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Web 3.0 is an idea for a new concept of the World Wide Web which accumulates some recent ideas such as the decentralization of data, blockchain technologies, and a token-based economy all together. The major difference with WEB2.0 is the centralization of data in a small group of companies sometimes referred to as "Big Techs" who control over the whole surface net. The term "Web3" was introduced in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms-wikipedia. The major advantages that Web3 will provide are increased data security, self-custody, scalability, and privacy which is a major concern nowadays as mass people's data are being stolen and sold to various companies and have become a frequent occurrence in recent times. According to the Cointelegraph, Web3.0 is a decentralized, permissionless and trustless ecosystem that transfers control from a centralized entity to a pool of participants. Web2, on the other hand, is a centralized space dominated by companies like Google, Microsoft, and others. In Web2, the backend code that powers apps is deployed onto a server hosted by the likes of Google Cloud or Amazon Web Services (AWS). And, in this way in WEB2.0, users have no freedom and they are often blocked in the centralized system. And here is the concept of WEB3.0 becoming more valuable for protecting the users from the fraudulent and the misuse of the user's personal data by those big tech companies.
Another great thing about the web 3.0 concept is the Decentralization of data where the user's data will be stored in the decentralized servers in the blockchain and there will be no control over the data except the users who own the necessary keys to access those data. But in the conventional web 2.0, the data are in centralized servers and the companies have the right to access those data which is a violation of your personal data security. A Trustless system referred to a situation where you don't need to trust the participant of the network but trust the network. In simple word, the network will be transparent you can get everything about it but no access to the users as the users necessarily need not to be trustworthy and your own safety depends on your private keys in the network. no one can access it unless your keys are stolen.
Why you need learn about WEB3.0
Web3 will ensure you with your content rights and it will enhance the security level.
It will eliminate any unfair censorships which are being frequently used in the web2 space like Twitter, Facebook, and Youtube.
True decentralization will bring greater control into the hands of users of the WEB3 sphere and that will end the monopoly of Big Techs. Users will be able to decide whether they want to share their data or keep it private.
The centralized system often subjects to unfair censorship that is completely unfair in most cases. Alongside the governmental controlling through various rules and regulations is very common in the world of filthy politics! And in this case, decentralization transfers the complete authority to the users which makes it difficult for any single entity to influence a narrative that doesn’t suit them.
Your data that are stored in a huge centralized database of tech companies is quite vulnerable. There are many Hackers who need to break through just one system to compromise your data. Decentralized systems are designed to be resistant to such behavior by a section of participants, making security in Web3 more efficient than Web2 systems in keeping data secure.
The increasing risk of malicious attacks by the culprits has risen exponentially in recent days. In such a scenario decentralization enhances the security level, if not eliminates the problems completely but you can extend your safeness through web 3.0.
Twitter and Facebook have the right to crack down on anything on their sites but in WEB3.0, you are the only person controlling your existence.
Also, in Web3 spheres like Hive, any censorship will be hard to control users' privacy. Moreover, network users can take an active role in the governance of the project by casting votes that create a complete system that is not controlled by a single entity but by a group.
As an individual stakeholder a user gets the Web3 promoting financial freedom such as Decentralized Finance (DeFi) where anyone can freely engage in financial activities like buying and selling their assets, collateral loans, and lending.
The automation of the complete blockchain will provide much flexibility to its users. Smart contracts automate the system that can function without any human intervention.
Nonfungible tokens (NFTs) have added another dimension to the web economy which is an important component of the Web3 ecosystem. These tokens make each digital asset unique and can't be copied due to the blockchain identity. This feature is very useful to safeguard against any online fraud. Also, the exclusive rights of the owner of the token are maintained in WEB3.0.
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Some concerns that can be crucial
Decoupling from the real world is a major issue to be fixed as everything like businesses, tradings, assets are operating with fiat currency which is managed and regulated by the government with due terms and conditions but in the case of Cryptocurrency of WEB3.0 can't make the easy solution in this perspective. Cryptocurrencies cannot be spent in the real world and they are exchanged into the fiat currencies first then comes into the contact with the rea; world! As they are not regulated by any institutions that can lead to extreme volatility and can be used in illicit things which is a major concern obviously!
The adjustments of decentralized storage systems is another major issue as these are not facilitated centrally so the access and operating could be troublesome if some data are located in very adverse location! And how the security can be provided equally to all the decentralized location of the users data.
As being in the blockchain computation the operation in blockchain could be very lagging due to the required computation to access the data!
Another alarming issue with the storage technology of being 24 hour online services there will be more electricity consumption by the Web3 storage per GB than normal storage.
While Web3 is supposed to be decentralized but the developers integrate Web3 applications with Web2 protocols to make them work properly as we access through the WEB2.0 sites. This leads to a scenario where functioning of decentralized applications is connected with a centralized infrastructure in real operation.
Lack of regulatory clarity can lead the sector to be more complexity with the existing laws and orders of the world. Blockchain technologies are advancing fast but regulators are unable to tackle the time to catch up with the speed of blockchain developments. So, there are many collapse of blockchain projects like LUNA, FTX and so one and the users are getting no compensation due to such lacks of regulation to protect the general users!
- Rug pulls are another hindrance Web3 applications are facing. It happens when a malicious developer willfully leaves a window open in the code and later uses it to steal funds earned in cryptocurrencies. Fraudulent individuals breaking through the defenses is something everyone in cryptoverse is wary of- souce.
What do you think should include in the post, let me know in the comments for the mutual knowledge growing up. I hope you have get some knowledge on WEB3.0 and thanks a lot for your time and attention. I will catch you at the next.
Have a nice day!
