We are considering how news reporting may change in the near future while we write this from a centralized server using Web2.
Today’s internet is Web2, which is controlled by the Big Tech firms Alphabet, Amazon, Apple, Meta, and Microsoft. However, a fresh approach is emerging that seeks to return control to the general populace.
The next version of the World Wide Web is recognized in society as Web 3.0, sometimes known as Web3, with a dash of Bitcoin. Gavin Wood, a co-founder of Ethereum, first used the phrase Web3 in 2014 when he increased his funding for the development of decentralized technologies. After weighing the various online versions, he chose the term Web3.
Non-interactive links and homepages, mostly reachable through dial-up, started to appear on the internet in the early 1990s. It was the time of static web pages, or Web 1.0. The capacity for users to produce and share content is a defining feature of Web2, which emerged during the dotcom bubble in the new century. Since we’ve been using this particular form of the web for more than 20 years, programmers have been able to design computer code that allows you to open and modify digital files rather than just see them. Nonetheless, we can’t forget the efforts of high-speed internet providers like Hughesnet that made all the transitions possible. Contact Hughesnet customer service in case you are looking for a provider that is available all across the country including far-regional areas.
The technology and cryptocurrency sectors are prepared for a more significant transition that will enable individuals to read, create, and control their own versions of the internet. We’ve seen plenty of Web2 rebrands in the past.
What is Web3?
Web3 is a hybrid of its forerunners: a decentralized internet before Big Tech grabbed control, combined with cutting-edge online apps.
Decentralized simply indicates that no organization has control over how internet users interact with it in this context. It’s the Web in its purest, most ideal form: unrestricted peer-to-peer communication that excludes or does not require an intermediary. The intermediaries described below have the ability to filter material and control how people view pieces of content by employing algorithms.
But how do cryptocurrencies and Web3 operate? Does Web3 actually represent the internet of the future?
Let’s discuss it.
How does blockchain fit into Web3?
According to Ethereum, Web3 will be a collection of blockchain-based decentralized applications that will allow anybody to access the network’s resources. After cryptocurrencies had substantial growth this year, the concept of Web3 garnered the greatest popularity.
Our use of the internet is currently restricted by a centralized authority. You may Google subjects since the parent corporation of the website, Alphabet, permits it. Instagram photo posting is possible because Meta declared it was possible. Twitter still controls who can have accounts and tweet, even though it has loosened its posting restrictions. Do you recall when the website prohibited former president Donald Trump?
The goal of Web3 is to establish a decentralized web that allows websites and services to run on any computer network. You’ll need to utilize cryptocurrencies to pay for anything on Web3 since blockchain technology will validate user data.
Web3 will be powered by blockchain technology and digital tokens, so if you’re still not familiar with cryptocurrencies, it might be time to catch up.
How is Metaverse related?
Although the phrases Web3 and the metaverse have frequently been used interchangeably, they are fundamentally distinct. Users will only be able to move between online worlds in the metaverse if they use a decentralized internet.
Users might readily shift their digital assets around since the metaverse isn’t owned by a single company or other organization.
In essence, a network as open and free as Web3 is the only one that can support the metaverse. The metaverse is a rising phenomenon, and it’s reasonable to argue that Web3 development is what made it feasible.
Why should you be concerned with Web3 at this time?
Consider Web3 as a development of Web2, which includes the cutting-edge technologies currently in development. The concept of Web3 is influencing other significant tech sectors, like gaming, NFTs, and virtual and augmented reality devices, in addition to the development of the metaverse and the growth of cryptocurrencies.
Decentralized internet might lead to Big Tech’s doom. We don’t see Microsoft, Amazon, Meta, or Alphabet completely leaving the Nasdaq. However, I can see these businesses putting in a bit more effort to compete with regular internet users who are striving for a stake in Web3.
Additionally, Web3 may lead to wider adoption of what blockchain and cryptocurrencies might have to offer. Ethereum supports both cryptocurrencies and NFT systems, enabling users to create apps and make payments.
Criticism of Web3
The fact that there are no finance protocols and the inability to be controlled are some of Web3’s main advantages. However, some could argue that those are also the main drawbacks too.
Jack Dorsey, the founder of Twitter and CEO of Block Inc., has been one of the most outspoken tech titans to criticize Web3. Anyways, despite all the backlash, everyday users are actually the ones to decide the authenticity of Web3.
The blockchain industry falls under the broad heading of Web3. Web2 refers to the portion of the internet that demands authentication and authorization and necessitates the submission of personal information to centralized businesses like Google, Facebook, Amazon, and Netflix. Based on your internet usage, where you are, and what you do, these organizations collect a lot of information about you.