What is Web3?
Web3 shifted the way we use the internet today, moving us from Web 1.0 which was the online version that operated from around 1991 and 2004. It was more focused on consumers rather than creators. Web 2.0 is the opposite of Web 1.0 or can say shifted to a creator-based world. It has come to illustrate the ensuing iteration of the internet: one loomed by user-generated content. This was when everyone started interacting through Facebook and other social media networking sites, creating and sharing videos on YouTube, and sharing comments and views.
Then comes Web3 which was surprisingly predicted by Gavin Wood, co-creator of the Ethereum blockchain, who expected the internet of the future to be centered on blockchain technology. Web3 refers to the decentralized internet based on distributed technologies such as Blockchains and Decentralized Autonomous Organizations (DAOs) and not centralized servers.
The objective is that this will result in a more democratic Internet. No one party will be able to restrict the flow of information and terminate a network just because they possess the hardware on which it runs. In principle, the servers, systems, and networks from which applications are run and data is kept will be owned by the users, who would have voting rights over what rules and restrictions are in place and how they may be utilized.
It is expected to be the third significant development of the internet, following the worldwide web (web1) and the user-generated web (web2, or social media).
Web3 vs. Metaverse: What’s the Difference
Web3 and Metaverse – two omnipotent words or terms that are generating hype and bringing a wave of excitement to the world of finance and business. Most people are still unaware that the world is shifting from Web2 to Web3 and often confuse these terms. Although they are related in several important ways, they both represent different concepts. The world is moving swiftly toward Web3 –
- From AWS to IPFS
- From LLC to DAO
- From Physical assets to NFT
- From Chrome to Brave
- From bank to Metamask
- From monopoly centralized systems to decentralized blockchains
- From Facebook to Steemit
Since the world is shifting toward the new gen of the internet, we need to see what’s the difference between these two terms. Before that, let’s see what is web3 and metaverse to understand these two terms in brief.
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