Web3 and Beyond: Decentralizing the Internet Can Increase Your Productivityby@akadipakjadhav
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Web3 and Beyond: Decentralizing the Internet Can Increase Your Productivity

by Dipak jadhavJanuary 4th, 2022
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If you are reading this, you are a participant in the web 3.0 network. The web we live in today is very different than it was just 10 years ago. The advancement of the Web is by and large separated into three unmistakable stages. Web 1.0 consisted of sites that served static content rather than dynamic HTML. Web 2.0 is the intelligent and social web, usually alluded to as web2.0. In the Web2 world, you don't need to be an engineer to take part in the creation interaction. Web2 is simple and more people around the world are getting creative because of its simplicity.

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If you are reading this, you are a participant in the web 3.0 network. The web we live in today is very different than it was just 10 years ago.

How has the web developed, and all the more significantly – where is it going now?

Also, why are any of these important?

Assuming that set of experiences has shown us anything, these progressions will be pivotal. In this article, I'll explain how the web has evolved, where it's going next, and why it's important.

As you read on, ponder what the web means for your life consistently. Consider how society has changed because of the Internet. Web-based media stages. Versatile applications. Furthermore, the web is going through another change in outlook right now.

Development of the Web (indeed the most important in 2022)

The web has developed much throughout the long term and its present applications are practically unrecognizable from its initial days. The advancement of the Web is by and large separated into three unmistakable stages: Web 1.0, Web 2.0, and Web 3.0.

A. What is Web 1.0?

Web 1.0 was the principal emphasis of the web. Most of the participants were content consumers, and the creators were developers who created websites with information often presented in the form of text or images.

  • Web 1.0 lasted from approximately 1991 to 2004.
  • Web 1.0 consisted of sites that served static content rather than dynamic HTML.

Information and content were served from a static document framework rather than a data set, and the destinations had little collaboration.

You can think of Web 1.0 as a read-only web.

B. What is Web 2.0?

The majority of us have principally encountered the web in its present structure, usually alluded to as Web2.

  1. You can consider Web2 the intelligent and social web.
  2. In the Web2 world, you don't need to be an engineer to take part in the creation interaction.
  3. Numerous applications are worked to permit anybody to turn into a maker without any problem.

To create an idea and offer it to the world, you can. To transfer a video and let a large number of individuals see it, connect with it and remark on it, you can do that as well.

Web2 is really simple and more and more people around the world are getting creative because of its simplicity.

The web is truly great in many ways as it is now, but there are some areas where we can do much better.

Web 2.0 Monetization and Security

Many popular applications in the Web2 world follow a common pattern in their lifecycle. Think about a portion of the applications you use consistently and how the accompanying models may apply to them.

  1. Monetization of Apps (For Developers & Organizations)

Imagine the early days of popular apps like Instagram, Twitter, LinkedIn or YouTube and how different they were today.

The process usually looks like this:

  • The company launched an application
  • Incorporates as many users as possible
  • Then monetizes its user base

When an engineer or organization delivers a famous application, the client experience is regularly exceptionally smooth as the application keeps on filling in prominence. This is the justification for why they can rapidly acquire a foothold in any case.

  1. At first, many software companies don't worry about making money.
  2. They're definitely focused on growth and locking in new users - but they should eventually start making a profit.
  3. They also need to consider the role of outside investors.
  4. Often the constraints of undertaking things like venture capital negatively impact the lifecycle and ultimately the user experience of many of the apps we use today.

If an app development company takes on venture capital, its investors typically expect a return on investment of tens or hundreds of times what they're paying.

This means that instead of going for a sustainable growth model that they can sustain somewhat organically, the company is often pushed into two paths: advertising or selling personal data.

For some web2 organizations, for example, Google, Facebook, Twitter and others, more information prompts more customized advertisements.

This results in more snaps and at last more promotion income. The abuse & centralization of client information is at the center of how the web we know and use today is intended to work.

  1. Security and privacy

Web2 apps experience repeated data breaches. There are even sites devoted to staying aware of these breaks and letting you know when your information has been compromised.

  • On Web2 you have no control over your data or how it is stored.
  • In fact, companies often monitor and record user data without their users' consent.
  • All this data is then owned and controlled by the companies responsible for these platforms.

Users living in countries that need to be concerned about the negative consequences of freedom of expression are also at risk.

State-run administrations regularly shut down servers or hold onto financial balances assuming they accept an individual is voicing an assessment that conflicts with their promulgation. With incorporated servers, it is simple for state-run administrations to meddle, control or shut down applications as they see fit.

Since banks are also digital and centrally controlled, governments often intervene there as well. In times of volatility, hyperinflation, or other political unrest, they may close access to bank accounts or limit access to funds.

Web3 plans to address a considerable lot of these deficiencies by in a general sense reconsidering how we plan and associate with applications starting from the earliest stage.

C. What is Web 3.0?

There are a couple of key contrasts somewhere in the range of web2 and web3, however, decentralization is at its center.

Web3 enhances the internet as we know it today with a few additional features:

  1. Verifiable
  2. Unreliable
  3. Self-directed
  4. Unauthorized
  5. Distributed and robust
  6. Status information
  7. Local resident payments

In Web3, designers for the most part don't construct and send applications that suddenly spike in demand for a solitary server or store their information in a solitary data set (generally facilitated and overseen by a solitary cloud supplier).

