What Is Web3?
Web 3 is the next generation of the internet which will be built on top of decentralized consensus protocols such as Proof-of-Work and Proof-of-Stake.
The goal of this new ecosystem is to create a more efficient, secure, and fair platform for transactions between users or organizations.
Web3 Vs Web2 Vs Web1
Web1 is the earlier version of the internet which only allows users to consume information on the internet. Web1 is like a Content Delivery Network (CDN) that allows users to be able to access information but not interact with it. It is a read-only version of the internet.
The downside of Web1 is it is built for consumption but not the distribution of Information.
Web 2 is the current version of the internet as we know it now. It gives users access to consume and distribute information on the internet. It allows collaboration and real-time communication.
It is solely built with community in mind. Web 2 was built with the users in mind but left the authority in the hand of centralized organizations which in turn led to a monopoly of information and distribution and also violations of privacies.
Web 3 is the new era of the internet built for users by users. It is built with the privacy of users in mind giving them total control of how they store and use their data. Web 3 is about decentralization; the flaw of web 2. Web3 is built on 2 major technologies.
- The Blockchain
- Smart Contracts
These two underlying technology of Web3 is what makes it revolutionary and with their applications, evolve more than just accessing and distributing content to building inclusive finance, inclusive healthcare, asset ownership, and much more.
In our next issue. we will discuss the blockchain and smart contracts and how they are revolutionizing everything as we know it.
Noobies Glossary
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Consensus Protocols: Consensus protocols are the rules by which a network operates. In the case of a blockchain network, the consensus protocol provides the rules by which a transaction on the network is verified as legitimate or fraudulent.
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Proof of Work: This is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to prevent anybody from gaming the system.
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Proof of Stake: This is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure.
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Content Delivery Network(CDN): refers to a geographically distributed group of servers that work together to provide fast delivery of Internet content.
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Blockchain: Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
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Smart Contracts: Smart contracts are self-executing lines of code with the terms of an agreement between buyer and seller automatically verified and executed via a computer network.
All definitions are sourced from different websites on the web.
Further Readings
Getting Started With Cryptocurrency and Web 3 | HackerNoon
There are many benefits associated with using cryptocurrency and Web 3, including increased security, reduced fees on transactions, faster payment times, etc.
What is Web3 and Why is it Important?
An introduction to Web3—the next evolution of the World Wide Web—and why it matters.
Also published here