The internet has transformed our lives and businesses. And everyone is asking what is web3 internet in the crypto world.
The modern internet is an interesting place: while it has connected people from all over the world and made information readily available, it has also put users at risk of surveillance and data theft.
The current version of the web is centralized and controlled by a few large companies that make billions off user data; this isn’t fair or sustainable.
Moreover, these centralized services are prone to censorship and downtime; their closed source code can be manipulated for malicious purposes, and users have no control over their own information or online identity.
A brief history of the Internet and Web
The Internet is a global system of interconnected computer networks that use the standard Internet Protocol Suite (TCP/IP) to link hundreds of millions of devices worldwide. The Internet is the network of networks that is the foundation of all modern digital communication. The World Wide Web is a system of interlinked hypertext documents accessed via the Internet.
It was invented by English computer scientist Tim Berners-Lee in 1989 and was designed to be decentralized so that anyone can connect to it. First, we have a Web 1.0 made up of static documents, and then we have Web 2.0 where we had a lot of dynamic content.
Since the beginning of the age of the internet, social media sites like. Facebook, Twitter, and Instagram to name a few have risen.
People learn how to interact with social media sites and then they become a part of Web 2.0. People no longer have to go to a library or an internet café in order to access these sites, as now we have access to everything from anywhere with an internet connection. The Internet is not just a place where people can find information, but it is also a place where people can share information with their friends and family in real-time.
Data privacy is the issue with Web 2.0. People put their personal information on the internet and this information is used to make a profit by companies. Companies can use this information to market their products and services and they can also use it in order to sell their products and services.
Some people like this idea because they are able to get free stuff from the internet, but some people are concerned about the privacy of their personal information.
Tracking a person’s browsing activity is a concern because it allows for more targeted advertising. For example, if a person purchases goods online, that company can track him down on other sites where he also purchases additional items using his credit card, which means the company has all of his personal information.
Social media sites are one way in which companies collect data about people in order to market different products and services at them based on what they have learned about them through social media sites like Facebook.
It’s important to understand the history of the Internet and Web so we can grasp how far we’ve come and see where it’s headed.
What is Web3?
A web3 internet is a future internet that uses Blockchain technology. This is a concept of a web3 internet by Gavin Wood co-founder of Ethereum and now the founder of Polkadot network.
Web3 is a concept that describes the world of decentralized applications, smart contracts, and tokens that are being built on top of Ethereum’s blockchain, and also describes the new infrastructure we need to make this vision possible.
Web3 is a future of the Internet built on decentralization, not just technically but also in terms of governance and community. It’s what will enable us to move past our current centralized world into an Internet where everyone can participate and have their say.
It is a brand new internet, with its own global network, its own coding language (Solidity), its own computing device (Ethereum or other blockchains that support smart contracts), and its own token standard (ERC20). Web3 is made up of these components.
Instead of relying on corporate or governmental control, Web3 will be governed by consensus protocols like Proof-of-Work or Proof-of-Stake. Web3 is where the best of both worlds of the decentralized Internet meet the blockchain world, producing a new Internet of value.
Blockchain-Based Decentralized Apps
Decentralized applications (dApps) are the next generation of decentralized technologies. They are the software applications that exist on a decentralized network, run by smart contracts, and use blockchain-based technology to create a new Internet of value.
The dApp is an open-source platform that can be modified by anyone who is interested in building their own version or application on top of it. Ethereum is the pioneer of smart contract technology. It is the platform that made it possible for dApps to run on distributed networks for the first time.
With Ethereum, dApps can be built in a way where a third party cannot alter the terms of an agreement or take away funds from a user without permission from all other users.
The Ethereum Virtual Machine (EVM) is a globally distributed, Turing-complete virtual machine that allows any developer to deploy their own smart contracts on top of it.
The EVM is designed to allow developers to write any program they want in order to interact with transactions and data, and then deploy them onto the EVM so that users can interact with them as if they were regular programs.
Examples of popular DAPPS that we can use today include:
Uniswap – A decentralized exchange for trading Ether and Ethereum-based tokens.
Augur – A decentralized prediction market platform.
Populous – An invoice financing platform built on top of Ethereum.
Golem – A marketplace that allows users to rent out spare computing power, or “golems”. This is a very interesting project that could be used in many different ways but is currently the subject of much experimentation and development.
It is important to note that with the rise of smart contracts, Ethereum has become more than just a platform for DAPPS. The true power of smart contracts lies in the fact that they can be used to create autonomous organizations (or DAOs) which are essentially self-governing organizations that function without any outside interference or supervision.
DAOs are autonomous organizations that run on their own code, have no central point of failure, and have complete control over their funds and assets. They can be programmed to automatically execute certain functions when certain events occur, such as transferring funds to a specified address or triggering a smart contract when a certain condition is met.
How Does Web3 Work?
A decentralized application is a key factor here in Web 3. These decentralized apps are different from the traditional apps we are used to in that they are not controlled by a single entity or government. DAPPS runs across a network of nodes, allowing developers to build DAPPS that will be able to interact with each other and the rest of the world through a blockchain.
It will be able to communicate with each other using the blockchain and will be able to interact with the outside world through a set of protocols called Web3 APIs that allow developers to build DAPPS that run on top of these Web3 APIs.
Benefits of Web3
The primary benefit of Web 3.0 is data ownership. By implementing Web3, we are able to own our data and all the information that is stored on the blockchain. With Web 3.0, each individual will have a complete copy of their data and there will be no need for centralized databases or centralized servers.
The decentralized web is also transparent. So, users can verify that the content they are accessing is genuine. Since this is a peer-to-peer network, there is no centralized server that can be hacked or shut down.
The decentralized web is secure.
Users’ privacy and data are protected thanks to end-to-end encryption and cryptographic protocols. There is no central authority that can be forced to share private data.
Decentralized web is free of censorship. No single entity controls this network, so users can access content from any country.
The World Wide Web has transformed our daily lives and the way we communicate, learn, and conduct business. But the current version of the web is centralized and controlled by a few large companies. It’s time for a new web, one that is decentralized and open-source. This new web is called Web3, and it’s built using blockchain technology that promotes peer-to-peer transactions without a third-party intermediary. Web3 will transform digital identity by enabling users to securely own their identity and data and will promote open-source and decentralized app development.