What is Web3? How does it differ from Web2?

what is web3 how does it differ from web2 itechnolabs

From the early days of Web1, which featured static texts and images, to the present day of Web2, the Internet has advanced quickly. The Web3 age, in which value and data may readily move across decentralized platforms with distributed ownership and control, is only now beginning. What else does Web3 offer, though? What distinguishes it from Web2? 

Continue reading to discover more about these two ideas, their distinctions, and potential applications. Web3 is currently gaining popularity in the online environment. Its expanding acceptance and usage are correlated with those of blockchain and security technologies. Now that we are aware that Web3 will eventually become standard, it is time to examine the previous generations, their differences, and other factors. 

Since the technology is still in its infancy, understanding the idea may aid users in understanding it better. The two internet iterations are clearly defined by Alexandra Pitkevich, EPAM Systems’ principal for business consultancy. “Web 2.0 ushered in the era of user-generated content by bringing social media into existence. 

Data kept on servers owned by large organizations and institutions was a common thread in earlier incarnations. Even if the user had created the data, they ultimately weren’t the real owners.

What sets Web2 and Web3 apart from one another? 

what sets web2 and web3 apart from one another itechnolabs

Web 2.0 and Web3.0 have comparable technology and histories, but they take distinct approaches to problems. The key difference is that Web3.0 places more emphasis on producing content than Web 2.0 does on consuming and writing it (Semantic Web). The latter is significantly superior because it makes use of technology to improve cybersecurity while also facilitating information exchange among web users.

Practical Comparisons

Web2 Web3
  • Twitter can censor any account or tweet.
  • Web3 tweets would be uncensorable due to the decentralization of control.
  • A payment service may choose not to accept payments for particular types of work.
  • Web3 payment apps require no personal data and can’t block payments.
  • The failure of the server hosting apps for the gig economy could harm worker pay.
  • Ethereum, a decentralized network of thousands of computers, serve as the backend for Web3’s servers, so they cannot go offline.

This does not imply that every service must become a decentralized application. These examples highlight the primary distinctions between web2 and web3 services.

Web2 strives to connect people, whereas Web3 mixes data with meaning and increases trust. This occurs due to decentralization. Additional distinctions are given below:

1. Currency

Transactions on Web 2 utilize fiat currency. During transactions, government-issued currency, such as the US dollar, is used. Web3, on the other hand, finances transactions with cryptocurrencies such as Ethereum and Bitcoin, which are encrypted digital currencies.

2. Ownership of content

With Web 2.0, the network acquires authority over information storage, resulting in access problems and concerns over the anonymity and security of online data. Web3.0 solves this issue by enabling the simultaneous flow of data in several locations.

3. Speed

Web 2 transfer speeds are faster than Web3 speeds. Web 2 searches for data stored in a fixed location, typically on a single server, utilizing HTTP in distinct web addresses. Web3, on the other hand, transfers ownership to several third parties (decentralization).

4. Technology

AJAX and JavaScript, HTML5, and CSS3 are the most popular Web2 technologies. ML, deep learning, semantic web, and decentralized technologies power Web3.

5. Application

The Web2 application contains podcasts, social bookmarking, blogs, RSS feeds, and video websites. Web3 integrates dApps, virtual worlds, and 3D portals powered by artificial intelligence and machine learning.

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Centralization Vs Decentralization

In the table below, we compare the advantages and disadvantages of centralized versus decentralized digital networks in broad strokes.

