How Will Web 3.0 Change The World?
- Web 3.0 is the upgraded version of Web 2.0
- Cryptocurrencies, Decentralized finance, and blockchain are the core features of Web 3.0
A great philosopher has rightly said that technology is never permanent. Technology keeps replacing itself as a more advanced and modern version of it arrives. First came the internet. In its initial days the internet allowed only one way interactions. It was the time when websites published articles. And internet users could read them. Because at that time the internet speed as well as the hardware advancement supported it only.
Gradually the internet evolved and as advancement occurred the internet allowed users to read as well as interact with the web. Now, they could comment on articles. Even anyone could create their own content. In this era of internet users could not only consume online content but they could also make it and earn through it. It was the time when content creation platforms such as YouTube and TikTok emerged. This era was termed as Web 2.0.
Now as technology is evolving it is taking new shaping. The era of web 2.0 has started moving towards its end and the world is transitioning towards a new and more advanced form of internet and this is called the Web 3.0. Although the world is still in its transitioning phase, knowing how web 3.0 works is very important for every internet user. Because only those who are well informed will be able to lead the race of 3.0.
What are the Core Features of Web 3.0?
Web 2.0 was really good; it allowed users to create their own content and earn through it. But there was a big drawback with it. The drawback is that it concentrates all the power in the hands of a few individuals. Companies such as Meta, Amazon, and Google have acquired full control of the network. They are the supreme authority and they can manipulate things as they want. This resulted in the users’ privacy being at risk and censorship. The solution that Web 3.0 provides is decentralization. No authority will have the power to manipulate the network because there is no concentration of power in this era. All the power rests in the hands of its users.
It is the time of decentralized autonomous organizations where users are the employees and users are the owners. No third party, no censorship, nothing. Just the rule of the users. All the decisions are also taken by the community members. Hence, the User is the king.
When Web 2 arrived, it brought us a completely new way of finance. Before it everyone used cash and no one ever imagined that physical cash would be permanently replaced by electronic transactions. But the reality is in front of us the online transaction service has revolutionised the world in such a way that all the transactions today happen online.
Although it seemed impossible, it is a reality. Today cryptocurrencies are also in the same stage where online transactions were a few years ago. But in a few years, it is a high possibility that cryptocurrencies can overtake the current financial system. This is because at the pace at which crypto is evolving it is going to make an impact in the future on the financial market. Cryptocurrencies work on a very different principle: they work on the principle of proof-of-work and proof-of-stake, not on the basis of trust.
The concept of blockchains was generated from the idea of Bitcoin. Bitcoin is the currency that not only placed the foundation of cryptocurrency but also bitcoin. A blockchain is a collection of interlinked blocks that contains the transaction data for a blockchain. They can also contain other information. They can be used in every sector where information is stored. They provide an extra layer of security.