Web 3 is an amazing idea to build your site over the decentralized network of blocks. It is assumed that it would have more advanced functionalities than the present day world wide web. It is expected to be a fantastic addition in web development. In Fact this idea has not been made a reality till now.
If I say that the cryptocurrency ecosystem, blockchain technologies and decentralized applications are the reasons behind the idea of web 3, it would not be wrong.
You must be wondering today why is it so? How will it affect our lives? You have reached the right place. This article will tell you how web 3 proves to be a paradigm shift for online platforms.
From the typical www(s) to the Web 3
Web 3 without decentralization is nothing. Its purpose is to distribute ownership across networks of participants. For this distribution of ownership, decentralization of the world wide web is necessary. It is only possible because of blockchain. Therefore, Web 3 will be based on blockchain technology.
It sounds so exciting when the internet is going to understand whatever you ask through text or voice. The content will be more personalized than ever it is with typical sites. Blockchain will allow its users to communicate directly. The smart contracts will ensure security of their communication. So, we would have an open internet that could allow more seamless flow of information.
Scope of Web 3
Let’s see in detail what would be the scope of the websites if they are built on blockchain.
Innovation
It will empower the internet with its decentralized features. The acceptance of digital coins, decentralized exchanges and smart contracts is growing rapidly. New crypto coins and blockchain based projects are being launched constantly. If this concept becomes a reality it will increase the pace of innovation.
Emergence of new businesses / ideas
With the growth of AI, robotics, decentralized systems, smart contracts and digital currency, the entrepreneurs are busy seeding new startups. New tools, plugins, programs, marketplaces etc., will emerge with the release of blockchain based websites.
Industry Potential
Web 3 is in its early stage. So, there is an untapped potential of development, market entrance, making money by becoming the first supplier etc.
Web 2 vs Web 3
Web 2 is dealing with the content present over the net. However, Web 3 could be the astonishing transformation of the internet.
Let’s read a comparison of Web 2 and Web 3 in the lines below.
Web 2 makes things more simple like collecting, generating and distributing huge amounts of data in just a click. It hosts social media sites, business websites, cloud storages, servers, blogs, personal portfolios and many more. Will Blockchains support social media platforms! ….
PHP, CSS and Java are behind web development. Whereas, blockchains do not fully support these languages. However, programmers use php to interconnect Ethereum Blockchains. It will be a great challenge for Web 3 to host the internet content just on the basis of networks of distributed ledgers of Blockchains. How it could support website development! ……
Currently, content management systems such as WordPress, Jmoola and Drupal hold the websites as the container is filled with water. And would blocks work as containers for the pages! …..
I think the Web 3 users might enjoy fast loading of web pages due to backend processing of transactions over the networks of blocks.
Web 3 Gaming
It could also have a huge impact on the gaming industry. Since, the digital coins are created as a result of mining. When a transaction is processed over the blocks, the miner gets a coin. Gaming over the Web 3 will possibly work in the same way.
When gamers play their shot which in turn would run a transaction over the blocks network. In this way they would earn rewards in the form of coins.
Bonus Section – Key Applications of Blockchain
As I have briefly discussed theory of Web 3. So, I am explaining some applications of blockchain as a bonus section to my readers.
- NFTs (Non fungible Tokens): These tokens are unique and kept in a blockchain with a cryptographic hash.
- Decentralized Finance: Distributed & decentralized ledgers are one of the core features which acts as the foundation for the crypto economy. It is best used for financial services letting go of the conventional methods.
- Crypto currency: A recently developed universe of paper money is created with the help of crypto coins like Bitcoin, Ethereum, Dogecoin etc.
- dApp: These are the programs that run in an efficient manner to facilitate service delivery.
- Chain-crossing bridges: In this age, there are numerous blockchains, and cross-chain bridges provide some kind of connectivity between them.
- Decentralized Autonomous Organization: These organizations potentially take on the role of mining over the crypto ecosystem.
Frequently Asked Questions
What is web 3 used for?
Web 3 is the third generation world wide web. It is an idea to host the internet over the blockchain. Decentralized ecosystem, blockchain technology and peer to peer networking are the essential components of Web 3.
What skills are needed for web 3?
There are a variety of skills which are required if you want to pursue a career in Web 3. The professionals should have programming, collaborative, problem solving and networking skills.
What are the benefits of web 3?
Some of the key benefits of Web 3 are trust, privacy, smart contracts, incentive mechanisms, resilience to down payment and global accessibility.
Conclusion
Web 3 can be a paradigm shift in the digital era. It will hopefully promise to keep your data protected in the fast growing world. The users would have the more privilege of managing and monetizing their data transparently.
I have expectations that this article would have provided you with insight into the realm of the next generation internet. It is going to be the biggest turn out in the near future. With the advent of Web 3, you would get more page loading speed, data transparency, functionality for the complex sites etc.
If websites are built over the distributed ledgers or blocks, then how the interface of the sites could be developed! … How the blocks could support Java, CSS, PHP! … Where the WordPress and other content management systems would go!….. These are the questions that are still unanswered.
Let’s see what happens if blocks take the lead instead of programs, commands and algorithms.
Stay connected with us for more exciting updates.
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