What is Web3? The Future of the Internet Based on Blockchain Technology

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What is Web3 ?  (Blockchain Technology) This question arises along with the evolution of the internet that carries blockchain technology and has become a world phenomenon. The presence of Web3 is inseparable from the adoption of machine learning and Artificial Intelligence (AI).

Web3 is one proof that the world we live in today is increasingly digital. Web3 is even seen as the future of cyberspace which will also change the way many people use the internet.

Interestingly, the emergence of the term Web3 is not only caused by the technical side itself. Several things, such as hype , part of marketing, and the tendency of people to be afraid to miss the latest trends are triggers for supporting the emergence of this term.

So, what exactly is Web3 ? In order to understand the concept

What is Web3?

Web3 is the third generation of the evolution of blockchain -based web technology and has a decentralized system. This internet technology concept involves blockchain , cryptocurrencies, and NFT.

The characteristics of Web3 include trustless , permissionless , self-governance , and data ownership . Trustless is a user interaction that relies on computer algorithms without the need for a third-party intermediary, so there is no need for certain permissions ( permissionless ).

Meanwhile, the characteristics of self-governance are manifested in a decentralized autonomous organization or DAO system, which is used by various applications and platforms. Users can also determine the direction of platform policies.

Finally, data ownership allows users to control personal data so that it is different from Web2 services which hold users’ personal data without any protection.

Web3 has revolutionized various industries, including gaming . Web3 based games allow players to engage in games in a more innovative and decentralized manner. Players can also get crypto and NFT assets .

In terms of transactions, Web3 uses tokens such as Ethereum (ETH) to transfer money directly from the browser . Users also do not need to use other payment infrastructure.

How Does Web3 Work?

Instead of a centralized database , Web3 creates applications and services using a decentralized blockchain . Thanks to blockchain technology , there is no central authority arbitrarily accessing the data in it.

The Web3 server model is decentralized using a blockchain -based protocol . Web3 is designed to “fight” the data ownership system in the previous generation of the Web that was still dominated by big companies like Google and Amazon.

Many say, technology giants especially in the fields of social media and e-commerce “steal” user data. A lot of personal data is not shared but can be known by them. Web3 wants this to never happen again.

Later, users will be directed to store their data in a cryptocurrency wallet such as TrustWallet, Venly, or MetaMask . This data can be integrated with other blockchain -based applications with the permission and control of the users themselves.

Fundamentally, Web3 is closely related to cryptocurrencies . Finance and the ability to pay for goods and services with decentralized forms of payment are enabled on Web3 with the use of cryptocurrencies .

Web3 Usage Examples

Examples of Web3 can actually be felt and seen around us. Based on the blockchain , it’s no wonder that more and more services and applications are taking advantage of Web3 and here are some of them.

image courtesey: Entrepreneur - Web3

1. NFT

Non-Fungiable Token (NFT) is a token that is stored in the blockchain with a cryptographic hash that makes the token unique and there are no duplicates.

2. DeFi

Decentralized Finance (DeFi) is a popular technology that is able to convert conventional money deposited into a central bank into a digital format. This technology is able to eliminate the role of the central bank, by using it more transparently and securely.

3. Cryptocurrencies

Cryptocurrencies such as Bitcoin , are Web3 applications that create a new world of currencies separate from the historical world of fiat currencies .

4. dApps

Decentralized applications (dApps) are applications that are built on a blockchain and use smart contracts to deliver services in a programmatic approach that is recorded in a ledger .

5. DAOs

Set to potentially become an organizing entity for Web3 services, it provides some structure and governance in a decentralized approach.

source: Variety – Web3

The Advantages of Web3 Evolution

The main advantage or benefit that can be felt from using Web3 comes from its decentralized structure or system. The following advantages can be provided by the concept of Web3 in the internet:

1. More Privacy

Web3 will prioritize security and privacy, over surveillance and control. Users will have complete control over their data, as it comes with the option to share or keep the information private.

2. Security

Blockchain technology will be more secure from hacking than the current version of the internet. Hackers will find it more difficult to exploit the network, even if they do hack, this activity will be logged.

3. Semantic Web

The Semantic Web is the next evolution of the internet that can enhance the entire experience of web-based platforms. Users can use semantic technology to perform online data repositories , define vocabulary, and define data handling rules.

4. Connectivity

Data is closely related to Web3 because of its semantic content that leads to improved user experience , at a new level of connectivity by utilizing all accessible data.

image Courtesy: Hack.bg - Web3

Are Web3 and NFT Games the Same?

As Jask mentioned earlier, the Web3 ecosystem has revolutionized various industries, including the game world . Web3 -based games make players more involved in real and potentially profitable in terms of material.

Then the question arises whether Web3 and NFT games are the same thing or not at all related. The reason is, currently NFT games may sound more familiar than Web3 games .

The term Web3 gaming itself includes many things, ranging from NFT games , play-to-earn (P2E) games, play-to-own games , crypto games , and blockchain games . So, NFT is one part of the Web3 ecosystem.

Basically, the definition of a Web3 game is game that uses blockchain technology as the foundation of the in- game economy . Web3 games typically offer assets that the user can “own”.

These assets are usually in the form of NFTs . Ownership of in- game assets is one of the advantages of Web3. Another advantage that players get when buying NFT in the game is that it can be exchanged for real money.

The conclusion to this question is that NFT is a common part or asset in the Web3 ecosystem. However, Web3 games do not always offer NFT assets as part of gameplay or rewards to players.

The final word

That’s an explanation of what Web3 is believed to be the future of the internet with various advantages that are more sophisticated and secure. The presence of Web3 that can be felt will also change the way we surf the internet.

Web3 is a term for the next generation of the internet which refers to the idea of ​​a decentralized web. This generation offers greater security, as data is stored on a public blockchain and users have more control.

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