Is web3 a blockchain?

Web 3, 0 promises a decentralized Internet built on the blockchain. This is what that collection of buzzwords means for how you can access the web for years to come. Even if you don't like blockchain technology like Bitcoin and NFTs, you've probably heard of web3 (or Web 3, 0). The Bitcoin blockchain and similar protocols are designed in such a way that you would need to break into several houses around the world simultaneously, each of which has its own fence and alarm system, in order to violate them.

This is possible but prohibitively expensive. On Web3, data is stored in multiple copies of a P2P network. Management rules are formalized in the protocol and are ensured by majority consensus of all network participants, who are incentivized with a native network token for their activities. Blockchain, as the backbone of Web3, redefines data structures on the backend of the Web, now that we live in a connected world.

It introduces a layer of governance that runs on top of today's Internet, allowing two people who don't know each other or don't trust each other to reach agreements over the Web. On Web 3, these actions are called tokens or cryptocurrencies, and they represent ownership of decentralized networks known as blockchains. If you have enough of these tokens, you have a voice on the network. Governance token holders can spend their assets to vote on the future of, say, a decentralized lending protocol.

Web3 itself doesn't necessarily exist as a new browser. People can access Web3-based websites using the same browsers they use today. Therefore, while Web3 sites are created using blockchain software, they are accessible just like Web2 websites, in general terms. And cryptocurrency enthusiasts are already accessing aspects of Web3 when transacting through cryptocurrencies and buying NFTs.

Web2 refers to the version of the Internet that most of us know today. An Internet dominated by companies that provide services in exchange for your personal data. Web3, in the context of Ethereum, refers to decentralized applications running on the blockchain. These are applications that allow anyone to participate without monetizing their personal data.

Web3 is also crucially different from what Tim Berners-Lee described as early as 1999 as Web 3.0, or the semantic web, which focused on making the Internet machine-readable, a vision that remains largely unrealized. McCullough says Web3 is all the rage now because Silicon Valley influencers such as Dorsey and Musk and Andreessen Horowitz and other venture capital firms started talking about it after Facebook's turn. She was curator of TheDAO (Decentralized Investment Fund), advisor to Jolocom (Web3 Identity), Wunder (Tokenized Art) and the Estonian e-Residency Program. While the decentralized social network Mastodon and the GitHub clone Radicle are based on some Web3 principles, like the Brave browser, most existing Web3 applications are adapted to trading crypto assets or betting cryptocurrencies on casino games.

To access most Web3 applications, users will need a crypto wallet, most likely a new browser, an understanding of a whole new world of terminology, and a willingness to pay the volatile “gas fees” required to perform actions on the Ethereum blockchain. Web3 is now working to add this payment layer, which will reward Web3 users for their contributions to websites, content engagement, purchases, ad viewing, and more. web 3, also known as “Web3” or “Web 3.0″, is a term you may have heard a lot of lately. Web3 is really a descriptor of the infrastructure being built through blockchain technology, which in turn serves as the basis of the metaverse and the foundation on which metaversal platforms will be built.

Therefore, the answer, according to Dryhurst and other Web3 fans, is an iteration of the Internet where new social networks, search engines and markets that do not have company owners emerge. Web2 became a system of “closed environments” that monetize individual people's data and, in turn, advertise to them, manipulate their behavior and try to monetize it in every possible way, but in a way that blocks it out of cash flow, which is what Web3 is trying to rectify now, he said. However, the idea that there will be advertising in some contexts on Web3 is perfectly appropriate, Cassatt said, only on a smaller scale. Tim O'Reilly, the author who coined the phrase Web 2.0 in 2004, also warned this month that it was too early to get excited about Web3.In Web3, users own their data and online presences, and that information is shared with different websites and platforms they access, thanks to interoperability.

Bloomberg has described Web3 as an idea that would incorporate financial assets, in the form of tokens, into the inner workings of almost anything you do online. . .

Tim Ludecke
Tim Ludecke

Subtly charming webaholic. Lifelong music maven. Total twitter expert. Professional beer maven. Certified bacon geek. Total internet lover.

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