Before getting into the details of Web3, it’s vital to make the distinction between the world wide web (simply, ‘the web’) and the internet. These words are often used interchangeably in common conversation but represent different aspects of being online. The web is the collection of web pages that people access on their devices, while the internet is the global network of connected computers upon which the web works.
3. The Essentials
With the emergence of new technologies such as blockchain and
cryptocurrency, Web3 has become the term that encompasses an
internet that combines these tecnhologies for a decentralised
experience. User ownership of content is something that previous
versions of the web didn’t address, and proponents of Web3 think it will
do a better job.
This vision is something that Tahir Butt, London-based entrepreneur, is
firmly behind, as he believes Web3 has the potential to revolutionise
online interactions, transactions and communication.
4. What Does it Encompass?
A lot of what Web3 looks like is a work in progress. However, there are
a few principles that developers have outlined as key to its functioning.
These include:
• Making it decentralised so that interactions between users and
devices will not be controlled by a centralised authority.
• Making it trustless. All actors will use the Zero Trust model, which
requires every request to be verified (‘never trust, always verify’).
• Using blockchain technology so users can communicate with each
other directly.
• Using a distributed ledger to track all transactions.
5. What Does it Encompass?
One of the core reasons why proponents of Web3 push for it is the
benefit of control it offers users. In the current set-up, a user who
purchases an in-app item can only use it when they use the application.
Should the creators of the app delete a user’s account, those items are
lost. However, with Web3, users will have direct ownership, and not
even the application’s creators can take it away.