The Web 3 – the third version of the Web, the data system through which and with which millions and millions of people communicate through the internet – is on its way, following in their footsteps.
The early version of the World Wide Web, which was widely used until the middle of nineteen-nineties, was essentially a passive experience for users. Setting up a website was extremely easy thanks to sites like Geocities and Angelfire. But the consumers didn’t have many options for becoming creators.
It’s difficult to tell when Web 2.0 began, but changes were occurring just after dot.com collapsed at the beginning of the new millennium. So much of what we have now, we take for giving upon that internet – simple ways to create one’s own material, social connections, etc – only became widespread at the beginning of the twenty-first century, it’s reasonable to assume the Web 2.0 has been around since roughly 2001.
While Web1 seemed to have some lines to create media sites, it wasn’t until the advent of blogging at the beginning of the 2000s that the typical online user could publish their own opinions to a large audience. People could voice their ideas and opinions on sites like Blogspot and WordPress, submit their images on Flickr, and combine the two on sites like LiveJournal, where they could discover like-minded people and create their own communities.
But what is this Web 3? What will Web 3 be its uses? How will it work? And how is it different from Web 1 and Web 2.0?
What is Web 3. O?
Women, men, machines, and corporations would be able to buy and sell value, information, and collaborate with worldwide counterparties they don’t know or explicitly trust without the use of an intermediary thanks to Web 3.0. The most significant change permitted with Web3.0 is the reduction of the level of trust necessary for global coordination. This represents a transition toward instinctively depending on all network constituents rather than expressively trusting each and every member and/or aiming to obtain trust extrinsically.
Web 3.0 will significantly expand the breadth and extent of both people and machine interactions well beyond anything we can currently fathom. These interactions will be feasible with a much wider spectrum of potential counterparties, ranging from frictionless transactions to deeper information flows to trustworthy data transfers.
Web 3.0 will allow users to engage with any other user or computer on the planet without having to pay any sort of fee to an intermediary. Through global corporations to DAOs (Decentralised Autonomous Organisations) and self-sovereign data marketplaces, this change will open up a whole new world of previously imagined firms and business models.
The decentralized Web: Web 3 and cryptos
Web 3.0 has been forecasted to have much wider implications that go way beyond the first used case of decentralized currency systems or cryptocurrency. Web 3.0 will algorithmically link data from individuals, corporations, and machines with effective machine learning algorithms, resulting in the emergence of radically new marketplaces and associated business models, thanks to the abundance of connections already possible and the help the growth of counterparties available.
The outcome is something close to a “return to the global village” — daily absorption in the human-centric, highly personalized interactions that we used to enjoy, but now provided at the worldwide scale of the internet and allowing an ever-increasing variety of human and computer skills specializations.
The Reddit Project
Web 3 will rely heavily on NFTs, cryptocurrencies, and other blockchain entities. Reddit, for example, is attempting to make Web 3 inroads by devising a mechanism to employ cryptocurrency coins to allow the user to basically control pieces of the networks they engage in on the site. The concept is that people would use “community points,” which they would acquire by posting on a specific subreddit. The user then earns points based upon how many users upvote or downvote a particular post. (It’s simply a blockchain version of Reddit Karma.)
Those credits can essentially be used as voting shares, letting people who have made significant contributions have a greater say in choices that affect the community. Because those points are stored on the blockchain, their owner has more authority over them; they can’t be taken away simply, and they track you. To be fair, this is just one use, a corporate version of the Web 3 idea of Decentralized Autonomous Organizations, or DAOs, that employ tokens to distribute ownership and decision-making power. Augur, a decentralized betting platform, is an example of a DAO.
Famous Coins that can win the Web 3.0 race
- HNT Helium:
Helium is a decentralized wireless network that allows devices to connect to the internet wirelessly from anywhere on the planet. They can also duplicate themselves without relying on satellite locating hardware or expensive cellular contracts. A blockchain with such a native protocol token is required for the Helium network, which incentivizes a two-sided market between coverage suppliers and coverage customers. This renders wireless networks more commodity-driven, allowing them to be purchased at a lower cost anywhere on the planet.
- FIL FileCoin:
Filecoin is a decentralized technology that allows anyone to rent out their computer storage space. In October 2020, the Filecoin mainnet became live. It can generate a massive source of data and information storage by allowing everyone on the globe to join the network. As more and more systems will become fully computerized, they will be required for satisfying the increase in demand.
- DOT PolkaDot:
Polkadot is a cryptocurrency and open-source blockchain technology that enables distributed computing. Proof of stake consensus algorithm is used by the network. Blind Assignments for Blockchain Extension, the protocol utilized, is based on Ouroboros. Gavin Wood, the previous Co-Founder & CTO of Ethereum, established Polkadot in 2016. Polkadot’s technology removes the biggest roadblocks to blockchain development in recent years.
- KSM Kusama:
The Kusama network is maintained and operated with the help of the KSM coin. Users obtain the capacity to vote on network enhancements by owning and staking KSM, with each vote proportional to the amount of KSM they stake. Kusama compensates these users with newly created KSM based on the number of tokens they stake, with auditors and nominators receiving the most.
- BTT BitTorrent:
When BitTorrent released software that enabled data transfer over such a peer-to-peer network in the early 2000s, it earned the respect of many movie and music fans. The BitTorrent team wants to use the BTT currency to incentivize torrenting and address concerns such as sluggish download speeds and file availability declining over time. BitTorrent has distributed coins to the BitTorrent Foundation, TRON Foundation, partnerships, airdrops, and the BitTorrent ecosystem in addition to the token sale.
