What Is Web3 in Simple Terms? Explained By PerfectionGeeks

CALIFORNIA CITY, Calif. - Aug. 30, 2022 - PRLog -- Web3 is the third phase of Internet development. To comprehend exactly what Web3 is, you first need to have a fundamental understanding of the first two phases.

The first phase of the internet, Web1, mostly involved users reading static webpages, although platforms and message boards did exist. The next stage, Web2, marked the coming of social media like Facebook and Twitter and sites based on user-generated content like YouTube. The big difference between Web1 and Web2 is that many people transitioned from passively consuming content provided by several companies to creating and sharing their content, although that sharing is still facilitated by websites owned by large companies.

What Is Web3 and How Does It Work?

Since Web3 isn't here yet, we don't know precisely how it will perform. Most ideas concerning Web3 concern the blockchain, an unchangeable ledger system used by cryptocurrencies to keep track of transactions. The blockchain for Web3 followers requests that it log everything in a manner that is transparent and impossible to edit or falsify. Each new transaction makes a "block" in the ledger anyone can see.

The main problem with the blockchain is identical to its purported benefit. Because nobody can edit the ledger, and anyone can make as many crypto funds as they want, it's hard to address and protect against fraud. Once something exists on the blockchain, it's impossible to withdraw.

Some supporters of Web3 have recommended that developers and users could monetize their efforts on the internet through the blockchain, or that users could monetize their data for targeted advertising in the same way Facebook and other businesses sell that type of data today.

Command over decentralized services could also be placed into the hands of users instead of big corporations. Decisions to modify rules and regulations, when to ban users and other options could be voted on by users of a decentralized service rather than determined unilaterally by the firm that owns a website. This would take the power out of the hands of the big tech firms and place it in the hands of users.

Will Web3 Change the World?

It's impossible to tell exactly what Web3 will do or even precisely what form it will take since it's currently still just a set of flexible visions. There is a real possibility for Web3 to transform the world, though, or at least to drastically modify the way you use and interact with the internet.

If Web3 does depend heavily on the blockchain, it could present new ways for both creators and general internet users to use the internet, and a shift to decentralized services would alter the landscape and potentially big tech as well.

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