Web3 (Web 3.0) is a concept in the iteration of the World Wide Web and a new concept following Web2.0. The following is a detailed introduction to Web3:
1. Background:
- Although Web2.0 enables users to create content, it still has problems such as monopoly by large technology companies, lack of protection for user data privacy, and excessive centralization. With the in-depth development of the digital economy, these drawbacks have become increasingly prominent, and all sectors of society are calling for the promotion of the next generation of the Internet revolution, and the concept of Web3.0 has emerged.
2. Core features:
- Decentralization: Most of the Web3 Internet is not controlled and owned by a centralized entity, but rather by builders and users. This means that there is no single control center, and data and applications are distributed across multiple nodes, reducing the risk of single point failure and control by centralized institutions. For example, on a decentralized social media platform, the content posted by users is not controlled by a single company, but is stored in a distributed network such as blockchain.
- Permissionless: Everyone has equal rights to participate in Web3, and no one is excluded. Users can freely join and use Web3 applications and services without the need for permission or review by centralized institutions.
- Privacy: Based on the decentralization of the application, data ownership belongs to the user, and value transfer does not require third-party authorization. At the same time, through a variety of technical means, the user's behavior, data and application protocols are protected for privacy. Users have greater control over their own data and can decide how and to what extent the data is used.
- Native payment function: Use cryptocurrency for online consumption and remittances without relying on the infrastructure of traditional banks or third-party payment institutions. The use of cryptocurrency makes transactions more convenient and faster, and can be carried out globally, reducing the cost and time of payment.
- Trustlessness: It operates through incentives and economic mechanisms rather than relying on trusted third parties. Blockchain technology’s smart contracts and other mechanisms ensure the reliability and security of transactions and interactions, reducing the cost of trust.
3. Key technologies:
- Blockchain technology: It is the core technical foundation of Web3. It provides a decentralized ledger and distributed data storage method, ensuring the immutability and traceability of data. For example, Ethereum is a widely used blockchain platform that provides underlying technical support for many Web3 applications.
- Smart contracts: Digital agreements stored on the blockchain that are automatically executed when certain conditions are met without human intervention. Smart contracts can be used to automate the execution of various transactions and business logic, improving efficiency and security.
- Distributed storage: Data is stored in multiple nodes in a decentralized manner, which improves data security and availability. User data is no longer stored on centralized servers, reducing the risk of data loss and tampering.
4. Application areas:
- Decentralized Finance (DeFi): A financial system built on blockchain technology that provides financial services such as lending and trading without the need for intermediaries such as banks.
- Non-fungible tokens (NFTs): unique digital assets that can represent artwork, music, virtual real estate, etc., providing new ways to own and trade digital assets.
- Decentralized social media: Users have control over their own data and online identities, pay more attention to privacy and security, and break the monopoly of traditional social media platforms.
- Decentralized cloud storage: Data is stored on the blockchain, which improves data security and accessibility and reduces storage costs.
In general, Web3 represents a new Internet model and vision, which aims to solve the problems of Web2.0 and provide users with a freer, safer, and fairer network environment and more digital rights. However, Web3 is still in the development stage and faces challenges in technology, user experience, supervision, etc.
