What is Web3 And Why Is Everyone Talking And Tweeting About It?

You might have seen words like crypto, meta, and NFT all over the internet over the last few months. These are currently the tech buzz words that are being used extensively, mainly from tech experts and enthusiasts. Another term that is getting prominent these days is Web3. So, what is Web3, and why is everyone talking about it?

The current version of the internet and services that we use are known as Web2, and Web3 is a successor to Web2. This is said to be the next iteration of the internet, built using blockchain technology, similar to cryptocurrencies and NFTs. The current generation of the internet also known as Web2 is said to provide services in exchange for personal data.

The Web3 technology is said to solve this issue by offering decentralized apps, capable of running on the blockchain. Anyone can use a Web3 app without sharing personal data with the app developer. The apps built using Web3 technology will be known as DApps. One of the major services that is based on Web3 is NFT.

Advantages Of Web3 Services

According to a post on Etherium.org, one does not require any special permission to a Web3 app, as no one can either deny or give access to a specific service. It also has a built-in payment system (Etherium) and it can be used to program anything.

Disadvantages Of Web3 Services

Web3 isn't perfect and has some challenges. As this is a decentralized technology, it is hard to scale. Things like payments have to be processed by a miner. Similarly, it is also said to be a bit difficult to interact with the Web3 app and might require additional steps and processes when compared to a Web2 app. Currently, Web3 is a bit expensive and lacks integration with modern web browsers.

Most Big Social Media Platforms Might Not Embrace Web3

Looking at the capability of the Web3 DApp technology, it sounds better for an end-user. However, for a company, it is not doing any favor. As mentioned before, most social media apps (Web2) thrive on user data and make money and the Web3 technology completely removes that aspect, which is not a good thing from a business perspective.

Web3 looks like a great technology to make open source and community-based non-profitable solutions, and we can expect the same in the next few years.