If you’re still avoiding the Web3 craze, I can tell you that you are unintentionally leaving behind thousands of others at the forefront of the new Internet. You are giving away a golden treasure that is as big as Web 3.0 because you don’t have the time to solve the code.

Even if you don’t know much about cryptocurrencies or Blockchain platforms, you probably heard of Web3 from tech-savvy colleagues or friends. You can bet they talked for hours about Web3 technology and how it will transform the way we trade, connect and work together. Web3’s concept is so complex that new participants often find themselves in a bind. It is often confused with crypto, the latest technological marvel ‘Metaverse,’ or simply the Internet. Although they may be right in their understanding, it can be difficult to limit Web3’s potential by associating the concept with one thing. Web3 is still in its early stages of development, and no specific definition exists.

Let’s now explore Web3 in detail. This will help you to understand the key concepts of the technology.

What’s Web3?

Gavin Wood, the proud co-founder and first creator of the cryptocurrency token Ethereum, came up with the idea of Web3. Gavin attempted to find a creative solution for a problem many crypto enthusiasts recognized: too much trust. The Web 1.0 version was the beginning of technological innovation. Web 2.0 is a much more user-friendly Internet. Web 2.0, however, gave a handful of capitalists the power to control data and information. This led to increased dependence and limited the potential of the Internet.

Gavin believed Web 2.0 was heavily controlled by the industrial giants and that people must rely on them to act in their best interests. When he launched Ethereum, Gavin emphasized Web3 technology as a strong catalyst for empowering the global tech community.

Web 3.0 is based on the concept of a decentralized Internet, where power does not rest with a few people, entities, or organizations. Web3’s core infrastructure is built on blockchain technology, which offers users unparalleled security, immutability, and transparency. It’s a network of many peer-to-peer nodes, which work independently from anywhere in the world. Experts in technology believe the decentralized internet will transform the way the world works. It will transform organizations, money, and the Internet. This will create a liberal democratic infrastructure. To better understand Web 3 technology, one can learn about blockchain concepts.

Web 3.0 is based on blockchain platforms, cryptocurrency, and non-fungible tokens. This allows people to regain ownership rights. According to some reports, Web1 was read-only. Web2 was read and written. Web3 is now about reading, writing, and owning.

The Most Important Features of Web 3.0 Technology

Web3 is still in its development stage, so it is difficult to define it. The technology has some key features that you can see below.

Decentralized

Web 3.0’s most appealing feature is its decentralization. Decentralization is a different concept than Web 2.0. It allows for the distribution of power and control among its users and creators. This technology seeks to eliminate the centralization of power on the Internet, which can lead to a monopoly in a free and open system.

Permissionless

Web3 allows permissionless linking with technological tools, resources, and tools. This allows everyone to have access to Web3’s innovative world and unlock unprecedented opportunities. Web 3.0 allows everyone to share the benefits of the decentralized economy.

Crypto Use

Web3 accepts crypto payments. It uses virtual currencies to settle payments, wire money online, and do other activities. This decentralized web cluster is designed to decrease dependence on traditional banks and financial institutions. This allows transactions to be made quickly, securely, and economically.

Trustless

Web 3.0’s core infrastructure uses transparent economic procedures and incentivizing tools. Third parties are not required to be part of the system. Web3 encourages trustless interfacing for a decentralized ecosystem. Blockchain developers are able to create trustless infrastructures for Web 3 users by completing the best blockchain certification course.

Reliable Security

Web 3.0 works on blockchain technology and is decentralized. This provides high-end security for the entire system. All data is stored on the blockchain, which eliminates any risk of data theft, intrusions, and manipulations. Web3 is a trusted platform for users to develop their ideas through decentralization.

Why Use Web3?

The user traffic and user data are key factors in the Internet space. Firms have a competitive advantage because they can hold in users and secure their data under the Web 2.0 model. Ironically, existing Internet portals don’t share information in aggregate. This makes it difficult for customers and businesses to export their social media data quickly. Even if they don’t like the service of a platform, they can’t quit.

This is what Web3 will likely change. The new-age Internet wants to use customers’ data to make money. The technology allows for the creation of open portals that share value directly with customers, creating value for everyone. You may be asking yourself how Web3 does this. Without much bragging, let us now look at the many perks Web 3.0 offers its users.

Unprecedented Ownership

Web 3.0 is based on the notion of ownership rights. Web 1.0 and Web 2.0 did not discuss this concept. It allows creators, developers, as well as users, to own their digital assets. Imagine that you participate in a web2 gaming game and buy an in-game asset linked directly to your account. Your in-game asset will be lost if the game developer deletes it or you quit the game for any reason.

Web 3.0 is different. Everyone has ownership rights. You get exclusive ownership rights to assets when you purchase crypto or an NFT. Your rights cannot be taken away by the creator. You can also trade or sell the in-game assets in the open marketplace to recoup your investment.

Resistance to Censorship

It is extremely disruptive and uneven to have control over digital creators and platforms. Creators in the Web2 infrastructure often have to limit their creativity depending on which portals they are associated with. OnlyFans, a popular adult content website created by users, decided to ban all sexually explicit content from its ecosystem. This decision caused anger among the more than 1 million content creators on the platform. They feel that the company is taking their source of income away. Developers protested, and the company reversed its decision.

Although the creators prevailed, the whole situation revealed a major flaw in the Web2 cluster. The creators lose their goodwill and follow-up once they leave their platform. This is not the case for Web 3.0, where data is stored on the Blockchain channel. Developers can take their reputation with them if they leave a platform. Developers can easily switch to another cluster and resume work from where they left off earlier without losing value. Web 3.0 is a great choice for creators of digital content because it resists censorship.

Independent Identity

Users will need to create separate accounts for each social platform in a traditional setup. They can have an Instagram account, a Facebook account, and a Twitter account. Users often face censorship issues when they access multiple platforms. One mistake and these portals could completely obstruct your social life. Moreover, certain portals may require that users trust them with their personal data in order to open an account.

Web3 aims to solve these problems by giving users full control over their digital identities. This is possible with the help of an Ethereum account and ENS profile. An Ethereum address allows for a single login to all platforms. It ensures security, anonymity, and transparency.

Crypto Payments

Web3 uses cryptocurrency for payments. Web2 relied on banks and processing companies for this purpose. Web 3.0 is able to bring the unbanked into the digital crypto banking ecosystem through the decentralized cluster. It also aims to provide financial services for those who live in countries with complex dynamics, such as war-prone areas. Web3 makes payments around the globe using cryptocurrencies such as ETH directly from the browser, without the involvement of any third parties.

Trusted Interface

Web 3.0 is the future of the Internet. It will also be a catalyst for technological innovation. Web3’s infrastructure layer implies that it offers an efficient, trustworthy, decentralized interface for optimal results. The web easily identifies who owns virtual assets and digital content by managing them on distributed ledgers. If a digital creator claims a collection, purchasers can quickly verify the claim on the blockchain. Smart contracts make transactions transparent and immutable, making them auditable. The creators have complete control over their products, and the owners can be confident about their purchases.

Conclusion

Web3 offers tremendous potential to create a more valuable, immersive, open Internet from which all can benefit. The decentralized Web 3.0 infrastructure can be used by new firms to create communities centered on their products and brands. This is a huge advantage over the older web versions. Existing companies can switch to blockchain-supported ecosystems, where users have full ownership of their assets and content. Technological innovation will open up new economic, social, and financial growth opportunities.