Web3 and cryptocurrencies are built on “permissionless” blockchains, which are decentralized and don’t require the user to trust — or even know anything at all about — other users in order to transact with them. When people mention blockchain, they usually mean something like this.
Web3 is being praised as the internet’s destiny. Cryptocurrencies, NFTs, DAOs, decentralized finance, and more are all part of the vision for this future blockchain-based web.
How Web3 was Established?
In 1991, scientists W. Scott Stornetta and Stuart Haber established the first blockchain, a project to time-stamp digital documents, sowing the seeds of what would become Web3. However, the concept didn’t fully take off until 2009, when Satoshi Nakamoto, a pseudonymous inventor, launched Bitcoin in the aftermath (and at least partly a response to) the financial crisis.
What Does Web3 Mean for Businesses?
There will be a few fundamental distinctions between Web3 and Web2: Users will no longer require individual log-ins for each site they visit, instead relying on a single identity (likely their crypto wallet) to save their data. As they earn or purchase tokens that allow them to vote on decisions or unlock features, they will have more control over the websites they visit.
What is Web3 Used for?
Web3 proponents imagine an internet where we don’t have to provide firms like Facebook and Google with our personal information in order to access their services. All information would be published on the blockchain’s public ledger, and the web would be driven by blockchain technology and artificial intelligence.
Let’s have a look at some of the Web3 technologies.
- Blockchain Technology
- Non-Fungible Tokens (NFTs)
- Decentralized Apps (dApps)
- Smart Contracts
- Distributed Computing (Edge Computing)
Web3 is nothing more than a massive speculative economy that will primarily benefit the already wealthy. Web3 represents a degree of internet connectivity that has never been experienced before. The number of nodes engaged in the Web3 scenario concentrating on a decentralized web is little compared to the complexity of the present web.
This article was written by Quratulain Zaheer.