When someone hears the term Web3, they are often clueless or just think about Cryptocurrency and NFTs, but web3 is more than that.
In simple terms, web 3 is the next generation of World Wide Web 2 where the internet is decentralized via blockchains. Blockchain is a technology that stores and shares digital information across a peer-to-peer (P2P) network of computer servers. Those with access to a blockchain cannot alter or delete any existing data, but they can view it, use existing data, or add new data.
But many wonders why to choose Web3 over web2. “It’s not a matter of choice. It’s the matter of need, the evolution of the internet”. In web2, giant companies control your data on the internet and can share it however they want to, leading to major privacy and ownership issues, but in Web3, a user owns his data. They can share or keep their data privacy as they wish.
Additionally, as computing power is not centralized in one place, web3 technologies will likely be more stable and readily accessible than web2 technologies.
Since Web3 is decentralized, instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users, everyone has equal access to participate in Web3, and no one gets excluded.
Also, Web2’s payment infrastructure relies on banks and payment processors, excluding people without bank accounts or those who happen to live within the borders of the wrong country. Web3 uses tokens like ETH to send money directly to the person’s wallet. Web3 operates using incentives and economic mechanisms instead of relying on trusted third parties.
So now many wonders if Web3 is so great, why is everyone not adopting it? Because it’s not as easy as said, as they are still many things to figure out – It could be a little difficult to grasp for newcomers. A decentralized web would also complicate regulation and enforcement—for example, which country’s laws will apply to a website that hosts content in multiple countries around the world.
Web 3 Integration with current web browsers could also be slow. The computer chip giant Intel said that we need to achieve about 1,000 times our current computing power to make Web3 a reality.
To summarise up – Web3 may become the need of the future, but it still has its limitations and has a long way to go before mass implementation.
Roopesh Katyal
Jaipuria Talks Blog 