It is possible to create web3 applications without the participation of the metaverse (Bitcoin is one example), but it is believed that the technology and experiences of the metaverse will play an important role in how many of these applications will interact with our lives. Web3 is an idea still in development for a third generation of the web. It follows Web 1.0, with its reliance on traditional web pages filled with content produced by commercial entities, and the shift from Web 2.0 towards the introduction and growth of social networks. Although Web 2.0 undoubtedly gave the average person more ability to produce, and even benefit from, their own content on the web, any such plan still required the involvement of a large tech company such as YouTube (owned by Google), Facebook, Twitter or any of the major social networks that influence, and people: they trust to reach their audiences.
But despite its problems, Web 3 has a lot of potential. If it is too idealistic to put it into practice, it will be something that everyday users will discover over the next decade. Experts say that, at best for Web3 enthusiasts, the technology will work alongside Web 2.0, not completely supplant it. However, today, many fear that these Internet giants have too much power.
As a result, Web3 was born. Web3, touted as the next iteration of the web, focuses on decentralization, which will ultimately return control to the end user. With Web3, services are available in the form of dapps (decentralized applications) running on the blockchain network. Perhaps the best known of these networks is Ethereum.
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. Dryhurst admits that trying to explain Web3 can be infuriating, as it is a vaguely defined term that takes on a slightly different form depending on who is defining it, but, he said, that is the case with all the new frontiers of technology. Web3 will also be accessed through metaverse platforms that companies such as Facebook's parent company, Meta, are building.
In a Web3 world, people control their own data and bounce from social media to email to shopping using a single personalized account, creating a public record on the blockchain of all that activity. 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. The most prominent example of this, so far, was Jack Dorsey's Twitter tirade in which he outlined his belief that Web3 is nothing more than a way for venture capitalists to replace the likes of Google and Facebook as the autocrats of the web.
Ultimately, the ideal form of Web3 would be a kind of utopian Internet that treated all users, all data, all networks and all stakeholders equally. In this context, blockchain appears to be a driving force for the next-generation Internet, what some call the Web. She was curator of TheDAO (Decentralized Investment Fund), advisor to Jolocom (Web3 Identity), Wunder (Tokenized Art) and the Estonian e-Residency Program. Marlinspike added: “Eventually, all parts of Web3 are gone, and you have a website to buy and sell JPEG with your debit card.
Dapps will play a similar role for Web3 as the App Store did to unlock the potential of the iPhone, says Zoe Scaman, founder of London strategy studio Bodacious and advocate for Web3.He highlighted that much of the activity around cryptocurrencies and Web3 is heavily dependent on Web 2.0. The reaction was a large enough exodus of paid users that Citron took to Twitter once again to promise that Discord had no plans to launch Web3 technology just two days later. Marlinspike focuses on the technical and usability aspects of Web3, but said: “It seems worth thinking about how to prevent Web3 from being Web2x2 (Web2 but with less privacy) with some urgency. In Web3, “your login credentials are not based on a username or password, but are based on cryptographic proof that you are who you are, and that test is the same for each and every website or platform that users access, according to Erick Calderón, founder and CEO of the art-based NFT market Art Blocks, who spoke at a panel on NFTs at CES earlier this month.