The internet has been at the forefront of this era’s technological revolution. The web2 era turned the world into a global village, and the gradual transition into web3 makes connectivity a lot easier. The blockchain-powered web3 is a new concept on the internet. Hence, there’s a need to create web3 for dummies educational material to simplify the complexities.

Compared to how it was ten years ago, the internet has gone through a series of modernization. But then, the popularity of cryptocurrencies and the emergence of several web3 companies aroused curiosity about the future of the internet. Now the big question is, what’s web3, and why should you care?

What is Web3?

Web3 is the future of the internet, built on blockchain technology. This new era comes with an open-source internet space where users, and not big tech, are in control of data. It is also an online space that allows users to perform financial transactions, and data or information exchange without any intermediary.

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What Is the Purpose of Web3?

The current version of the world wide web is plagued with a lack of data security and user privacy. It also had scalability issues, and big tech has way too much power over users’ data.

Big tech companies like Facebook, Google, Instagram, etc., collect user data through phony and unsuspecting means and either sell them to third-party businesses or use them for targeted ads. Web3 seeks to solve this problem by creating a decentralized internet space where users will own data and build new products on the blockchain.

What Is the Difference Between Web3 and Previous Versions?

To fully understand and appreciate web3, you need to know how the internet got to this point. Let’s trace it back to the beginning.

Web1

The earliest version of the internet started in 1989 and 1990 and ran until 2004. The inventor, Tim Berners-Lee, created a read-only online space he defined as a “web of information.” During this era of the internet, information dissemination was uni-directional.

Users could only read the content of a website; they couldn’t comment, like, react or interact with it beyond just viewing static web pages.

Web2

The second generation of the world wide web came with a read-and-write feature. The idea of this generation was to bring the world, including people of common and varied interests, together in a space that allowed for multi-person interaction.

It came alive with the emergence of social media sites, thus instead of companies churning out read-only content on their websites, they began to support user-generated content. Now users can comment, leave reviews, like, share and interact freely with the content of any website.

During this dispensation, over 4.7 billion people joined social media. With this mammoth crowd, big tech companies found an avenue to make revenue through advertisements. They collect user data via cookies and could sell the same to advertisers who use them to understand your interests and send you adverts that suit your needs.

Furthermore, while this internet generation allows users to create content, most times, they do not own this content and cannot fully monetize them on their own. This is one of the biggest problems that the blockchain-powered internet generation seeks to solve.

Web3

The term was coined in 2014 by Gavin Wood, the co-founder of Ethereum. It was created to eliminate the need for trusted intermediaries like banks, government agencies, and big tech companies who ruled the internet space for so long.

Unlike the previous internet generations, this version of the net will not only allow users to read, write and interact freely. It will also allow them to own and monetize their content as they wish. It will allow creators to create tokens that will grant users access to their content when they purchase such tokens.

Furthermore, it will also provide an avenue for users to invest in a content creators by buying their tokens. These early investors would then make a profit when the creator becomes really famous; other users start demanding their content, and the demand causes the price of the token to spike.

What Are the Core Components of Web3?

As this web3 for dummies article stated earlier, the blockchain and cryptocurrencies are the backbones of this internet generation. Other important components include:

• Artificial intelligence
• Virtual and augmented reality
• Decentralized storage
• Increased security and privacy

What Is the Connection Between the Blockchain and Web3?

Crypto and the blockchain are the powerhouses behind this new internet ecosystem. The blockchain brings decentralization, which facilitates the wide distribution of information among users. It is this decentralization that takes the power away from big tech companies, thus ending the age-long problems associated with web2.

Are Metaverse and Web3 Related?

The decentralized internet space and the metaverse are almost inseparable. A simple overview of web3 presents it as a decentralized internet webspace where data and systems are controlled by users, instead of being centralized in the servers of big tech companies. The Metaverse, on the other hand, is a virtual world where users can interact with each other and create avatars, business spaces, and homes and have other immersive experiences.

Both terms are related, especially in the technologies used in building them, most importantly cryptocurrencies and NFTs. Cryptocurrencies will form the foundation and monetary policies of the metaverse. Hence, this makes it inseparable from the new internet generation.

Why Do We Need Web3?

We need this new digital world to break the ranks of big tech corporations and to reward creators properly for their intellectual properties. It also eliminates the bureaucratic bottleneck involved in transactions that use middlemen like banks and third-party corporations.

What Is the Current State of Web3?

Although it’s in its infancy, the third iteration of the internet is already here. People have already started using it. From Ethereum to Polygon, Solana, and Cosmos, many blockchain networks are already thriving, and top crypto companies have built, and are still building, ground-breaking infrastructure and tools for this new digital ecosystem.

Web3 for Dummies: Is It the Future of the Internet?

Judging from everything we’ve explained in this web3 for dummies article, it’s a no-brainer that this is the future of the internet. Numerous startups have erupted in this space, and are hiring top talents from all over the world to build on this new digital space.

Don’t be left out. Become an early adopter today, and stay current with industry trends by joining Lift99 DAO, a web3 community that will give you all the guidance you need to navigate through this new online world.

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