Web3, the new era of the Internet has the potential to revolutionize the world. Thus, businesses worldwide are partnering with Web3 development company to build future proof business solutions.

1. What Is Web3 and Why Is It Being
Discussed So Much?
Apart from the never-ending pandemics, inflation, and supply chain crises, the new decade
has seen remarkable technology developments. We now have a new version of the Internet,
Web3 or Web 3.0, four decades after its inception in the late 1980s. Web3 is being heralded
as the Internet's future by the crypto and blockchain communities. Web3 has a bit of a
convoluted notion. Nonetheless, the overall goal is to create a decentralized network in
which users are not reliant on digital behemoths like Facebook, YouTube, and Amazon.
Web3, the new era of the Internet has the potential to revolutionize the world. Thus,
businesses worldwide are partnering with Web3 development company to build future
proof business solutions.
What Was Web3 Before It?
It's crucial to know what occurred before Web3 in order to grasp its actual meaning. In the
late 1990s, we received Web1, the initial version of the Internet. The first edition was simply
a collection of links and linked homepages. In Web1, there were little problems, usability, or
scope, and all you could do was browse and write articles for other people to read.
In practice, the online community was quite sequestered due to infrastructure, access, and
ability limitations. There was a small community of bloggers and forums back then, but very
few individuals were making money online as they are now.

2. In 1999, the Internet launched its second phase, known as Web2, after nearly ten years of
Web1. Because the websites allowed for more user engagement, it was dubbed the read
and write version of the Internet by some. People were enabled to go from being content
consumers to content creators thanks to blogs like Tumblr, and then Facebook, Instagram,
and Twitter.
The Internet grew into a platform where anyone can construct and enhance functions from
real life as it got more accessible and legible. Despite the fact that Web2 has been around
for more than two decades, innovators are pushing for the Internet to become more
decentralized.
What exactly is Web3?
The New-Age Internet, also known as Web 3 or Web 3.0, is the third main phase of the
Internet since its birth. Web3 can be thought of as the read, write, and own phase, if Web2
can be thought of as the read and write phase. While the Web2 Internet is an important
aspect of our lives today, it also brings with it some undesirable baggage. Google, Amazon,
Microsoft, Apple, and Facebook, to name a few, have a monopoly on the Internet.
Web3 aspires to provide users more control over their data by combining the openness of
Web1 with the size of Web2. In essence, Web3 will appear to be similar to the current
Internet on the surface, preserving all of the functionality while updating the underlying
technology.
What Is Web3 and How Does It Work?
Web3's major goal is to decentralize the current Internet by handing control over to
end-users from internet behemoths like Google, Facebook, and Amazon. Since Web3
promotes decentralization, only one technology can best implement it: Blockchain.
The notion of Web3 is built on blockchain technology, just like other buzzwords that took
2021 by storm, such as NFT and Bitcoin. Gavin Wood, a co-founder of Ethereum, created
the term Web3 in 2014 and now manages the Web3 Foundation. The Ethereum blockchain
is now used in the majority of Web3 development.
If the present Internet is rebuilt on the blockchain, no single body will be able to govern
Web3 applications, known as dApps (decentralized application). Today's websites and
applications are powered by servers, via which data is ingested and ejected. You get a
reaction every time you do something on the Internet.

3. However, the platform owner is the only one who knows what is going on in the background.
Web3 uses blockchain to change this by keeping users in the dark regarding privacy
protection measures, security protocols, and other operations. All participating systems
operate as nodes in this distributed ledger system.
Your Web3 Identity
The identifying method in Web3 is different from what you're used to on the Internet today
(Web2). Your identity on any Web3 platform will be linked to the crypto wallet address you
use to engage with the platform. MetaMask is a great example of a crypto wallet like this,
and its browser extension lets you transform your Web2 browser to a Web3 browser. Unlike
conventional Web2 authentication techniques such as checking in via email or social media
accounts (which require personal information), a wallet address remains anonymous unless
you publicly identify it as your own.
By transferring your identity and building up your reputation over time, you can utilize the
same wallet address across different decentralized applications. Specific tools and protocols,
such as IDX and Ceramic, can be used to replace standard authentication and identification
layers, allowing users to establish their own self-sovereign identity. The Ethereum
Foundation is also working on a blockchain-based identity management system that allows
users to log in using their Ethereum address.
Web3 and the Metaverse
The Metaverse is a linked online universe that has captured the attention of crypto
enthusiasts, social media moguls, and game creators. The concept of the metaverse as a
collection of interconnected online worlds necessitates the smooth transfer of your user
account, avatar, and data from one world to the next.
Every business is creating its own metaverse, and they are unlikely to collaborate since they
do not want to share their user base. That's where Web3's decentralized Internet comes to
the rescue. Users can simply transition from one metaverse to another if no single entity
owns or governs the many metaverse realms. The usage of crypto as the metaverse's
primary currency has drawn a large number of crypto enthusiasts to Web3's development.
What exactly is Web3? Here Are Some Suggestions For Explaining
It To A Friend

