Web3 or Web 3.0 is the next generation of the internet. Currently we use Web2 for all of our world wide web services. Web3 is being touted as the future of what we know as the internet. Gavin Wood, who coined the term Web3 in 2014, believes decentralized technologies are the only hope of preserving liberal democracy. Which basically means that they want to give more power to the individuals rather than the giants of the world wide web such as Amazon or Meta. So if you are looking to find out more about what Web3 actually is and what it means for the future then keep reading. We have put together some information on this page which will hopefully give you a better insight in as simple words as possible.
What Is Web3 Essex?
Web3 is a new version of the internet. The idea behind it is that users will have more control over the web communities in which they belong to. They will also have a financial stake in it. This internet is blockchain based and will work fluently with cryptocurrencies, NFT’s, DAO’s and centralised finances. They claim that Web3 promises to transform the internet experience as significantly as smartphones and computers did. Of course it is still a fresh idea and still having the kinks ironed out. Since it offers a read, write and own version of the web using blockchain technology it is meant to be a solution to privacy, centralisation and financial concerns. However, being a new idea it has bought new problems with it.
In short, Web3 is basically an extension which works fluently with cryptocurrency using blockchain in new ways.
Decentralisation And Blockchain
Web3 is all about decentralisation which basically means to transfer the control from a large organisation to the people or a number of smaller organisations. It will place the power into the hands of the individual users instead of platforms such as Meta, Google, Amazon and governments. Web3 will be built on blockchain which is a network of multiple servers which work independently from other parts of the world. Blockchain is very prominent with cryptocurrencies such as Bitcoin and Ethereum. NFT’s will have a blockchain entry which verifies the ownership of that NFT. This new internet could be an opportunity to build an entirely new ecosystem which is for crypto.
Now for the issues with Web3. Obviously anything such as this is going to be rife with speculation. It hasn’t been perfected and people are already sensing issues. Some argue that it is a giant speculative economy that will only make some rich people richer. The tech isn’t practical and it’s expensive (at the moment). One of the largest issues right now is the fact that it’s terrible for the environment. Web3 has huge environmental impacts. The energy is takes to save information on a blockchain is tremendous. There was research undertaken which found that the annual e-waste created just by Bitcoin isn’t far of the amount produced by a country as big as the Netherlands.
Is Web3 our chance to make a better internet for the future? Many believe it will remake the way in which the world works. Only time will tell.
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