Jun 14 - 5min readWill Web3 Ever Rule the World?By Borne
Web3 is a Decentralized Blockchain-based Internet Technology that Seeks to Change the Way We Live Online.
If you’re into tech, you’re most likely excited about what the future holds. And if you’re up to date on recent tech news, you’ve probably heard the phrase “Web3” talked about in tech forums. The term isn’t new, but as excitement around cryptocurrency, NFTs, and the metaverse grows, Web3 is gaining interest across the tech world.
What is Web3 and How is it Changing the Web?
Web3 is the third generation of the Web. It is based on the concept of a decentralised Internet, which is an online world where users are in control of their own data and where power is decentralised.
Web3 is being built on the back of the Ethereum blockchain, which is a new and innovative way of storing data that provides users with a more secure and efficient way to browse the internet. The blockchain is a distributed database utilising peer-to-peer connections that are secure and cannot be tampered with. This makes it ideal for storing data that needs to be secure, such as financial data or medical data, without the need for a server.
Web3 also allows developers to build decentralised applications (dApps) that run on the Ethereum network. These dApps can range from games and social media platforms to financial services and marketplaces. By using the Ethereum blockchain, dApps are able to offer a higher level of security and efficiency than traditional centralised applications. Web3 is therefore changing the way we interact with the internet and has the potential to revolutionise the way we use online services.
Web3 will also make the internet more secure. Because the blockchain is secure and cannot be tampered with, it will be very difficult for hackers to steal data. Additionally, Web3 will make it easier to track data and to identify where hacks come from. This will make it easier to track down and prosecute criminals.
How Web3 Works
As are most of the crypto transactions today, the Web3 platform is based on blockchain technology. The blockchain is a decentralised user network built on peer-to-peer connections. Each device on the network handles a fraction of the transaction and communication occurring online, creating a server-free web network.
Peer-to-peer networking like the blockchain allows for server-free communication between single or multiple users. Peer-to-peer connections are used to decentralize online content. Rather than connecting to a server where websites are hosted, a user’s computer stores a bit of the data on their device. Some browsers are already testing the technology to see if it can improve the quality of Internet connectivity. When it is implemented on a large scale, you could eliminate the need for centralized servers across the web.
Where is Web3 Now?
Today, Web3 development is in early stages but developing quickly. While there are a handful of projects that have been built on top of the Web3 platform, the technology is still very much evolving in terms of how it will be harnessed. However, there is a lot of excitement around Web3 and its potential to power the next generation of the internet, so expect interest to swell over the coming years.
In recent years, the Web3 space has seen a lot of development activity. Several projects are underway that aim to build decentralised applications (dApps) on top of Ethereum, Bitcoin, and other blockchain platforms.
Some of the most ambitious projects in this space include:
- MetaMask: a browser extension that allows users to interact with dApps on the Ethereum network, primarily for managing crypto wallet transactions.
- Gnosis: a platform for building dApps that enables users to predict the outcomes of events.
- Augur: a decentralized prediction market platform built on the Ethereum network.
- uPort: a self-sovereign identity platform that allows users to control their own data.
- Civic: a blockchain-based identity verification platform.
- BitFwd: a community of developers, entrepreneurs, and investors building the future of digital currency.
These are just some of the many projects working on Web3 platform development. With the growing interest in blockchain technology, it’s likely that we’ll see even more innovative projects in this space in the years to come.
When Will Web3 Become Reality?
This is a question that is on the minds of many people in the tech community. While there is no definite answer, there are a few things that we can look at to get a better idea of when Web3 might become a reality.
First, let’s look at the current state of Web2. While it has been successful in many ways, it has not reached its full potential. There are still many areas where it is lacking, such as around security.
This is where Web3 enters the picture. Web3 is being developed to address the shortcomings of Web2. Being based on a new set of technologies, such as blockchain, Web3 has the potential to provide a much higher level of security.
In addition, Web3 is being designed to be more user-friendly than Web2. This is important because if people are not able to use the new technology, it will not be successful.
So, when will Web3 become reality? It is difficult to say for sure. However, it is making progress in that it has the potential to revolutionize the way we use the internet, drawing more investment from major tech firms.
In reality, the final version may look a significantly different than how it’s currently envisioned. Web3 growth has already been stunted by setbacks. For example, blockchain technology was originally seen as a way to turn the Internet into a decentralised “global computer,” connecting everyone to a massive, server-free network. Now, that vision has changed to blockchain generally powering cryptocurrency mining and transactions, though headway has been made into financial transactions.
While today, the public is just taking an interest in crypto and NFT technology. Chances are at some point, blockchain, virtual wallets, crypto, and even metaverse-connected features will slowly make their way into the browsers, apps, and devices we use every day. When that begins, we’ll be entering a new era of the web, and hopefully have more freedom, anonymity, and control over our virtual data than we do now.
Overall, Web3 will change the internet for the better. It will hopefully give users more control over their data and will make the internet more secure.