What The Heck Is Web3?

Back when I was a wee little green pee on a car lot, the internet side of the car industry had just started to pick up. Dealers were becoming aware that utilizing digital tools and technology could help benefit their bottom line. Fast forward a few years and we had just integrated with a new backend tool. Upon landing on the webpage - I noticed that the URL link contained a “3” after the www. Prefix. This can’t be right, must have been a typo. I deleted it and refreshed the page….only to be greeted with a 404 error and a black page. Www3? This can’t be a thing…can it? If only I knew back then what I know now, that this was the start of block chain web services. 

The Start Of Web3

You're not alone if you're not sure what web3 is. According to HubSpot Blog Research, 51% of customers are unaware of the term "web3." The third-generation internet, also known as web3, is a decentralized web concept that puts power in the hands of consumers rather than major tech companies such as Google, Apple, and Netflix. Web3 is a blockchain-based platform that makes existing infrastructure more accessible, private, and secure for users. Web 3 can be thought of as the Internet's "read/write/own" phase. Users can engage in the governance and management of the protocols directly, rather than simply using free tech platforms in exchange for our data. This means that individuals, rather than just customers or things, can become participants and shareholders. Many Web 2.0 websites and nearly all applications rely on some type of centralized database to deliver data and enable functionality. Instead of a centralized database, Web 3.0 applications and services employ a decentralized blockchain. The primary principle behind blockchain is that there is no arbitrary central authority, but rather a form of distributed consensus. Both Web 1.0 and Web 2.0 were created primarily with the IPv4 addressing space in mind. As a result of the web's huge growth over the decades, there is a need for more internet addresses in Web 3.0, which IPv6 supplies.

The Benefits of Web3

The concept of a decentralized autonomous organization is an emerging governance ideal among the blockchain and Web 3.0 communities (DAO). Instead of a centralized authority governing platform operations, a DAO, Web 3.0 technologies, and communities give a sort of self-governance in an attempted decentralized manner. Web3 uses blockchain technology and decentralization to democratize content creation and eliminate the intermediary. Web2 stores, distributes, and benefits from material via social media sites. Web3, on the other hand, allows users to earn tokens directly for their community involvement and activity. These tokens have monetary worth and provide users with a sense of ownership over their initiatives. In contrast to today's system, where information may be simply duplicated or stolen without the user's knowledge, blockchain technology is safe and tamperproof; data cannot be modified or hacked without the interference being noticed. However, there may be many unprotected web3 applications, hence it is best to use only audited web3 applications. 

Web3 vs Web2

The distinction between Web 2.0 and 3.0 is that Web 3.0 is more focused on the use of technologies such as machine learning and AI to give appropriate material for each user rather than just the content provided by other end users. Web 2.0 allows users to contribute and sometimes collaborate on site content, however Web 3.0 will most likely delegate these tasks to semantic web and AI technology. Web 3.0 also emphasizes decentralized services and authority, in contrast to Web 2.0's centralized approach. Here’s an infographic breaking down the differences of the different Web versions created by our friends over at TechTarget!

Benefits Of Web3 For Businesses

Web 3.0 will make it simple for businesses to keep track of all transactions for all parties involved. The technology will also make it easier for businesses and organizations to develop and manage their supply networks. Smart contracts can automate all contracts, making business operations easier. Also There is no need to involve third-party service providers with blockchain, smart contracts, and decentralized applications. It will assist firms in lowering expenses and being more competitive. Web 3.0 technology will enable every business owner to take control of all internal activities and engage directly with clients without interference from outside sources. Every transaction on Web 3.0 might be recorded to hold businesses accountable for their conduct. As a result, it is easier for customers to acquire things from companies they trust rather than spending too much time investigating specific products or services. Businesses can use the decentralized ledger to keep track of their transactions and supply-chain activity.

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