The internet, also known as Web2, has long provided us with a lot of support and convenience to try out different things and maximise our potentials. Now that we’re here, it is time to say goodbye to it. Just like the PS5 replacing the PS4, Web3 is replacing the Web2 with a potential feature, decentralisation.
To understand what makes decentralisation possible, check out this article to understand the foundational technology behind all of this.
Why is this transition to Web3 necessary?
Web3 is similar to Web2, except that now your privacy and data are in your hands. In Web2, the internet is dominated by companies that provide profitable services in exchange for the personal data that users generate. Some of these tech-giants being Facebook (Meta), Instagram, Whatsapp, Amazon, Netflix and TikTok.
Contrary to that, Web3 uses decentralisation to publicly share and distribute your data over the nodes of a computer network.
Yes but there is more to it😅…
What I mean is, there is no single central authority storing your data and handling it. In addition to that, your data is encrypted using a Blockchain, so you do not need to worry about it being publicly available. These features of decentralisation and encryption ensure the privacy of your data in the best possible way.
What is up with all of that hype then?
Well, these were the foundational reasons as to why transitioning to Web3 makes more sense. Other than that, Web3 has a lot more to offer when it comes to its potential features and applications. You might have heard some of them already — Cryptocurrencies and NFTS. But there is more to it😏. You do not want to miss out on these applications in the upcoming articles. So,
Stay Updated by following (at the top) and subscribing (at the bottom)!
Anyway, back to the topic.
Now, I want you to imagine everything that exists in Web2 (all sorts of websites and applications), shifting over to Web3. What this does is, it ultimately increases the competition between groups and individuals to create a new product/service or develop an existing one on Web3. Big tech companies have already started integrating this feature of decentralisation into their existing applications as new individuals are entering the market and creating the unexpected. Well, this unexpected ranges anywhere from trading liquefiable digital currencies to earning cryptocurrencies by just playing a game🫢…
What are its drawbacks?
- Environment-friendliness: There is a need to make it more environment friendly cause the current technology has far more carbon footprint than its predecessor.
- Law enforcement: Many laws needed to be changed for users’ security and digital ownership.
- Data storage: Due to the large amount of data that a blockchain needs to store and handle, there is an urgent requirement for data management. Although there are few successful mechanisms that handle this issue, we will require a more powerful, elastic and scalable system.
Conclusion
Although Web3 has quite a few technical, environmental and political drawbacks, its adoption rate is faster than that of what Web2’s was. This shows that more and more people are involving themselves to work on these issues in order to achieve this big feat of internet transition.
I hope you enjoyed reading this article and found it to be helpful. Please follow, share and subscribe to get updates on more interesting and insightful articles in the future :)