What is Web3 & Future of Web3 – Complete Guide

The world of technology is vast and has changed our lives forever. We have every necessary thing for our everyday life under our fingertips, which is possible because of the various components of the web coming together and working. And the web promises that our future will be even brighter and more efficient because of its future iteration.

The present iteration of the web that we use is web2. It makes our lives easy and comfortable. But, it is the web3 future that will offer us, even more, ease and utility of the web. And this is what we will be discovering and discussing in the discussion below. We have provided a brief explanation of web3 and the future of web3. So, let us begin the talk, any further delay!

what is web3
Source – 101Blockchains

What Is Web3 Used For?

The first and most crucial question is, what is web3 used for? The fundamental use of the web3 platform is to return the power of the users to them. And it does so in the form of ownership. The web3 platform uses cryptocurrencies, blockchains, and NFTs at its core, and it is via this core that the platform offers back its users their power. And this is precisely the most straightforward answer to the question of how web3 works.

Additionally, the platform is for decentralizing the different web pages and sites. Therefore, the platform becomes reliable and more enhanced in the data reconciliation process, optimizing resource distribution and covering up all the existing faults in the web2 forum.

Also Read About – Web1 vs Web2 vs Web3 – Difference Explained?

What Is Web3 Technology?

Now, you must be curious about the answer to what web3 technology is. In the most straightforward words, we can refer to it as the web iteration, which is open source, reliable, and decentralized. Now, let us explain each of the terms for a better explanation. In web3 vision, open-source protocols are used to build new decentralized apps. Developers emphasize using public-key cryptography and distributed databases (“blockchains”) to offer consumers control over when and where their assets are moved.

Then, we call it reliable because all users have zero trust in each other. After all, it will be the network that will offer each user optimum protection and privacy. So, here, the aspect of security and confidentiality is incomparable. And lastly, the fundamental feature of the web3 platform is decentralization. Among all the features of web3, decentralization plays a key role, as here, the interactions among users, services, and devices take place without the requirement of any centralized authority approval.

In the question of what is web3 technology? You must know the components that the web3 platform uses. Blockchain, NFTs, and cryptocurrencies are the three key components on which this platform functions.

Web3 Future

Now we know What is web3? So, let us proceed with the following important area, the web3 future. Web3 has a lot of promising aspects for our future. Play-to-earn gaming is one of the significant areas where web3 would gain considerable adhesion. Already, at present, there has been a growing popularity of play-to-earn gaming, and the web3 platform can readily offer itself a better and optimum experience.

Another area where web3’s future is shining bright is the area of decentralized storytelling. Decentralizing through blockchain will make the web a much safer and more private place to dig. So, it will readily enhance the importance of web3 and offer large-scale benefits.

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Aspects That Enhance The Future Of Web3

The following are the aspects that will enhance the future of web3.

  • Decentralization 

One of the fundamental features of web3 is decentralization. It enables the platform to function without the necessity of any centralized authority’s approval. This feature is unlike the part of web2 platforms, which are centralized; thus, the web3 future is much more optimistic. 

  • Use Of Blockchain 

What is web3 used for? For a better experience, security, privacy, utility, and the best web experience. But how does the future of web3 ensure all these features? It is possible with the use of blockchain, the foundation pillar for the web3 platform. Because of the use of blockchain, all the key applications of web3 will be possible and incomparably efficient. 

  • Privacy And No Invaders 

One of the most potential importance of web3 is that it will guarantee optimal privacy, zero tracking of your data and information, no need to rely on the other users on the platform, and zero invaders. Therefore, the future of web3 offers unbreakable and unsurpassable security.

So, we can say that the web3 future assures us the best utility, security, complete privacy, and freedom. The areas where Web3 Use Cases will be abundant are video streaming platforms, social media platforms, blogging, art, and storytelling. However, one major characteristic that will be common in all is using decentralized platforms. 

