What is Web3.0? How Decentralization Will Redefine the Online World

The Internet has come a long way since it was invented and now another different era is emerging: that is, Web3. It is more decentralized, safe and user-centric other than relying on technology giants to police online spaces, Web3 aims to return ownership to the individual.

What is Web3?

Web3 is the third generation of the internet, centered on blockchain technology unlike previous versions, this latest version advocates for openness, decentralization and users in control. It aspires to remove middlemen, allowing users to interact directly through smart contracts and distributed systems rather than through intermediaries using a central platform.

How Does Web3 Work?

Web3 operates on blockchain networks where data is shared across multiple computers instead of being stored on one central server. When a user performs an action like a transaction or signing a contract is verified by network participants (nodes) before being permanently added to the chain. This ensures transparency and immutability, meaning no single authority can alter or manipulate records.

ALSO READ: When the Sky Dances: Science Behind the Northern Lights

What are Core Concepts of Web3

• Trustlessness: Systems function without the need for trust between users or corporations.
• Decentralisation: This means power is distributed and not controlled by one entity.
• Ownership: All users are the owners of their data, identity and digital assets.

Features of the Web 3.0 Ecosystem

The Web3 ecosystem revolves around key technologies such as blockchains, smart contracts, NFTs and interoperability. Smart contracts automate agreements, while digital assets enable direct financial interaction. The emphasis on interoperability ensures different blockchains and platforms can connect seamlessly.

Why is Web3 Important?

In a world of data exploitation and centralization, Web3 envisions a path toward digital freedom. It enables users to have full control over their personal data and it provides transparency and reduces corporate monopolies. It essentially rebalances the power dynamics on the internet between users and platforms.

ALSO READ: Why Leaves Change Color in Fall: The Science Behind

What is the difference between Web 1.0, Web 2.0 & Web 3.0?

Web 1.0: Read-only web that had limited static information.

Web 2.0: Interaktivna in socialna, vendar centralizirana pod velikimi tehnologijami.

Web 3.0: Read & write own users create the data and also have full control.

What is the Future of Web3?

Although Web3 remains a work in development, its principles underpin new ideas of industries like finance, art and governance. A hybrid phase, much referred to as Web2.5, is already bridging today's internet with the decentralized one of tomorrow.

Is Blockchain the Same as Web3?

Not quite. Web3 runs on top of blockchain technology which provides its decentralization and security. Web3 is the higher concept the next evolution of the internet powered by blockchain, AI and digital ownership.

ALSO READ: Why the Sky Changes Color: The Science Behind Blue Skies & Sunsets

Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice.