Web3: Exploring the future of the decentralized web

The website has evolved significantly since its creation. Web 1.0 was static, Web 2.0 introduced interactivity and collaboration, and now we are in the process of creating Web 3.0. Web3 refers to a new generation of internet that uses decentralized and distributed technologies to offer a more secure, private and efficient web experience. In this article, we will explore what Web3 is, when it was born, and how it works.

What is Web3?

Web3 is a decentralized network that is based on blockchain and cryptocurrency technologies to provide a decentralized and intermediary-free Internet. Blockchain technology is a decentralized digital ledger that stores transactions securely and transparently, meaning it cannot be manipulated or altered. Web3 is a response to privacy, security and centralization issues facing Web2. By using decentralized technologies, Web3 offers greater online privacy and security, meaning that users have more control over their data and transactions. It also allows users to connect and collaborate directly without the need for centralized intermediaries such as Google, Amazon, Facebook or Twitter.

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Differences between web 2.0 and web 3.0. Data Analytics.

When was Web3 born?

The Web3 originated in 2008 with the creation of Bitcoin, the first decentralized cryptocurrency. Bitcoin used blockchain technology to create a decentralized and secure network for sending and receiving transactions. Since then, a number of blockchain and cryptocurrency technologies have been created, including Ethereum, that allow the creation of decentralized applications (dApps) and smart contracts. Although Web3 is still in its early stages, has gained significant momentum in recent years, Thanks to the growing demand for online privacy and security and the growing adoption of cryptocurrencies and blockchain technologies.

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Evolution of the web since the creation of the internet. Source: YouYaa.

How does Web3 work?

The Web3 It works through a decentralized network of nodes, each of which contains a copy of the blockchain ledger. When a user submits a transaction, it is recorded in the ledger and verified by the network of nodes. The transaction is completed once it has been confirmed by the majority of nodes on the network. Decentralized applications (dApps) are an important part of Web3. dApps run on the blockchain network, which means they do not depend on centralized servers or intermediaries. This makes them more secure and resistant to censorship and centralized control. Smart contracts are another important component of Web3. Smart contracts are programs that run automatically when certain predefined conditions are met. They allow greater efficiency and transparency in the execution of online agreements and transactions.

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Compound DApp together with a Metamask wallet, necessary to use Web 3 applications. Source: Compound finance.

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