Web3 is a long-awaited upgrade from Web 2.0. It will ensure data protection via SSI or Self-sovereign identity. Some of the most popular methods as of now are the crypto wallets MetaMask or Trust Wallet. It might sound like a utopia, but the users will be able to use a decentralized platform where data ownership will be a priority.
Innovators and creatives of sublime talent have made web3 their life mission.
They were never in it for the money. They came to test the limits of what is possible, and to build a legacy.
We are going to experience a wave of innovation unseen since the days of the early web.
— cantino.eth (@chriscantino) June 18, 2022
Little History of the Web
Web 1.0 or the so-called Static Web was launched in the 1990s. Since then, the world of the internet has developed significantly. Web 1.0 is a read-only format without any interaction with the user. Meaning that you can only read or find information and that’s it.
Web3 is not launched yet as it is still in experimental mode. However, it will be a Read-Write-Own type of web.
Web3 is about to become very real with Geo built on @graphprotocol
Few understand what is about to come
We are at the precipice of a new internet, of a new era
Everything is about to change
— Tegan.eth (@theklineventure) June 17, 2022
Pros and cons
Users could benefit from data ownership and decentralization with the advancement to Web3. The outcome would be stronger privacy, security, safety, and trust. Freedom of speech would also be a game-changer for it as it will be very difficult to censor someone in a decentralized peer-to-peer community, which in fact can be treated as a negative outcome as well.
On the other hand, there are serious concerns over the lack of regulation and environmental footprint on Web3. Having no regulation could lead to cybercrimes like online harassment and hate speech for example. Also, the environmental impact of all blockchain transactions is enormous. It is not a secret that the Proof-of-Work (PoW) model consumes tons of electricity.
Is Web3 the same as Web 3.0?
Even though Web3 and Web 3.0 look similar, these projects are quite different. Both of them are based on Web2 but they solve different issues related to Web 2.0. Web3 is focused on data security and decentralization, while Web 3.0, also known as Semantic Web, relies on user integration. The main purpose of Web 3.0 would be to connect links and documents allowing the user to retrieve more accurate information in a faster way.
This is what creative innovation through interactive and unique lore and minting whilst involving/putting they keys in the hands of the community. Interesting to see new ways to use NFTs and web3 to disrupt the entrainment industry! Blockchain potential still has his secrets👀🔥 https://t.co/YXL6tyhcvL
— BBGtopshot.⟠|sol 🦇🔊 🎒 (@BBGtopshot) June 20, 2022
Web3 and crypto
It is worth mentioning that there are many crypto projects based on Web3 which incorporate concepts such as decentralization and token-based economics – mainly DeFi, NFTs, and DAO’s.
According to Coinmarketcap.com, the biggest Web3 tokens at the moment are Polkadot (DOT), Chainlink (LINK), and Helium (HNT). Each one of these cryptocurrencies has a capitalization of more than $1B and around $10B together.
Sooner or later, Web3 will play a major part in our lives. And our society will have to adapt to it. It will be our choice to get most of it.
YouTube: What is Web3?