What is web3?
Introduction
The world of blockchain can be confusing! Keys, smart contracts, hot wallets, gas, fiat, forks, mining, oracles, and rollups… there’s all sorts of confusing concepts, terminology, and acronyms.
For example: “last week I sent some tokens from my cold wallet to metamask and yolod into this defi alt ICO. Team was anon but the DA launch rugged so hard I had to btfd. We either moon or I get btfo. Apys better be good, gwei is high so I can’t even afford gas.”
If you understood that – congratulations! You have a little DeFi degen in you.
If you didn’t – well you should probably keep reading, because in this article we’ll explain an important big picture concept – What is web3?
1. What is web3 and why is it important?
To understand web3, you have to understand the history of the development of the World Wide Web (www).
What we now know as web 1.0 began in the early 1990s and lasted until the mid 2000s. Most early users were content consumers; there were only a few content creators and content was largely static and informational in nature only.
The next phase of the web is known as web 2.0, which introduced social media, blogs, and user-generated content (UGC). Web 2.0 gave rise to companies like Google, Facebook, and Amazon. There were no technical advances that distinguish between web 1.0 and web 2.0: instead, the major distinction comes from how web pages were designed and used. Compared to web 1.0, web 2.0 applications focus more on UGC, personalization, interactivity, interoperability, and collaboration. This time period also saw the rise of e-commerce and digital marketing and advertising.
Web 3.0, or web3, is the next phase of the web, a reimagining of how we engage online and with others, where the focus is on decentralization and giving users control over their data. In contrast to web 2.0, which is largely centralized and controlled by a few major corporations, web3 is decentralized and powered by blockchain technology. With web3, users own their data and have control over how it’s used. Individuals can take ownership of their own data, content, and even participate in democratic governance of networks and decentralized applications (dApps) built on top of them.
Read More: How to Use web3 dApps
2. What are the key components of web3?
The Ethereum Foundation defines four key components of web3: decentralized, permissionless, native payments, and trustless.
Decentralized – In web2 systems, most power, whether ownership and control of data, decision-making, or other, is held by a small number of centralized entities. While this does present some advantages, there are some major downsides. In web2 systems, the power or decision-making authority in a system is distributed among its participants. This shift away from centralization presents a number of advantages, including increased security, transparency, and accountability.
Permissionless – In web2 systems, access to data and services is often restricted by permissions set by centralized entities. This can lead to a number of problems, including censorship, data breaches, and data loss. In contrast, in web3 systems, services are open to everyone. This permissionless access creates a more level playing field and presents opportunities for innovation that would otherwise be restricted by centralized gatekeepers.
Native Payments – In web2 systems, payments are often made through third-party providers such as PayPal or Stripe. These providers typically charge high fees, which can inflate costs and be a barrier to entry for many users. In web3 systems, payments are made using cryptocurrency on modernized payment rails. This not only reduces costs, but also makes it easier for users to have full control over their assets and how they use them.
Trustless – In web2 systems, trust is often placed in centralized entities, such as banks, governments, or corporations . This trust can be misplaced, leading to problems such as corruption, fraud, or theft. In web3 systems, trust is placed in the underlying code and protocols of the system. This shift away from trusting centralized entities presents a number of advantages, including increased security and transparency.
3. How does web3 interact with blockchain technology?
Web3 is being built on top of blockchain technology. Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. With blockchain, there is no need for a central authority to oversee or approve transactions. This decentralization makes blockchain well suited for use in web3 applications. Using blockchain is a reworking of the backend of the internet – how it works behind the scenes – enabling all the key components of web3: decentralization, permissionless, native payments, and trustless.
4. Conclusion: what implications does web3 have for the future of the internet?
Web3 is the name for a set of technologies and standards that are being developed to improve the internet as we know it. The vision for web3 is to create a more open, accessible, and secure online world where users have more control over their data and identity. It’s being built on top of the existing infrastructure of the internet, but with some important changes.
The future will be decentralized, with power and control distributed among its participants. Services will be open to everyone, without the need for permission from central authorities. Payments will be made using cryptocurrency, making it easier for users to have full control over their assets. And trust will be placed in code and protocols, rather than centralized entities.
The implications of web3 are far-reaching. It has the potential to upend traditional business models, create new opportunities for innovation, and empower users in ways that were not possible before. It’s still early days for web3, but the future looks bright.
About Boba Network
Boba Network is a blockchain Layer-2 scaling solution and Hybrid Compute platform offering lightning fast transactions and fees up to 60x less than Ethereum.
Our Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.
We’re delivering a faster, cheaper, smarter experience for blockchain’s next billion users.
More information about Boba Network:
What is
web3?
