What Do You Need To Understand About Web3?

Web3 is a term used to describe the next phase of development following the current phase known as Web2, which we use on a daily basis that includes popular services like Google, Facebook, Youtube, Amazon, and much more. However, unlike Web2, Web3 is powered by blockchain technology, which provides a trustless, secure, and transparent way to transact and communicate online. In this article, we will talk about Web3 and how you can start using it.

Difference between Web2 and Web3

First things first, before we go any deeper in our article, let’s try to differentiate Web3 from Web2.

Web2 is a Centralized Web, meaning that it’s controlled by a small group of companies or organizations where your data are often owned and controlled by those entities that collect it while Web3, built on the foundation of Web2, is a Decentralized Web, meaning that it’s not controlled by any single entity but rather relies on distributed ledger technology like blockchain, to store and manage your data.

Web3

All right, now that we understand Web3, a technology where data, applications, and services are decentralized, distributed, and operate autonomously without intermediaries, let’s see what are the key features of this new tech.

One of the core features of Web3 is the ability to create and use decentralized applications (dApps). These applications are built on blockchain technology and are designed to operate autonomously without a central authority. They leverage the power of the blockchain to provide you with security, transparency, and immutability.

Another key aspect is the use of decentralized finance (DeFi) protocols. DeFi is a sector within the blockchain industry that is disrupting traditional financial systems by providing transparent, permissionless, and decentralized financial services. It allows you to borrow, lend, trade, and invest in digital assets without intermediaries, such as banks or financial institutions.

If you are into some digital assets, Web3 also offers ways of creating and distributing them through the use of non-fungible tokens also known as NFT. NFTs are unique, indivisible, and verifiable digital assets that are stored on a blockchain. They are used to represent ownership of digital assets such as art, music, videos, and other types of content.

Decentralized Apps(DApps)

There are decentralized applications you maybe already used but didn’t know are Web3 technology. The most known and what I have been using for half a year is Brave Browser which is the version of Chrome(Web2) in Web3 technology. There are also:

Status(Web3) which is compared to WhatsApp (Web2)

Presearch(Web3) that replaces Google(Web2)

Oysee(Web3) just like Youtube(Web2)

Steemit(Web3) for Facebook(Web2)

Audius(Web3) for Spotify(Web2)

Overall, Web3 technology is an exciting development of the internet and how we interact with each other online. Its decentralized, secure, and transparent nature, offer new opportunities for innovation, creativity, and collaboration. As its ecosystem continues to grow and evolve, it will be important to stay informed and engaged with this technology to fully understand its potential and impact on our digital future.