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novice
June 13, 2022
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what is web3?

Web3 is a commonly used term in crypto spaces. In this article, we will be explaining what Web3 is as well as its advantages and disadvantages.

The original Web was Web 1.0, which was popular in the 1990s and early 2000s, and was the first form of the internet. Web 1.0 was yet to be filled with constant advertisements and was more often used for information, literally reading content on very basic websites - for this reason many refer to Web 1.0 as the ‘read-only’ web. Web 2.0 is the current form of the web that we all use now. While Web 2.0 focuses on interactive websites and user-created content hosted on centralised websites. User-generated material can now be watched by millions of people across the world instantly thanks to Web 2.0. This unprecedented reach has resulted in an explosion of this sort of content in recent years.

Web3 will give more control to users over their online data in a decentralised online ecosystem based on the blockchain. It will represent the immersive experiences in the metaverse by lending itself to new technologies such as machine learning.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

advantages

1. decentralisation

Web3's key principle is decentralisation which means that anyone can participate without authorisation from a governing body. In Web 2.0, computers search for information via HTTP in the form of unique web addresses, which is stored in a fixed location, usually on a single server. As Web3 allows information to be retrieved based on its content, it may be kept in several locations at the same time, making it decentralised. This would deconstruct the vast datasets presently maintained by internet behemoths like Meta and Google. Overall, it offers better security, trust, and privacy as it is based on decentralised protocols.

2. trustless and permissionless

Web3 will be trustless (i.e., the network will allow members to engage directly without going via a trusted intermediary) and permissionless. As a result, Web3 applications will operate on blockchains, decentralised peer-to-peer (P2P) networks, or a combination of both, and will be referred to as dApps (decentralised apps). For example, blockchain-based Web3 will connect companies directly with customers without central authorities.

3. data ownership and transparency

Decentralisation and permissionless systems will allow consumers far more control over their personal data. This might assist to reduce the practice of data extraction, which is the collection of information from online users without their permission or pay.

4. artificial Intelligence

Machine learning, a type of artificial intelligence (AI) will be used in Web3. Machine learning is a branch of AI that utilises data and algorithms to mimic how people learn, progressively improving its accuracy. Computers will be able to generate faster and more relevant results as an outcome of these capabilities.

5. personalisation

AI will lead personalised searching that shows more relevant search results based on personal preferences instead of the most popular pages that people click. Moreover, sellers will show the products and services to buyers that they are interested in buying. Thus, personalisation will save a lot of time.

disadvantages

1. difficult to regulate

Decentralisation comes with some of legal and regulatory concerns besides its benefits. In current Web2, some threats such as cybercrime, hate speech, and misinformation are not easy to regulate. With Web3, these will become even more difficult in a decentralised structure due to the lack of central control.

2. update needs

While Web3-based websites and applications get more popular, current firms will be under pressure to update and adopt themselves according based on Web3 in order to maintain their market position. Furthermore, the users might need to update their devices to handle the latest technology that Web3 requires.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

what is web3?

Web3 is a commonly used term in crypto spaces. In this article, we will be explaining what Web3 is as well as its advantages and disadvantages.

The original Web was Web 1.0, which was popular in the 1990s and early 2000s, and was the first form of the internet. Web 1.0 was yet to be filled with constant advertisements and was more often used for information, literally reading content on very basic websites - for this reason many refer to Web 1.0 as the ‘read-only’ web. Web 2.0 is the current form of the web that we all use now. While Web 2.0 focuses on interactive websites and user-created content hosted on centralised websites. User-generated material can now be watched by millions of people across the world instantly thanks to Web 2.0. This unprecedented reach has resulted in an explosion of this sort of content in recent years.

Web3 will give more control to users over their online data in a decentralised online ecosystem based on the blockchain. It will represent the immersive experiences in the metaverse by lending itself to new technologies such as machine learning.

advantages

1. decentralisation

Web3's key principle is decentralisation which means that anyone can participate without authorisation from a governing body. In Web 2.0, computers search for information via HTTP in the form of unique web addresses, which is stored in a fixed location, usually on a single server. As Web3 allows information to be retrieved based on its content, it may be kept in several locations at the same time, making it decentralised. This would deconstruct the vast datasets presently maintained by internet behemoths like Meta and Google. Overall, it offers better security, trust, and privacy as it is based on decentralised protocols.

2. trustless and permissionless

Web3 will be trustless (i.e., the network will allow members to engage directly without going via a trusted intermediary) and permissionless. As a result, Web3 applications will operate on blockchains, decentralised peer-to-peer (P2P) networks, or a combination of both, and will be referred to as dApps (decentralised apps). For example, blockchain-based Web3 will connect companies directly with customers without central authorities.

3. data ownership and transparency

Decentralisation and permissionless systems will allow consumers far more control over their personal data. This might assist to reduce the practice of data extraction, which is the collection of information from online users without their permission or pay.

4. artificial Intelligence

Machine learning, a type of artificial intelligence (AI) will be used in Web3. Machine learning is a branch of AI that utilises data and algorithms to mimic how people learn, progressively improving its accuracy. Computers will be able to generate faster and more relevant results as an outcome of these capabilities.

5. personalisation

AI will lead personalised searching that shows more relevant search results based on personal preferences instead of the most popular pages that people click. Moreover, sellers will show the products and services to buyers that they are interested in buying. Thus, personalisation will save a lot of time.

disadvantages

1. difficult to regulate

Decentralisation comes with some of legal and regulatory concerns besides its benefits. In current Web2, some threats such as cybercrime, hate speech, and misinformation are not easy to regulate. With Web3, these will become even more difficult in a decentralised structure due to the lack of central control.

2. update needs

While Web3-based websites and applications get more popular, current firms will be under pressure to update and adopt themselves according based on Web3 in order to maintain their market position. Furthermore, the users might need to update their devices to handle the latest technology that Web3 requires.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

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