WEB3 New Phase of the Internet

The introduction of Web3 

Centralization has helped onboard billions of people to the World Wide Web and created a stable, robust infrastructure on which it lives. A handful of centralized entities have a stronghold on large swathes of the World Wide Web, deciding what should and should not be allowed.

There is a unique technology evolution called Web3. Web3 is being built, operated, and owned by its users instead of being dominated by large technology companies. Web3 puts power in the hands of individuals.

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What is Web3?

Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.

Key Ideas of Web3

While it can be difficult to define what Web 3 is, some core principles guide its development.

• Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
• Web3 is permissionless and no one is excluded from participating.
• Web3 has its native payments. This means it uses digital currencies especially to make online payments instead of relying on the rusting infrastructure of banks and payment processors.
• Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.

Importance of Web3

Although Web3's killer features aren't isolated and don't fit into neat categories, for simplicity we've tried to separate them to make them easier to understand.

Ownership

Web3 gives you control of your digital assets in an unprecedented way. For example, consider a digital item game that you deposit money to buy an in-game item. If the game creators later delete your account, you lose not only your money, but your digital item as well. If you never access the game again, then you lose the value of that digital asset. I of these downsides to the web3.

Web3 gives users direct ownership through non-fungible tokens (NFTs). The game creators cannot revoke the ownership rights of the users, not even in situations where the game is not being played. If the player stops playing, they can sell or trade their items on open markets. 

Identity

You would create an account for every platform. You might have a number of accounts, for example, a Reddit account. Do you want to change your display name or profile picture? It has to be done across every account. Social sign-ins can be used in some cases, but they present a problem of censorship. These platforms can lock you out of your online life in a single click. Many platforms require you to give them personally identifiable information to create an account. Web3 allows you to control your digital identity with an ENS profile. It is possible to use an ether address to log in to platforms that are secure, censorship-resistant, and anonymous.

Native Payments

Web2's payment infrastructure relies on banks and payment processors, excluding people without bank accounts or people who live in the wrong country. Web3 uses tokens like ETH to send money directly in the browser.

Decentralized future

Web3 is a young and evolving ecosystem. Gavin Wood coined this term in 2014, but many of these ideas have only recently become a reality. In the last year, there has been a significant surge in the interest in cryptocurrency, improvements to layer 2 scale solutions, massive experiments with new forms of governance, and revolutions in digital identity. We are only beginning to create a better Web with Web3, but as we continue to improve the infrastructure that will support it, the future of the Web looks bright.