Web3 is a broad term referring to a group of technologies, like cryptocurrency, NFTs, and smart contracts. We can define Web 3 as the decentralized version of the Internet based on blockchain technology.
Key Features Of Web 3
➡️ Open-sourced. Web 3 is «open» in the sense that most of its assets are created using open-source software by an open and accessible community of developers, in full view of the public. Transparency is key here, creating a more trustworthy digital environment.
➡️ Decentralized. Users have the option to engage openly and privately without the interference of intermediary parties. Their actions are taking place in a decentralized space, giving them more freedom and control to manage their data.
➡️ Permissionless. Without the necessity for approval from a controlling and centralized organization, everyone, including users and providers, can participate on an equal level in Web 3.0.
➡️ Ubiquitous access. Web 3 allows access to the Internet anytime and from any location. Web-connected gadgets will no longer be confined to computers and smartphones in the future, as they were in Web 2.0. Technology will enable the development of many intelligent devices due to the Internet of Things (IoT).
Why Is Decentralization So Important?
Decentralization is a core concept of Web3 and a fundamental departure from its predecessors in terms of architecture and infrastructure. While Web 1.0 was all about static pages and Web 2.0 saw more dynamic and user-generated content and interactivity, the platform is provided by third parties and, in most cases, owned by tech giants such as Meta (formerly Facebook), Twitter, and Microsoft. However, in Web3, with blockchain technology, data can be stored in a distributed mechanism!
In the blockchain, information is encrypted and stored over a network of computers with no central oversight. Data can't be changed arbitrarily since its copies exist across the network; if a copy doesn't match the rest, it becomes invalid. This adds an extra security layer built into the architecture.
Understanding the differences between traditional centralized systems and newer decentralized systems helps unravel DeFi. A centralized system will generally have a centralized authority over the transactions that take place within them. In a decentralized scenario, no central authorities are involved and no powerful entities that own everything and make the rules.
The Benefits of Web 3.0
Web 3.0 has quite some advantages over Web 2.0 and the way we currently use the Internet. It'll make the web more innovative, safer, and more transparent, allowing for more efficient surfing and human-machine interaction.
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Web 3 And The Metaverse: How They Will Complement Each Other In The Future.
The Metaverse is the combination of virtual reality (VR), augmented reality (AR), mixed reality (MR), gaming, cryptocurrencies, social media and much more. So, the Metaverse is a new way for people to use the Internet by transforming it from 2D to 3D.
As for the potential applications of the Metaverse, it's expected to be an emerging dimension that brings social media, work, entertainment, gaming and education all into one platform by mirroring our real-world activities.
☝️ Although the Metaverse is a digital space while Web 3.0 favors a decentralized web, it could serve as the basis for connectivity in the Metaverse. On the other hand, the creator economy in the Metaverse can nicely supplement the vision of Web 3.0 by developing a whole new financial world with the implementation of decentralized solutions.
As we move towards decentralized Web 3.0, we need to consider what kind of Internet we want to underscore in the Metaverse. As the Metaverse is all about merging virtual and physical worlds, it's essential to have an interoperable and open source public chain to ensure different virtual worlds can interlink, bringing assets from one to another and able to overlap each other seamlessly.
➡️ While Web 3 has been shaping up nicely with the exponential growth of NFTs, P2E games and DAOs recently, there is still a long way to the full development of the Metaverse and much more room to grow in terms of technology which will make the metaverse experience fully immersive. The Metaverse of Web 3 will manifest the new open and decentralized world reality in virtuality. So, let's wait to see how Web 3.0 and the Metaverse will shape up in the future!
Oaziz DAO becomes an easy “entry ticket” to Web3 - just buy a ticket for an event and you’re already a part of the DAO. So get into Web3 train before it’s too late!