Web 3.0, more commonly referred to as Web 3 has been widely touted as the future of the internet. It’s said to be based on next-gen tech that will put control in the hands of the masses rather than large corporations.

If you’re reading this and wondering what Web 3 is and why it’s causing a lot of stir, you’re not alone. A lot of people have been trying to understand the concept, its features, and how that may affect everything. That’s what this article seeks to show.

Web 3 is a set of emerging technologies for building distributed and decentralized applications. Established on blockchain technologies, Web 3 offers promises of introducing the third generation of the Internet — hence the reason for its naming.

The name Web 3 was coined by Gavin Wood, the co-founder of Ethereum as a follow-up to the Web 1 and Web 2 phases of the internet.

Web 1 refers to the era of static pages when online content was only created by top corporations. It is followed closely by the current Web 2 phase which introduced the digital world to the content economy but with the continued involvement of online power brokers such as Google and Facebook, etc. More on Web 1 and 2 comes in a later article.

Web 3, still very much a concept being worked on, introduces a new user-owned and user-controlled economy backed by blockchain technology. This means users worldwide track and compile data blocks for the internet to remain up. Instead of centralized Web servers, a network of peer-to-peer nodes worldwide will be responsible for making decisions and rules guiding the internet.

The Web 3 technology brings a lot of benefits to the table which would offer an upgrade on the current state of the internet. They are:

DAOs refer to a system in which token holders are responsible for running the structure. Web 3 introduces tokenized organizations and completely revolutionizes the current idea of organizational hierarchies. Within DAOs, there’s no central authority but power is shared across all token holders who manage and make collective decisions. This will give rise to community-driven organizations and introduce more attractive incentives to every member.

Web 3 is bringing change to payments too.

Using crypto currencies and blockchain technology, Web 3 introduces a native built-in payment that is frictionless, and devoid of high-processing-fee-demanding “middlemen”.

Current payment providers have generated a lot of income through their complex payment systems which demand that users pay a lot to experience interoperability.

But with the integration of crypto currencies by Web 3, international and local payments can be easy and secure. Users won’t need to continue to go through the rigors of the current traditional payment system.

Many payment providers around the world are already testing the feasibility of Web 3 payments and its adoption across more providers is expected to increase as the launch nears.

Blockchain tech makes it difficult to meddle with information because such has to be verified by several present nodes. As a result, this lessens the risk of attacks and makes Web 3 a very secure space.

In Web 3’s decentralized system, data isn’t stored on central servers but in peers on a peer-to-peer network. The technology is such that if one of these peers goes down, the rest have all the necessary information to keep everything running as normal. This will drastically improve system downtimes.

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Web 3.0, more commonly referred to as Web 3 has been widely touted as the future of the internet. It’s said to be based on next-gen tech that will put control in the hands of the masses rather than large corporations.

If you’re reading this and wondering what Web 3 is and why it’s causing a lot of stir, you’re not alone. A lot of people have been trying to understand the concept, its features, and how that may affect everything. That’s what this article seeks to show.

Web 3 is a set of emerging technologies for building distributed and decentralized applications. Established on blockchain technologies, Web 3 offers promises of introducing the third generation of the Internet — hence the reason for its naming.

The name Web 3 was coined by Gavin Wood, the co-founder of Ethereum as a follow-up to the Web 1 and Web 2 phases of the internet.

Web 1 refers to the era of static pages when online content was only created by top corporations. It is followed closely by the current Web 2 phase which introduced the digital world to the content economy but with the continued involvement of online power brokers such as Google and Facebook, etc. More on Web 1 and 2 comes in a later article.

Web 3, still very much a concept being worked on, introduces a new user-owned and user-controlled economy backed by blockchain technology. This means users worldwide track and compile data blocks for the internet to remain up. Instead of centralized Web servers, a network of peer-to-peer nodes worldwide will be responsible for making decisions and rules guiding the internet.

The Web 3 technology brings a lot of benefits to the table which would offer an upgrade on the current state of the internet. They are:

DAOs refer to a system in which token holders are responsible for running the structure. Web 3 introduces tokenized organizations and completely revolutionizes the current idea of organizational hierarchies. Within DAOs, there’s no central authority but power is shared across all token holders who manage and make collective decisions. This will give rise to community-driven organizations and introduce more attractive incentives to every member.

Web 3 is bringing change to payments too.

Using crypto currencies and blockchain technology, Web 3 introduces a native built-in payment that is frictionless, and devoid of high-processing-fee-demanding “middlemen”.

Current payment providers have generated a lot of income through their complex payment systems which demand that users pay a lot to experience interoperability.

But with the integration of crypto currencies by Web 3, international and local payments can be easy and secure. Users won’t need to continue to go through the rigors of the current traditional payment system.

Many payment providers around the world are already testing the feasibility of Web 3 payments and its adoption across more providers is expected to increase as the launch nears.

Blockchain tech makes it difficult to meddle with information because such has to be verified by several present nodes. As a result, this lessens the risk of attacks and makes Web 3 a very secure space.

In Web 3’s decentralized system, data isn’t stored on central servers but in peers on a peer-to-peer network. The technology is such that if one of these peers goes down, the rest have all the necessary information to keep everything running as normal. This will drastically improve system downtimes.

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