Web3: How It Impacts Your Future

What is Web3 Meaning?

Web3 is a blockchain platform that allows for the usage of smart contracts and decentralized applications. It’s also known as Web 3.0. There is no need for a third party such as a bank or a governing body to verify or approve transactions. Developers can also use this technology to create "decentralized currencies."

The new system has the potential to revolutionize the way we do business and interact with each other. It leads to a more secure and transparent internet. For example, it can bypass government restrictions and access financial services that we wouldn’t be able to get otherwise.

Prehistory

It is necessary to know the peculiarities of the first two versions to understand Web3's meaning in full.

Web 1.0. The Dawn of an Era

The era of Web 1.0 (from 1994 to 2004) is called Read Only. The only thing users of the first Internet version could do was read articles or download pictures/videos to their computer.

Resources were static pages that ran on Web servers hosted by Internet service providers or free web hostings. There were no design intricacies or usability back then. The sites looked like newspaper pages with solid text and few images. Users were not able to evaluate the content of pages and contribute to the development of the resources.

Web 2.0. Look from a New Angle

The Web 2.0 Internet era began in 2004. Everything changed when the first social networks and online stores appeared. Plus, the emergence of search engines in the late 90s significantly impacted the switch to Web 2.0.

Smartphone manufacturers also contributed to the development of Web 2.0. In 2005, a billion people used the Internet. For comparison, in 2019, the number of users has grown to 4 billion, 3.9 billion of which accessed the web from their gadgets.

The main features of Web 2.0 are interactivity, centralization, the use of personal data for commercial purposes, and the ability to block an account.

Create Your Content

The user not only reads but also creates their content. The first social networks, LiveJournal and Myspace, were blogging platforms. You could read bloggers' articles and express your opinion about the content in the comments. For example, on Myspace (which united musicians), members even could publish their songs.

Data Centralization and Personal Info Usage

You need a username and password to use a social network or search, and this data is stored on the company's server. Just as well as the user's information on their page, the disadvantage of centralization is the possibility of hacking and information leakage. Also, sometimes users cannot make money from the content since it belongs to the platform in a centralized management system.

Centralization is not only used in social networks. Search engines are centralized and make money from your information too. When you search for English courses in your city or the brand's store online, Google gives you advertised sites first.

Now let's talk about the use of personal data for commercial purposes. Initially, Internet giants like Google and Facebook collected information about users to make the quality of service better. Then they started using customer data to make money on advertising. Google contextual advertising and Facebook targeting algorithms work thanks to user information.

Account Blocking

Every social network makes rules for its users and requires that they follow those policies. If you violate them, moderators can block the content of your pages or even your account.

Web3: Welcome to the Future

The third evolution of the Internet is built on blockchain technology, in which a database is stored simultaneously on multiple computers. But Web3's meaning is much deeper than just the decentralization. In the third generation of the Internet, blockchain participants can own part of the products and services they use.

Blockchain-based application developers earn blockchain currency, and application users earn tokens. Whereas in Web 2.0, your information and content were on Facebook or Google's servers, and you didn't own it, in Web 3.0, you will single-handedly have it. Instead of the company making money from the ads, you will monetize your content yourself.

Key Features of Web3

Web3 is a distributed database where all information belongs to users. This is the Internet of the future, where digital assets (cryptocurrencies, applications, NFT products) are protected by mathematics, not by law or force. Support for artificial intelligence allows Web 3.0 to be used as a personal assistant that acts in the user's best interest.

Search for goods and services is formed individually and fully meets your needs. And if in the past the Internet spread confidential information, Web3 preserves privacy. All online transactions are possible under a nickname. The user's data are encrypted. Moreover, Web 3.0 combines real life with virtual life in a metaverse.

Information Security and DApps

The apps we use now will become DApps, decentralized programs that are more difficult to hack. It is the software without a single control center, with the algorithm fixed in a smart contract.

DApp characteristics:

• Open source code that you can look at, check for vulnerabilities, and make sure there are no viruses.
• Decentralization. All information and records are stored in blockchain, protecting them from hacking.
• DApps have their token, a digital asset that incentivizes users and keeps the project running.

Programmers created the first DApps on the Ethereum blockchain. Now you can do it on other blockchains - for example, Solana, Fantom, or Tron. Decentralized apps differ from Google, Twitter, or Facebook in being independent of a single server that processes and stores data. In DApps, all the information is distributed among the computers of the network users.

