Web3 is a newer, decentralised version of the internet driven by blockchain technology, as coined by computer scientist Gavin Wood. The Web 3.0 era is just getting started, and it’s already solving a lot of the issues that have plagued prior internet versions. Web 3.0 favours privacy, transparency, data ownership, and digital identity solutions above having the internet controlled by a few businesses.
People who are frustrated with having to give up personal information in order to acquire free things from huge corporations such as ‘Apple’ or ‘Amazon’ may find comfort in Web3. People would be able to exchange information or currency without the need for an intermediary using internet apps, which is a great way to deal with privacy issues. Before being authorised, everything would have to be validated by the network, similar to how cryptocurrency works.
How does it work?
Web3 proponents foresee an internet where we don’t have to provide companies with our personal information in order to access their services. With Web3, you own your own data, which is stored in your crypto wallet. When you use other online platforms, the company collects and monetizes your data; however, when you use web3, you own your data and can decide how you want to use it.
When you use Web3, your data is embedded in your wallet, which gives you more anonymity. The crucial takeaway here is that while people may observe your wallet being used, they will not recognise the wallet’s owner’s identity. Your identity is kept hidden for day-to-day purposes.
Criticisms about Web3
Although Web3 has been hailed as the next big thing in new-age technology, it has also been met with a barrage of criticism. Former Twitter CEO, Jack Dorsey, questioned the legitimacy of ownership of Web3, “You don’t own web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.” In a tweet, Elon Musk, the CEO of SpaceX and Tesla, expressed his scepticism about Web3, noting that it “seems more marketing buzzword than reality right now.”
Advantages of Web3
User data will no longer be managed because intermediaries are no longer involved in Web 3.0. This reduces the chances of censorship by the government or corporations, as well as the effectiveness of denial-of-service (DoS) assaults.
Finding the best-refined result on search engines was tough before Web 3.0. Over time, though, they have increased their ability to find semantically relevant results depending on search context and information.
Web3 also has the advantage of being based on a DAO (Decentralized Autonomous Organization), a novel management model that does away with boards and executives. DAOs, on the other hand, follow a set of code-based rules that allow an unlimited number of people to join.