What is WEB3? Here comes our hands-on answer


LinkedIn, Twitter and other social media platforms welcome WEB3 as daily read lately. No wonder, we got curious and went deeper in the topic so that our readers don’t have to. We use online services in almost every aspects of our lives these days. Internet has profoundly changed our day-to-day routine. Due to the exponential evolution in society as a user, web needed a relevant reconsideration.

Before going into details of WEB3, we need to understand the previous versions of the internet. WEB1 stands for the first period of internet from the 90’s to the mid 2000’s. It articulates the primary interactions of the users with the World Wide Web. It was a one-dimensional system, including the users as passive content recipients only. This was the age of reading.

Secondly, the phase of WEB2 lasted until the end of the 2010’s. It already operated as a two-dimensional structure where users, besides reading several various contents of online channels, are able to create, publish and edit contents of their own, which are already accessible for other users, thus a new platform becomes available for interactions between them. This is the stage of reading and writing.

WEB3 is evidently the evolution of WEB2, but what does it mean precisely?

We have witnessed an excessive progression in the field of cryptocurrencies and decentralised technologies. No surprise, Bitcoin plays a massive role in accelerating WEB3’s unfolding. According to Chris Dixon, American investor, due to the success of Bitcoin, blockchain technology is first praised in finance, yet applying blockchain technology extends to much larger dimensions. Blockchain is a database. Yet it differs from other databases that information is stored in a de-centralised, distributed network instead of a centralised one, in a major server.

Centralised networks often constitute in-house networks of banks. These are typically human-directed organisations, institutions and corporations and practically trusted with our date and money. Considerable disadvantage of these systems, that, as they keep our valuables in a central location, they are exposed to variable insecurities, not to mention hacker attacks. When we join a network of an internet provider via our smartphone or laptop to reach a larger provider, we are using a decentralised network. In the case of blockchain, different items of information are downloaded to computers at intersections of distributed networks. It’s operation process is provided by an unalterable pre-developed software. When a modification occurs in the database, such as a transaction completion, it is supervised by each computer’s software in in the network and then upgraded in every database.

WEB3 emerged in the early 2020’s. It is not only a three-dimensional, but, if possible, a multi-dimensional system. Let’s take the initiative of Facebook meta universe as an example. WEB3 stands for a decentralised internet. It is the age of reading, writing and owning.
So to speak, WEB3 lays the power in the hand of softwares instead of institutions, let it be traveling, online shopping, news, music or trading real-estate, decentralised systems will cope in all areas. In 2022 large technological monopolies are to be overturned by decentralised services. The digital economics of various enterprises will significantly improve due to WEB3 technology. WEB3 creates a shared community value and undoubtedly is going to transform the life of us all.
Csaba Sz. (2020): https://hu.coincash.eu/blog/mi-az-a-blokklanc-erthetoen-kezdoknek