Centralized Systems Decentralized Systems
  • Low network diameter (all participants are connected to a central authority); information propagates rapidly because propagation is managed by a central authority with a large number of computer resources.
  • Potentially, the network’s most distant nodes could be separated by a significant number of edges. It may take a long time for information transmitted from one side of the network to reach the other side.
  • Typically more efficient (better throughput, less total computational resources consumed) and simpler to implement.
  • Typically less efficient (lower throughput, greater use of overall computer resources) and more difficult to implement.
  • In the event of contradictory data, the resolution is straightforward: the central authority is the definitive source of truth.
  • If peers make contradictory claims about the status of data that participants are supposed to be synchronized on, a mechanism (typically complicated) is required for dispute resolution.
  • Single point of failure: hostile actors could bring down the network by attacking the central authority.
  • There is no single point of failure; the network can continue to function even if a significant number of participants are attacked or eliminated.
  • Coordination among network participants is facilitated by a centralized authority. With minimal resistance, a central authority can compel network participants to adopt upgrades, protocol updates, etc.
  • No single agent has the last say in network-level choices, protocol changes, etc., making coordination difficult. In the worst-case scenario, network fragmentation is possible when there are conflicts regarding protocol updates.
  • A central authority can censor data, potentially isolating portions of the network from the rest of the network.
  • Censorship is significantly more difficult because there are several avenues for information to spread over the network.
  • The network’s participation is governed by the central authority.
  • The network is open to everyone; there are no “gatekeepers.” Ideally, participation costs would be very minimal.

What are Web3’s advantages?

what are web3's advantages itechnolabs

Web3’s decentralized architecture is its principal benefit or value to consumers. In the next generation of the Internet, centralized networks will be penalized. A democratic environment in which expenditures are more visible due to the use of public distributed ledgers will be just and trustworthy. 

As a result, corporate corruption will eventually decline. It is reasonable to assert that Web3 can enhance business and government operations. Nonetheless, the magnitude of the change will almost surely generate criticism. While decentralization is one of Web3’s greatest potential advantages, others include:

1. More privacy

Security and privacy will take precedence over surveillance and control in Web3.0. Users will have total authority over their data. They have the option of sharing the information or keeping it private.

2. Security

It will be incredibly difficult for hackers to exploit the network, and even if they do, their actions will be logged. In a decentralized system, attacks are still possible, although the majority of blockchains have created countermeasures.

3. Semantic Web

The Semantic Web is the subsequent stage in the growth of the internet. Semantic Web improves all aspects of web-based platforms. Using semantic technologies, users can develop online data repositories, define vocabularies, and establish data management policies. RDF, OWL, SKOS, and SPARQL are the technologies utilized to enable linked data.

4. Connectivity 

Data is inextricably linked to Web3.0 due to semantic content, resulting in an enhanced user experience and a new degree of connectivity that exploits all accessible data.

Misconceptions regarding Web3

Pitkevich emphasizes a common misunderstanding that the metaverse and Web3.0 are the same. In actuality, the metaverse is merely users interacting with the presentation/interactive layer, whereas Web3.0 represents the complete decentralized infrastructure.

Is Web3 the subsequent evolution of the internet?

Concerns and enthusiasm have been expressed regarding the decentralized internet’s fundamental lack of safety and legality oversight and control. Some doubt that it will be as free as people believe. The internet was founded on the ownership of servers; since then, data has become stored on a server or cluster of servers in the cloud, which are frequently held by corporations managing data on behalf of users. 

Web3.0 will break this paradigm by shifting from a single server to multiple decentralized servers, according to Pitkethich. As Berners-Lee envisioned, Web3.0 would create a universal environment ungoverned by a central authority, he concludes. 

It will alter the way organizations connect with customers by enabling direct access to end-users. Potential revenue streams, such as curated content, products, and experiences, will require the development of new channels and infrastructure. Is Web3 a fundamental redesign of the internet or only a fad? 

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Are You Looking for Web 3 Assistance?

are you looking for web 3 assistance itechnolabs

The original use case of cryptocurrency is only one aspect of the upcoming Web3.0 wave. Web3.0 will cryptographically connect data from people, corporations, and machines with effective machine learning algorithms, resulting in the rise of fundamentally new markets and associated business models. 

This is made possible by the richness of interactions now possible and the global scope of counterparties available. The outcome is comparable to a “return to the global village”—daily immersion in the human-centric, highly personalized interactions that we once benefited from, but which are now given at the global scale of the internet and enabling a wide range of human and machine skill specializations.

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