This is the time for Blockchain, Cryptocurrency, NFTs, Metaverse, and more. For the past year, we have been hearing a lot about Web3. In this guide, we explain to you what it is and how is Web3 technology used.
What is Web3 Technology?
Web 3 which is also called Web3 or Web 3.0 is the next version of the internet. When the internet first began, it was Web 1 in the 1990s where the websites have a homepage and a few links on them. They weren’t interactive or good in design. There is very little scope for the reader to do something with that. It is the very beginning stage of the internet and no one actually knows what to do except for a few.
After that Web 2 came. It is also called a read or write version of the internet. On Web 2, you can not only read but can also write. It gave the audience of Web 1 the freedom to set up blogs and post their views, share their knowledge, or grow communities. Social media exploded in the Web 2 era, where the big companies collect user data without proper guidelines of how it is used. Web2 changed the world for the better if we ignore privacy concerns that come with it. We are still in the advanced stage of Web2 and it takes some more time for Web3 usage to kick in all over the world.
Then came Web3 which can be termed as read, write, and own version of the internet. You are the owner of your data and no one has the right or capability to access, read or harvest it. Instead of using services and features offered by tech companies, users can directly participate in the operation and management of protocols. The main aim of Web3 is to make users the shareholders of the internet rather than customers or products. Tech giants can no longer see what you do, cannot influence your decisions, and cannot track you or collect your data.
People can become shareholders of Web3 with tokes or cryptocurrencies which represent the ownership of decentralized networks called blockchains.
What is Web3 technology used for?
With Web3 technology, you can tokenize everything like a meme, piece of art, design, social media data, etc., and store the ownership on blockchain technology. The ownership remains with the token holders and no one else. If you lose a token, you lose access which is the flip side.
A real-life example of the implementation of Web3 technology is NFTs and the recent changes in the gaming industry. Until now, users can wait for the bugs in the games to be fixed with the next update from the developers. Web3 now has given developers and users the freedom to decide on how a game should run. Meta and Ubisoft are creating virtual worlds to be in sync with the Web3 trends.
What’s the point of Web3?
Web3 is the new version and advanced version of the internet where the user has control and ownership over the data. Big companies or tech giants cannot harvest it and influence the user and make money out of it. Web3 gives users the freedom to do what they like.
What can you do with Web3?
With Web3 you can store your data on a decentralized network called blockchain and safeguard the ownership in the form of a token. You can own cryptocurrencies, NFTs, etc. Web3 is still in a very early stage. Though a lot of people have already invested in cryptocurrencies and NFTs, the percentage is still very low.
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