Web 3 is talked about everywhere in the world of technology and big technology companies are taking interest in it but the question is what is Web 3?. Fans of Web3 technology say that this will be a revolution in the world of the Internet, so that the general public will have more access to the Internet web than the big platforms like Facebook and Google. But the concept of the web is of great interest to technology companies, which is why they want to acquire it.
Last month, Meta, the company that owns Facebook and Instagram, filed a number of trademark applications regarding Web3. Spotify is also looking for web 3 experts. Microsoft is busy helping companies that use Web3. Let’s understand what Web Three is.
Decentralization of the Internet
The basis of Web3 is decentralization, which means users will have more control over their data. According to experts, the web was initially a more open space, where real users created their own websites. These websites were more read only, so data flowed from the site to the user. It’s called Web One.
But technology companies like Facebook and Google have introduced a new dimension to the web world by introducing interactive platforms, meaning that information is reaching not just from site to user but from user to site and from user to web user. ۔ This web technology is currently in use and is called Web Two.
Thus, based on the information provided by the user, a platform becomes aware of the user’s attitudes and interests and through this information new platforms and targeted advertisements are delivered. This information is also sold to third parties. Experts say that in such a case, the user has no control over his data.
Not user friendly
In the world of Web 3, information is stored in virtual digital wallets instead of data centers. Anyone can connect these digital wallets with Web3 apps and these apps run on blockchain technology. When a user wants to disconnect from an application, they just sign off and thus their data will also be disconnected from that application. Developers of Web3 also do not invest heavily in building applications, so the technology is more autonomous.
Dream only dream?
Web3 was first introduced in 2014 by Gwyn Wood, co-founder of the cryptocurrency Ethereum, but has been the subject of much public debate over the past year, especially on Twitter. Currently there is a phenomenal increase in Web 3 investment. SoftBank is funding version two and Microsoft is funding Web3 projects, while Facebook says it is increasing its investment in Web3 to 1 billion. However, experts say that investment by big companies will hurt the spirit of Web3.
Lessons from Crypto
The cryptocurrency has also become more centralized and user friendly. Web 3 provides the cryptocurrency spirit for applications. In the future, this currency will be used by creators to buy virtual goods and gaming features. Initially, buying cryptocurrency was not easy and the user needed coding to create his own crypto wallet.
Some people have been able to do this and some have sent money to the wrong places or lost access to their wallet or have been affected by scams. However, over time, developers have introduced more user-friendly applications for buying and selling cryptocurrencies, including Coin Base and Bianca.