Web 3 or Web 3.0 is a form of decentralized blockchain. If you are a blockchain beginner, then you need to know that there are centralized and decentralized blockchains. Decentralized means it is not controlled by governments or corporate bodies. No central authority, decentralized means it is owned by individuals. Each individual has a share of the token in a decentralized blockchain. Meanwhile centralized means it is owned by the government or cooperative organizations. Web 3 has helped give the best of the new internet, as a decentralized network it gives power to users through NFTs, blockchains, and cryptocurrencies making them become owners.
How and Who Bring the Idea of Web3
To understand Web 3 it is important to know the webs that came before Web 3. Back in 2014 when Ethereum was launched-Ethereum co-founder, Gavin Wood coined the idea of Web 3. Now, it is worldly accepted.
Web1
The Internet has been on Web 1 since Web 1 arrived in the late 1990s, Web 1 was only available for reading only, it is a process where you are permitted to read contents on World Wide Web sites, Web 1 was only comprised of homepages and links, on Web 1 as you either publish content for others to read or read contents only
Web2
Just after Web 1, Web 2 came into existence. Web 2 is called read and write, and Web 2 brings the era of blogs. On Web 2 you can read content and also create content to publish on blog posts. Web 2 is a designed computer code that grants users not only access to view files but also gives users the ability to open and edit files, this means researching and creating your content.
Web 2 uses third-party trust, which means it relies on the third party which makes it a centralized blockchain. In Web 2 you can purchase an in-game which is automatically tied directly to your account and such a rigid network with the risk of losing investment, assume a game creator decided to delete your account you will either lose your account or you are being stopped of playing your game, you know this means you lose investments into your in-game. Web 2 has rendered a lot of free services to the Internet, but there is always advancement in technology-and so Web 3 comes into existence.
Web3
Let’s just say Web3 is human rights activist, funny?
Web 3 is a blockchain that is read, written, and own. As internet users use tech platforms in exchange for data, they can also hold and become shareholders. Web 3 does not limit people to customers only like in Web 2. Instead, the cryptocurrency shares in Web 3 make people become the owners of a decentralized network.
Web 3 is a blockchain that drives power from big tech companies to individuals. Web 3 is decentralized, and it does not support the monopoly of big companies. What this means is that Web 3 gives power to individuals rather than organizations. It is a computer code built for its users to be able to control.
Advantages of Web3
Web 3 has so many advantages as such that gives power to everyone to participate in Web 3. Web 3 does not rely on banks for payment and uses cryptocurrency for spending and sending money. It is a computer development that operates on an economic mechanism, it does not rely on third parties. Web 3 ownership of digital assets is allowed unlike in a Web 2 game where users purchase an in-game that is tied directly to the user account which users are at risk of losing an account.
Web 3 makes use of NFTs, a non-fungible token that allows users to own a particular item directly. With this no one, even the game creator has the right to ban or take your ownership, users can wish to sell their item or trade it on open markets.
As NFTs are mostly related to Ethereum so also Web 3 makes use of Ethereum address and ENS profile. Users only require a single login on platforms that are secure, censorship-resistance, and anonymous.
When explaining Web 3, you should know that anything can be a tokenized-a meme, a piece of art, or a person’s social media output.
GameFi
The game industry benefits a lot from Web 3, gamers can invest in a game and also on how the game should run, Web 3 allows gamers to vote on how a game should be run and also correct the developers of the bug developed in their favorite video game, or how the latest updates affect their favorite weapon. NFTs have a great role in the game industry that allows players to become the unchangeableness of the item they accrue.
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