Since the inception of the internet in the late 1980s world wide web (WWW) has come a long way. It all started with static HTML pages to dynamic content and interactive interfaces, the web has evolved significantly over the years. And now, we are on the cusp of the next major transformation, Web3.
In this article, we’ll do an in-depth overview of What Web3 is, its potential applications and how it differs from the web we know and use today.
So, without wasting any time let’s dive into the world of Web3.
What is Web3?
Web3 is described as the next evolution of WWW (World Wide Web) and promises to be the first decentralized open-source web accessible for all while providing users more control over their data and online identities. In order to understand the core concept of Web3 and why it is getting a lot of attention, first, we have to briefly overview Web1.0 and Web2.0, which is the current version of the Web we browse.
Also known as “Static web” or “read-only,” it was the first version of WWW that lasted from 1989 to 2005 for almost over two decades.
Web 2.0 which is the current version of Web we browse on a daily basis and became popular in 2003-4. Web 2.0 brought a more dynamic and interactive web experience for users around the world. It is also known as the participative web and social web as it enabled users worldwide to create and share content, connect with each other through social media networks such as Facebook, Twitter, and use of cloud-based applications to store data and information.
Now, you know what Web1.0 and Web2.0 are, so let’s talk about what differs web3.0 from these traditional web versions.
Web3.0, in my opinion is an upgraded version of Web2.0 that takes the interactivity of Web2.0 a step further by utilizing top-notch technologies like Blockchain, AI (Artificial Intelligence and IoTs (Internet of Things) to create a more powerful and intelligent web.
Unlike previous versions, this web is based on the idea that data and applications should be distributed across multiple nodes, rather than controlled by centralized entities such as Google, Yahoo, and Bing in one location, making it more private, secure to use and efficient.
What is Web3.js ?
It is a collection of libraries that make it easy for developers to interact with local nodes on the Ethereum blockchain using IPC, Webstocket and IPC.
What is HTTP?
Invented by Tim Berners-Lee HTTP or Hypertext Transfer Protocol is an application-layer protocol designed for communication between servers and web browsers by transmitting hypermedia documents such as HTML based on user request.
What is IPC?
Inter-Process Communication (IPC) is an inter-process communication mechanism used for exchanging and managing shared data between multiple threads or programs.
What is WebSocket?
WebSocket is a computer communication protocol that enable bi-directional communication between the web browser or other client application and server. It provides a full-duplex, low-latency channel for exchanging real-time data.
Why Should You Care Web3?
You should care about Web3 because it has the potential to bring significant improvements to different aspects of our browsing experience, some of the key points include
According to Security Magazine, there are over 2.2K cyberattacks per day, nearly one cyberattack every 39 seconds. However, with Web3 as applications and data are stored across multiple nodes on the Blockchain, so it will be more difficult for hackers to compromise the security of the web and steal your data.
On Web2.0, Web applications have control over user data and they do sell it to make business. But when it comes to Web3, it enables users to have full authority over their data and online identities.
As Web3 utilizes Blockchain technology, so it will reduce the need for centralized intermediaries
As explained above, Centralized entities will not be directly involved in Web3, so it puts more power in the hands of its users, enabling them to participate in the governance of applications and make decisions that impact the future direction and development of platforms across the web.
Web3 Topics to Look for
If you are a newbie and finding it hard to find Web3 topics to look for. Let me help you narrow down your research with these profiles where you can find some of the most attractive Web3 collectibles.
Profile OpenSea Web3 Wired
“Profile OpenSea Web3 Wired” is a profile of an Individual artist on OpenSea. According to current numbers as of writing, Web3 Wired has currently collected over 396 and created over 62 collectibles. If you love avatars and are a developer looking for a digital identity for your game, or metaverses applications then this profile is worth visiting.
Look Web3 Kids Campjenningsvox:.
It’s a crypto kids camp at Jennings Beach in Fairfield where annually, a kid event happens where experts teach children aged between 5-17 about Blockchain technology, Web3, Metaverse, NFTs, and Crypto in general.
What is web3 Wallet?
Blockchain-based Wallets that are compatible with Web3 and allow users to interact with DApps (decentralized applications) and store digital assets such as NFTs and cryptocurrencies are called Web3 wallets.
Which Web3 Wallet Should I Use?
Based on user experience, without any doubt, Metamask is one of the most secure and popular private wallets used by over 21 million monthly active users. Some other Web3 wallets include Trust Wallet, SafePal wallet, Phantom, Coinbase Wallet, and more.
Examples of Web3.0 Applications
It is a decentralized open-source application built on the Ethereum network that enables users to create markets prediction about different topics for buying and selling of markets shared based on their technical analysis and beliefs. Augur is considered a Web3 project as it utilizes blockchain technology and aims to decentralize different aspects of the web including governance and finance which are key components of Web3.
OpenSea is part of the Web3 broader ecosystem that allows users to buy and sell unique digital assets known as NFTs. The platform is built on the Ethereum blockchain and aims to decentralize multiple online fields such as e-Commerce, Art, gaming, and more.
Founded in 2017, Sapien is considered a Web3 project as it is a decentralized social network built on blockchain technology and the foundation of independent, self-governing communities known as Tribes.
Uniswap is one of the most well-known Web3 applications built on the Ethereum blockchain. It enables users to trade Altcoins without the need of central authority. UniSwap works on AMM (Automated market maker) model to allow users to execute trades based on a set algorithm based on liquidity rather than a traditional order book matching mechanism.
Bitcoin is one of the most well-known and earliest examples of Blockchain technology which is a key component of Web3.
Bitcoin has paved the way for the development of other cryptocurrencies and blockchain-based applications that do form a part of the broader Web3 ecosystem.
What is Web3?
Web3 is the next evolution of the world wide web that promises to be the first decentralized open-source web accessible for all while providing users full control over their data and online identities.
What is Web3 Wallet?
Decentralized private wallets that are compatible with Web3 are called Web3 wallets. Some of the popular web3 wallets includes MetaMask, Trust Wallet, SafePal Wallet, Coinbase Private wallet and more.
How to Invest in Web3?
The first step to investing in Web3 is educating yourself about Web3 and then identifying investment opportunities. Tons of Web3 projects are being launched in the crypto industry, so it is important to do your research and evaluate each project's team, technology, and potential for adoption before investing. Keep in mind that investing in Web3 can be highly volatile, so only invest what you can afford to lose.