4. ● The decentralized web is now referred to as Web3
Early investments and projects were guided by Web3, a philosophical touchstone.
MetaMask is now the most popular means for people to get access to the Ethereum
blockchain and other Ethereum-compatible networks.
It's a secure way to obtain a public key on your phone or computer, but it also offers a new
way of engaging with the web: one in which only you have access to your accounts and
data, and you can choose what to publish and what to keep private. MetaMask can also be
referred to as a cryptographic consent manager.
Beyond decentralized money and identification, we meant the rest of the stack when we
talked about the decentralized web. Other aspects of the decentralized web, such as
decentralized storage (IPFS and Arweave), decentralized storage (Golem, W3BCloud, and
others), and decentralized data are just becoming crucial parts of the stack (Graph Protocol).
● Web1 is read-only, Web2 is read-write, Web3 is read-write-own
When I asked my Web3 developer brother how he describes Web3, he said that Web1 was
read-only, Web2 was read-write, and Web3 was read-write-own. Open source protocols
such as TCP, IP, SMTP, and, of course, HTTP were used to create the first version of the
Web.
A protocol is a set of rules that numerous computers agree to follow when communicating
with one another. These core protocols govern the flow of information and messages on the
internet, and you don't have to pay to use their rules in your application or service.
Web2 refers to the internet's next generation, which is based on free and open source
protocols. Individuals could add material to the web, which was a significant change from the
static, read-only versions of Web1 websites.
What began as upvotes on Digg message boards evolved into microblogging, and now there
are over 2 billion Facebook profiles. Another slight alteration occurred as well. Web2 firms
paid the fees instead of maintaining your own server to display your websites. However, in
exchange, they established a silo of user data, behavior, and actions that advertising may
use to build a social graph. The individual user is the product in Web2.
● Web3 is a money layer that runs on the internet

5. The ability to make knowledge internationally accessible, inexpensive, reproducible, and
abundant was one of the internet's most major advancements. These attributes are
diametrically opposed to the rarity and difficulty of obtaining goods of worth, such as money
or property.
Bitcoin was the first system to bring scarcity to the internet, thanks to its ability to solve the
"double spend" problem that plagued early attempts at digital money. The prospect of using
duplicate digital money and spending it in two or more places at the same time is referred to
as the double spend conundrum. In the mainstream financial world, banks, credit card
issuers, and payment processors authenticate transactions themselves to minimize the risk
of double-spending.
To ensure that an account does not double spend, decentralized cryptocurrencies rely on a
network of miners or validators. This has far-reaching implications because verification is no
longer relied on a trusted centralized source. Anyone with an internet connection can access
the ledger and join the peer-to-peer network. Social consensus can defend a cabal
attempting to erase or censor transactions.
● Web3 is a new internet patronage model
The increasingly nebulous "creative economy" refers to online places that enable producers
to monetise in innovative ways. OnlyFans, Twitch, and other platforms give users the option
of earning directly from their followers rather than relying on an ad-driven, attention-based
revenue model. Unlike Web3 networks, however, authors can be kicked off the network at
any time and do not own the content they post.
● Web3 is still not decentralized at any level
Anyone who has spent enough time in the Web3 ecosystem is aware of the design
compromises that engineers must make in order to achieve maximum decentralisation,
user-friendly apps, and scalable infrastructure.
Moxie Marlinspike, the founder of Signal, recently stated in his own examination of Web3
that "the idea underpinning web1 was that everyone on the internet would be both a
publisher and consumer of information as well as a publisher and consumer of
infrastructure." We'd each have our own website and email server...However, and this cannot
be stressed, this is not what people want. "No one wants to be in charge of their own
servers," says the author.
The Future of Web3

6. Web3 proponents will tell you that in the future, it will be the most widely used form of the
Internet. The actuality of the future Internet, on the other hand, will be a hybrid of the early
Web1, the current Web2, and the developing Web3. Big tech companies like Facebook have
already invested a significant amount of money and resources in Web3 and are unlikely to
relinquish control anytime soon.
The move from Web2 to Web3 will most likely be gradual, and you will hardly notice it. It's
the same thing that happened when Web1 users switched to Web2 without even noticing it.
In the Web3 ecosystem, where consumers have more control over their data and services,
the potential for innovation is enormous. With NFT minting website development, content
creators have more control over their digital assets in web 3.0. However, it will not be as
perfect as the Web3 proponents claim. The Internet is constantly evolving, and this is just
another natural evolution that will occur over time.