WHAT IS WEB 3.0, AND WHY DOES IT MATTER?
WEB 3.0 Internet is the most general thing in our daily life in present days. And the world is now focusing on a new thing that is cryptocurrency. Cryptocurrencies look like a casino from the outside but inside it has something more interesting and that is called the blockchain. Actually, in the present day, it is reinvented our society. In past, it is allowed by institutions that two strangers do business acting as trusted third-party. After that internet replaced middle contacts with monopolistic digital platforms. Now, blockchains use cryptography to avoid that intermediates. They want to unlock a self-governing economic system through code which is scammers impossible. So Users of blockchain networks invented a new internet system called WEB 3. 0.Web3.0 Crypto is the former refers to a decentralized web, based on the blockchain, while the latter is a combination of the internet and augmented and virtual reality.
Throughout this article, you will get all the answers to the following.
1. WEB 3 is what and what does it matter?
2. How does the cryptocurrency link with it?
3. How to use Web 3
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To get more information and knowledge’s about Web 3 we must start from the origin. so let me know about the history of the internet and trust me it is not boring.
1. History of the Internet for concluding Web 3.0
Internet is a global system that consists of interconnected computer networks. Internet generally uses TCP or IP for communicating between devices and networks. The Internet contains a huge quantity of information, resources, and services. The origin of the internet is the development of packet switching by the United States Department of Defence in 1960. The original functioned Internet named ARPANET was invented in 1970 as a backbone of the US military. At the peak of the Cold, War US realized that one computer controlling all rockets was not a good idea, so they built a network system that can be accessed through multiple computers.
2. What is Web 1 ? Why is it important to conclude web 3?
After 1970 the development of the internet was started and in 1990 internet was connected with a bunch of computers. Tim Berners Lee first created a web application to connect with the internet. Web design is a hyperlinked information system that is a huge library of data and can be accessed through on a screen of a computer connected with the network by clicking around linked text or images. Then about 30 years later two or three billion users were connected with the internet and the data source became more vast. After that when browsers are introduced like Mosaic and Microsoft Internet Explorer then a mass adaption came because this internet was used by the common man.
> Some drawback of Web1
Web 1 is powered by some regular users with their regular computers. For this web1 was decentralized. Anyone could publish any information on web 1 without the permission of Central securities of the internet and this conveys that it is open-sourced also. Though it is open-source software one can publish something if he/she has some technical skills so most of the users are reader and content are in the mainly read-only category.
3. Web2 the modern web why failed so that web 3 was invented?
Web 1 was the just beginning for internet evaluation. The drawbacks of web 1 don’t fit the upcoming modern world. Everyone around the world wants to publish on the internet but they can’t so after about 15 years YouTube, Facebook and Twitter came to play and pulled a huge audience. Because for the first time the barriers between readers and publishers are faded and anyone could easily publish their information online. And now the internet is something for everybody. In the upgradation from web 1 to web 2, there are there huge changes that happened and that is
A. Mobile – After the invention of the smartphone, people were turned into staying connected with apps and notifications from a few hours online per day with their desktops.
B. Social – Many social platforms like Facebook, Friendster, WeChat, etc reveal our faces and help us emerge from anonymity. They make it possible to create, share interact. And as a result of that people are not bound in their locality.
C. Cloud – Giant companies like Amazon, Google, and Microsoft are making it easy to build on the internet by cutting the cost with their cloud services. For that users no need to buy costly hardware or maintain it, because it is easy to rent one at a low cost from any data center.
Now the web2 makes the internet centralized and it now consists of closed systems that interact with each other.
Present-day in the digital era customer value is a key tool for network size. Users can not leave, creators developers have no choice because it is too strong. Suddenly access to more people, vast world, technologies makes the network consolidated and effects directly monopolistic power. As a result, Facebook, Google, Apple, Amazon control our conversations, searches, media, and data, etc, and make the internet into a bounded region again.
So we eagerly need a new system of the internet with more privacy and without third parties because of current one has multivariate bugs and is broken.
4. Blockchain the piller of web 3
The blockchain is a ledger of who holds something in a network. This something can be money, property, medical records, media, etc. This Os decentralized because everyone in the network has an up-to-date copy of the ledger and this makes it consistent. The records are can not be hacked because it is made with cryptography. All of this was secured by miners who have the computing power of complicated maths for securing cryptography and will be paid by cryptocurrency. Users can trust cryptography because all is verified by the network itself. Blockchain is a self-governing network and it pays you for giving it what it needs as our society gives us. Different kinds of blockchains demand different things.
5. The web 3.0 The internet with value.
In web 3 every user is a wallet and every file is an asset stored in the wallet and every exchange is nothing but a transaction from one to another wallet. And this makes web 3 not only readable, writeable it makes it readable, writeable, and ownership.
Blockchain technology reveals a human-to-human economic network which is a new kind of web and in which any user can trade currencies, assets, and valuable data also. There are no charges needed from any institutions, no terms, and conditions for making any exchange. All exchanges follow a prototypical contractual method which is performance and reward. Such that if A does a job for B then B gives A something according to A’s job. Here Bitcoin provides a great example of the working method of blockchains how they automatically verify performance and reward both and fulfill the contract with 100 percent accuracy that no party gets duped. All these trades are automated and based on a logic that cannot be breached. Just think you are always able to trade with all sectors like art, real estate, banking, education, business, etc without any middle man and just using costless and trustable blockchain technology. Blockchains accept everyone from the world who has a phone and an Internet connection to take part directly, immediately in the global economy without any permission. As a result, superior economic efficiency will open up and reinvent our world.
Frequently Asked Questions about Web 3.0 (FAQS)
1. What is web 3.0?
= It is a better version of the web with the logic of cryptography.
2. What is more efficient web 2 or web 3.0?
= web 3 is more efficient than web 2 because it is trustable, cheaper, and doesn’t need any third party.
3. How are cryptocurrency and the web 3 interrelated?
= Web 3 .0 is the new version of the web that is based on the concept of cryptography which comes from cryptocurrency. And it is easy to say that in our upcoming day where cryptocurrency is all then web3 gives its transaction and other related work a better experience.
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Article Written By: Santosh Mondal.