Open the Curtains of the Future | An Introduction to the Web3

The Internet itself was a big step for humanity. It was a technological breakthrough that turned the world upside down and changed the game’s rules. As time goes by, the World Wide Web changes and upgrades.

Web3 is what you can hear from every corner. It’s the newest version of the Internet. Something that everybody wishes for. And we’ll explain what Web3 is, why it’s getting so popular, and its importance for the crypto world.

But first, we have to look at the existing forms of the Internet.

Now it’s hard to remember how the Internet era started. But what we know for sure is that it was absolutely different from what we have today.

🌐What is Web1?

Web1 is the early form of the Internet. From 1991 till 2004, the Word Wide Web was a set of static pages with information. You could read news and articles, listen to music etc. So, what is the hitch?

Web1 is also called “Read-Only”, as there were no:

  • Authorization;
  • Editing;
  • Interaction with the user.

The main characteristic is that the website owners created, published and saved everything, which means that the system was centralized. Therefore, the user could get whatever information they decide to give.

It is also important to note that almost every web page was built using open protocols. In web infrastructure, open protocols are pieces that don’t belong to any organization.

🌐What is Web2?

The appearance of the Web2 concept is associated with Tim O’Reilly’s article from 2005. But there’s still no unified definition of what Web1 and Web2 are.

We’ve been familiarized with this version of the Internet over the last 15 years. One of the main features is social media. With their appearance, not only owners but also users can create and post content on websites.

All of us share our personal information with many websites, which in turn collect it to show us the content we will be interested in. Moreover, website owners sell this data to advertising companies to make even more money.

Web2 can be characterized as the era of targeted advertising and lack of privacy.

Switching to Web3 is a necessity that will make using the Internet safer and more convenient. And here are the main reasons:

🔻Full centralization. Every server belongs to someone or a group of people, so that they can delete all your information because of their personal decisions. In other words, you don’t really own what you put on the Internet;

🔻Transmission of confidential data. The information you share is stored on third-party servers, which can be hacked, stolen or used for vested interests.

Now we are approaching the part that will make a renovation in the world of technology — the Web3.

Firstly, it’s important to realize that Web3 is in the early stages of its birth. So, the following descriptions are hypothetical and explain how this form of the Internet would ideally work.

In many ways, Web3 is a continuation of Web2, but it will be built upon a blockchain protocol. That’s why it’s essential for the crypto world, as it will be made approximately in the same way.

As mentioned before, blockchain technologies and other decentralization tools like DAO will most likely be used to do Web3 work. It is also an attempt to go beyond the Internet, penetrate the physical world, and change the financial system and the principles of interaction between people.

An end-user experience is built on top of four layers of blockchain protocol:

🔸Smart contracts. Each data block contains a smart contract. As smart contracts chain together, they are unchangeable, which is why NFTs and cryptocurrencies are so valuable.

🔸Web3 Libraries. They connect smart contracts to the DApps.

🔸Nodes. These are what link Web3 libraries to smart contracts. In contrast to centralized clusters of servers, blockchain networks are distributed across numerous computer nodes.

🔸Wallets. They open access to the blockchain via private keys.

These layers are similar to Web2 but offer decentralized monetization and ownership of funds and data.

So, what will differentiate Web3 & previous versions of the Internet? Here are the main points:

✔️ Decentralization

It’s the primary purpose of Web3. Decentralization means that the information will be shared and stored by DAOs in different places instead of being stored in one server.

✔️Privacy

Blockchain is the core of Decentralization, so in Web3, anything you own will be registered on it. Just like the principle of cryptocurrency works. As it runs on a blockchain, people transfer their digital assets without knowing each other. Users’ real identities can only be revealed if they connect their blockchain wallets.

✔️ Safety

Another thing that is going to be used in Web3 is encryption. It guarantees the security of your data, as no one will be able to access it except those for whom it’s intended.

The transition to the new Internet era is complicated, as all major existing processes must be reviewed and changed. Moreover, most users also need time to figure out such things as DApps, DAOs, etc.

Despite this, Web3 is rapidly entering our world. It would be an absolute breakthrough and would change the whole system.

In the meantime, enjoy the early stage of bringing Web3 ideas into reality on the Biswap DEX!

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