Web3, P2P(peer-to-peer), Cryptocurrency, bitcoin, Ethereum, to the moon, HODL, fiat - words that run in the same circle. Web3, Blockchain and Cryptocurrency have been lumped together or used obliviously interchangeably because they are based on the same foundations of decentralisation.
Web3 is what we call the internet in its third iteration. The first version was a one-to-many broadcast system, where information flowed from one side to many people on the other side. The second version(which we use now) is an internet that was built on top of IP addresses and domain names, which became a hub-and-spoke model where all traffic flowed through a central point controlled by ISPs like AT&T or Google. Web3 is an internet that's not just a network of computers; it's also a network of people who are using those computers to communicate with each other.
“Web3 is a vision, ideas and movement for a decentralised web. Web3 is free of third-party intermediaries and makes it so that infringing on an individual’s privacy is extremely expensive ”
-r/web3
Web3 also uses smart contracts to execute transactions between peers without any need for an intermediary party. This makes it possible to have a more secure and transparent way of sharing information online.
The Web3 stack is made up of four layers:
- The peer-to-peer layer (Web3)
- The consensus layer (implemented by Ethereum)
- The web layer (implemented by IPFS- InterPlanetary File System)
- The application layer (implemented by dApps - Decentralised apps).
Web3 is the new internet. It is a whole new paradigm of how we access information and interact with each other. Web3 is a set of protocols, standards and applications that allow for the development of decentralised applications(dApps).
Web3 is the future of the internet. It will be a decentralised ecosystem where the power is in the hands of the people.
Web3 promises to be a decentralized environment that will give power back to its users. Web3 will be a platform for dApps which can’t exist on centralized platforms because they would have to rely on an intermediary which could have control over their data and actions.
Web3 also has many advantages for developers, as it provides more freedom than centralized web apps and allows them to create dApps without having to worry about scalability or hosting costs.
What is Decentralisation??
Decentralisation as the name implies is when resources are spread out in several places, in tech, we call those places nodes. It is used to refer to a set of technologies that replace or enhance current communication protocols, networks, and services, and distribute them in a manner that is robust against the control or censorship of any single entity.
Decentralisation is precisely like it sounds, as opposed to having a central location for control, they are spread out in several places. In tech bro/sis speak, decentralization spreads resources in several areas called nodes rather than having one single control server.
Advantages of Web3
Web3 has many advantages over the current internet, including:
-Privacy: Web3 apps are not controlled by any single entity, so they are not able to collect your data without your consent.
-Security: Web3 apps have their own credentials which means that no one can steal your private keys and get access to your account without you knowing about it.
-Equality: In Web3 there are no gatekeepers who decide what content you can or cannot access based on their own agenda or personal taste.
-Mobility: Unlike in traditional web browsers where you need to download an app before being able to use it, in Web 3 all you need is a browser like Chrome or Firefox and then an app will be downloaded automatically when you open it.
-Deregulation: Since Web3 apps are not controlled by any single entity, there are lesser rules and regulations.
The disadvantages of Web3
Web3 is still in its early stages and many problems need to be solved before it can provide a fully decentralised system that is compatible with current websites and applications.
Web3 is a revolutionary platform to build decentralised and third-party-free applications, blockchain technology offers a new way to create online content that can be shared, edited and traced by all parties involved in the process. These disadvantages range from scalability issues to security problems to privacy concerns.
These are some disadvantages that need to be acknowledged:
The possibility of data breaches when hosting on centralised servers.
The inability of users to modify or control the data's distribution once it's been uploaded to the blockchain.
The slowness when uploading large files as they have to be split into smaller chunks and then uploaded individually.
Lack of regulations: This is regarded as an advantage and it is in some ways but due to the lack of regulations, there is no content restriction or supervision.
Web2 Apps and their Web3 alternatives
- Chrome – Brave
- Youtube – Odysee
- Google - Presearch
- Android – Essentia.one
- Robinhood – Nest fi
Web3 in its’s simplest explanation is a term that describes the future of the web. It is a decentralised, open-source and distributed computing platform.