Advantages Of Web3

We have been stating that the future of web3 is encouraging and optimistic. But there must be reasons for the same. Through its benefits, let us tell you why the web3 future is advantageous and optimal. They are as follows.

  • Easy Access To Information 

One of the advantages of web3 is that it includes the interconnectivity feature. And because of it, the users get the opportunity of interoperability and unlimited access to information on the web3 platform. We can also call this IoT connectivity, which offers the user easy and limit-free access to boundless information. Users can readily avail themselves of any information despite their location and devices.

  • Optimum Security 

In the section “what is web3 used for?”, we have mentioned that the web3 platform uses blockchain. And the use of blockchains is why the platform can guarantee cryptography and decentralization. Further, these mentioned aspects ensure the optimum security of the information and data of the users on this platform. The structure and consensus mechanism of blockchains makes it impossible for common security breaches to perforate them. Thus, one of the essential advantages of web3 is that it offers a safe environment protected against hacking, invasion of privacy, tracing of data, and piracy of information.

  • Data Ownership Control 

When we discuss the question of what is web3 technology? We refer to it as a decentralized open-source web iteration. In simpler words, we can explain one of its parts as the web iteration or the technology that offers you better and absolute control over your data on the platform, unlike centralized platforms like Facebook, Amazon, Google, and the like. A central authority has access to your information and breaches the security of your information. But, the web3 platform offers maximum data ownership control and places it in the hands of its users.

  • Liberal Interaction 

One of the best advantages of web3 is that it offers the freedom of interaction to its users, and this is because this platform lacks a centralized authority controlling users’ access. Instead, the web3 platform uses the trait of blockchain, which requires no permission from any source.

  • Perfect Platform For Creators 

The Web3 Use Cases make it the perfect platform for creators of all types. It offers them the value they deserve for their work, which is possible because of the components of the blockchain system and the use of the web3 tech stack or blockchain, cryptocurrency. So, the creators and artists can gain the worth of their work through the web3 platforms.

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Disadvantages Of Web3

We have discussed the advantages that offer key applications of web3. But, there are a few drawbacks of this advanced and integrated iteration of web and technology, and we must also look into the weaknesses. So, here are the disadvantages of web3.

  • A Complex Platform For Beginners 

It is needless to mention that web3 technology is a pretty complex and advanced platform. Thus, the complexity often straddles beginner users to the web platforms. It might take some time for beginners to figure out, understand and handle the platform smoothly and efficiently.

  • It May Not Be Compatible With Old Devices

One of the significant disadvantages of web3 is that it may not be compatible with older devices. Since the platform is relatively new, includes highly advanced technology, and is complex, it requires specific versions and updates to function. In their absence, the components of web3, like blockchain, NFTs, and cryptocurrency, may not perform.

  • Lack Of Regulation 

In our discussion about “What is web3?” We have discussed how decentralized, risk-free, and untrackable this platform is. It offers a considerable advantage to its users. But, on the other hand, it can become a significant source of a high rate of cybercrimes. The possibility and ability to regulate this platform will be negligible. Thus, the risk of cybercrimes stands tall, which becomes one of the most threatening disadvantages of web3.

Importance Of Web3

We have covered many aspects in our discussion of “what is web3 technology?” But why are we doing so? Why do we need to discuss the different elements and the future of web3? What is web3 used for? So, to proceed further with our discussion, let us know why web3 is essential.

Web3 is the 3rd generation of the Internet; thus, we call it the third iteration of the web. It guarantees a better experience than the last two iterations. And to do so, it uses blockchain. Therefore, it helps us to create a platform free from requiring permissions for operations.

Also Read About – Best Web 3.0 Applications Examples

Features Of Web3

Do you want to know more about web3 technology? You must look into its features. 

Its features constitute and reflect all its major components, and they are as follows. 

