Web 3, also known as the Decentralized Web, is still largely unknown. Yet its innovative technologies and unique features offer exciting possibilities for crypto-currency users and investors. What is it and what does it involve? We explain it all in this article!
What is Web 3?
Web 3, also known as the Decentralized Web or Web 3.0, refers to the third generation of the Web, following on from Web 1.0 and Web 2.0. The concept was coined by Gavin Wood, a British computer scientist and co-founder of the Ethereum blockchain.
For the older among us, we still remember Web 1.0, the early days of the Internet, when we had a simple, rather disorganized browsing portal. In 2003, Web 2.0 made its debut. Also known as the "participative web", it is characterized by the emergence of social platforms and networks such as Google and Facebook.
Web 3.0, on the other hand, aims to give power back to users and break away from the power of the GAFAMs. To achieve this, it uses technologies such as blockchain and smart contracts to enable a decentralized, transparent environment.
How does Web 3 work?
As mentioned above, Web 3.0 relies on several key technologies:
- The blockchain In simple terms, the blockchain is a decentralized, secure register that transparently and immutably records transactions and data. With blockchain, we no longer use centralized servers, but networks of computers called nodes.
- The smart contracts These are autonomous programs that run on the blockchain. These contracts are capable of automating transactions and processes without the need for a trusted third party.
- The decentralized protocols Decentralized protocols: these enable direct, peer-to-peer interaction between users, applications and data. They enable cooperation between different parties without the need for central entities.
- The decentralized governance In Web 3.0, governance is achieved through decentralized, autonomous mechanisms such as DAOs (Decentralized Autonomous Organizations).
All these elements combine to create a decentralized ecosystem where users have greater control over their data and online interactions: Web 3.
What's the major difference between Web 2 and Web 3?
As you can see, the major difference between Web 2 and Web 3 lies in the architecture. Whereas Web 2 was based on centralized platforms where data was controlled by a handful of major players, Web 3 offers a decentralized universe where users themselves control their data and interact with each other without intermediaries.
Who uses Web 3?
The number of people using Web 3 has grown rapidly in recent years. Individual users, developers, investors and businesses all benefit from it. For individual users, autonomy and greater control over their personal data are undeniable advantages. Developers, meanwhile, see opportunities for innovation offered by decentralized applications known as DApps. Businesses benefit from data security, as do individual users, but also from improved processes in areas such as logistics or financial services. Finally, investors see Web 3 as an investment opportunity, thanks to cryptocurrencies, tokens and NFT.
Why invest in Web 3?
As we've just seen, Web 3 offers many advantages for various players, including investors. Indeed, it offers significant growth opportunities thanks to its disruptive potential in a wide range of sectors: healthcare, financial services, logistics and more. What's more, its decentralized nature offers greater resilience to breakdowns and censorship, which is more than attractive to investors concerned with data security and freedom.
Web 3 represents an exciting new era for the Internet and its users. It's up to us to prepare ourselves for this constantly evolving technological revolution.
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