What is Web 3?
Let us ask you a few questions first. Has Instagram ever restricted your page? Do you know about Trump’s Twitter account being closed and reopened? Do you know about the sale of your information by Facebook? Did you know that Google uses your information to show better ads and generate more revenue? If you are also shocked by these cases and tired of the bullying of powerful platforms, we have good news for you. Web 3 is a solution to all these problems. Web 3 has gone to fight these powerful platforms with the help of other modern technologies such as blockchain and artificial intelligence and using their results such as digital currencies, metaverse and NFT. Web 3 is one of the new concepts of the technology world. Web 3.0 actually means the third generation of the web.
Web3 is a decentralized version of the Internet that allows users to manage their own data. In fact, Web3 is a response to users’ concerns about the use of platforms for personal data and privacy on the Internet. In Web 2, user data is largely controlled by social networks, web browsers, and websites. But Web 3 is a transparent and censorship-resistant version of the Internet.
What is the role of blockchain in Web 3?
Blockchain means block chain. In a simple definition, we say that blockchain is a distributed and decentralized ledger that is made as a chain of blocks. Each block in this chain is responsible for storing some type of information (such as transaction records).
If you have paid attention to the previous sentences, you may have realized the common denominator between Blockchain and Web3. The keyword decentralized is common to both concepts. Blockchain is one of the most basic technologies helping to launch Web 3. There are several blockchains that play three roles in the development of the web; But the most important of them is Ethereum.
What is the relationship between Cryptocurrency and web3?
These currencies are designed by cryptographic protocols, are stored and transferred digitally, have no physical form, and all transaction records related to them are recorded in the blockchain. Bitcoin and Ether are the most famous digital currencies. Digital currencies can be considered the fuel of the third generation of the web. Because these currencies are the payment and receiving tools of users on Web3.
What are the advantages of Web 3?
Certainly, the use of the mentioned technologies in the third generation of the Internet has created many advantages for it. In the following, we will mention some of the advantages of Web3.
- Increased security: In Web 3, information is decentralized. As a result, hackers have a more difficult task ahead of them. To steal one person’s information, they have to shut down the entire network, which is almost impossible.
- Ownership of information: You are in full control of your information. You can share them if you want or in exchange for a reward.
- No censorship: As we said, there are no intermediaries in Web 3. As a result, it is not possible to control, delete or censor user information.
- No need for permission: You don’t need permission from a specific organization or accept the rules of intermediary organizations to operate in Web 3.
What are the disadvantages of Web 3?
Every innovation also has disadvantages that are accepted by the general public by fixing them. The most important disadvantages of the third generation web are:
- Scalability: Non-complexity has caused the low speed of confirmation and registration of transactions in the blockchain.
- User Experience: Developers have not considered user friendly user interface for web 3 applications. Also, because this technology is new, it is difficult for users to work with Web 3 applications.
- Powerful decentralized infrastructure: Currently, the activists of the decentralized web 3 space introduce their projects in centralized spaces such as Discord and Twitter. In order to pass Web 2, a strong decentralized infrastructure must be created for users to migrate to.
- Legal issues: The decentralization of the Web 3 world can benefit or harm users. Its benefits are mentioned in the benefits. Not identifying the activities of criminals is one of the important disadvantages of this feature. Also, most of the countries have not established a special law for Web 3 and take a stand against it.
This article does not contain economic advice or suggestion of RamziNFT. There is a risk of losing capital in every investment, and the investor must take the final decision after studying and researching and take responsibility for its consequences.
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