Comprehensive Understanding Of Web 2/Web 3 | by Bitxmi Exchange | The Capital | Jan, 2022


Are you confused as to what web 3 is?

You are not alone in this. The concept is experiencing a moment. To begin, let us establish the facts: web 2/ web 3 is, as the name implies, about the web.

If history teaches us anything, it is that change is a constant and that these changes will be significant. Consider how the internet influences your daily life. Consider how the internet has altered society. Platforms for social media. Mobile applications.

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And now, as we speak, the internet is undergoing another fundamental upheaval. This is why we’re discussing Web 3.

As a result of bitcoin’s popularity, the pioneering cryptocurrency introduced in 2008, many people identify blockchains with money and banking. However, blockchains have a considerably larger range of applications.

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Stages of evolution

Source: Pixabay.com

Before we go on to Web3, let’s take a look back at Web1.

Web 1.0 was the web’s initial iteration. The majority of participants were content consumers, while the makers were often developers who built websites that mostly delivered up material in text or image format.

The Web 1.0 era ran roughly from 1991 to 2004.

Web 1.0 comprised of static HTML-based websites rather than dynamic HTML-based websites. The data and content were supplied via a static file system rather than a database, and the sites lacked any interaction.

Consider Web 1.0 to be the read-only web.

Web1, which was widely used from the 1990s to the mid-2000s, is a one-dimensional internet. Initially, websites served only one purpose: to display a list of data. As a result, you can read it. There was no posting, sharing, or engaging with other individuals, as the concept had not been fully developed.

It was the age of reading.

What exactly is Web 2.0?

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The majority of us have primarily encountered the web in its current incarnation, dubbed web2. Consider web2 to be the interactive and social web.

You do not have to be a developer to contribute to the creation process in the web2 universe. Numerous apps are designed in such a way that anyone may easily become a creator.

You have the ability to develop an app and share it with the world. You can also post a video to let millions of others view, interact with, and comment on it.

Web2 is truly simple, and as a result of its simplicity, an increasing number of people worldwide are becoming creators.

Web2, which was widely used from the mid-2000s to the late 2010s, is a two-dimensional internet. Facebook, Instagram, and Snapchat are all examples of websites that served numerous purposes.

Apart from viewing articles on their platform, you can also upload your own so that other people or users can read them as well.

Web 2 is the age of reading and writing.

While the web in its current state is excellent in many ways, there are several areas where we can improve significantly.

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Monetization and Security for Web 2.0

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In the web2 era, many popular programs share a common lifecycle pattern. Consider some of the apps you use on a regular basis and how the examples below might apply to them.

App monetization

Consider how popular applications such as Instagram, Twitter, LinkedIn, or YouTube were in their infancy and how different they are today. Typically, the procedure is as follows:

1. A business develops an application.
2. It enrolls the greatest number of people possible.
3. Following that, it monetizes its user base.

When a developer or corporation releases a popular app, the user experience is frequently quite sleek, especially as the program gains popularity. This is how they initially get traction.

Initially, many software businesses are unconcerned about monetization. They are entirely focused on expansion and retaining new consumers — but they must ultimately start earning a profit.

Additionally, they must examine the role of external investors. Often, the constraints associated with venture finance have a detrimental effect on the life cycle, and ultimately, on the user experience, of many of the applications we use today.

If a firm developing an application raises venture financing, its investors frequently anticipate a return on investment in the tens or hundreds of times what they invested.

This implies that, rather than pursuing a more sustainable strategy of growth that can be sustained organically, the company is frequently driven toward one of two paths: advertising or selling personal data.

For many web2 businesses, such as Google, Facebook, and Twitter, more data equates to more tailored advertising. This results in an increase in clicks and, ultimately, ad revenue.

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The exploitation and centralization of user data are critical to the functioning of the web as we know and use it today.

Security and privacy

Data breaches occur frequently in Web2 applications. There are even websites dedicated to tracking data breaches and notifying users when their information has been hacked.

You have no control over your data or how it is stored in web2. Indeed, businesses frequently track and save user data without the user’s consent. The firms that operate these platforms then possess and manage all of this data.

Users who live in nations where the negative implications of free expression are a concern are also in danger.

Governments frequently shut down servers and seize bank accounts if they suspect an individual is expressing an opinion contrary to their propaganda. Governments can easily interfere, control, or shut down programs using centralized servers.

Due to the fact that banks are also computerized and centralized, governments frequently intervene there as well. They have the ability to freeze bank accounts or restrict access to funds during periods of market volatility, severe inflation, or other political disturbances.

Web3 intends to address many of these limitations by fundamentally reimagining how apps are designed and interacted with from the ground up.

Web3 is a concept for an internet devoid of servers. Web 3.0 is a method of accessing the Internet that does not require the usage of centralized servers.

The Web3 age is defined by the ability to read, write, and own.

It’s as if the Internet were in its infancy before anyone created webpages.
Web3 will be larger than Web2 because Web2 is about businesses attempting to extract value from individuals, but Web3 is about communities attempting to create value for their members.

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Why is Web3 so effective?

Source: Pixabay.com

Web3 is currently being utilized to create robust decentralized applications. These apps are eroding the role of middlemen in numerous industries.

For instance, one project is attempting to eliminate the necessity for ride hailing businesses through the use of a decentralized Ride Market DApp.

Another possibility is to use Web3 to eliminate centralized brokerage firms by establishing a decentralized stock exchange.

Web 2 vs Web 3.0?

There are a few essential distinctions between web2 and web3, but at the heart of web 3 lies decentralization.

Web3 adds a few additional properties to the internet as we know it today. web3 is:

• Verifiable
• Trustless
• Self-governing
• Permissionless
• Distributed and resilient

Typically, web3 developers do not build and deploy applications that run on a single server or use a single database (usually hosted on and managed by a single cloud provider).

Rather than that, web3 applications run on blockchains, decentralized networks of several peer-to-peer nodes (servers), or a hybrid of the two, forming a crypto economic protocol. These applications are frequently referred to as dapps (decentralized applications), a term that is frequently used in the web3 arena.

When discussing web3, you’ll find that bitcoin is frequently mentioned. This is because many of these systems rely heavily on cryptocurrencies. It gives a financial incentive (tokens) for anyone interested in contributing to the creation, governance, contribution to, or improvement of one of the projects.

How Web3 Identity Works

Identity also functions very differently in web3 than it does today. Typically, IDs in web3 applications are associated with the wallet address of the user interacting with the application.

Unlike web2 authentication mechanisms such as OAuth or email + password (which almost usually require users to provide sensitive and personal information), wallet addresses are fully anonymous unless the user chooses to publicly associate them with their own identity.

What’s in web 3 for us?

Web3 is meant to liberate the world from monopolistic domination. Web3 is a colloquial term for a decentralized internet ecosystem built on the blockchain. Platforms and apps built on Web3 will be owned by users, who will earn their ownership stake by contributing to the development and maintenance of those services.

Web 3.0 will significantly expand the breadth and scope of human-machine interactions far beyond anything currently imaginable.

The best Web 3 Tokens to purchase right now

Certain tokens are created using the web 3.0 platform. Chainlink, polkadot, Filecoin (FIL), Theta, GRT, BAT, Helium (HNT), and bittorrent (BTT) are just a few of them.


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