What is the example of web3?

A good example of a trustless web3 transaction would be to send Bitcoin directly to another person, not through an exchange or online wallet stored on a centralized server. 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. I am a developer who recently transitioned to the web3 space from a traditional development environment. Instead, web3 applications run on blockchains, decentralized networks of many peer-to-peer nodes (servers), or a combination of the two that forms a cryptoeconomic protocol. This is not to say that Ethereum and the Web3 community are still thinking about how to reduce trust at all levels, whether through decentralized data centers such as W3Bcloud, or implementations to bring thin clients to Eth2.Anyone who has been in the Web3 ecosystem long enough is aware of the design trade-offs engineers found when trying to adhere to maximum decentralized architectures, easy-to-use applications, and scalable infrastructure.

Most of the time, in web3 applications, identities will be linked to the wallet address of the user interacting with the app. However, there is no reason to think that the current status quo of Web3 infrastructure will look the same in the future, especially as more people experience the benefits of fully decentralized networks. These applications are often called dapps (decentralized applications), and you'll see that term is often used in the webspace3.One of the reasons why many people are excited about NFTs as a way to demonstrate digital provenance is that since they are Ethereum tokens (NFTs are now also available on other smart contract blockchains), they are interoperable with the rest of the Web3 ecosystem. However, unlike Web3 networks, creators can boot from the network whimsically and don't own the content they share.

Now, Web3 is the slogan for an entire investment category of a16z and other large venture capital firms, which means it is also the subject of lengthy Twitter threads, irony, mockery and confusion. After running it on your system, you can connect your JavaScript application to the live network using Web3 by listening to it on the local host. Web3 can be seen as a reaction to the extractive relationship between users and platforms on the Internet today, one in which users will always be able to choose what to share and what to keep private. It was only a matter of time before Web3 became a big enough part of public Internet discourse for jesters to come for protocol priests.

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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