What is Web3?Feb 27, 2023
Web1 is read-only
Web2 is read-write
Web3 is read-write-own
The internet has come a long way since its inception in the late 1960s. Initially conceived to share information between academic institutions, the internet has become an all-encompassing tool that has fundamentally changed how we live, work, and communicate. However, as the internet has grown in popularity and scope, its limitations have become increasingly apparent.
One of the main criticisms of the internet is that it is centralized and controlled by a small number of powerful entities. This has led to concerns over privacy, data ownership, and censorship. However, a new movement seeks to address these issues and build a more decentralized and democratic internet. This movement is called Web3.
So, what is Web3?
Web3 is a term that refers to the third generation of the internet. While the first generation of the internet was focused on creating a network of interconnected computers, and the second generation focused on creating user-friendly interfaces and applications, Web3 is focused on creating a decentralized internet that its users control.
At its core, Web3 is built on blockchain technology, which allows for the creation decentralized applications (dapps) that can be run on a decentralized network of computers. These dapps are designed to be transparent, secure, and autonomous, meaning they can function without a centralized authority.
One of the key features of Web3 is that it is built on a foundation of trust. In a decentralized system, trust is no longer placed in centralized authorities or intermediaries but in the network itself. This is achieved through consensus algorithms, which ensure that all transactions on the network are verified and agreed upon by all participants.
Web3 removes the need for intermediaries or third parties and gives you direct ownership over your digital identity and assets like never before. It is the shift from an internet of information, to an internet of value.
Another important feature of Web3 is that it is designed to be open and interoperable. This means that different dapps can interact with each other seamlessly, regardless of the platform they are built on. This interoperability is made possible by using common standards and protocols, such as the Ethereum Virtual Machine (EVM).
Impact of Web3 on the Future of the Internet
Web3 has the potential to have a transformative impact on the future of the internet. By creating a decentralized and democratic internet, Web3 can address many of the limitations and concerns associated with the current centralized model.
Another benefit of Web3 is that it can create a more democratic internet. In a decentralized system, power is distributed among all participants rather than being concentrated in the hands of a few powerful entities. This means that users have more control over the content they create and consume and are less subject to censorship or manipulation.
Web3 also has the potential to create a more inclusive internet. Because Web3 is designed to be open and interoperable, it can enable greater collaboration and innovation across different communities and industries. This can lead to the creation of new and innovative applications that can benefit everyone, regardless of their background or location.
Finally, Web3 can create a more sustainable internet. Because Web3 is built on a foundation of trust, it can reduce the need for energy-intensive processes such as data mining and server maintenance. Additionally, because dapps are designed to be autonomous, they can operate with greater efficiency and require less human intervention.
Blockchain will be the basis of much of Web3. CIX will continue to find investable projects and companies that will become the foundation of Web3.
Chip Bulloch / CEO CryptoIntelX.com