- Web 3 is the upgraded version of Web 2.0
- It gives users the right to read and write on the Web.
Web 3 is the advanced form of today’s Internet. Currently, we are in a transitioning phase between Web 2 and Web 3. Web 2 had a lot of opportunities, but there was a discrepancy in Web 2, which was solved by Web 3, and this discrepancy is centralization. One can observe that all the powers in Web 3 rest in the hands of some individuals. Some organizations have massive control over the Internet and they use it according to them, without respecting the user’s privacy.
What are Web 1 and Web 2?
- Web 1.0
In Web 1, users had limited things to do. It was the ‘read-only mode’ internet. The period of this form of the Internet was from 1990 – 2004. There were websites that users could read, and there was nothing more they could do.
- Web 2.0
The time of Web 2.0 began in the year 2004. In this era, social media emerged. User participation on the Internet increased. Companies started providing a platform for users to make their content. In this era, users started earning by participating in the Internet. But the downside of this era was that a handful of companies had control over the Internet.
These companies even played with the user’s privacy. Some even started selling users’ data by breaching their privacy. Although users created content, they still did not own it. They depended on these companies to share profit percentages from their content. This era is continuing till now
What is Web 3?
Web 3.0 has promised a new and better Internet for every user, but it uses cryptocurrency and blockchain technology. It gives power back to the users. The core characteristics of Web 3 are as follows.
- Web 3 is decentralized
Decentralization means that no central authority owns the entity. The whole ownership rests in the hands of its users. Hence, it eliminates the control of the centralized entities.
- Web 3 is permissionless
Everyone has the right to participate in the Web 3 ecosystem. It has no issue of censorship. This ensures freedom of speech on the Web 3. Anyone can make changes in this ecosystem to improve it further.
- Native payment system
Web 3 has its infrastructure of payments. It does not rely on the traditional system of finance. Cryptocurrencies are used as a payment method in Web 3, which runs on decentralized blockchains and ensures the user’s privacy and security of the transactions.
- DAO
These are decentralized autonomous organizations that are made and run by the users. They do not have a group of people who make important decisions regarding the organizations; instead, the users are the owners of these organizations, and they make decisions regarding their future with the help of voting.
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