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What is Web3.0 Technology and Its Advantages?


Web3 has been seen as the next handy or future of the internet. Even according to the reports mentioned by Yahoo Finance, the market value is expected to be approximately USD 3.34 billion in 2022. It is even estimated that around 2030, there will be a projection of USD 49.10 billion. This somewhere marks a jump of 46.7% in this span of 8 years. It will be a highly interactive platform for users to accelerate the Web3.0 platform.

What is Web3 

Yes, this might sound doubtful, but the seeds were planted in the year 1991. As per the Harvard Business Review reports, two scientists, W. Scott Stornetta and Stuart Haber, launched the first blockchain, but the growth took a while, and it came to light when Bitcoin was introduced in 2009. Web3 has not yet purely come into existence, but it is the next big change after Web2. A lot might have crossed your mind, but take a pause and go through this blog to get a clear understanding of every aspect of Web3.
What is Web3 technology?
In the hierarchy of Web 1, Web2, yes, Web3  is the third generation in the chain that has taken birth and grown to become teenagers and adults, which will be the most productive and used technology by humans in the upcoming year. It is called the third generation because the websites and apps will be able to grab information in a very smart human way with the help of technologies like machine learning (ML), artificial intelligence (AI), decentralized ledger technology (DLT), big data, and much more.

Yes, Web3 is still young because the concept is still undefined, and it will take 5–10 years to mold into the transition after Web2 and Web 1. Mentioning the previous hierarchy, let’s get a clear understanding of what the difference is between these three.

What is Web 1.0

The first and most trustworthy internet came in the 1990s. It offered access to limited information where user interaction was minimal. To your surprise, back in that time, creating user pages or commenting on articles wasn’t considered. In simple terms, it was a one-way highway where limited information was circulated, mostly coming from directories. Some of the prominent launches were by Apple, IMDb, Amazon, and Yahoo!
Difference between Web2.0 and Web3.0


The social web, or Web2.0, has made the internet interactive. advanced technologies like Javascript, HTML5, and CSS3. It helped in building interactive web platforms like YouTube, Facebook, and Wikipedia. This development opened the gates for social network and user-generated content production, which flourished with data that can now be distributed and shared among platforms and applications.

It is a decentralized and open web-based on the technology of blockchain. The basic idea behind Web3 is to create a decentralized version of the Internet by removing the dominance of centralized power of Web2.0 big platforms like Amazon and Facebook. This was possible with cryptocurrency wallets like Metamask, Trust Wallet, or Venly where users store keys of all data and their identities. It may engage other blockchain apps in the way and control the accessibility of data.

What technology supports Web3?

Blockchain technology is been supported by Web3 but it has other two domains as well. Blockchain: a blockchain is a digitally distributed, decentralized ledger that exists across a computer network that facilitates the recording of transactions. The new data are added to the network and a new block is created which is permanently appended to the blockchain technology.

In a nutshell, Web3 is a cryptocurrency expansion that uses blockchain for new purposes. The conditions of a self-executing contract, the number of tokens in a wallet, or the code for a decentralized application (dApp) can all be stored on a blockchain. Although businesses like Microsoft, Overstock, and PayPal have long accepted cryptocurrencies, NFTs, which have become quite popular recently, are the main method that brands are currently experimenting with Web3.  

Impact of Web3.0

First, social media:

Social media plays an extremely important role in our daily lives. It can completely change the way we connect, communicate, and build communities. Web3.0 social media has several advantages that enhance user experiences and interactions. It is feasible to apply the gamification feature and features like decentralized control, data ownership, and enhanced privacy by working with Web3 gaming development services providers.

Exchange Service for Currencies

In the context of money exchange, centralization is ineffective. The story of the Mt Gox hack, in which $460 million worth of bitcoins were compromised, serves as an illustration of failure. Decentralized exchange is the answer to exchanges turning become havens for hackers. Decentralized exchanges will become more and more popular in Web3.0 because they offer a smooth user experience for trading without having to worry about hacker-related or opaque difficulties. 

Data Storage

The majority of data storage systems available today are centralized, which allows for the manipulation or sale of data for commercial purposes. something that has already been exploited by companies like Uber and LinkedIn.

The decentralized storage feature that Web3.0 offers is the answer to this. The concept is that instead of being stored on a single node, the files and data are instead shared across numerous nodes over a peer-to-peer network after being encrypted.  Conclusion

Web3 represents a fundamental change in the way we engage with the digital world, not merely a gimmick in technology. It is a shift toward an internet that is more user-centric, decentralized, and empowered, giving people and communities more control over their data, funds, and online experiences.



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