Hey folks, this is my article for the 3rd week of the challenge #4Articles4Week. Happy to share my mind with you guys. So for the 3rd week I have chosen the topic " [...] technology would be most revolutionary for solving [...] social problem" . So what made me take this topic for the blog ? Well, actually I have been interested in the upcoming technologies. Most likely the coming of Web 3.0. We cannot actually say coming , it was already their, more likely discovered . This blog is from my view point.
Lately a lot of tech stack have been evolving around us. There are some which are absolutely brilliant. The one which caught my attention is the Web 3.0. It is a technology which is evolving and being defined. It yet doesn't have a universally accepted definition. It is just like a newborn child, with lot of opportunities revolving around it. As a developer, if we can make use of that, then we can bring new evolving features to it. As of now their aren't many web3 developers around yet ! So if you are a developer interested, then you should make your move now.
The new Player
To define Web3 , it is more like an updated version of todays internet which is the Web2 . Web3 is the third generation of internet which uses technologies like Machine learning, big data, etc. What is clear, though, is that Web 3.0 will have a strong emphasis on decentralized applications and make extensive use of blockchain-based technologies. The main difference between Web3 and Web2 is that, Web2 is more of a centralized version of the internet.
Centralization has helped onboard billions of people to the World Wide Web and created the stable, robust infrastructure on which it lives. At the same time, a handful of centralized entities have a stronghold on large swathes of the World Wide Web, unilaterally deciding what should and should not be allowed.
Where as, the Web3 emphasizes more on decentralization. Instead of a Web monopolized by large technology companies, Web3 embraces decentralization and is being built, operated, and owned by its users. Web3 puts power in the hands of individuals rather than corporations, which makes it the Big news.
The idea behind the emergence of Web3
The premise of 'Web 3.0' was coined by Ethereum co-founder Gavin Wood shortly after Ethereum launched in 2014. Gavin put into words a solution for a problem that many early crypto adopters felt: "the Web required too much trust" . That is, most of the Web that people know and use today relies on trusting a handful of private companies to act in the public's best interests.
For example, if we consider the Web2 which began with the emergence of the social media platforms. Instead of the read-only (which was the Web1.0), now people can read as well as write. Instead of a company providing content to the people, now everyone can share their content as well as read the contents of others.. As more people came online, a handful of top companies began to control a disproportionate amount of the traffic and value generated on the web. Web 2.0 also birthed the advertising-driven revenue model. While users could create content, their information or Data was stored by these big monopolies. That is the loss of privacy. The Web3 is the answer to all the problems.
As quoted
Web1 was Read only , Web2 was Read-Write, Web3 is Read-Write-Own .
The core of Web3
The accurate definition of Web3 is still unknown, but the core principles behind Web3 are :
- Web3 is decentralized
- Web3 is permission less
- Web3 has native payments which uses crypto currencies
- Web3 is trustless
Limitations of Web3
Despite the numerous benefits of Web3 in its current form, there are still many limitations.
- Accessibility : Web3 is not likely to be used by the most of the people due due to high transaction fees on Ethereum blockchain. Although Sign-in with Ethereum, are already available for anyone to use at zero cost. But, the relative cost of transactions are still too high.
- User experience : The technicality to enter Web3 is too high. The User interface to access Web3 is still not ready, most of the people will find it difficult to enter the space.
- Centralized infrastructure : The Web3 ecosystem is young and quickly evolving. As a result, it currently depends mainly on centralized infrastructure (GitHub, Twitter, Discord, etc.). Many Web3 companies are rushing to fill these gaps, but building high-quality, reliable infrastructure takes time.
- Education : Web3 isn't difficult, but it is different. Educational initiatives informing Web2 users of these Web3 paradigms are vital for its success.
Projects and Web3 Stack
We are only at the beginning of creating a better Web with Web3, but as we continue to improve the infrastructure that will support it, the future of the Web looks bright. A lot of open source projects and a lot of scope, makes Web3 easily one the most anticipated technology.