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Web3 (Web 3.0): The Ultimate Eye-Opening Guide You Need Right Now!

Web3 (Web 3.0) FaqonTech Header
Web3 (Web 3.0) FaqonTech Header

Web 2.0 currently describes the current state of the Internet. And, we all love the Internet, don’t we? I mean, sometimes it’s good, and other times, it’s not so great. But, the Internet definitely has many advantages in everyone’s everyday lives. Just imagine the Internet vanished today. Most of our lives will be to a halt! So, since we “love” the Internet as it is… Why would we need an upgrade to something that’s already so “perfect”?

The answer is simple. Web 2.0 is flawed, and that’s where Web3 (Web 3.0) comes in. But, before I get right into the advantages of Web 3.0 and why we need it right now, let’s take a look at some of the apparent flaws in Web 2.0 that need correction.

What are the Flaws with 2.0

Web 2.0 has altered the way we interact with our World. We have enjoyed the benefits of Web 2.0, but we have also suffered the liabilities, and ultimately, Web 2.0 problems have resulted in the termination of its era.

The first major flaw with Web 2.0 is Security.

In this present era, we are at the mercy of big businesses such as Google, Facebook, and YouTube. These businesses offer us “free” services.

Their services were initially free, which is why we all accepted these platforms. But at some point, these companies just had to start monetizing and repaying venture capitalists once their user bases had grown sufficiently.

As a result, what was once free now becomes a service that users must pay for multiple times over. Instead of charging a fee for their services, businesses began to monitor their users’ browsing history in order to obtain helpful marketing information and then launch targeted campaigns.

In this world of Web 2.0, users routinely have to give out their information to third parties in order to gain access to some platforms and services. Users now have no choice but to trust that these organizations are keeping their information safe or willingly surrender their personal details to the wider public of target marketing while ignoring the fact that Web2.0 databases are regularly hacked and data breaches occur.

Another flaw with Web 2.0 is the spread of misinformation. The rise of the Web 2.0 internet has resulted in an increase in misinformation, which has been exploited globally by users and governments attempting to influence web 2.0 users.

This has clearly divided society and created criminal and destructive chances for others to profit at the expense of others, whether financially, physically, or psychologically. Consider stolen credit card information, manipulated election results, and even influencers and advertising companies targeting specific groups to purchase their products.

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There’s a website that documents all existing issues caused by Web 2.0. Here’s the link – Web3 is going just great (web3isgoinggreat.com).

So, you see why we need an Upgrade? Web 3.0 is a project that’s long overdue right now, and I know it’s something that’ll definitely revolutionalize the world we live in today. It’s going to have lots of advantages, with some of these advantages destroying the issues we had with Web 2.0 while still bringing in a whole new experience. I mean, who doesn’t like positive change?

What is Web3 (Web 3.0)?

What is Web 3.0 (Web3)

Web 3.0 is the next step in the evolution of the internet. Web 3.0 will allow its users to process information with Human Intelligence through the use of Artificial intelligence and Virtual technology that will run innovative programs to help users by providing them with their relevant choices.

It’s a very important upgrade that allows for Open, Trusting, and Permissionless networks. Thanks to Simplilearn on YouTube for this easy definition.

How does it work?

Web3 developers, unlike Web 2.0 developers, will not create and deploy applications that run on just a single server or store data in a single database.

Web3 applications will run on blockchains, decentralized networks of many p2p nodes (servers), or a hybrid of the two that constitutes a crypto-economic protocol. These applications are known as dapps (decentralized apps), and you will hear that term a lot in the web3 space.

Web3 developers are encouraged and compete to provide all the highest quality services to any individual using the service in order to achieve a secure and stable decentralized network.

Web3 and Cryptocurrency!

Anytime you hear about web3, you’ll note that cryptocurrency is frequently mentioned. This is due to the fact that cryptocurrency plays a significant role in many of these protocols. It offers a financial incentive (tokens) to anybody who wishes to help create, govern, contribute to, or improve one of the projects themselves.

These protocols may frequently provide a range of services such as computation, storage, bandwidth, identification, hosting, and other online services previously supplied by cloud providers.

People can earn a living by contributing to the protocol in a variety of technical and non-technical capacities.

Web3 Tokens? What are they?

Polkadot Web 3.0 (Web3) Token

Web3 elements include decentralized finance (DeFi), non-fungible tokens (NFTs), and play-to-earn gaming, among others. Top ranking Web3 tokens in the Crypto market are listed on Coinmarketcap, and they are updated daily. But as of the time (16th of July, 2022) this article is being written, the top ten (10) Web3 tokens listed are:

  1. Polkadot (DOT)
  2. Chainlink (LINK)
  3. Filecoin (FIL)
  4. Theta Network (THETA)
  5. Helium (HNT)
  6. BitTorrent (BTT)
  7. The Graph (GRT)
  8. Basic Attention Token (BAT)
  9. Stacks (STX)
  10. Arweave (AR)

Now, let’s go into detail and take a look at some of the major advantages of Web3 and how it’ll change the Internet space that we know today.

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Advantages of Web3 (Web 3.0)

  1. It trusts the Blockchain and doesn’t rely on people.

In web3, a public decentralized digital registry as to who owns stuff on the Blockchain network is required: money, ownership of assets, real estate, and even medical records. Each registry item will link to the previous record, forming a chain that can’t be falsified or counterfeited.

Miners are required to add a new record. These miners keep copies of the Blockchain on their computers to avoid data loss; they also solve mathematical problems to validate and confirm transactions. They are rewarded for solving these issues.

In this network, there is no single central point of trust. Each person follows one rule: never trust anyone. They just validate the information they have obtained.

2. It is Secure

Web 3.0 will also be more secure than web 2.0. Hackers and thieves will have a more difficult time breaking into the internet and creating sophisticated frauds because each activity on the blockchain must have to be agreed upon collectively. If they do not comply with the terms of this agreement, such transactions will be canceled and even traced.

Without centralization, cybercriminals will find it impossible to fully control the organization.

3. It’s actually PRIVATE!

You can control your digital identity as well as your personal information with a decentralized identity system. Web3 gives more control over what information is shared about you on the internet and who has access to it. You also have a cryptographically secure means to verify the accuracy of the information.

4. It promotes Collaboration

Web3 is powered by a DAO (Decentralized Autonomous Organization), a revolutionary management system that does not require boards or CEOs. DAOs, on the other hand, function according to a set of rules defined in code and allow an unlimited number of individuals to participate. Many traditional organizations are expected to transition to DAOs within the next ten to fifteen years.

Web3 Jobs! How do you get them?

Web3 jobs are everywhere on the Internet right now, and if you’re a developer, you want to get in on this opportunity. There’s good pay, and you get to work with futuristic companies and also better humanity. I have been doing my research, and I came across a website that solely features jobs that are only for Web3 developers. You can check it out! Here’s the link – Web3 Jobs: Blockchain, Smart Contract, and Crypto Jobs

Conclusion!

Web 3.0 Conclusion!

Did you enjoy your reading of this article? Well, I certainly hope you did. If you didn’t, you could drop your comments on how we can improve our services on this website using the comment section below.

If you have questions regarding the points featured in this article or the concept of Web3 (Web 3.0) in General, you can also drop them in the comment section below. I’ll be happy to receive them. Thanks for reading!

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Written by Abioye Shinaayomi

Hi. I'm Abioye Shinaayomi also known as Supreme Shizzy. I'm a Content Writer who specializes in creating exclusive articles ranging from Basic Cryptocurrency to Artificial Intelligence. I write for FaqonTech and I also do Freelance Writing for a number of websites.

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