Web3 and Beyond – What does the future of Internet looks like?

What is Web3

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Web3 is a term used to describe the next generation of the internet, which is being developed as a decentralized and distributed network that is built on blockchain technology. Unlike the current version of the internet, which is centralized and controlled by a small group of companies and organizations, the goal of Web3 is to create a more open and transparent internet that is owned and controlled by its users.

Web3 technologies include decentralized protocols, distributed computing systems, and peer-to-peer networks that allow users to interact with each other directly, without the need for intermediaries. These technologies are designed to enable a new generation of applications and services that are decentralized, transparent, and secure, and that can operate without the need for central servers or trusted third parties.

Examples of Web3 technologies include decentralized applications (dApps), decentralized finance (DeFi) platforms, and decentralized autonomous organizations (DAOs). These technologies are being used to build a wide range of applications and services, including financial services, social networks, marketplaces, and more.

Web3 technologies are still in the early stages of development, and it is likely to be some time before they are widely adopted. However, the potential benefits of Web3 technologies are significant, and many experts believe that they have the potential to transform the internet and the way we use it.

Web 3 vs Web 2 Explained

Web3 is the next generation of the internet, which is being developed as a decentralized and distributed network that is built on blockchain technology. Web3 technologies include decentralized protocols, distributed computing systems, and peer-to-peer networks that allow users to interact with each other directly, without the need for intermediaries. The goal of Web3 is to create a more open and transparent internet that is owned and controlled by its users.

Web2, on the other hand, refers to the current version of the internet, which is centralized and controlled by a small group of companies and organizations. Web2 technologies include central servers, databases, and client-server architectures that are used to build a wide range of applications and services, including social media platforms, search engines, e-commerce sites, and more.

There are a number of key differences between Web3 and Web2:

  • Decentralization: Web3 technologies are decentralized, which means that they are not controlled by any single entity or organization. Web2 technologies, on the other hand, are centralized and controlled by a small group of companies and organizations.
  • Transparency: Web3 technologies are transparent, which means that all transactions and interactions are recorded on a public ledger and are visible to anyone who has access to the ledger. Web2 technologies are not transparent, and transactions and interactions are often hidden behind closed doors.
  • Security: Web3 technologies are designed to be secure and resistant to tampering, thanks to the use of cryptographic techniques and decentralized networks. Web2 technologies are vulnerable to attacks and data breaches, as they rely on centralized servers and databases.
  • Intermediaries: Web3 technologies allow users to interact with each other directly, without the need for intermediaries. Web2 technologies rely on intermediaries, such as banks, credit card companies, and social media platforms, to facilitate transactions and interactions.

Examples of Web3 technologies include:

  • Decentralized applications (dApps): These are applications that are built on decentralized protocols, such as Ethereum, and that operate on a decentralized network. dApps do not rely on central servers or trusted third parties, and they are designed to be transparent, secure, and open. Examples of dApps include cryptocurrency exchanges, prediction markets, and decentralized marketplaces.
  • Decentralized finance (DeFi) platforms: These are platforms that use decentralized protocols and smart contracts to facilitate financial transactions and interactions. DeFi platforms allow users to access financial services, such as lending, borrowing, and trading, without the need for traditional intermediaries, such as banks. Examples of DeFi platforms include MakerDAO, Compound, and Uniswap.
  • Decentralized autonomous organizations (DAOs): These are organizations that are run using decentralized protocols and smart contracts, and that are governed by a set of rules that are encoded into the protocol. DAOs are transparent and open, and they allow users to participate in the decision-making process through voting. Examples of DAOs include The DAO and MolochDAO.
  • Peer-to-peer networks: These are networks that allow users to connect and interact with each other directly, without the need for intermediaries. Peer-to-peer networks are decentralized and distributed, and they are used to build a wide range of applications and services, including file sharing systems, messaging platforms, and more. Examples of peer-to-peer networks include BitTorrent and Ethereum.

Overall, Web3 technologies have the potential to revolutionize the internet and the way we use it, by enabling a new generation of decentralized and transparent applications and services that are owned and controlled by their users.

Which companies have adopted Web3 in real world?

Web3 technologies are still in the early stages of development, and it is likely to be some time before they are widely adopted. However, there are a number of companies and organizations that are exploring the use of Web3 technologies in real-world applications.

Some examples of companies that have adopted Web3 technologies include:

  • ConsenSys: ConsenSys is a software company that is focused on building decentralized applications (dApps) and other Web3 technologies. The company has developed a number of dApps, including MetaMask, which is a browser extension that allows users to interact with the Ethereum blockchain, and uPort, which is a decentralized identity platform.
  • Chainlink: Chainlink is a decentralized oracle network that allows smart contracts to access off-chain data and interact with external systems. The company’s technology is being used by a number of major companies, including Google, Oracle, and SWIFT, to build decentralized applications and services.
  • Kraken: Kraken is a cryptocurrency exchange that is built on Web3 technologies, including Ethereum and Interledger. The exchange allows users to buy, sell, and trade a wide range of cryptocurrencies, and it is known for its high level of security and transparency.
  • Gnosis: Gnosis is a decentralized prediction market platform that is built on the Ethereum blockchain. The platform allows users to make predictions about a wide range of events, and it is being used by a number of major companies and organizations, including the World Bank and the United Nations, to gather insights and forecast future trends.

Overall, while Web3 technologies are still in the early stages of development, there are a growing number of companies and organizations that are exploring their use in real-world applications.