Introduction
The world of blockchain can be confusing! Keys, smart contracts, hot wallets, gas, fiat, forks, mining, oracles, and rollups… there’s all sorts of confusing concepts, terminology, and acronyms.
For example: “last week I sent some tokens from my cold wallet to metamask and yolod into this defi alt ICO. Team was anon but the DA launch rugged so hard I had to btfd. We either moon or I get btfo. Apys better be good, gwei is high so I can’t even afford gas.”
If you understood that – congratulations! You have a little DeFi degen in you.
If you didn’t – well you should probably keep reading, because in this article we’ll explain an important big picture concept – What is web3?
1. What is web3 and why is it important?
To understand web3, you have to understand the history of the development of the World Wide Web (www).
What we now know as web 1.0 began in the early 1990s and lasted until the mid 2000s. Most early users were content consumers; there were only a few content creators and content was largely static and informational in nature only.
The next phase of the web is known as web 2.0, which introduced social media, blogs, and user-generated content (UGC). Web 2.0 gave rise to companies like Google, Facebook, and Amazon. There were no technical advances that distinguish between web 1.0 and web 2.0: instead, the major distinction comes from how web pages were designed and used. Compared to web 1.0, web 2.0 applications focus more on UGC, personalization, interactivity, interoperability, and collaboration. This time period also saw the rise of e-commerce and digital marketing and advertising.
Web 3.0, or web3, is the next phase of the web, a reimagining of how we engage online and with others, where the focus is on decentralization and giving users control over their data. In contrast to web 2.0, which is largely centralized and controlled by a few major corporations, web3 is decentralized and powered by blockchain technology. With web3, users own their data and have control over how it’s used. Individuals can take ownership of their own data, content, and even participate in democratic governance of networks and decentralized applications (dApps) built on top of them.
Read More: How to Use web3 dApps
2. What are the key components of web3?
The Ethereum Foundation defines four key components of web3: decentralized, permissionless, native payments, and trustless.
Decentralized – In web2 systems, most power, whether ownership and control of data, decision-making, or other, is held by a small number of centralized entities. While this does present some advantages, there are some major downsides. In web2 systems, the power or decision-making authority in a system is distributed among its participants. This shift away from centralization presents a number of advantages, including increased security, transparency, and accountability.
Permissionless – In web2 systems, access to data and services is often restricted by permissions set by centralized entities. This can lead to a number of problems, including censorship, data breaches, and data loss. In contrast, in web3 systems, services are open to everyone. This permissionless access creates a more level playing field and presents opportunities for innovation that would otherwise be restricted by centralized gatekeepers.
Native Payments – In web2 systems, payments are often made through third-party providers such as PayPal or Stripe. These providers typically charge high fees, which can inflate costs and be a barrier to entry for many users. In web3 systems, payments are made using cryptocurrency on modernized payment rails. This not only reduces costs, but also makes it easier for users to have full control over their assets and how they use them.
Trustless – In web2 systems, trust is often placed in centralized entities, such as banks, governments, or corporations . This trust can be misplaced, leading to problems such as corruption, fraud, or theft. In web3 systems, trust is placed in the underlying code and protocols of the system. This shift away from trusting centralized entities presents a number of advantages, including increased security and transparency.
3. How does web3 interact with blockchain technology?
Web3 is being built on top of blockchain technology. Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. With blockchain, there is no need for a central authority to oversee or approve transactions. This decentralization makes blockchain well suited for use in web3 applications. Using blockchain is a reworking of the backend of the internet – how it works behind the scenes – enabling all the key components of web3: decentralization, permissionless, native payments, and trustless.
4. Conclusion: what implications does web3 have for the future of the internet?
Web3 is the name for a set of technologies and standards that are being developed to improve the internet as we know it. The vision for web3 is to create a more open, accessible, and secure online world where users have more control over their data and identity. It’s being built on top of the existing infrastructure of the internet, but with some important changes.
The future will be decentralized, with power and control distributed among its participants. Services will be open to everyone, without the need for permission from central authorities. Payments will be made using cryptocurrency, making it easier for users to have full control over their assets. And trust will be placed in code and protocols, rather than centralized entities.
The implications of web3 are far-reaching. It has the potential to upend traditional business models, create new opportunities for innovation, and empower users in ways that were not possible before. It’s still early days for web3, but the future looks bright.
About Boba Network
Boba Network is a blockchain Layer-2 scaling solution and Hybrid Compute platform offering lightning fast transactions and fees up to 60x less than Ethereum.
Our Hybrid Compute brings the power of Web2 on-chain, with smarter smart contracts that allow developers and creators to leverage off-chain compute and real-world data to offer an enriched experience unlike anything else on the market today.
We’re delivering a faster, cheaper, smarter experience for blockchain’s next billion users.
More information about Boba Network:
