According to Ethereum, Web 2 vs. Web 3
When people hear the term Web 3.0, they frequently wonder how it works. There are numerous jokes about coming to terms with Web 2.0’s global impact. People are now joking that Web 3.0, combined with AI and robotics, is far too much for them to manage.
The Ethereum community has been at the forefront of developing blockchain-based applications. They’ve given us DeFi, NFTs, and DAOs, among other things. Ethereum’s goal is to provide a platform for developers to create smart contracts for any decentralized application. You can construct and market to the Ethereum community using certain programming languages. The community would be an excellent resource for learning about the distinctions between Web 2.0 and Web 3.0.
Before we get started, here’s a little primer on Web 1.0.
The Starting Point
The 1990s can be considered the start of the Web 1.0 era. Academics, researchers, and scientists made up the first online communities. The internet’s business potential was not immediately apparent to everyone. As a result, there were numerous false stories circulating.
The most significant advance is that anyone with access to the internet may develop their own websites for any purpose. As a result, information decentralization was underway. People’s consciousness grew as information traveled around the globe. As a result, we were constructing a new commercial platform. Furthermore, for a variety of reasons, a large number of people on the internet kept returning to it.
Likewise, the number of artists and businesses increased. In fact, one of the first sectors to be affected by the internet was the music industry. Similarly, the rest arrived on time. We’ve all heard of social media and online shopping. According to venture capitalists, software ate the earth. We’ve all seen how things turned out.
Many businesses have made the decision to decipher all of the data included in the world’s documents. As a result, the physical world has begun to be digitized. Thus started the late-nineties dot-com boom and bust cycle.
In a nutshell, Web 1.0 refers to the development of HTML and the protocols TCP/IP, SMTP, and HTTP. These protocols were available for free. The applications created on top of these protocols provided real value.
Also, read – Web3 is a new approach to engaging your audience
Web 2.0 vs. Web 3.0: What’s the Difference?
Consider web 1.0 to be all about reading. The read-write era is Web 2.0 vs. Web 3.0. This is the period in which we now live. The majority of our contemporary lives have taken place here. People might now interact with websites and provide value to others’ lives. Digital advertising is the dominating business model in this era. This approach attracts people’s attention and then sells it to others for profit. People are turned into a product. We didn’t realize the scope of the situation before.
On the internet, privacy is a touchy subject. In fact, few people understand what all the hubbub is about. It’s due to the product’s free-to-use philosophy. Because it is free to use, vast amounts of data have gone to a small number of people at the top. The business strategy revolves around extracting ever-increasing amounts of data from users. The correct approach is to be open about how data is used.
The new oil is data. The data scientist is the sexiest job in the twenty-first century. Multibillion-dollar corporations have vast amounts of information about their customers. The billion-dollar firms of today’s Web 2.0 are founded on free-to-use protocols from Web 1.0. They are then sold to anyone who is interested.
Apart from security concerns, centralization poses a challenge to democratic systems, as data theft, censorship, and spam thrive on the internet. Is there a method to construct the next generation of internet products and services based on a new economic model in a decentralized manner? Then there’s Web 3.0.
Web 3.0 is open source, trustless, and permissionless.
Finance is the first major application of Web 3.0. It represents a completely new approach to rethinking economies around the world, as it is built on blockchain technology. It can return power to individuals and communities rather than centralized institutions that misappropriate people’s data and identities. Decentralized finance, to be precise. There are grounds to suppose that there are other applications. You can consider any scenario. It is being built by a community.
We can create decentralized applications with Ethereum that allow users to own a piece of the network they are a part of. This is true if everyone in the community is working together to achieve the same goals.
The blockchain allows us to construct programmable money, which means that networks can include money. This means that network users and token holders can swap values whenever they wish, without the need for a third party to intervene. This approach allows us to bypass the traditional banking system while also allowing us to make network governance decisions decentralized.
Blockchains and cryptocurrencies allow for the creation of new crypto-economic systems from the ground up, based on the demands and requirements of the community. Smart contracts herald a new way of structuring the world’s existing economic framework, one that relies on centralized gatekeepers and intermediaries to keep data and knowledge out of the hands of the masses.
Web 2.0, spearheaded by the mobile internet and the traditional financial system, is the world’s leading method of transferring information and value. We now have a tool that provides us with a more affordable, open, and decentralized financial system and better models for managing digital identity and building industry-standard smart contracts in the process.
The world is transforming. We have accelerated our work as a result of the pandemic. The internet of things is now a reality. Similarly, capitalism will evolve. Smart contracts will be in charge of everything. The internet allows us to learn and do more than we ever thought. Web 3.0 and its applications can be learned in a variety of ways.
Web 3.0 is still in its early stages, and more work remains to be done before the technology reaches the people. However, the procedure has already begun. We are in the midst of a new economic period. As a result, online communities are likely to have an impact on the actual world. There is a fantastic opportunity to be a part of the new internet. All you have to do now is get right in and start learning.