What is Web3 or Web3.0?

It makes sense to understand Web 3 in light of its predecessors. The early Internet, sometimes referred to as Web 1, was a collection of connections and homepages that initially appeared in the late 1990s. The websites were not very engaging. Apart from reading stuff and posting simple material for others to read, there wasn't much more you could do.

Despite current usage, the word "metaverse" was first used in 1992 by science fiction author Neal Stephenson. The metaverse, according to Snow Crash, is a 3D virtual world where people may interact with one another and AI-generated characters by moving around as avatars. The phrase now denotes several things in various contexts after 30 years. Simply described, the metaverse is a virtual space where people may communicate, go to work, shop, play, etc. We may divide it into three categories: virtual reality, augmented reality, and digital reality.


Decentralisation of Internet

Decentralisation is the cornerstone of Web3, which promises to offer people more control over their data.

According to theories, the internet used to be more open. Real people who had created their own websites ran it. Data moved from the site to the user since these websites were read-only; this was Web1.


What are the Impact of Web3 in daily life ?

The Hypertext Markup Language (HTML) standard governs the design and delivery of web pages with Web 1.0 and Web 2.0 technologies. With Web 3.0, HTML will still be a core layer, but how it relates to data sources and where those data sources are located may change from past web generations.

In the Web 2.0 age, the majority of websites and almost all apps rely on some kind of centralised database to supply data and support functionality. With Web 3.0, apps and services employ a decentralised blockchain in place of a centralised database. The fundamental notion behind blockchain is that there is a type of distributed consensus rather than an arbitrary central authority.

The following are a few crucial aspects of Web 3.0 that help define what the third generation of the web is expected to be all about:

  • Decentralised :  

Web 3.0 will be decentralised in contrast to the past two generations of the web, which had heavily centralised governance and applications. A distributed method without a centralised authority will enable applications and services.

  • Blockchain-based : 

The development of decentralised apps and services is made possible by blockchain. In contrast to centralised database architecture, blockchain uses a distributed way to disseminate data and connections across services. In a decentralised environment, blockchain can also offer an immutable log of transactions and activities, assisting in the provision of verified authenticity.

  • Cryptocurrency-enabled:

Use of cryptocurrencies, which primarily replaces the use of fiat money, is a crucial component of Web 3.0 services.

  • Autonomous and AI: 

A key aspect of Web 3.0 is more automation overall, which will mostly be driven by AI.

Web2.0 Vs Web3.0

The web's first two generations were replaced by web 3.0.

Tim Berners-Lee created and described the first iteration of the web, often known as Web 1.0, in 1989. Basic connection and access across static webpages were the focus of Web 1.0. Up until about 2004, when Tim O'Reilly helped develop the phrase "Web 2.0," the first generation of the internet was in use.

Websites and apps that leverage user-generated content for end users are referred to as "Web 2.0." Many websites currently employ Web 2.0, which primarily emphasises user interaction and collaboration. More universal network connection and communication methods are another key component of Web 2.0.

Websites and apps that leverage user-generated content for end users are referred to as "Web 2.0." Many websites currently employ Web 2.0, which primarily emphasises user interaction and collaboration. More universal network connection and communication methods are another key component of Web 2.0.


Web 3.0 Applications

With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:

NFT :  Non Fungible Tokens (NFTs) are tokens that are individually unique and are kept on a blockchain with a cryptographic hash.

DeFi : Decentralised blockchain technology is being utilised as the foundation for decentralised finance (DeFi), a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of a conventional centralised banking infrastructure.

Cryptocurrency : A new universe of money that strives to be distinct from the traditional world of fiat cash is being created through Web 3.0 apps like cryptocurrencies like Bitcoin.

DApps : Decentralised apps (dApps) are programmes that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and employ smart contracts to facilitate service delivery.

Chain Crossing Bridges :  In the Web 3.0 age, there are several blockchains, and cross-chain bridges provide some kind of connectivity between them.

DAOs : DAOs are poised to potentially take on the role of Web 3.0's governing bodies, offering some structure and decentralised governance.

Web3.0 is still in very initial stage but has lots of opportunities for future. 


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