  • The web3 platform is on, or its creation and functioning occur on the blockchain. It further helps the platform gain all its other features, advantages, and uses. 
  • The platform is decentralized; that is, it does not require the permission of any central authority for functioning or when the users access it. 
  • All the data and information of the users are safe and secure. Their data is untraceable. Therefore, there exists optimum safety.
  • Interoperability and interconnectivity are the two significant features of web3. What is web3 used for? To access the various content and information available in it. And any user can easily access all data on this platform because of the interconnectivity and interoperability features. 
  • Seamless interaction among the users, devices, and services of the web3 platform is yet another feature of this platform. 

Web3 Tech Stack

If you hear about the web3 tech stack, you must know that it is nothing but the blockchain network which the web3 platform uses for its functioning. The web3 tech stack has the blockchain layers as its fundamental base. A web stack is an aggregate or a collection of the necessary software that helps in the process of developing a Web. Therefore, when we want to undertake the process of Web3 development, the collection of the essential software that we will require for it will be the web3 tech stack. The web3 tech stack consists of an OS, an Operating System, database software, a programming language, and a Web server.

Web3 Tech Stack

Since the web3 stack helps develop the web, we can imply that it is the backbone of the web3 platform. Without the web3 stack, we cannot obtain the web3 platform or any of its useful components. So, when we are discussing What is web3? The component of blockchain or tech stack technically forms the most crucial concept.

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How Does Web3 Work?

How does web3 work? The easy answer is through blockchains. But, with a little explanation, we can say that it enables all its users to interact with decentralized applications. And these applications have their foundation in blockchain technology. Therefore, all these processes help create the next-generation Internet, which is how the web3 platform functions.

Let us understand this through a comparison. In the web2 platforms, there are companies like Facebook and YouTube. These platforms collect your data, own them and monetize them. Therefore, you or the users do not have ownership over their data. But, in web3 platforms, your data is stored in your crypto wallet. Therefore, all your communication and interaction with the web3 apps and sites occur through your crypto wallet. As a result, you and the other users are the owners of your data in the web3 platform.

Key Applications Of Web3 Or Web3 Use Cases

The key applications of web3 are as follows.

  • Gaming 

Using NFTs, high-end resources, and blockchains will create some of the most engaging gaming applications. And thus, the web3 platform will essentially find its use in gaming. 

  • Metaverse 

Using AR, VR and blockchain will create the most exciting and creative metaverse one can ever find. Therefore, the web3 platform can also help make the online simulating platform, the Metaverse, more enhanced than ever.

  • Dapps 

Since the web3 platforms will be decentralized, it will help create numerous decentralized applications. These applications can be functional in gaming, blogging, content work, and other possible aspects. Further, they will have better advantages and optimum user experience because of the web3 benefits. 

  • Decentralized Storage 

A safe lock and storage for your data and information will also be possible with the help of the web3 platform. When one uses the web3 platform for cloud tirage, it will imply that their knowledge and data are untraceable, secure, and safe from invasion or hacking.

  • Decentralized Browsers

The browsers on the web2 platform are unsafe as they track information and data. Therefore, web3 users can readily engage in the area of building secured decentralized browsers. Along with the security feature, the users also enjoy a faster browsing experience. The trackers cannot track or collect the user’s personal information. Lastly, the users can effortlessly import extensions, bookmarks, and the like in no time.

  • Financial Decentralised Applications 

The decentralized financial applications will have improved and robust infrastructures and potentialities. The use of web3 in creating financial applications will guarantee a hassle-free and efficient transaction experience with zero restrictions.

Final Words 

So, What is web3? We have not discussed just this one question in our discussion. Along with What is web3? We have also covered all the other aspects of web3, especially the one revolving around the web3 future. Further, we have discussed all the topics, from explaining what this platform is to its future. You now know about the advantages and the disadvantages of web3. You can also look through the various uses and features of this platform that we have discussed. To encapsulate, we can say that the future of the web is optimistic and encouraging. It has a lot to offer us because of the upcoming web iteration, Web 3.0, which is one of the most enhanced and advanced Internet generations.

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