I haven't written a post in three years, but when I popped into Hive for the first time in 3 years, I found a vibrant and very active community.
I believe this community is ready for big things. Well let's do another article for those struggling with IT Terms and Terminology and explain it in laymen’s terms.
Image Credit - Spice Works
The internet has come a long way since it started way back, and we had the internet boom in 1995 and the dotcom bubble between 1998 and 2000. The internet moved from simple static websites to the dynamic, interactive web we use today, and the internet keeps evolving.
The latest phase in this evolution is called "Web 3." But what exactly is Web 3, and why should you care? Let's break it down in simple terms.
What is Web 3?
Web 3, or Web 3.0, is the next generation or evolution of the internet. It's a vision of a more decentralized, secure, and user-centric internet. Very much like we do here on Hive, which is a decentralized social media platform.
To understand Web 3, it's helpful to look at the evolution of the internet in stages:
Web 1.0: The "Read-Only" Web
This was the early years of the internet, where most websites were static and offered information, you could read but not interact with. Think of it as a giant digital library.
Web 2.0: The "Read-Write" Web
This is the internet we use today, characterized by interactivity, social media, and user-generated content. Websites and apps like Facebook, YouTube, and Twitter or X allow us to create, share, and interact with content.
Web 3.0: The "Read-Write-Own" Web
Web 3 takes things a step further by giving users more control over their data and digital assets. If we look at the difference between the above-mentioned websites, is that instead of all advertising revenue going to the massive companies like Meta, YouTube, Facebook and the likes, as we do here on Hive, users can be incentivized for their contributions. This is the future of the internet.
It uses blockchain technology to decentralize the internet, making it more secure and transparent.
Key Features of Web 3
Decentralization
In Web 3, there are no central authorities like big tech companies controlling the internet. Instead, control is distributed across a network of computers (nodes). This makes the internet more democratic and less prone to censorship. We are very much on our way to this dream.
Blockchain Technology
Blockchain is a digital ledger that records transactions in a secure and transparent way. It's the backbone of cryptocurrencies like Bitcoin and Ethereum. In Web 3, blockchain ensures that data is secure and that digital assets truly belong to their owners. You can view a more detailed explanation in one of my earlier posts What is the purpose of Blockchain and How does it work
Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and execute agreements without the need for intermediaries, making transactions faster and more reliable. Should anybody be interested in understanding smart contracts in more detail, let me know in the comments section and I will write about this subject.
Digital Ownership
Web 3 allows users to truly own their digital assets, such as cryptocurrencies, digital art (NFTs), and more. This ownership is verifiable and cannot be tampered with, thanks to blockchain technology'just like we do here on hive.
Why Should You Care About Web 3?
Privacy and Security
Web 3 enhances privacy and security by giving users control over their data. Instead of relying on big companies to store and manage your data, you can keep your information secure and private. This is also an opportunity to ensure the end-users like us is incentivized for our efforts.
Transparency and Trust
With blockchain, all transactions are transparent and verifiable. This builds trust and reduces the risk of fraud and corruption.
New Opportunities
Web 3 opens up many new opportunities for innovation, entrepreneurship for those with the vision. It enables the creation of decentralized applications (dApps) that can offer new services and business models, just like we do here on Hive.
Empowerment
By decentralizing the internet, Web 3 empowers users and communities. It reduces the dominance of big tech companies and gives more power to individuals.
Web 3 represents a significant shift in how we use and interact with the internet. By embracing decentralization, enhancing security, and empowering users, Web 3 has the potential to create a more open and equitable digital world. Whether you're a tech enthusiast or just a curious internet user, understanding Web 3 can help you navigate the future of the internet.
Happy Hiving!
Please let me know if you would like to understand more about any specific IT subject in the comments section and I will see if I can write something about the specific subject.
