We’re already seeing glimpses of what this will end up being, even though there’s no concrete description of what this process will mean.
Like the older Internet versions, Web3 builds off the older versions and adds more features. It is known as the read-write version that the internet has become. Privacy, decentralization, machine learning, and security are some trends we are already witnessing that will influence this Web 3.0 environment.
Table of Content
- 1 What is web3
- 2 What is Web3 Storage?
- 3 Pros and cons of web3
- 4 Difference between Web 1.0, Web 2.0, and Web 3.0
- 5 The best Web3 platforms
What is web3
Web 3.0 is the possibility of a future model for the web built on the public blockchain, a record-keeping system renowned for helping facilitate cryptocurrency transactions. The appealing aspect of Web 3.0 is that it is not centralized, which means that instead of consumers using the internet via services provided by companies such as Google, Apple, or Facebook, people, by themselves, control and own a portion that is on the internet.
Web 3.0 doesn’t require “permission,” which means central authorities cannot decide who can access which services. Likewise, it doesn’t need “trust,” meaning that intermediaries aren’t required for transactions with two or more people. Because these intermediaries and agencies are the ones responsible for the majority of data gathering, Web 3.0 technically protects users’ privacy better.
What is Web3 Storage?
To comprehend Web3 storage capabilities, you must understand what Web3 is. So, let’s take a look at the evolution of the internet. The first “world wide web,” or Web1, was mostly only a read-only experience available to users on the internet. The second generation (Web2) brought many amazing applications and introduced the concept of a read-write experience. It’s important to mention that Web2 is the one that most of the world is using currently.
But, Web3 is evolving fast and people involved in the crypto industry have been using different Web3 features on a daily basis. Additionally, as stated in the introduction, blockchain technology and crypto concepts are at the heart of the new internet generation. Furthermore, Web3 is all about the “read-write-own” experience.
“Own” is a clear indication that “own” part indicates that central (Web2) storage services such as Google Cloud, OneDrive, Dropbox, and many more aren’t going to cut it. Ultimately, it’s difficult to determine whether third-party providers safeguard your privacy or even steal it. Thus, centralized storage systems need a significant amount of trust from the users. But, Web3 is all about the ability to operate without trust. So, if we are looking to fully control our data, then we must use decentralized systems for storage.
Pros and cons of web3
Pros of Web3
Web 3.0 is a decentralized network. This means that your data is saved on a variety of computers within the network. If a computer is removed from the network, the data is still accessible through other devices or networks on the network.
Your data is secure with web 3.0. There is no chance that your data will be lost. The data you store is in the cloud, and no one alters the data. Blockchain technology stores users’ information and is impervious to change, meaning that any other user on the network can’t alter
the data stored by the user.
Very few transactional costs
In web 3.0, the transactional fees for money transfers are extremely small. If you compare this to the bank transfer, it takes longer, and the costs are higher. Your money is transferred through a bank before it reaches the recipient. In cases of Blockchain technology, your funds will be transferred quickly and no more than 10% charges are deducted.
It’s generally believed that today’s major social media platforms, which include Facebook, Instagram, Twitter, TikTok, and Snapchat serve as huge farms for information about users. Instead of being consumers, they’re the product, and selling their information to advertisers is the primary source of revenue on these networks. Unfortunately, it is not something current users can do to prevent this. Moreover, although certain platforms allow only a limited opt-out of data or data exports, these will require extra actions from users and may not completely erase or transfer user information.
The general public now thinks of this model of business as highly exploitative and in the terms of layman’s, it’s a “pretty bad deal” for the average consumer. Once viewed as a means to connect people, the model has been viewed as exploiting users while promoting products people don’t want or require. Despite the extreme harvesting of data and targeted user data, most users feel they’re constantly bombarded by advertisements unrelated to their individual needs and desires.
Need for Advanced Devices
The Web 3.0 platform requires advanced technology that can impact the amount of data you can use per month when you’re on a cap plan.
This can cause issues as you may not be able to access certain sites or applications because there is no compatibility with internet 3.0 and older software versions.
3) Unsuitable for Widespread Adoption
Although Web 3.0 has much potential, it’s still not widely used. There are various reasons behind this, one of them being security issues. Some people aren’t ready to divulge their personal data on the internet, such as on social media or through their email accounts. Additionally, some drawbacks with Web 3.0 must be considered before it becomes popular, like accessibility issues and the lack of compatibility with 2D browsers. After these issues have been addressed, Web 3.0 could take off in a blaze!
Difference between Web 1.0, Web 2.0, and Web 3.0
- Web 1.0 is a read-only internet that allows users to access information that is written on web pages.
- Web 2.0 is a read-write internet where users can write and read on web pages and in applications.
- Web 3.0 is an interactive web that reads, writes, and interacts (powered with artificial intelligence) that lets users write, read and interact with the content, including 3D images, on websites as well as apps.
The best Web3 platforms
Odyssey is among the most popular web3 platforms that cater to the growing web3 community. However, it comes with Momentum, a fascinating platform that provides precisely what it says in its literal meaning. Momentum can help boost the goals of product development of web3 experts with better solutions for turning ideas into real-world applications.
Buildspace is the world’s biggest on-chain network. If you’re a web3 developer who is keen on web3 and blockchain technology, this is the place for you. So create your profile, begin developing web3 and earning NFTs, and get access to hidden job possibilities in crypto.
Thirdweb is a well-known choice in web3 development platforms due to its numerous functions. It has an easy-to-use interface, which makes it possible to facilitate the creation of smart contracts. In addition, developers can make use of the functions of smart controls within their own apps while also providing tasks for application management and deployment.
Another intriguing aspect that is a highlight of Thirdweb in its position as one of the most trusted web3 platforms is the guarantee of security for precious digital items using individual and multi-signature wallets. Web3 users no longer need to be concerned about managing their private keys manually as well as backing up their private keys that pose security threats. They can get a better solution by using Thirdweb and its range of options.
useWeb3 is a platform that allows developers to discover and gain knowledge about Web3. If you’re a beginner trying your hand at it at first or a veteran developer looking to make a move to the Web3 area.
Moralis is among the most reliable Web3 infrastructure service providers, allowing developers to interact easily with various Web3 services, including authentication and NFTs, data on-chain, and smart contracts. The platform aims to be “the Firebase of Web3 and allow everyone to access the full range of Web3 services.