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Web3: How Web3 work

Web3: What Is Web3 and How Will It Work?
Web 3.0 promises a built-in Internet blockchain. Here’s what the buzzwords say about how to access the web in the years to come.
Even if you are not in blockchain technology like Bitcoin and NFTs. You have probably heard of Web3 (or Web 3.0). Your tech-savvy friends may tell you the future, but the idea is confusing. Is it a blockchain or a cryptocurrency? Here’s what you need to know.

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Web 2.0

Then came Web 2.0, years of internet as a platform. We have seen an increase in e-commerce and social networking sites such as Facebook, Twitter, and Instagram. People have gained the ability to interact with online forums and publish their own content. Smartphones and cloud computing are the top growing brands here.

As many people see, the problem now is that Internet users. Need to provide their personal information. In order to use the “free” services offered by tech giants such as Google, Microsoft, or Amazon. Shopping, social media, blogs — all collect information about our choices. And how we use these services. And then sell them to third parties and be used to deliver targeted ads.

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Web3, Explained

The name Web3 was coined by Gavin Wood. One of the founders of the Ethereum cryptocurrency — as Web 3.0 in 2014. digital infrastructure.

Wood, along with those who support the Web3 concept. Says that Web 2.0 is governed by high technology, which is also visible to administrators who may or may not be able to maintain public online trust or data security. In a 2021 interview with Wired, Wood said the current web needs to trust institutions that we cannot account for:

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“Maybe [the companies] are telling the truth because they are afraid that their reputation will be seriously affected if they do not. However, as we have seen in some of Snowden’s revelations. Sometimes companies do not get the opportunity to speak the truth,” Wood told Wired. Sometimes security may simply put a box in their back office, and be told. You don’t have to look at this box, you are not allowed to say or do anything about this box, you just have it. to live in peace. ‘”

Actual transcript

Proponents of her case have been working to make the actual transcript of this statement available online. The web will be powered by blockchain technology and performance, with all the information published on the blockchain community bridge.

Depending on how cryptocurrency works, everything will need to be verified by the network before it can be approved. Online applications allow people to exchange information or currency without the middle person. Web3 Internet will also not be licensed, which means. That anyone can use it without having access to the access information or obtaining permission from the provider.

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Instead of being stored on servers as is currently the case. The data that makes up the Internet will be stored on the network. Any changes, or movements, that data will be recorded on the blockchain. Establishing a record that will be verified by the entire network. In theory, this prevents bad characters from abusing data while establishing a clear record of where they are going.

Cryptocurrency blockchains

Just as cryptocurrency blockchains are designed to prevent “double expenditure,” blockchain-centric internet, in theory. Can make it difficult to manipulate and control data. As the data will be segmented, no gatekeeper will be able to control it. Meaning they have not been able to block anyone’s access to the Internet.

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On paper, that will give more people access to the Internet than ever before. And AI will be hired to reduce bots and click-to-farm websites. An example of a Web3 application would be a peer-to-peer payment application that works in blockchain. Instead of using a bank, people can pay for goods or services using a nationally distributed app (Dapp) for payments.

Transaction can be completed

Before the transaction can be completed. You will need to verify the network and enter the code in the digital blockchain directory. A payment system like this may benefit people who do not have access to bank accounts. Who do not have access to it, or who are restricted from providing certain services through major payment providers.
For a visual breakdown of Web3 behind the scenes and online history. Check out this video from the crypto education Whiteboard Crypto YouTube channel (embedded above).

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Web3 does not yet exist

Web3 is still very much theoretical and has a steep learning curve. In the meantime, anyone who wants to sign up should familiarize themselves with blockchain and cryptocurrency technologies. That step is not for everyone to take advantage of another version of what they already have. Especially if they can use applications such as private browsers to obtain privacy concerns.
There are also issues of anonymity and research. If the whole Internet was working in Web3 blockchain architecture. That may be good for some, but not for those who need to remain anonymous in order to be safe.

With the internet we have now already very bad at managing these problems, it is hard to say whether Web3 can be better or worse.

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And, of course, the biggest step is taking away power from tech giants like Amazon and Google. And as PCMag’s Sascha Segan explains, that is “a political problem, not a technological one.” Meta does not require a separate Internet, so if the law does not duplicate or demolish these companies, the best Web3 offers will not be achieved.

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