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Just What is Web3: A Brief Explanation

02 March 2023 09:27, UTC

The 21st century can accurately be described as the Digital Era. Computer science and digital technology are, by far, the most important developments of the era. These advancements have made communication, commerce, finance, and entertainment a lot easier. And it is largely thanks to these advancements, that new ideas like Web 3.0 have come about. So, just what is Web 3.0? In this article, we explore the new idea, and briefly explain how it works. 

So, what is Web3? 

Web3, or Web 3.0, is a proposal for a new World Wide Web. Those who believe in Web 3.0 propose that a new WWW iteration be created. The new concept would function based on blockchains, decentralized technologies, and would adhere to a token-based economy. It would also incorporate digital wallets as the primary method for online transactions. If you want to learn about Web 3.0 wallets, you can follow the link and find out more. 

What is the Purpose of Web3? 

In the early 2000s, we were all introduced to the Web2 version of the internet. The participative web, as it has come to be known, was a huge step for the digital age. In large part, we have Web2 to thank for how far the internet has come. The ease of use, the culture of participation, and the user-generated content that we take for granted today all exist thanks to Web2. In other words, without this step, we wouldn’t have social media, wikis, YouTube and Twitch, etc. However, some believe that Web2 has become a bit too centralized. Hence, the proposal of Web3. 

Web 3.0 came about as a revolt against the over-centralization of the internet by “Big Tech.” In 2021, The New York Times published this article, discussing Web3, what it is, and how it might take over the internet. Already, websites that came out of the Web2 era are attempting to incorporate decentralized technologies into their software. Notable names here include the social media site, Reddit.com, and the messaging app, Discord. 

Criticisms of Web3 

One of the most notable criticisms of Web 3.0 is that decentralizing the internet might lead to difficulties in combating cybercrimes and online harassment campaigns. After all, if websites are entirely decentralized, then there would be no control over user activity whatsoever. And while that may sound wonderful at first, we need to consider the consequences as well. 

Some people are suggesting an integration of Web3 technology into Web2 websites as a fix for this problem. And as we said, Web2-era sites are already attempting to incorporate Web3 technology in order to give their users more freedom. 

Why Do People Want Web3?

So, why do people want web3? It is simple, really. Web3 is a callback to the “internet freedoms” we enjoyed in the early 2000s, before the massive centralization of the internet. In a sense, it is quite an idealistic, almost “punk” concept. In essence, the goal is to empower the everyday person, by allowing them to question the established structures of power freely. However, before we can fully implement the concept, we must find a way to effectively combat cybercrime and online harassment, which would almost certainly thrive in a decentralized digital world. 

Image source: NASA