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Understanding Web3.0

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The internet has changed a lot in the last few years. It is now more integrated into our lives than ever before. Social media platforms, mobile apps, and other technological advances have made the internet an essential part of our lives. However, the internet is going through another paradigm shift that will change how we use it even more.

The web has changed a lot since it first started. It’s now divided into three parts: Web 1, Web 2, and Web 3.

What is Web 1?

Web 1.0 was the first time the internet was used. People could only read the information that was put on websites, and there was no way to interact with the information or other people. This lasted from 1991 to 2004.

What is Web 2?

Most of us have experienced the web in its current form, which is called web2. This is the interactive and social web. In web2, you don’t have to be a developer to participate in the creation process. Many apps are built in a way that allows anyone to be a creator (E.g. Youtube, Facebook, Instagram).

There are lots of applications on the internet, and some of them have bad people who try to get your information. Some websites tell you when this happens, so you can be careful. Some applications are owned by companies, and these companies might track what you do or where you go without you knowing. In some countries, the government doesn’t like it when people say things that they don’t agree with, so they might shut down the application or take away people’s money.

What is Web 3?

Web3 is a new way of building applications on the internet. These applications are decentralized, which means that they are not run on one server or stored in one database. Instead, they are run on a blockchain, which is a decentralized network of many servers. Cryptocurrency is often used in these applications, which provides a financial incentive for people to participate in the network.

Web3 is a new way to use the internet that is more secure and efficient. A few other added characteristics of web3 is:

➖ Verifiable

➖ Trustless

➖ Self-governing

➖ Permissionless

➖ Distributed and robust

➖ Stateful

⚫ In web3, people’s identities are usually tied to their wallet addresses. This is different from web2, where people’s identities are tied to their personal information, like their email addresses or password.

⚫ Tokens are a way to pay for things online that is borderless and frictionless. You don’t need to give away your sensitive information to use them. Wallets like metaMask make it easy to pay for things anonymously and securely. Networks like Matic offer fast transactions that are very cheap.

⚫ In the current system, people who want to start a software company have to give away a percentage of their company to venture capitalists to get funding. This can introduce misaligned incentives, where the goals of the company building the software (to make a good product) are different from the goals of the people funding it (to make money). In the new system that is being built on the Ethereum blockchain, anyone can buy tokens to show their support for a project. The people working on the project can also get paid in tokens, which they can then sell if they want to make money. People who believe in a project can buy and hold ownership, and people who think the project is headed in the wrong direction can sell their stake.

In summary, Web 3 represents an exponential evolution concerning Web 1 & Web 2, both for users and business creators, allowing greater freedom in managing personal information, and the way to participate in new businesses.

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