What is web3 and how will it work?

First of all, there was web1 – aka the internet we all know and love. Then there was theand web2, the web generated by users, heralded by the arrival of social networks. Now, everywhere we look, people are talking about web3 (or sometimes web 3.0) – the supposed next big leap in the evolution of the internet. But what is it exactly? Web 3.0 promises a decentralized Internet built on the blockchain.

Opinions on this matter differ somewhat. Web3 is currently a work in progress and not yet exactly defined. However, the fundamental principle is that it will be decentralized – rather than controlled by governments and corporations, as is the case with today's internet and, to some extent, connected to the concept of “metaverse".

Even if you're not into blockchain technology like Bitcoin and NFT, you've probably heard of Web3 (or Web 3.0). Your tech-savvy friends might tell you it's the future, but the concept is a bit confusing. Is it blockchain or cryptocurrency? Here's what you need to know.

Let's go

I hear that term – “web3” – everywhere. What is this ?

The term Web3 was coined by Gavin Wood, one of the co-founders of the Ethereum blockchain, as Web 3.0 in 2014. Since then, it's become a catch-all term for anything related to the next generation of the Internet. Web3 is the name some technologists have given to the idea of ​​a new kind of internet service built using decentralized blockchains. Packy McCormick defines web3 as “the internet owned by builders and users, orchestrated with tokens”.

Proponents envision Web3 taking many forms, including decentralized social networks, video games, etc. play-to-earn » which reward players with crypto tokens and NFT platforms that allow people to buy and sell fragments of digital culture.

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The most idealistic say that Web3 will transform the Internet as we know it, upsetting the traditional gatekeepers and ushering in a new digital economy with no middleman.

But some critics believe that web3 is nothing more than a rebranding effort for crypto, with the aim of shedding some of the cultural and political baggage of the industry and convincing people that blockchains are the natural next phase of computing.

On paper, this would give many more people access to the Internet than before. Artificial Intelligence would be used to limit bots and click farm websites. An example of a Web3 application could be a peer-to-peer payment which runs on a blockchain. Instead of using a bank, people could pay for a good or service using a decentralized app (Dapp) designed for payments.

What is the decentralized web?

Let's look at decentralization first. Today, all of the infrastructure on which the popular sites and hangouts we spend time on is generally owned by corporations and to some extent controlled by regulations set by governments.

That's because it was the easiest way to build network infrastructure – someone pays to set up servers and put software on them that people want to access online, then charge us for the usage or leave it to us. to use for free, as long as we follow their rules.

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Today we have other options, and in particular we have blockchain technology. Blockchain is a relatively new method of storing data online, which revolves around the two fundamental concepts of encryption and distributed computing.

Encryption means that data stored on a blockchain can only be accessed by people authorized to do so, even if the data is stored on a computer owned by someone else, such as a government or a company.

And distributed computing means the file is shared across many computers or servers. If a particular copy of it does not match all other copies, the data in that file is invalid.

This adds another layer of protection, which means that no one other than the person who controls the data can access or modify it without the permission of the person who owns it or the entire distributed network.

How does identity work in Web3?

In web3, Identity also works very differently than what we are used to today. Most of the time, in Web3 applications, identities will be tied to the wallet address of the user interacting with the application.

Unlike Web2 authentication methods like OAuth or email + password (which almost always require users to submit sensitive and personal information), wallet addresses are completely anonymous unless the user chooses to publicly link their own identity to them.

If the user chooses to use the same wallet across multiple dapps, their identity is also seamlessly transferable between apps, allowing them to build their reputation over time.

Protocols and tools like Ceramic and IDX already allow developers to build self-sovereign identity into their applications to replace traditional authentication and identity layers. The Ethereum Foundation also has a working RFP to define a specification for “Connect with Ethereumwhich would help provide a more streamlined and documented way to do this in the future. This is also a good thread that outlines some of the ways this would improve traditional authentication flows.

Artificial intelligence (AI) and web 3.0

Most people believe that AI will play an important role in web3. This is due to the heavy involvement of machine-to-machine communication and decision-making that will be required to run many Web3 applications.

How does metaverse integrate with web3?

The last important web3 concept we need to cover is the metaverse. When it comes to web3, the term “metaverse” covers the next iteration of the Internet's front end – the user interface through which we interact with the online world, communicate with other users, and manipulate data.

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Just in case you missed all the hype – the idea of ​​the Metaverse is that it's going to be a much more immersive, social, and persistent version of the internet that we all know and love. It will use technologies like Virtual Reality (VR) and Augmented Reality (AR) to draw us in, allowing us to interact with the digital realm in a more natural and immersive way.

For example, using virtual hands to pick up and manipulate objects, and our voices to give instructions to machines or talk to other people. In many ways, the metaverse can be thought of as the interface through which humans interact with Web3 tools and applications.

It is possible to build Web3 applications without the metaverse being involved. Bitcoin is one example – but it is believed that technology and metaverse experiences will play a big role in how many of these applications will interact with our lives.

Some examples of web 3.0 applications

Let's look at some examples of web3 in practice:

Bitcoin - The original cryptocurrency has been around for over a decade, and the protocol itself is decentralized, although its entire ecosystem is not.

Diaspora- Decentralized non-profit social network

Steamit – Blockchain-based blogging and social media platform

Augur – Decentralized exchange market

OpenSea- A marketplace for buying and selling NFTs, itself built on the Ethereum blockchain

Sapien- Another decentralized social network, built on the Ethereum blockchain

Uniswap- Decentralized cryptocurrency exchange

Everledger- Blockchain-based supply chain, provenance and authenticity platform