Web 3.0 : In Blockchain Technology
Introduction to Web 3.0
Web3 is a catch-all term for the vision of a new, better internet. Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to users. A 2020 post on Twitter said it best: Web1 was read-only, Web2 is read-write, and Web3 will be write-write-own. Web 3.0 is a decentralized version of the internet where users can collaborate and communicate effectively without worrying about reliable information repositories.
Blockchain technology is the resource that has to be prioritized to make web progress more inclusive and less biased. With blockchain pulling out all the stops, the cryptosphere may develop into a more fruitful realm in a few years. What’s even more intriguing is that CoinSwitch and Kuber, two cryptocurrency exchanges, may be driving this transition and turning cryptocurrencies into something other than a helpful form of contribution.
In Web 3.0, search engines would convey custom-made bits of knowledge dependent on your hunt setting. Several computing devices will replace the data stored on centralized servers. Eventually, it will be peer-to-peer Internet without the control of any sole entity.
How does Web 3.0 Work?
With Web 1.0 and Web 2.0 technologies, Hypertext Markup Language (HTML) defines the layout and delivery of webpages. With Web 3.0, HTML will still be a core layer, but how it relates to data sources and where those data sources are located may differ from past web generations.
Many websites and nearly all applications in the Web 2.0 era rely on some form of a centralized database to deliver data and help to enable functionality. With Web 3.0, instead of a centralized database, applications and services make use of a decentralized blockchain. The basic idea is that there isn’t an arbitrary central authority, but rather a form of distributed consensus.
Web 3.0 also fundamentally works with cryptocurrency, more so than with fiat currency. Finance and the ability to pay for goods and services with a decentralized form of payment are enabled through the use of cryptocurrencies. All transactions are built and enabled on top of blockchain technology.
Blockchain emerged as a potent force that altered traditional company operations. The functions of blockchain in Web 3.0 are evident from the observations about the third generation of the web. However, decentralization is the most prominent feature of blockchain, which makes it a perfect basis for Web3.0.
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