All news: Web3

Web3 is the concept of the Internet space, which is based on the use of the blockchain system.

Web3 will also include the concepts of decentralization and an economy based on the use of tokens. All this generally describes the cryptocurrency industry, however, according to the idea of Web3, the scale will cover the whole world and users will be involved in the use of blockchain technologies.

Based on the foregoing, we can conclude that the main advantage of Web3 should be complete decentralization, which is completely contrary to Web 2.0 technologies. The latter, in turn, rely on separate servers where the databases are located.

If, for example, all sites are now located on some servers, when turned off, users will lose access to the desired portal, then decentralization will be able to eradicate this problem, since information about sites will be recorded over all networks, and not be located somewhere in one place.

The term Web3 was coined in 2014 by one of the founders of the Ethereum blockchain, Gavin Wood, who also created the Polkadot launchpad project. A large spread of this technology occurred in 2021 due to the rapid development of the cryptocurrency market.

So far, we are still living in the era of Web 2.0, which began in 2004 and continues to this day. Web 1.0, in turn, lasted until 2004 with the founding of the World Wide Web.

The concepts of Web3 and Web 3.0 should not be confused, since Web3 implies the use of the principles of decentralized networks, while Web 3.0 is a more advanced version of Web 2.0, which relies on the principles of the semantic web, which is different from blockchain technologies.

The Semantic Web, in turn, can be described as a public global network that is formed on the basis of the World Wide Web through standardization that is suitable for machine processing. There is often confusion between Web3 and Web 3.0 and people don't fully understand the difference between the terms.

Despite the fact that we know about the goals of Web3, that is, the complete decentralization of information data, exactly how the Internet will develop at the moment is not clear. Bloomberg calls the future of Web3 "foggy", which is hard to disagree with.

On the one hand, there is an understanding about the use of tokens and NFTs everywhere on the Internet, and on the other hand, we are at a too early stage in the development of this sector, which makes us at least think about the way the Internet will develop.

By the way, a decentralized economy is a very important step in the development of the Internet and one of the main whales on which they want to build Web3. This type of economy implies a complete disregard for banks and the government in the sector of money transfers. With this turn of events, many structures will lose their relevance.

Due to its decentralization, many Internet technology experts describe Web3 as a possible solution to the problem of the Internet being too centralized. It mainly concerns the largest mechanical and media giants such as Google, Yandex, Meta and other media owners.

One of the other benefits that Web3 can bring is the security of people and their data. If the data is decentralized, as Internet specialists suggest, then the databases that store all the interests of people who help marketers to make intrusive targeted advertising may disappear.

About the arrival of Web3 in the modern world, not only in the form of metaverses, which we can observe today, there are already discussions and, more interestingly, bets. The New York Times reported that several investors have bet $27,000,000,000 that Web3 is the future of the internet.

However, today Web3 is available to us only in the form of metaverses and decentralized cryptocurrency exchanges. Step by step, people will be able to accept this new technology and will probably move to a new way of using the Internet.

Speaking of Web3, decentralized exchanges are also worth mentioning. The CFO of Binance admitted the complete disappearance of the Hong Kong cryptocurrency exchange in 10 years. The reason for this can just be these very decentralized sites. If users finally move to exchanges that are devoid of any centralization, then sites like Binance will lose their relevance.

Summing up all of the above, we can conclude that Web3 is a vague future of the Internet and, perhaps, more reliable, but no one knows how fast it will come.