T

he internet is a vast, diverse place that has evolved into something entirely different than what it used to be. These days you can find anything on the web, from news articles and blog posts all way up through social media apps like Instagram or Twitter, known as Web2. 

The internet is changing, and Web3 aims to take it one step further by bringing decentralized technologies like blockchain into our daily lives. With Web3, you can create a decentralized and token-based economy on the internet. The new web will also be filled with more complex, dynamic websites.

Web2 vs. Web3

With the invention of Web2, it became possible for users to create their own content and link together through read-and-write interactions. This led us into an era where social networks like Facebook were born along with blog posts on blogging platforms, which allow people from around any corner world come together virtually no matter what they're interested in or passionate about doing.

Despite the undeniable fact that Web2 has provided users with significant benefits, centralized rent-seeking companies have taken full advantage of this internet freedom to monetize user data and habits. The desire for a web that users and developers can control has grown, owing to a breakdown in trust, user exploitation, and data control.

The goal is to promote open services powered by decentralized applications (DApps) rather than centralized apps dominated by tech behemoths. Users can connect directly to applications and protocols, eliminating the need for third-party intermediaries.

Web3 has been dubbed the "read/write/own" internet. It -is based on open serving permissionless access, maximizes value, and guarantees verifiability. These services are far more reliable, fair, and ethical.

The beauty of these protocols is that they do not require users to pay recurring fees or provide personal information. Instead, participants are invited into the governance and operation of their networks by being granted access as stakeholders in this new digital economy rather than just consumers or goods abused for economic demands alone.

The user in this setting has the power to change how things work by voting for or against proposals. They can do so because they hold tokens representing their accessibility, governance, and ownership over decentralized networks on Web3s.

How Web3 will give users control

It will give users ownership in a variety of ways, one of which is the potential to host websites that can't be censored or removed. The current web hosting system is primarily based on servers managed by centralized organizations. These organizations have the authority to remove websites if they believe they have a compelling reason to do so.

Using the InterPlanetary File System (IPFS) protocol, decentralized file storage networks enable people to create censorship-free websites. Instead of a centralized server, IPFS allows each individual to act as a server by caching a piece of information from the site. 

When another user visits that site, the data from one of the cached users is loaded. So, if a million people visit a website to view a photo, the photo file can be equipped from any of those million hosts the next time someone visits the website.

Because the burden of serving the website is divided up among the users who have accessed it, there is no need for a centralized entity. This is possible since data files have an address that is a unique cryptographic hash rather than a user-generated name like red-car.png. The unique hash is sought and retrieved from the cache once the file is asked.

Organizations such as the Web3 Foundation help to develop technologies and applications within the field of decentralized web software protocols. They give grants to teams worldwide that are working on expanding the ecosystem. The foundation currently provides 415 projects in the Polkadot ecosystem with its grant program. Over 1,000 funding sources have also been submitted.

Decentralized autonomous organizations will be the next wave of user adoption in Web3 infrastructure. These community-owned and governed bodies use NFTs to drive their popularity, which is vital for increasing ownership across all participants in this new internet era.

DAOs could provide a system of governance that increases participation while decreasing the possibility of corruption or censorship. They can be found in various settings, from social media to play-to-earn games.

As the platform gain traction, its popularity will be broadcast to decentralized finance, NFT collection, and philanthropic organizations. In addition, unlike hierarchical organizations, DAOs enable immediate decision-making once all party agrees.

The use of NFTs and DAOs to purchase and store these digital assets grows the creator economy, which is particularly important given the current generation's obsession with content and social media creation.

Creators benefit because the value of their work is inextricably linked to their reputation, following, and establishment. DAOs, like many massive organizations and businesses, will almost certainly provide access to their users in the future.

Do you see the potential for blockchain technology to improve digital ownership? Or will there be challenges you think must be overcome before we can fully adopt a decentralized internet? Drop your thoughts by sharing this article on social media.

Posted 
Oct 15, 2022
 in 
Digital Lifestyle
 category

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