In this article, we are going to take a deep dive into web3 and its merits. Before going below, I recommend you to check out the article about web3 to get a basic idea.
Listen to the full article on audio
Need for web3
Let us remember, The first internet version or web1 allowed us to share information with the world. The second internet version or web2 got set up for better interactivity and download content (mp3,mp4) faster. Neither version allowed people to securely exchange value, or make economic transactions. So it had been found out that we need massive cybersecurity investments to set up multiple layers around them. The computer code itself was not battle-hardened cryptographic protocol.
Now is the moment to realize Web3 can solve or reduce many of these problems. Web3 tech has emerged among our best solutions that are being built now.Web3 is nothing but decentralized internet networks, secure computing, and autonomous intelligent software. It restores Web2 — the internet of social interactions and values exchange as well as Web1 — reading the information on the internet. Web3 computer code creates the rules of the new internet road for blockchain vehicles, and crypto-assets are the gas that incentivizes database owners to maintain — and own — the system.
Long story short, In simple words, we can say, web1 is just like a digital book where we just have to read things on the internet.Web2 -we got more features. Even we can sell and buy products online.web3-buying internet things.
Benefits of web3
1. peer-to-peer economics
Web3 removes the middle man type of system in economic transactions. Its peer-to-peer (P2P) structure ushers in the fourth industrial revolution, for the means of production, get simplified so people themselves are producing services through freelancing arrangements (music, videos, journalism) or producing goods through 3D printing.
2. Artificial Intelligence
Web3 machines will easily read and decode the meaning and emotion of data using AI. The web2 provides this capability but is still predominantly human-based, increasing the chances of corrupt behaviors such as bias rating and review. In web3, AI will be in action that will enable platforms to sift data and tailor them to users’ liking. The advancement in AI will ultimately provide users with the best filtered and unbiased data as much as possible.
The decentralized web will enable users to track their data and look over the source code of the platforms they decide to utilize. All the stakeholders will always be aware of the value and commerce they are associated with. You will not need to rely on a middleman for access to this data.
4. Data Controlling
In Web 2.0, tech giants control and cope with user-generated data. In blockchain-powered web3, end-users take will take full ownership of the data using. You will be able to choose what information you want to share with businesses and advertising companies and make money from it.
Also, Web3 will not be controlled by a single entity. As a result, decentralized apps (dApps) would not be censored nor will their access be restricted.
5. Uninterrupted services
In Web3, data will be stored on distributed nodes. Thus, the users will not need to think about the suspension of a particular account or service disruptions due to technical or other reasons.