The internet is constantly evolving, and the term "Web3" is becoming the talk of the town. But what exactly does it mean, and why should someone care? To truly understand Web3, it helps to look at how we got here—starting from Web2, where most of us are currently.
What is Web2?
In Web2, the current internet, data is stored on centralized servers controlled by big companies like Google and Instagram. These platforms control our data and monetize it. For example, Instagram owns the photos you post, and Google profits from the data it collects about you.
This centralized model works but comes with downsides like privacy issues and lack of user control.
What is Blockchain?
The foundation of Web3 is blockchain technology. A blockchain is a distributed ledger that records data across a network of computers, rather than on a central server. It’s secure, transparent, and decentralized, meaning no single entity controls the data. This technology allows Web3 to function without a central authority.
Decentralization and Web3
In Web3, decentralization means that apps (called dApps) aren’t controlled by a company. Instead, data is shared across a network. Users have more control over their data, and ownership is distributed through tokens, which can give users governance rights in the platform. Unlike Web2, no single company owns or profits from your data.
Famous Blockchains
Key blockchains in the Web3 space include:
Bitcoin: The first blockchain, primarily for cryptocurrency.
Ethereum: Introduced smart contracts, enabling dApps and decentralized finance (DeFi).
Solana: Known for fast transactions and scalability, making it ideal for dApps and NFTs.
These blockchains have gone beyond cryptocurrency and are driving the Web3 revolution.
Web3 promises a future where users control their data and apps are decentralized, powered by blockchain technology. It’s still developing, but Web3 could fundamentally change how we interact with the internet.
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