Advantages of DApps:

• Privacy. All your data is encrypted. Access requires a key that only you have.
• Speed of processing. DApps don't need to go to a server. A copy of the database is on every blockchain device. All you have to do is contact the nearest computer.
• Hard to hack. The information is duplicated on all computers that participate in the blockchain.

DApps solve a lot of different problems. There are applications for crowdfunding or games where you can play and earn money. By the way, Bitcoin is also a DApp with its blockchain.

The Use of a Crypto Wallet to Log in

You don't need any usernames and passwords since you can perform all operations in the network under a nickname without a real name. Your cryptocurrency wallet address is enough to join the network.

Joint Decision Making and Metaverse

No one will be able to block your social media profile or YouTube videos. The decision about controversial content will be made jointly by blockchain participants. And instead of social networking, you will be able to communicate with friends in the metacommuniverse

Semantic & Spatial Web

The Internet inventor, Tim Berners-Lee, created the term ''semantic web". According to his version, machines will humanly process content. In other words, they will understand information contextually and conceptually. For example, they will be able to distinguish a Jaguar car from a Jaguar predator.

In his book Spatial Web, Dan Mapes (the founder of the technology company Verses.io) wrote that Web3 would eliminate the boundary between digital content and physical objects. Augmented and virtual reality devices, artificial intelligence/machine learning, drones, robots, and the Internet of Things will play a major role in the spatial web. All this will help create a complete copy, or digital twin, of the world we live in, and the Internet will become another world.

What are the Benefits of Web3?

In the first version of the Internet, you have information to learn. In the second one, you could interact with the web (communicate with other people, order goods and services, and use searches). Web3 means the use of artificial intelligence and machine learning to analyze the user to solve their problem best.

The Internet will review the history of previous search requests and match them to the user’s preferences and goals to provide this info.

The advantages of Web3:

• Ownership of content and personal information is entirely yours. Big companies and even governments can no longer use your data or limit your online activities.
• You can search for information faster because there are no paid advertisements. You only get what you're looking for and you don't have to enter your username, password, and email address on the blockchain network. You just have to create your wallet in blockchain and interact with it from your smartphone or laptop.
• The cross-platform basis saves time and allows you to use digital assets on all platforms. For example, you purchase them in a game and then resell them on the marketplace.
• The system can serve you seamlessly, thanks to the blockchain technology. Information is stored on distributed peer nodes rather than on a single server. Even if one blockchain is attacked by hackers or crashes, others work and keep copies of the data.
• You can get paid for anything you do online. All of your content (including photos, videos, and pictures) is tokenized. Any picture/video you take can become an NFT product. It is a digital construct that confirms authenticity and ownership of it. People can sell graphic NFT products on the OpenSea platform and audio on Audius. You can also earn by watching ads, stacking, creating your applications, or investing in crypto-projects of other users.
• Decentralization. Services and applications will be DAOs - decentralized autonomous organizations without a CEO or board of directors. All blockchain users determine editorial policy.

How Can You Use Web3 in Your Future Projects?

There are many ways in which Web 3.0 can help your business. You can use it to create new decentralized applications or integrations with existing platforms. And you might also use it to access and manage your data, create contracts, and run smart contracts.

If you want to take advantage of this technology, you can choose Wetelo to enter this new world of tech. Our programmers have extensive experience in Web3 development. Here is one of the cases of their work.

Example of the Web3 Using

Currently, developers from the Wetelo team are working on a project called Pinata. It’s a file storage platform that focuses on content for NFTs. The use of Web3 here is to create decentralized storage. It allows users to put their content to the IPFS network. Thanks to it, people can store their files and give each one a unique CID (Content-ID). Having done it, you aren’t allowed to change or delete your image, for example. That’s exactly how NFT should work.

Thus, it’s a robust alternative to other services like Google Drive. Moreover, using the latter is not the right way to connect your content with the system to create NFT. This is dangerous since content can disappear or change. Pinata is designed to avoid such risks. And our coders are excited to apply Web3 in their work. They see a great future for this technology.

Conclusion

As you can see, Web3 has a lot of potential benefits for businesses. It’s essential to stay up-to-date on this new technology so you can make the most of its opportunities. Our team will be glad to help you with this challenge. So we propose you stay in touch. Good luck!