Evolution is a continuous process and we, the human beings also reached at today's stage after an evolution of thousands of years. We have invented so many things and that also evolute slowly and developed. Similarly, one of the biggest revolution of 21st century Internet is evolving gradually and reached to WEB3 from WEB1.
WEB1 and WEB2
At the initial phase of internet, WEB1 period was between the lase decade of 20th century to starting of the 21st century. WEB1 was mainly static, and no user interactions were possible on websites. We can say it was just one way information highway. Then slowly WEB2 was evolved. In that period, social media was born. The one way information highway become two-way and user were able to interact. A lot of development happened in the virtual world and user based increased multiple times. With a lot of user interactions, a large user data was also generated and owned by various organizations. Due to the database a lot of issues like privacy breaching, security etc arose which need to be resolved. WEB1 and 2 were completely centralized in nature and various organizations controls over it.
WEB3
Slowly now we are entering the WEB3 era, it is based on decentralized blockchain technology and crypto. WEB3 is capable of resolving some serious concerns raised due to WEB1 and 2.
Decentralization in nature
There is no central entity which controls over any WEB3 applications. It is completely centralized in nature and governed by DAO. WEB3 is far transparent in nature than WEB2 applications. This is because it is based on blockchain technology. In the blockchain technology data is completely transparent and immutable, but at the same time public blockchain in not governed by any centralized organization. It is community driven.
No privacy breaching
Unlike any centralize web application like Facebook, Google etc WEB3 application doesn't require any personal data to use the application. The best example is Hive ecosystem, where user identity remains completely secure, and the user can use all the features of any application. No personal data is asked to log in and no terms and conditions need be agreed as happened in most of the WEB2 applications.
Ownership, censorship, and monetization
In WEB2 social media application user doesn't have control over its content and can be blocked and removed by the centralized organization which run that application. Opposite to that in WEB3 applications as it runs on blockchain technology nobody can delete or block. Here censorship doesn't apply and here freedom of expression is in true sense.
NFT is a latest trend in WEB3 world, and it is a true example of complete ownership of any digital asset like art, photo, document etc.
Users are rewarded in crypto for his/her and content and again here no personal details like Name, Bank account number is required to get rewarded. Reward received can be traded and convert into fiat anytime.
Decentralized finance
It is one of the revolutionary feature of WEB3. It allows everybody to access finance system irrespective to nationality, region and without disclosing your identity. If you are a part of WEB3 ecosystem, DeFi is accessible to you. One just required a crypto wallet and can explore the world of decentralize finance where all facilities like landing, borrowing, earning interest, earning yield etc are available. You are the only owner of your wallet until and unless you do not share the key of wallet.
Although WEB3 is in its initial stage but growing very fast. Due to its revolutionary features, some of that explained above, it seems going to be a next revolution in the internet technology.
Posted Using LeoFinance Beta