Instead, web3 applications run either on blockchains, decentralized networks consisting of many peer-to-peer nodes (servers), or a combination of the two forming a crypto-economic protocol. These applications are consistently suggested as dApps (decentralized applications) and you will notice the term used as regularly as conceivable in the Web3 space.

To accomplish a steady and secure decentralized organization, network members (designers) are urged and contend to offer the greatest types of assistance to all who utilize the help.

  1. When you hear about Web3, you will realize that cryptocurrency is often part of the conversation.
  2. This is because cryptocurrency plays a huge role in many of these protocols.
  3. It gives monetary motivation (tokens) for anybody wishing to take part in the creation, the board, commitment or improvement of one of the activities.

These protocols can often offer a variety of different services such as computing, storage, bandwidth, identity, hosting, and other web services commonly provided by cloud providers in the past.

Individuals can get by taking part in the convention in an assortment of ways, at both the specialized and non-specialized levels.

Consumers of the service often pay to use the protocol, similar to how they would pay a cloud provider like AWS today. Except for Web3, the money goes directly to network participants.

Local payments (exchanges that become vital)

Tokens also offer a completely frameless and hassle-free native payment tier. Companies like Stripe and Paypal have created billions of dollars in enabling electronic payments.

These systems are extremely complex and still do not provide true international interoperability between participants. They also require you to provide sensitive information and personal data to use them.

Crypto wallets like MetaMask and Torus permit you to coordinate simple, mysterious and secure worldwide installments and exchanges into web3 applications.

  • Networks like Solana offer several hundred-digit millisecond latency and transaction costs of a fraction of a dime.
  • Unlike the current financial system, users do not have to go through the traditional myriad, friction-filled steps to interact with and participate in the network.

All they have to do is download or install a wallet and they can start sending and receiving payments without any gate control.

A new way to start a company

Tokens also entail the idea of ​​tokenization and the realization of a token economy.

Take, for example, the current situation of starting a software company. Someone comes up with an idea, but they need money to support themselves to start building.

  • To get the money, they take venture capital and give a percentage of the company.
  • This investment immediately introduces misaligned incentives that may not be very compatible with creating the best user experience in the long run.

Also, if the company is successful, it will take a long time for everyone involved to realize this value, often leading to years of operation with no real return on investment.

  1. Instead, imagine an exciting new project being announced that solves a real problem.
  2. Anyone can participate in building or investing in it from day one.
  3. The company announces the launch of x tokens and gives 10% to early builders, puts 10% on sale to the public, and reserves the rest for future contributions and financing the project.

Partners can utilize their tokens to decide on changes in the eventual fate of the task, and the people who aided from the venture can offer a portion of their resources for bringing in cash. Later, the tokens are delivered.

Those who believe in the project can buy and hold ownership, and those who think the project is going in the wrong direction can signal this by selling their shares.

Because all of the blockchain data is fully public and public, buyers have complete transparency about what's going on. This is in contrast to buying stock in private or centralized businesses, where many things are often hidden away.

This is already happening in the Web3 domain

A model is the Radicle application (a decentralized GitHub elective), which permits partners to partake in the administration of their undertakings. Gitcoin is one more that permits designers to get compensated in digital currency for bouncing on Open Source issues and dealing with it.

Yearn allows stakeholders to participate in decision-making processes and vote on proposals.

Uniswap, SuperRare, The Graph, Audius, and innumerable different conventions and ventures have given tokens as a method for accomplishing possession, interest, and administration.

Offering an alternative way to build what we traditionally think of as a company, DAOs (Decentralized Autonomous Organizations) are gaining tremendous momentum and investment from both traditional developers and venture capital firms.

Such organizations are tokenized and reverse the idea of ​​organizational structure by offering real, liquid and fair ownership to larger segments of stakeholders and aligning incentives in new and interesting ways.

For instance, Friends with Benefits is a DAO of Web3 makers and craftsmen, is about a year old, has a market cap of roughly $125 million as of this composition, and has as of late gotten a $10 million speculation from a16z.

DAOs on their own might cover an entire post, but for now, I'll just say that I think they're the future of construction products and (as we've thought in the past) companies.

How identity works in Web3

Identity in Web3 works much differently than what we're used to today. Frequently in Web3 applications, characters will rely upon the wallet address of the client interfacing with the application.

Unlike Web2 authentication methods such as OAuth or email + password (which almost always requires users to hand over sensitive and personal information), wallet addresses are completely anonymous unless the user decides to link their identity publicly.

If the user chooses to use the same wallet across multiple dApps, their identity can be transferred seamlessly between apps, allowing them to build their reputation over time.

If that sounds complicated, it’s because it is. Admittedly, the blockchain space is still mostly in a testing phase, but the first breakout implementations will be explosive as they encourage users to join the network financially.

Imagine if you could actually make money by contributing to social media.

Bitcoin's market share has slowly fallen over the past few years, and while we believe bitcoin will continue to grow, rapid growth is imminent in other parts of the blockchain ecosystem.

The whole market cap of blockchain-based resources is $13 billion today; an adjusting mistake contrasted with the current worth of frameworks that blockchain innovation might actually satisfy.

We will start to see true internet-based dominance as decentralized blockchain protocols start to replace the centralized web services that dominate the current internet. The internet of the future will not be centralized.