Last Updated on January 21, 2023 by Tabraiz
By this time, it is likely that the phrase “Web3” has been used more than once. It might have come up at work, the gym, over dinner, or during a friend’s ten-minute rant on how “Dogecoin is sending SpaceX to the Moon.”
It can be a little uncomfortable to hear about Web3 so frequently. Since most of us are still getting used to the new socio-political reality that social media has created, the thought of a new internet can be frightening.
However, we’re here to define the terminology you need to understand and to introduce Web3, the next stage of the internet.
Before we get going, it’s important to keep in mind that Web3 is still in its early phases. It is therefore changing swiftly and will do so for some time. We are well familiar with the guiding concepts of Web3, even though it won’t be fully realised or take its final form anytime soon. It focuses particularly on an ecosystem of technology projects that are:
- Decentralized
- Trustless
- Permissionless
- Interoperable
To further comprehend what these concepts mean and why they’re so crucial to Web3, it helps to look back in time. After discussing the development of the internet, our direction becomes much clearer.
What is Web3 and why is it important?
“Web3” was created in 2014 by Gavin Wood to replace Web 3.0. The brevity became the name. Web3? Web 3.0 attempts to fix all Web 2.0 issues.
The future internet generation wants to shift power away from major tech companies and onto individual users.
The decentralised, trustless, permissionless, and interoperable ecosystem of technology solutions that makes up the heart of Web3 is as was described at the outset. It’s time to explain exactly what this implies and why Web3 is significant.
What honesty and decentralisation mean
Instead of using a centralised server, Web3 uses networks powered by blockchain to store data on scattered devices (referred to as “nodes”) all over the world.
These distributed devices might ultimately be anything, such as desktop or laptop computers or even bigger servers.
They function as the blockchain’s framework, connecting with one another to enable the storage, distribution, and preservation of data without the need for a dependable third party.
Because of these nodes, the blockchain provides an immutable record; it is a decentralised proof of ownership mechanism that is brand-new to us.
Web 2.0 forces us to provide our data to significant tech giants like Google and Facebook. We were compelled to rely on AWS for a large number of our products and services. Furthermore, we need to think that these parties will use this data in a morally just way.
Suffescom Solutions Inc. streamlines the process.
Any garment or fashion brand that wishes to enter the metaverse may get help from Suffescom Solutions Inc. A company’s internal capabilities or outside help must be used if it wants to compete in the Web3 and NFT industries.
Less technological organisations can now explore the metaverse thanks to this. These “no-code” toolkits have made it easier for businesses to start creating NFT-based solutions.
They are capable of developing a distinctive Web3 presence as a partner in Web3 Marketplace Development.
Definitions of interoperability and permissionlessness
Phantom or MetaMask (for Ethereum and ETH-compatible blockchains) provide self-sovereign ownership, which is what interoperability and permissionlessness mean (for the Solana blockchain). Your Web3 identification and secure data and money storage are provided via a digital wallet.
You may pick and choose which decentralised apps have access to your funds thanks to the interoperability of this wallet. It works flawlessly with a variety of devices and platforms as well.
Furthermore, every contact and transaction on the blockchain is permissionless, which means it is possible to carry them out without the assistance of a trustworthy third party.
Let’s look at this’s advantages and requirements.
In order to access numerous online programmes, people are now obligated to give their data out by utilising their Facebook or Google login. However, in Web 3, people will be the owners of their identities.
By replacing third parties with the blockchain, Web3 opens entirely new business models and value chains where centralised middlemen are no longer preferred. In the end, Web3 removes the middlemen and gives the people back power.
In fact, NFTs are showing this to us already (non-fungible tokens).
Many authors, musicians, and other artists have recently started experimenting with various strategies to get the majority of the revenue produced by their work.
Smart contracts enable secondary royalties schemes with NFTs in particular, ensuring that authors are paid each time their work is sold on the open market.
The stereotype of the “starving artist” is changing as a result of this fundamental shift in the value chain. Therefore, Web3 is important.
What ties the metaverse to Web3?
Web3 and the metaverse are frequently used interchangeably, but they shouldn’t be. They are not equivalent.
Enhancing the physical environment is not a part of Web3, which is a decentralised version of the internet.
Even while many Web3 technologies, such as NFTs or peer-to-peer bitcoin transactions, may one day be used there, the metaverse is not Web3.
What drawbacks does Web3 possess?
The typical user’s Web3 journey nowadays necessitates a large amount of research and testing. Lack of user-friendly design, which makes the journey challenging and the learning curve lengthy, does not help. Actually, it is a significant barrier to admission for the majority.
For developers nowadays, user experience is significantly less important than code assaults and downtime.
Since most developers are still concentrating on the underlying technology, many Web3 solutions are finicky and challenging to use.
There are, however, more serious problems with Web3.
First of all, major change carries great risk. One of the best aspects about Web3 is that you entirely own your data. That is the worst aspect of it. The Web3 industry is still largely a Wild West with dishonest people living there.
In conclusion, trustlessness isn’t a Web3 standard. You need to believe in yourself.
Scalability is a challenge as well.
Few would contest that decentralisation is undesirable in and of itself, but Web3 transactions are slower specifically because of their decentralisation.
A miner must have some processing time before a change can propagate throughout the network.
Another issue is the decentralisation issue.
Despite the decentralised nature of blockchains, the majority of Web3 services that employ them are controlled by a small number of private firms.
Furthermore, as the industry grows to support the decentralised web, there are valid concerns regarding the high level of industry consolidation.
Furthermore, this is not an exhaustive list of the problems. Though Web3 is still in its early stages, many developers are actively working to discover answers to the problems that are now plaguing it.
Therefore, if there is a crucial lesson to be remembered, it is this: Web3 refers to the third generation of the internet.
NFTs and peer-to-peer bitcoin transactions may be employed in the metaverse in the future, but Web3 is not the metaverse.
If the developers working on the current problems are successful, we might just make it.
