WHAT IS WEB3?
Web 3 was coined in 2014 by Ethereum co-founder Gavin Wood and this idea gained interest in 2021 from cryptocurrency enthusiasts, large tech companies and cohorts. The basic idea behind web3 is that it is open sourced and is not controlled by any entity or organization (s).
Basically WEB3 refers to the concept of the internet based on decentralization, user ownership and blockchain technology, as earlier stated Web3 became famous largely due to its use in blockchain technology. Now web3 has a chance to put storage and distribution into the hands of individual users due to its decentralized nature and the fact that it is not owned by any single entity.
The foundation of Web3 is as follows:
Decentralization is first
- Interactions that don't require consent or trust
- A hedonistic reliance on intelligent technology, AI, and machine learning
Decentralization Of Both Functions And Powers
Decentralization is described by the dictionary as the division of new Web3-added authority and responsibilities. Decentralization is the process of sharing and distributing to the general public the roles and authority that had previously been held by a centralized entity. In most cases, the centralized web—which includes Facebook, Google, Amazon, and other Web2 technologies—controls the distribution of content and the flow of web traffic. However, there is actually a possibility of decentralizing the web thanks to the creation and continuous use of blockchain in the web3 domain. For instance, a single entity often manages (hosts)
Web3 is now regarded as an advancement over the prior web versions, which include web1 and web2, respectively.
DEFINITION OF THE WEB1 AND WEB2 PRIOR VERSIONS OF THE WORLD WIDE WEB
While web1 essentially refers to the years between 1991 and 2004, when the bulk of websites just had static pages and the vast majority of users were either consumers or content providers.
Web2, on the other hand, is founded on the premise that the web is more like an enabler, a platform that puts material in the hands of the public under web2, contents are yes put in the hands of the user or the consumer yet web2 is still in play even up to this day.