NFTs broke the internet worse than Kim Kâ€™s assâ€¦ And now, weâ€™re facing a whole type of reality – virtual reality – that might, once again, change everything we know online. Non-fungible tokens are truly groundbreaking. But, the future of the internet all comes down to Web3. Soâ€¦ What is Web3?
Weâ€™re going to break it down to you as SIMPLE as possible. Starting with the very beginning of our dear world wide web that we can NOT live without. By the end of this one-stop guide, youâ€™ll have everything you need to know to answer your questions on Web3. AND MORE! But, if you really want to be considered a pro on the matter, you need NFTs too. Basically, everything related to crypto! Luckily we have an easy fix. All you have to do is make sure you join our FREE hub of all things NFTs to become a master of the game. So, click on the button below to join our hub today and become a master of all that is crypto!
WHAT IS WEB3?
So, youâ€™re here to get the answer to one question: what is Web3? Well, in short, Web3 is the latest version of the internet.
Yes, the entire internet. The world wide web!
Now, that doesnâ€™t really explain things or make the entire concept any less vague. If anything, it makes matters worse. So, to make things a LOT clearer, we have to talk about the previous and current versions of the internet. In other words, the evolution of the web led to Web3 â€“ aka, Web1, Web2, and Web3!
1990 – 2004
It all starts with Web1 or Web1.0 which is also called The Static Web or The Read-Only Web. This is the first version of the internet created back in 1990 by Tim Berners-Lee at CERN, Geneva. This was long before the question of what is Web3 even came to be!
Web1 consisted of read-only webpages that were very much NOT interactive. All you could do with Web1 is browse static pages mostly owned by companies. No one could actually create their own content other than developers who build websites. In a nutshell, it was all mainly just text or image format. It lasted till 2004 before the development of Web2.
2004 – Now
So, in 2004, the world took a complete monumental shift with the development of Web2 or Web2.0. This is the internet as we know it today, which is also called The Dynamic Web or The Read-Write Web! During that same year, Oâ€™Reilly Media and MediaLive hosted the very first Web2 conference. Later in 2005, YouTube launched, and soon after it was all about social media. It was truly revolutionary! We got smartphones, the first iPhone release, and everyone was able to communicate and create content.
This new web was the most dynamic and interactive creation for all mankind! Web2 is the reason behind the development of mobile applications, webpages, social platforms, and everything used online.Â But, this just makes you wonderâ€¦ What is Web3 offering that is MORE than all this?
2014 – The Future
Finally, weâ€™ve circled back to the question of the hour: what is Web3? So, Web3 is known as The Read-Write-Own Web which incorporates three main concepts: decentralization, token-based economies, and blockchain technology.
However, the main focus of it that makes it different than Web2 is ownership. The question of what is Web3 goes beyond a simple definition. Web3 is a democracy. It is removing the control of the big fish of the online sea. Web3 is no more centralized authority. All while giving more power to user privacy, transparency, and ownership.
So, what is Web3, you ask? Web3 can be summed up into 4 main points:
- Decentralized: take control out of the hands of large entities and give them to the masses
- Permissionless: everyone has equal access to Web3
- Native Payments: uses cryptocurrency for transactions online
- Trustless: does not use third parties, but only incentives and economic mechanisms
How Does Web3 Work?
So, now that you have an idea of what is Web3, understanding how it works helps bring the image closer. You see, there are lots of applications of Web3 that could take elevate the concept of the world wide web.
Since Web3 depends on blockchain technology, it thus uses a lot of its protocols. All of which we are pretty familiar with if you’ve been following our NFT hub!
What is Web3 Protocol:
- Smart Contracts: each data block has a smart contract embedded in it and chained together in the blockchain, it makes it immutable
- Web3 Libraries: the medium that links smart contracts to dApp interfaces is the Web3 libraries
- Nodes: Nodes link Web3 libraries to the smart contracts in a decentralized manner
- Wallets: And, finally, crypto wallets connect to the blockchain networks and access blockchains
- DAOs: Decentralized autonomous organizations let you coordinate decentralized ownership and make decisions
In a nutshell, this is all you need to know about what is Web3. However, the concept is still in fact a concept. And so, the full application of Web3 is yet to come to fruition. So, will this truly be THE future of the world wide web?Â
The surge of non-fungible tokens is what increases the interest in cryptocurrency and Layer 2 scaling solutions. It is also the catalyst behind experimenting with new forms of governance and decentralization. But, this is likely the way to creating a better web and improving infrastructure. We suggest that you learn all you can about crypto and NFTs and how they will play a part in web3. Ride the train while you still can, fam!Â