What is Web3? Let’s Break It Down in Simple Terms

Remember the era of the internet when it was just a library of information, Web 1.0, where you couldn’t do much except read a page, like a digital library. Then Web2 came into the picture, transforming the internet into a lively, social hub where we can connect, post, and communicate with friends and make new ones worldwide. Now, a new chapter has come into the picture, with lots of big steps for the internet, unfolding Web 3.0, offering more control, ownership, and freedom to be online. Web 3 aims to make this happen with tools like Blockchain, Artificial Intelligence (AI), Metaverse, and the creator economy. Web3 came into the industry with a big revolution. The internet we were using till now runs on centralized platforms, like Meta, Amazon, and Google, which have access and control over our data and privacy. Web3 drives us from a 2D world where all the control over our data and finances is being managed by a centralized authority. Now we are moving to a 3D, decentralized space powered by cryptography, blockchain, cryptocurrencies, and decentralized finance (DeFi). Let’s dive into simple terms, exploring what Web3 is, how it came into this picture, and how it is going to change the way we use the internet.

Core Components of Web3

Think about Web2, how it really works.  While using a social media platform like Instagram or Facebook, you post a picture, video, or update a status, and they store your data and utilize it as per usage. They can do whatever they want to do with our data, show ads based on that, and sell data to other sources. There’s always a risk of getting our data misused, data leaks, and privacy concerns. Web2 is an interactive platform, but due to its centralization, all our data is stored under
a big tech company.

Here, Web3 came into the picture with a decentralized solution where you are the owner of your data, and no third party or big company has access to your data.

Web3 is like moving from renting an apartment (Web2) to owning your own home (Web3) you get to make the decisions. Web3 is built on a key idea that makes it different from the internet we are aware of. Now it is a semantic web, which means the internet will sense the motive behind your searches or actions performed by users, not just matching the search keywords.

Let’s take an example, whenever you search for “best Pizza,” Web3 will not only search for best pizza, and show you pizza-related pages, but it will also use AI to figure out and give you the best recommendation available near you. It’s like a smart assistant working for you.

Key Features of Web3

Ownership: In web3, you own your own identity, your data, and your digital collaboration, like virtual art or game items. It is like a digital packet or backpack that is controlled and utilized by you only; no third party has your data.

Decentralized: Decentralization came into the picture, which spreads control of the user data across many instead of one big company. All the data is secured on Blockchain, a secure digital ledger, without involvement of any middleman, unlike Web2, where the platforms are storing every data.

Privacy and anonymity: Instead of using emails or usernames, Web3 uses a digital wallet, containing a private key that works like a password and identity for individuals in digital life. With this wallet, you can interact, trade, and store your assets.

Digital Money & Assets: In Web3, digital money or cryptocurrency is the key asset. Together, these pieces aim to make the internet smarter, fairer, and more private. In web3, users use Crypto and NFT (A unique digital token, like a kind of art piece) to buy, sell, or trade online without the flow of their traditional currency or a middleman 

Trust & Transparency: Web3 systems are open, so you can see how things work. It’s like a glass-walled bank where you can verify every transaction, making it harder for anyone to cheat.

Web3 In Everyday Life.

Web3 is catching fire, and the world is noticing and utilizing it day by day in their life. The trends of Blockchain, Metaverse, and NFT are growing rapidly. Every day, people, creators, and businesses are utilizing this web3 technology to ease their workloads. Artist are selling their digital art NFTs, gamers are earning tokens while playing games in virtual worlds, and the creator economy is booming rapidly.

What does Web3 look like in action?

• Decentralized Social Media: Imagine a social platform where your posts belong to you, not the company. You could move them to another app without losing them, and no one could delete your account without your permission.
• Digital Wallets: Instead of logging into websites with usernames and passwords, you’d use a “digital wallet” like a secure key that proves you’re you. It’s fast, safe, and works across many apps.
• Play-to-Earn Games: In some Web3 games, you can earn digital items (like a cool sword or avatar skin) that you truly own and can sell or trade, unlike traditional games where the company controls everything.
• Peer-to-Peer Services: Need a ride or a place to stay? Web3 apps could let you pay someone directly without a company like Uber or Airbnb taking a cut.
  
  Benefits and Opportunities
  
• Web3 comes up with exciting possibilities that give you more privacy on your personal data and info. It also creates a chance for creators like artists and musicians to earn directly from their fans without the involvement of any middleman taking a big share.
  Additionally, Web3 makes it easier to build communities where everyone has a stake, whether it’s a group of gamers, artists, or neighbors collaborating online.
  
• Imagine a world where you’re rewarded fairly for your contributions, whether you’re posting content, designing digital art, or helping run a community. Web3 is about making the internet work for you, not just for big corporations.
  
  Looking Ahead

Web3 isn’t just a buzzword; it’s a vision for a fairer, user-owned internet. Web1 lets us read information, Web2 lets us connect and share, and Web3 is about owning and shaping our digital world together. It’s like moving from borrowing books at the library to building a community where everyone gets to contribute, create, and own a piece of the future.

Sure, Web3 has some growing pains, but it’s an exciting step forward. As it grows, it could make the internet more open, creative, and fair for everyone. So, next time you hear about Web3, think of it as your chance to have a bigger say in the digital world and maybe even own a piece of it.