Who: The idea behind Web3 was first proposed by Gavin Wood in 2014. Wood is a co-founder of Ethereum and the founder of Polkadot.
What: Web3 is considered the third phase of a decentralized internet. In Web3, data and applications run on decentralized networks rather than being controlled by a single organization.
Where: Web3 is available anywhere on the internet. However, it is currently most widely used in areas such as decentralized finance (DeFi), gaming, and metaverse.
When: Web3 is still in development. However, significant progress has been made in recent years. Many decentralized applications (dApps) are already available and more are being developed.
Why: Web3 has many potential benefits. Some of these benefits include:
Increased security and privacy: Since data is not stored on a central server, it is more difficult for hackers to steal it.
More control: Users have more control over their data.
Greater transparency: Anyone can see transactions on the network.
Greater reach: Web3 is available to people all over the world.
How: Web3 is built using various technologies. Some of these technologies include:
Blockchain: Blockchain is a technology that enables transactions to be recorded securely and transparently.
Smart contracts: Smart contracts are pieces of code that are automatically executed when certain conditions are met.
Distributed applications (dApps): dApps are applications that run on a decentralized network.
Web3 has great potential for the future of the internet. However, it should be noted that it is still in development and faces some challenges. These challenges are:
Not user-friendly: Web3 can currently be difficult to use for non-technical users.
Scalability: For Web3 to be widely adopted now, it must be scalable.
Edit: Web3 does not currently have a clear regulatory framework.
Despite these challenges, Web3 has great potential for the future of the internet. It is believed that Web3 will make the internet a safer, fairer and more accessible place.
