The banks are gone, and now it’s time for DeFi to step in.
Web3’s trustless network principle is one of its cornerstones. Permissionless public blockchain makes it possible for anybody in the world to quickly send value to anyone else in the world for a very minimal price and in a fraction of a second, all without the need for a middle man. To validate transactions for the benefit of mankind, all you need are selfless miners willing to donate their processing power and energy.
The protection of one’s privacy is also very vital. Nowadays, if you want to do anything on the internet, you’ll have to give enormous corporations access to your personal data. Name, email, and other personal information are all required. You have no say in how these corporations utilise your personal information. Web3 eliminates the need for data sharing. Secret keys are used to verify the identity of everyone. You can do anything on the internet without disclosing any personal information if the government agencies don’t object.
To combat capitalism and profit-seeking corporations, we need Web3. Rent-seeking middlemen are eliminated, and buyers and vendors of different services are connected directly through the internet. A cynic who doesn’t comprehend the future of technology is someone who thinks something is too wonderful to be true. People couldn’t have imagined sharing images of their meals on the internet 20 years ago, so what can we expect from Web3? There is no chance that Web3’s decentralised paradise will not come to pass.
I’m against centralization, so be it. Web3 has arrived.
