The Internet has changed significantly from the first time it appeared nearly 20 years ago, meanwhile the new blockchain technology is increasingly being applied in everyday uses, from finance, entertainment, and of course, the Internet. The Internet, as we are familiar with, is involving itself in the technology race to change from a centralized to decentralized form. And this is called Web3. For those who have not grasped the basic ideas of this terminology, this article will help break down everything you need to know about Web3.
In Layman’s term, Web3 is widely understood as the third or the latest stage of the Internet. It was developed based on blockchain technology in order to solve the existing problems that the present Internet cannot. Web3 provides the vision of a serverless Internet consisting of interconnected decentralized webs. This is the Internet where users have control over their own data and identities without having any intervention from intermediaries.
From there, it is clear that there is a deep connection between the latest Internet and blockchain technology. Web 3.0 is basically a decentralized network, but a decentralized network must have a consensus mechanism to validate information and create trust among members Blockchain technology is the consensus mechanism to solve that problem. At its essence, Web 3.0 is also another useful application of Blockchain besides crypto and data storage.
Generally, this is not the first time that the Internet has gone through such a big movement.
From its appearance in 1989, when most information was shown in text and image format, the Internet was a place to share knowledge and store humanity’s information about the world. But there was no interactivity between users, which made it a read-only web interface.
Web2 came to solve that problem with the availability of interactions between users. You don’t need to be a developer to create content on the Internet. Many apps are built in a way to easily allow anyone to be a creator like Reddit, Facebook, Youtube, or many other social networks that cannot be counted. Most of us have primarily experienced the web in this current form, which is really great in many ways, but there are still existing problems As Gavin Wood, co-founder of Ethereum wrote on one of his blogs: “It’s a big baby. It has grown old without growing up.” To be more specific, it’s relatively centralized, and large companies – including Google, Facebook, Amazon, etc. – control a lot of people’s data. Web3 holds the keys to solving a long list of Web2 issues such as this.
When talking about Web3, we can mention its outstanding characteristics compared to Web2 like: Verifiable, Trustless, Self-governing, Permissionless, Distributed and robust, Stateful, Native built-in payments.
Web3 may be the solution for the future, but there are some disadvantages of Web3 that must be mentioned:
- Non-user-friendly environment: Most of the current decentralized technologies are not friendly to new users, the users of Web3 must have a certain understanding of Blockchain technology to be able to use it. It will take time for the transition from the traditional web to the decentralized web to happen.
- Huge amount of data: There is no doubt that World Wide Web contains billions and trillions of web pages and terms. Any reasoning system which can read all this data and understand its functionality will have to be able to deal with vast amounts of data. Also, this enormous amount of information to be stored online leads to the following problem of congestion and extension ability.
- Extension ability: Due to security concerns, a decentralized system cannot arbitrarily extend like a centralized system. The early blockchains of Bitcoin or Ethereum were notorious for having extremely poor extension ability, causing the networks running on these Blockchains to be frequently congested.
There is still a long way for Web3 to prove what it can bring to the world, but its potential is enormous and it is likely to become the future of the Internet.