What is Web3? How Does Web3 Work?

To place it merely, Web3 is the newest model of what we all know because of the web. In this model, folks have full possession of their content material, knowledge, and belongings. There are additionally no middlemen concerned, which is presently the case with giant companies and governments controlling and regulating no matter what goes on the web. 

In some areas, you could learn phrases like decentralized and democratization of the web getting used for Web3, which will be complicated. However, for now, consider decentralization as not being managed and monitored by others, but somewhat, by yourself. 

Internet 1.0 vs. Internet 2.0 vs. Internet 3.0.

Supply: Myraah

Web1 – Learn

 Web1 occurred when the web was formally launched in the Nineteen Eighties onwards. Few people or teams created content material – like information media shops, serps, and directories. Throughout this period, nearly all of the site visitors used the web with a read-only capability. They looked for an article, learn it, and closed it, that’s largely how far it went. Little or no participation. 

An instance of Internet 1 = Yahoo.com

Web2 – Learn, Write

Web2 happened within the 2000s and is nonetheless just about there. Now customers like me can share our ideas on that article we learn, and that too, amongst our mates on social networks. It made an area for everybody to turn into a content material creator and client concurrently – though these of us who gathered followership solely acquired pay. Now media is produced on social networks, which then are capable of promoting private knowledge to advertisers with the intention to generate large quantities of income. However since they accumulate lots of our private knowledge, privateness has begun to turn into a priority.

An instance of Web2: YouTube

Web3 – Learn, Write, Personal

Since privateness and private knowledge grew to become a priority, Web3 solves that. With Web3, members will totally personalize their content material, knowledge, and belongings. It represents a democratized Web – a Web that is ruled by customers for the advantage of customers. Proper now, every part is managed by the folks on the prime – in Web3, they might not exist. Even when they do, you gained’t want them since you’ll personal what you create. 

An instance of Web3: mirror.xyz

How Does Web3 Work?

Simply as totally different programming stacks outlined Web1 and Web2, a brand new application stack defines Web3 to make a decentralized web occur. Web3 is in some ways a continuation of Web2 by way of interactivity, however on the backside of the stack is a blockchain protocol.

On prime of the blockchain protocol are 4 layers that bind the blockchain to the end-user expertise:

• Good contracts are embedded into every knowledge block. As a result of the chain collectively, sensible contracts are immutable, which is additionally what makes each NFT and cryptocurrency so priceless. Ethereum is the main platform for deploying sensible contracts written in Solidity. Different blockchains, corresponding to Cardano, use Haskell.
• Web3 libraries that hyperlink sensible contracts to dApp interfaces: ethers.js, web3.js, or web3.py
• Nodes as blockchain’s decentralization cornerstones, linking Web3 libraries to sensible contracts. As an alternative to counting on a centralized cluster of servers, blockchain networks are dispersed throughout laptop nodes. For instance, Bitcoin has over 14,000 nodes, whereas IPFS (Interplanetary File System) for decentralized storage has over 200,000 nodes.
• Wallets that connect with blockchain networks and particular person dApps on them. Wallets shouldn’t be thought-about containers. As an alternative, crypto wallets like MetaMask unlock entry to blockchains and their dApps, through non-public keys. 

With these Web3 layers in play, it is doable to copy each current Web2 platform. They provide identical Web2 performance however with decentralized monetization, funds/knowledge possession, and censorship-resistant content material.

The article was published on October 21, 2022 @ 10:29 AM