The technology space is going through a lot of changes right now. Companies are changing their scripts as they look to become more flexible and many of them are looking to adopt different trends to grow their businesses.
Web3 is one such trend. Many people don't know what Web3 is, but it's a trend that's changing the way we look at technology, for better or worse. Everyone is arguing about what Web3 is and how it should work, and it's clear that many people are still confused about the concepts behind it.
Therefore, it is worthwhile to study the Web3 movement and its goals.
At its core, Web3 refers to the evolution of the Internet, where activity relies more on the capabilities of blockchain technology. We all know what a blockchain is – a distributed ledger that stores data and connects more people to the Internet without the need for a central repository. In the same way that blockchain promotes decentralization, we would like to see web3 platforms that support this principle.
In Web3, platforms will be able to operate without any central control authority. Instead, they will be controlled by users – they gain control by contributing to the platforms and helping them function.
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The term "Web3" was coined in 2014 by Gavin Wood, a computer programmer who was instrumental in creating Ether, as well as building the Polkadot ecosystem. At the time, Wood had just helped build Ether. He saw the problem with the way the Internet works now – a few companies control almost everything, and we all need to trust them with how to handle our data.
The system doesn't necessarily benefit everyone, and changing that is the whole point of Web3. The innovation revolves around decentralization, but the goal is to ensure that everyone has control over what happens to their data and what services they want to use.
For ardent believers, Web3 is the next phase of the Internet – and in the long run, perhaps even our entire society. Web1 involved the use of individual static Web pages, where people could only interact with a platform based on a limited set of features. When Web2 emerged, we saw the rise of centralization. Most activities and transactions were handled on closed platforms owned by a handful of companies – essentially big tech companies.
With Web3, we have the opportunity to break this monopoly and enter the era of decentralization.
The Role of Blockchain and DAO
Blockchain technology has always been seen as a technology that supports cryptocurrencies – and it does. However, it is much more than that. We live in a world where data is everything. Those who can harness that data will eventually rule the world, and as Web2 shows, only a handful of companies do so. Thus, blockchain is the key to handling this data.
One of the best things about blockchain is that it's decentralized. Today, some companies are even using decentralized autonomous organizations (DAOs) to operate decentralized models.
Take the Meta DAO guild, for example. The platform is seeking to change the way we interact with games. Meta DAO Guild uses the blockchain and irreplaceable tokens (NFT) to engage gamers, and the fact that it is a DAO means that there is no central authority controlling the activity. Instead, the activity is controlled by the players and users themselves.
DAO is seen by many as the next stage of development for many platforms. In a DAO, there is no central ruling entity. Instead, users make the decisions. They can pledge tokens in a DAO and vote on proposals within the community. If the proposal is approved, the developers process it and bring it to life. As a result, everyone has a say in how the DAO works.
Ensure effective collaboration
While blockchain technologies remain a key part of Web3 and the future of the technologies we are trying to create, they have an obvious problem – many blockchains are essentially closed systems.
As blockchains close, developers may run into scaling issues. So if you have an ethereum-based platform, you will have a hard time scaling to a chain like Solana, or even the Coinan smartchain.
This lack of collaboration is a problem because we have so many available blockchains. No single blockchain can handle the load of developers, which means that not everyone can jump on a chain. It is important for the available blockchains to build collaborative systems that can easily share data.
Consider the current Web2 infrastructure. Google shares data with Facebook, and Facebook gets data from Apple and other big names. Each collaborates to improve the user experience for collective users. Similarly, for blockchain, it's important to ensure proper collaboration across the board.
Fortunately, we are starting to see progress in this area as well. Many blockchains are now becoming more compatible with other blockchains, ensuring that data and tokens can move smoothly across chains. As was done with Web2, collaboration promises to play an important role in bringing about the Web3 era.
Is Web3 ready?
Right now, the answer is no. Web3 is still an important part of the future of technology, but it is not perfect at this time. Like the two previous iterations of the Web, Web3 will take time to grow and become more suitable for everyday use.
At this point, many people don't know what Web3 is. This poses a problem for adoption, but is an opportunity for more people to learn what Web3 really is. As more and more people learn to use these technologies, it becomes easier for them to operate in future technology environments. However, those who know how Web3 works and its available versions can still take advantage of it.