Written By Jaya Pathak
Web3 and Beyond: How Decentralisation is Transforming the Internet
The world of technology is undergoing massive transformation bringing forth an era of decentralization using web 3. The evolution of Internet can be traced through three major phases including web 1 (characterized by static web pages and limited user interaction), web 2 (rise of social media, e commerce and cloud computing) and web 3 (decentralisation, blockchain technology, ownership).
This era of decentralization doesn’t only depict the upgradation of technology but also points towards fundamental change in the functioning of Digital ecosystems, enhancing the security privacy and user autonomy.
What is web 3?
Web 3 is the representation of the next phase of evolution of Internet. It has built on blockchain technology and decentralized networks. It is characterized by user centric approach along with enhanced ownership of data and a strong emphasis on decentralisation. It enables peer-to-peer interactions by eliminating the need for intermediaries.
Principles of Web3
- The principle of decentralisation: The data and power are not centralized in a few entities. Rather, it is distributed across a network. Users get an increased control over data. It uses decentralized networks such as blockchain in order to distribute control and decision making across a network of participants. For example, Decentralized Autonomous Organisations enables communities to make decisions without relying on the traditional hierarchical structures.
- User controlled data: In web 3, users gain control over their personal data. It is facilitated through technologies such as smart contracts and decentralized storage solutions. Such platforms enable users to decide the information they want to share, depicting privacy and security.
- Exchange of information: The software system, devices and applications Can connect and communicate with each other in a coordinated manner. Organizations can achieve higher efficiency and can even get holistic view of information.
Key features of web3
- It is built on an open source software which can be accessed by the developers.This version of the web is decentralized which implies that no third party is involved in it. It provides a full autonomy to the users and participants.
- It is not governed by any governing authority. Users are not required to seek permission while using web 3.
- It uses semantic web technology in order to create share and connect content through search and analysis. Words are comprehended rather than numbers or simple keywords.
- It uses natural language processing. it is basically the ability of computer program understand the language human speak and write. The usage of natural language processing in web 3 is proved to be a complete game changer as it can distinguish information like humans do and provide faster and relevant results.
- It uses 3D graphics which adds extra layers of creativity and ultimately contribute to make your website look unique.
- The information and content is more connected and can be accessed by multiple applications through many devices. One such popular example is the IoT.
- Another key feature of web 3 is the data ownership and decentralization of data network. the ownership of data allows users and participants to gain 100% control over their own data.
Top apps of web3
The web 3 apps are popularly referred as decentralized applications or DApps. They can operate on decentralized networks by utilizing blockchain technology. At the first fountain of applications and it’s it eliminates the need for a central authority and it promotes trust less interactions. Some of the popular apps are listed below-
- Sapien
- LBRY
- Storj
- Secretum
- Decentraland
- Sola
- DTube
- Brave
- Ethlance
- Everledger
Why Web3 is better than the previous versions?
Web 3 is better than the previous versions because of the following points-
- Users have the ownership of their data and instructions. The data is no longer controlled by any intermediary source.
- there is no any interference of government and corporate censorship.
- It uses semantic web which allows you to get the most relevant and valid search result. you can get the result for the exact queries which provides 100% satisfaction to its users. it also features voice searches based on ML algorithms.
- Users can share their content and distribute data. thus, it has fostered the personalization of data.
- it uses blockchain technology. it has enabled to get the support of decentralized network to the Internet.
Significance of Blockchain technology in Web3
Blockchain technology can be called as the foundation of web 3. It has supported the development of governance layer running over the existing Internet. It plays a crucial role in the web 3. it doesn’t rely simply on the centralized servers rather it distributes the data across multiple nodes which ultimately reduces control by tech giants and prevents censorship. There is no any need of any intermediary source as it generates smart contracts which ensures transparency and reduces fraud in digital interaction. Users can own digital assets for example cryptocurrencies, providing a true digital ownership. it enables users to interact seamlessly between decentralised apps (DApps) across different platform.
Challenges faced by Web3
- Web 3 applications often have complex user interfaces and require users to interact with cryptographic keys, wallets and decentralized networks which can be intimidating and challenging for mainstream users. Improving the user experience and making web 3 applications more user friendly this is critical to driving mass adoption.
- Many web 3 protocols such as Ethereum, face scalability challenges with limited transaction throughput and high transaction fees, scaling solutions such as layer 2 protocols and sharding are being developed but achieving high transaction throughout at low cost while maintaining decentralization remains a significant challenge.
- Web 3 ecosystems are fragmented with various blockchain networks and protocols that do not always interoperate seamlessly interoperability standards and protocols are needed to enable smooth data and asset transfer across different web 3 platforms and blockchains.
- The three platforms often lack clear governance mechanisms and decision making, dispute resolution and protocol upgrades. Developing effective governance models which ensures inclusivity, transparency and community participation while maintaining decentralization is still a critical challenge.
- Web 3 applications are vulnerable to various security risks including smart contracts vulnerabilities, phishing attacks and wallet hacks. Robust security measures, including formal verification and user education are needed to ensure the safety and security of Web3 applications and user assets.
Conclusion
Overall, while Web3 offers immense potential for transforming various industries and empowering individuals. It also faces significant challenges that need to be overcome. Collaborative efforts from various stakeholders, including developers, users, regulators, and communities are essential to address these challenges and build a decentralized web that is secure, scalable, user-friendly, and beneficial for all.
