So what is that Web 3.0 thing everyone is talking about?
2 min read
Web 3.0 Is the Future Internet! Ok, but What Was Web 2 or Even Web 1??
Web 1 was the static era of website, the readable phase of the World Wide Web where only limited interaction between sites and users was possible.
Web 2 is the current internet, it is the writable phase of the world wide web with interactive data. Today's internet makes it easier for us to interact with websites encouraging participation, collaboration, and information sharing ( ex: Youtube, Facebook, wiki ... ).
Ok Got It! Well, What’s So Different with Web 3.0?
- It is Open Source, which means it is built by an open and accessible community of developers in the eyes of the world.
- It is Trustless, meaning there won't be any middleman anymore, anyone can interact with each other publicly or privately. For example, you won't need financial institutions for your next loan, you will be able to connect directly with the lender cutting the need for a third party. Another example would be decentralized blogging where you will be able to store and lock your writings literally forever on the blockchain where no one can remove or tamper with it.
- It is Permissionless, meaning anyone can participate without authorization from a governing body. No censorship, no restrictions . For example, anyone will be able to host their project on the decentralized cloud without the need for authorization from a centralized big tech entity like google, amazon. The transparency of the network means that a truly free internet can be achieved as it becomes much more difficult for people to carry out censorship or include nefarious code in their applications.
You Lost Me at “Blockchain” What Is This Witchcraft?
Blockchain is basically a network of computers called nodes which all have the same history of transactions. So instead of one centralized company or a database which holds all the information, now the information is spread encrypted across the whole network.
Blockchain technology is like a big shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
Stay tuned, I'll cover a few use cases in my next post!