How Web3 resolves fundamental problems in Web 2
Web 3.0 is a top game in the internet era today. The concept aims to provide websites and other technological services on the internet. It is a third-generation working module enabled to provide services using blockchain. There are many platforms like https://big-moneyrush.com/ that can let you trade bitcoin easy and at the same time safely.
There is still no clear definition of Web 3.0 applications and their utility. However, the concept makes use of extensive blockchain technology and other decentralized apps. Additionally, there is an extended use of machine learning and artificial intelligence here. Despite the growth factor, it took more than a decade to move from Web 1 to Web 2. Now, we may expect the same time frame or even beyond to accept Web 3 technology.
Understanding the evolution
The World Wide Web became a sensation easily. The Web 1.0 version was not user interactive. The inputs on the web were mostly static. Readers or social media users did not receive ample chances to interact using these pages. The second generation eliminated this drawback. Web 2.0 technology became interactive allowing users to interact and collaborate. However, the data is still maintained on a central server. The server and data on the internet are controlled by various companies. Now coming to Web 3.0, it works a bit differently. The data in the Web 3.0 application is managed through a decentralized network. It will bring a difference in the way people interact and maintain the data on the internet. The community makes use of the decentralized autonomous organization attempting to provide self-governance. Web 3.0 technology works mostly for cryptocurrencies than fiat.
Is Web 3 capable to solve issues with Web 2?
While we are yet to understand the working model of Web 3.0, let us look at what makes Web 3.0 unique.
The fundamental features of Web 3.0 include content rights resting with owners. Additional security feature including data transparency is another advantage.
Ownership of data
Yes, this is by far the fundamental advantage of the Web 3.0 application. The concept of decentralization provides better control of data to users. This also allows the ending of the monopoly prevailing in the current system today. Application users end decision makers in the entire working model. This rule works differently in Web 2. The data is centrally controlled by an individual or entity owning the application.
Security of data
This is yet another added advantage of the Web 3-based tool. Since Web 3 works on the decentralized concept, the data is spread across various user systems. The risk of storing data in a single centralized database is eliminated. Hence, there is also no question of hacking or other attacks on data. Every company is now exploring going digital. While this is a huge step, there is also an increased risk to data security. The cases of vandalism in cyberspace have been increasing. Decentralization can eliminate and provide a layer of security.
Promotes financial freedom
In Web 3 space, every user is an owner. Web 3 is a platform providing financial freedom to every user on the web. The payment system in the network is end-to-end and managed by cryptocurrencies. This allows the concept of decentralized finance to take central space. As a user, you need to comply with know your customer and other money laundering regulations. Such a concept will allow you to earn on the go enabling mass adoption and income.
Automation of various independent concepts
Yes, this is another added advantage with web 3 platforms. Since the application runs on the decentralized concept, there is an easy adoption of smart contracts. It allows users to automate various tasks. With smart contracts in place, users can also leverage reduced operational costs. Users also gain an advantage by undertaking security audits on these concepts. This will allow you to identify any security lapses and take corrective action.
Web 3 concept is here to stay. The concept of blockchain technology along with decentralized works in its favor. While there are many advantages, this concept also has its share of challenges. Fraudulent individuals on the network are an open risk. Users need to always examine the source code before making any transactions.