The world’s largest cryptocurrency exchange, Binance, has updated its Academy section with a deep dive into Web3. Is it all just hype or is Web3 the next evolution of the internet?
Web3 refers to the latest iteration of the internet which is constantly evolving. Furthermore, it has become the buzzword of 2022, but there is more to it than just that. Therefore, in this article, you will discover why the “Web3” term will be so important. But before that, let’s define what is Web 1.0 and Web 2.0.
What are Web 1.0 and Web 2.0?
The term Web1 or Web 1.0 refers to the internet in the 1990s which consisted of static HTML pages. Users could not interact with them or upload content, but just read them and absorb the information. Additionally, communications in this era were limited to basic chat groups and forums.
Then, Web2 emerged with the explosion in social media platforms that enabled users to engage with each other. Consequently, users could create and upload their content through databases and cloud servers.
Both of these versions of the internet were highly centralized and controlled by huge tech giants. This is where Web3 changes things as we enter a new era of information.
Web1: login with email/password
Web2: login with Facebook/Google
Web3: login with crypto walletThe Web3 login has less friction than Web1, more privacy than Web2, and comes with a native bank account which neither Web1 nor Web2 does.
— Qiao Wang (@QwQiao) January 15, 2022
Web3, a Decentralized Internet
On the other hand, Binance has highlighted the major differences between the three versions of the internet in this handy table:
The primary difference with Web 3, or Web 3.0, is that the content is owned by users and the platforms are decentralized. As a result, tech giants such as Google or Facebook (now Meta) will not be able to profit by harvesting personal data and user-generated content.
Furthermore, Web3 integrate with cryptocurrencies which further decentralizes the ecosystem. There are several key areas where Web3 is superior to its predecessors:
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- No intermediaries: This reduces state and corporation censorship risks.
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- Increased interconnectivity: As more data adds to the ecosystem, larger data sets provide algorithms with more information to analyze.
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- Optimized convenient web browsing experience: Current search engines prioritize advertising and paid listings.
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- Smarter advertising: With artificial intelligence-driven algorithms.
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- Improved customer service: May result from reduced overheads. Contacting current tech giants is an exercise in futility.
On the downside, venture capital giants appear to have a lot of control over Web3 startups.
Crypto Integration
Finally, Web3 will integrate cryptocurrencies, wallets, platforms, and dapps (decentralized applications). As a result, users will not have to rely on third-party payment providers that behave more like banks these days.
Therefore, Binance concluded: “While there is still no concrete definition for Web 3.0, the innovations are already in motion. It’s plain to see the direction we are going, and blockchain, of course, looks to be a key part of the Web 3.0 future.”
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