How Web3 is Going to Revolutionize the World
6 min read
The internet, nowadays as we know it, is broken. Centralised systems like Google and Facebook have too much power, and they’re not using it responsibly. Our data is being harvested and sold without our consent, and we’re being flooded with ads almost everywhere. Annoying, isn't it?
But there’s a solution. It’s called Web3, and it’s a new way of using the internet that puts users in control.
Web 3.0 is a decentralised network of technologies that work together and give users more control over their data and privacy. It’s being built on blockchain technology, a new type of database that’s known to be secure and transparent. And it’s being built by a community of developers who are passionate about giving users more control over their data. In this article, we’ll explore how Web3 will revolutionise the world.
Introduction to Web3 🚀
One of the biggest problems with the internet today is that the data that we create is owned by a few large corporations. Facebook, Google, and a few other companies are in control of what data is created and who gets to access it. This means we don’t have control over our own data. We can’t choose who can see what we’re creating. We can’t choose who can profit from it. We can’t even delete it if we want to. The blockchain is a new technology that’s being used to create a new type of internet. It’s called Web3, and it’s a network of computers where data is decentralized and users are empowered. Data that you create on Web3 is yours, and you decide who gets to see it, download it, or profit from it.
How Web3 is different from the current internet 🤔
- Decentralized Data Storage
All data on the current internet is stored on centralized servers owned by companies like Google, Amazon, and Facebook. On Web3, data is stored on decentralized networks — networks that don’t have a single point of failure. This means no one person or company controls the data.
- Own Your Data
The current internet gives companies the right to profit from your data, but on Web3, you own your data and you have the right to profit from it.
- No Ads
The current internet has a ton of ads. On the current internet, a lot of the data you create is designed to make you click on ads. On Web3, you’re in control of what data you share, and you don’t have to create ads.
- Decentralized Hosting
The current internet has a centralized system for hosting websites. Each website is hosted on a single physical computer. On Web3, there’s a decentralized way of hosting websites. Each website is hosted on a network of computers.
- No Central Points of Failure
The current internet has a few central points of failure. If these points of failure get hacked or get shut down, then the whole internet gets affected. On Web3, there are no central points of failure.
- No Central Points of Control
On the current internet, a few large companies control where data is stored and what websites you can access. On Web3, there are no central points of control. Anyone can create a website and anyone can store data on the network.
The technologies that makeup Web3 🧩
Blockchains are new databases that are secured by cryptography. They’re decentralized and transparent, meaning no one individual, company, or government has control over them.
Web3 is going to be made up of different networks. The main challenge is to bring these networks together so that data can be shared.
Application Programming Interfaces (APIs) let different types of applications share data. For example, an API can help a marketplace for selling goods connect to a bank so that payments can be processed.
DApps are applications that run on a blockchain. Currently, we mostly use centralized applications, like Google Docs and Facebook. In the future, we’ll use DApps that run on decentralized networks like Web3. To know more about Dapps, check here
- Standard Protocols
Currently, there are a lot of different blockchain technologies, and they don’t communicate with each other. To create a truly decentralized internet, we need to use standard protocols that allow different blockchains to communicate.
- End-to-End Encryption
Right now, as we use the internet, our data travels through a number of different networks where it could be hacked. On Web3, we’re going to see the rise of end-to-end encryption, where data is encrypted as soon as it is created and stays encrypted until it reaches its destination. This means no one will be able to access the data.
- Identity Management
As more of our lives are online, managing our identity has become more and more important. On the current internet, we’ve seen how centralized systems like Facebook have been compromised by hackers. On Web3, there are a number of decentralized identity management systems being built.
How Web3 will empower users 💪
- Decentralized Apps
In the future, we’re going to see a lot of decentralized apps (DApps) being built. Currently, many of the apps we use are centralized — meaning there’s a single company that owns and controls the app. With DApps, there’s no single company that controls the app. Instead, it’s run by a decentralized network. This means no one company can shut down the app or censor it.
- No Ads
Because DApps don’t have ads, they don’t have the same incentive to collect and share data. Instead, they’re incentivized to keep your data private. This means no more targeted ads. No more data harvesting.
- User-Owned Ecosystem
We now use a centralized system where we log into websites and apps with our Facebook or Google accounts. As we transition to a decentralized internet, we’re going to see user-owned ecosystems. This means you log into apps and websites with a decentralized identity that’s stored on the blockchain.
- In-App Purchases
On the current internet, we see free apps that make money by harvesting our data and serving ads. On Web3, we’re going to see apps that are decentralized and have no incentive to harvest our data. Instead, they’ll let us pay to unlock features.
The challenges of building Web3
- Network Effects
One of the biggest challenges in building Web3 is getting enough people to use it. If only a few people start using it, it won’t be useful. To solve this problem, we’ll need to incentivize people to use Web3 by promising them benefits like more privacy and control over their data. But the biggest challenge is getting people to switch from centralized systems like Facebook to decentralized networks.
Right now, there are a lot of different blockchain technologies out there, and they don’t interoperate with each other. We need standards that allow different blockchain technologies to communicate with each other. This will make it easier for people to switch from centralized networks to decentralized ones.
The future of the internet with Web3 ✨
The internet is moving towards decentralization, and we’re seeing a shift towards privacy. But with Web3 and blockchain technology, we’re going to take decentralization to a new level. We’re going to have a truly decentralized internet where the user owns their data and can keep it private. Web3 is going to be a new way of using the internet that puts users in control.
Web3 has well and truly arrived and many new-age developers have started to explore it. Soon, the world of internet will see huge transformations and will take digital lifestyle to the very next level.