WEB 2 AND WEB 3 - SCI & TECH
News: Internet
for the next generation: How Web3 differs from Web2
What's in the news?
● Web
3 is known as the decentralized web,
and it caters to the next generation of the Internet, leveraging blockchain
technology to create a more open and transparent web.
Key takeaways:
● Web
refers to the World Wide Web, the
internet’s core information retrieval system.
● The
WWW initials used to (and often still do) preface a web address and were among
the first characters typed into a web browser when searching for a specific
resource online.
● Internet
pioneer Tim Berners-Lee is credited with coining the term World Wide Web to
refer to the global web of information and resources interconnected through
hypertext links.
● Web
2.0 and Web 3.0 are successive, advanced iterations of the original Web 1.0 of
the 1990s and early 2000s.
● Web 2.0 is the current
version of the web while Web 3.0 represents its next phase, which will be
decentralized, open, and of greater utility.
Web 1.0:
● It
lasted until 1999.
● Mostly
static web pages.
● Closed
environment and the users themselves could not create any content.
● Example
- html, URL, http.
Web 2.0:
● It
is still the age of Web 2.0 now.
● Users can create content.
● Its
highest output was social media.
● These
applications have also spurred the growth of the gig economy.
● Example
- AJAX and JavaScript, XML / RSS.
Web 3.0:
● The
next phase of the evolution of the web/internet and potentially could be as
disruptive and as big a paradigm shift as Web 2.0 was.
● Web
3.0 is built upon the core concepts of decentralization,
openness, and greater user utility.
● Web3
is built on top of existing Internet infrastructure and not in competition with
previous versions of the web platform.
● It
allows for the creation and exchange of
digital assets, decentralized applications (dApps), and smart contracts in the
blockchain system.
How is Web3 different from Web2?
Web2, also known as the
centralized web, is the current version
of the Internet. It is characterised by the dominance of large, centralized
platforms such as Google, Facebook, and Amazon.
1. Centralization vs. Decentralization:
● Web2
is centralized, meaning that data is stored on centralized servers owned and
controlled by large corporations.
● In
contrast, Web3 is decentralized, meaning that data is stored on a decentralized
network of computers that are owned and controlled by the users themselves.
2. Intermediaries vs peer-to-peer:
● Web2
relies heavily on intermediaries such as banks, social media platforms, and
online marketplaces to facilitate transactions and interactions.
● Web3
enables peer-to-peer transactions and interactions, meaning that users can
transact directly with one another without the need for intermediaries like
banks, for example.
3. Data ownership and control:
● In
Web2, large corporations like Facebook and Google have significant control over
user data and can monetise it in ways that users may not be comfortable with.
In Web3, users can choose to share data only with those they trust.
● In
Web2, users must trust intermediaries to keep their data and transactions
secure. In Web3, users can trust the network itself to keep their data and
transactions secure.
Main features of Web 3.0:
1. Semantic Web:
● Search
and analysis based on the capability to comprehend the meaning of words, rather
than on keywords or numbers.
2. Artificial Intelligence:
● With
natural language processing now computers can distinguish information like
humans to provide faster and more relevant results.
3. Ubiquity:
● Content
is accessible by multiple applications, every device is connected to the web,
and the services can be used everywhere.
4. DLT and Smart Contracts:
● With
the help of DLT, we can have a virtually impossible-to-hack database from which
one can have value to their content and things they can own virtually, this is
the technology that enables a trustless society through the integration of
smart contracts which does not need to have a middle man to be a guarantor to
make that contract occur on certain cause its based on data from that DLT.
5. More secure:
● Web3
allows for peer-to-peer transactions and interactions, which means that users
are in control of their data and can choose whom they share it with. This also
means that Web3 is more secure, as there is no single point of failure that can
be exploited by hackers.
6. Decentralized applications:
● The
key feature of Web3 is the ability to create and use decentralized applications
(dApps) and smart contracts. These dApps can be used for a variety of purposes,
such as social media, finance, gaming, and more.
● Example
- Payment Blockchains, peer-to-peer digital financial transactions, smart
contracts, and cryptocurrency.
7. Importance to Piracy:
● One
of the key features of Web3 is that it provides users with greater control over
their data and digital assets.
● Instead
of relying on centralized intermediaries, it offers options and mediums for an
individual to have more privacy and, more importantly, security of the content
and transactions.
Usage of Web 3.0:
1. Cryptocurrencies:
● They
are built on blockchain technology, which is a key component of Web3.
● These
digital currencies enable secure, decentralized transactions without the need
for intermediaries.
2. Decentralized Finance (DeFi):
● DeFi
is a movement that aims to build a new financial system on top of the
blockchain technology.
● DeFi applications enable users to borrow, lend, and trade cryptocurrencies without the need for traditional financial intermediaries.
3. Decentralized storage:
● Web3
is being used to create decentralized social networks like Mastodon, which are
designed to be more user-centric. Web3 is also being used to develop decentralized
identity verification systems.
Challenges in Web 3.0:
However, there are many challenges that need to be overcome before Web3 can become a mainstream technology, such as scalability, interoperability, and user adoption.
1. Scalability:
● This is one of the biggest challenges. The current infrastructure of blockchain networks can only handle a limited number of transactions per second.
2. User Adoption:
● While blockchain technology has been around for over a decade, it is still relatively unknown.
3. Interoperability:
● Web3 is being built by a wide range of developers and organisations, each with their own unique vision for how the technology should be implemented.
4. Complexity:
● Technology
requires a certain level of technical expertise to use and understand. This may
be a barrier to adoption for some users who are not comfortable with technology
or do not have the necessary technical knowledge.