Some writers who refer to the decentralized concept generally known as web3 have used the term Web 3.0, which causes some confusion between the two concepts. In addition, some visions of Web3 also incorporate ideas related to the semantic web. 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. 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. These applications are often called dapps (decentralized applications), and you'll see that term is often used in the webspace3.Web3 is a collection of JS libraries that allows you to interact with an Ethereum node remotely or locally.
It simply provides us with an API to use so that we can easily work with the blockchain. Web3 works as a wrapper for JSON RPC to connect to a remote or local Ethereum node with an HTTP or IPC connection. Web3 is basically a connection between the Ethereum blockchain and its smart contract. The web was once seen as a utopia in which anyone could do anything, but Web3 advocates say it is now dominated by large corporations and proprietary algorithms.
It all sounds good, although given how hard Facebook has struggled to maintain its dominance in the social media landscape, it seems likely that it will strive to be a powerful institution even in a potential Web3 era. Many of the claims behind Web3, such as distributed architecture and decentralization, are best achieved without blockchains, according to skeptics. Some Web 2.0 companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms. She was curator of TheDAO (Decentralized Investment Fund), advisor to Jolocom (Web3 Identity), Wunder (Tokenized Art) and the Estonian e-Residency Program.
This chapter focuses on Web3 because Web3 makes connecting to an Ethereum node less complicated and much easier to understand than RPC. Some technologists expect Web3 to incubate a metaverse that is built using blockchain systems and open standards, and that it will be managed by a network of computers around the world, rather than a few large companies. This is certainly just a use case, a kind of corporate version of a Web3 concept known as Decentralized Autonomous Organizations, or DAOs, that use tokens to make ownership and decision-making powers more equitable. Web3 (also known as Web 3.0 and sometimes stylized as web) is an idea for a new iteration of the World Wide Web based on blockchain technology, incorporating concepts including decentralization and the token-based economy.
Some of the rumors also have to do with some notable companies, including Reddit, that take steps to start with an advantage in the development of Web3 services and platforms. Experts say that, at best for Web3 enthusiasts, the technology will work alongside Web 2.0, not completely supplant it.