WEB3, its advantages will benefit everyone

Web3, the future of the web starts now thanks to an internet that could live a real revolution.

Web3, also known as Web 3.0, is a term that encompasses the vision of a new era of the Internet. It aims to decentralize the web using technologies such as blockchain, crypto-currencies and decentralized applications (dApps).

Web3 – definition:

Here are the key characteristics and concepts associated with Web3:

1. Decentralization: Unlike Web 2.0, which is dominated by centralized platforms and companies, Web3 seeks to distribute data and control across a network of computers, reducing the power of central authorities.
2. Blockchain Technology: Web3 heavily relies on blockchain technology, a decentralized ledger system that records transactions across many computers. This ensures transparency, security, and immutability of data.
3. Cryptocurrencies: Digital currencies like Bitcoin and Ethereum play a significant role in Web3 by facilitating decentralized finance (DeFi) and enabling peer-to-peer transactions without intermediaries.
4. Smart Contracts: These are self-executing contracts with the terms directly written into code. They automatically enforce and execute agreements based on predefined conditions, reducing the need for trusted intermediaries.
5. Decentralized Applications (dApps): These are applications that run on a blockchain or peer-to-peer network of computers instead of being hosted on centralized servers. They aim to give users more control over their data and interactions.
6. Ownership and Control: Web3 empowers users to own and control their data, digital identities, and assets. This is in contrast to the current web, where data is often controlled and monetized by large corporations.
7. Interoperability: Web3 promotes interoperability between different platforms and services, allowing seamless integration and communication across various decentralized networks.
8. Tokenization: The process of converting rights to an asset into a digital token on a blockchain. This can include physical assets, intellectual property, or access rights, providing new ways of ownership and investment.

In essence, Web3 represents a paradigm shift towards a more user-centric, secure, and equitable internet.

WEB3, why its adoption will be fast?

Here is a decentralized Internet designed for the future, and already home to several protocols.

Unlike Web2 applications that are centralized and highly controlled by tech giants, Web3 developers deploy their code on decentralized blockchains, nodes or peer-to-peer networks.

This third-generation Internet offers a range of services such as decentralized data storage, data analysis, streaming and cloud services. Anonymity and, of course, privacy will benefit all sectors and are therefore also a hot DeFi news.

Indeed, the services of monopoly technology companies like Google and Facebook are convenient for most users.

However, there is a growing demand from some Internet users who are more concerned about privacy, and who do not want their personal information to be collected by these companies for profit, to be able to browse the Internet without being tracked by Google and others.

Difference between second and third generation internet:

There are some fundamental differences between web2 and web3, but the main one, of course, is the decentralization that is at the heart of the latter.

An important point to understand, for example, is that in Web3, developers generally do not build and deploy applications that run on a single server or store their data in a single database, as is the case in Web2.

Instead, web3 applications either run on blockchains, decentralized networks of many peer to peer nodes (servers), or a combination of the two that forms a cryptoeconomic protocol. These apps are often referred to as dapps (decentralized apps), and you will see that term used often in the web3 space.

It is also interesting to note that when we hear about web3, we also hear about crypto-currency. This is because crypto-currency plays an important role in many of these protocols. It provides a financial incentive (tokens) for anyone who wants to participate in the creation, governance, contribution or improvement of one of the projects themselves.

This third generation of internet gives access to a wide variety of different services. These include: storage, bandwidth, identity, hosting and other web services commonly provided by cloud providers in the past.

The interesting thing about WEB3 is that anyone can make a living participating in the protocol in a variety of ways, both technical and non-technical.

WEB3, its advantages:

Web3 offers several advantages over the current internet paradigm (Web 2.0). Here are some of the most notable benefits:

1. Decentralization:
   • Reduces reliance on central authorities and single points of failure.
   • Promotes a more resilient and censorship-resistant web.
2. Enhanced Privacy and Security:
   • Users have greater control over their personal data, which is often encrypted and stored in a decentralized manner.
   • Reduces the risk of data breaches and misuse by centralized entities.
3. Ownership and Control:
   • Users can own their digital assets, identities, and data, allowing for true digital sovereignty.
   • Blockchain technology ensures transparent and tamper-proof record-keeping.
4. Transparency and Trust:
   • Transactions and interactions on the blockchain are transparent and verifiable by anyone, fostering greater trust among users.
   • Smart contracts automate and enforce agreements without the need for intermediaries, reducing the potential for fraud.
5. Financial Inclusion:
   • Decentralized finance (DeFi) enables access to financial services for individuals who are unbanked or underbanked, providing opportunities for economic participation.
   • Cryptocurrencies and tokenization can provide new avenues for investment and fundraising.
6. Innovation and Interoperability:
   • Open-source protocols and decentralized networks encourage innovation by enabling developers to build on existing technologies.
   • Interoperability between different blockchain platforms promotes a more cohesive and versatile ecosystem.
7. Reduced Costs:
   • By eliminating intermediaries and central authorities, Web3 can reduce transaction and operational costs for both users and businesses.
   • Smart contracts can automate processes and reduce administrative overhead.
8. Democratization of Access:
   • Decentralized platforms and dApps can provide more equitable access to information and services, regardless of geographic location or socio-economic status.
   • Community governance models allow users to have a say in the development and management of platforms.
9. Token Economies:
   • Tokenization enables new business models and economic incentives, rewarding users and developers for their contributions to the ecosystem.
   • Tokens can represent various forms of value, including assets, utilities, and access rights.
10. Resilience Against Censorship:
    • Decentralized networks are less susceptible to censorship by governments or corporations, promoting freedom of speech and expression.
    • Peer-to-peer networks ensure that content and services remain accessible even if some nodes are compromised or shut down.

Overall, Web3 aims to create a more open, fair, and user-centric internet, addressing many of the issues and limitations associated with the current centralized web model.

Some examples of Web 3.0 projects:

• Ethereum (Smart Contracts Platform): Ethereum is a platform for creating smart contracts and decentralized applications (dApps). It introduces features for developing decentralized projects, including ICOs (Initial Coin Offerings), DeFi (Decentralized Finance) protocols, and much more.
• Filecoin (Decentralized Data Storage): Filecoin is a decentralized network designed to store and retrieve data. It enables users to rent unused storage space across a network of participants, guaranteeing data security and availability.
• Uniswap (Decentralized Exchange Protocol): Uniswap is an automated exchange protocol based on Ethereum. It enables users to exchange ERC-20 tokens without going through an intermediary, using pools of liquidity held by smart contracts.
• IPFS (InterPlanetary File System): IPFS is a decentralized file storage and sharing system, using a peer-to-peer network to distribute and retrieve data. It aims to replace traditional HTTP to offer a more resilient and decentralized way of accessing data on the Internet.
• Polygon (Ethereum Scaling Solution):Polygon is a scaling layer for Ethereum, aimed at solving the problems of scalability, high fees and slow transactions. It provides an infrastructure for the development and deployment of decentralized applications.
• Chainlink (Oracle Decentralized Network):Chainlink provides reliable and secure data from external sources for smart contracts. It connects smart contracts to real-world data sources, enabling the automation of various processes.
• Gains Network: Decentralized trading platform for brokerless trading in cryptos, forex and commodities
• Brave Browser (Browser focused on Privacy and Crypto-revenue): Brave is a web browser focused on protecting user privacy, with a business model that incorporates rewards for users who choose to view ads, and uses the BAT (Basic Attention Token) to reward content creators.

These projects illustrate the diversity of emerging applications and technologies in the Web 3.0 ecosystem, seeking to introduce decentralization, security and new business models to different online sectors.