According to Gavin Wood, the founder of Parity Technologies, Web3 is more than just cryptocurrencies, blockchain, and tokenomics. It embodies the values of decentralization, openness, and transparency, offering a new approach to internet technologies. Originally coined the Semantic Web by Tim Berners-Lee, the creator of the World Wide Web, Web 3.0 aims to create a more sophisticated and independent Internet. With a focus on decentralization and empowering users to take control of their data. Web3 enables users to determine what details they would like to show other people for monetary gain. For more information, you can visit bitcoin-360-ai.org
Exploring the Fundamental Differences Between Web3 and Web2
The fundamental difference between Web2 and Web3 lies in their underlying architecture and approach. Web2 relies on centralized authorities to control and manage the platform, cloud, and application deliveries. In contrast, Web3 is built on decentralized principles, using edge frameworks, peer-to-peer communication, and distributed procedures to power its operations.
Another significant difference is in the mode of transactional currency. Web2 typically uses government-issued fiat currencies such as INR for financial transactions, whereas Web3 leverages cryptocurrencies, which are digital and encrypted, such as Tether, Ethereum, and Bitcoin, to enable secure and decentralized financial transactions. Variations in Web3 and Web2 go well past the technological innovation they depend on. In Web2, tracking and personalization are typically done through the use of cookies, whereas in Web3, users can obtain NFT, unique digital identifiers with inherent value or benefits attached.
Web2's layout tools offer dynamic control over the content, while Web3 leverages autonomously smarter technology, such as AI and machine learning. Instead of traditional databases, Web3 relies on blockchain immutability for secure data storage. Web2 enabled social networking through platforms like Facebook and Twitter, while Web3 promises to usher in the era of Meta worlds, merging augmented, virtual, and physical realities.
Features of Web3
Blockchain
The revolutionary blockchain technology has the potential to revolutionize how user data is protected and managed. By encrypting data and creating decentralized systems, blockchain ensures that big tech companies are unable to access and exploit users' personal information. This technology provides a more secure and transparent way to store data and prevent unauthorized access, ultimately giving users greater control over their personal information. As such, blockchain technology has the potential to fundamentally shift the power dynamic between individuals and corporations in the digital age.
Universality
The proliferation of devices that can access internet content and services has significantly expanded with the advent of Web 2.0. While PCs and smartphones remain the primary means of accessing the Internet, the growth of the Internet of Things (IoT) has further amplified the reach of Web 2.0. This technology has made it possible to access internet services from any location and at any time, with an almost limitless number of devices. With the continued expansion of IoT devices, Web 2.0 is poised to become even more widespread and accessible than ever before.
Decentralization
Web3 introduces a novel approach to regulating web organizations and services through the use of Decentralized Autonomous Organizations (DAOs). DAOs are built on the same foundation as blockchain technology, relying on distributed consensus rather than a centralized authority to make decisions. This unique framework ensures that decision-making processes are transparent, fair, and democratic. In addition to DAOs, Web3 is also facilitating the growth of decentralized financial services, which operate independently of traditional banking institutions. This is set to have a significant impact on the global financial system, with more and more individuals opting to bypass conventional financial systems in favour of decentralized alternatives.