WEB3 Facts and Definitions, Collection of Explanation Videos.
Web 3 is touted as the Future of the World Wide Web. Below is a list and series of self explanation videos for layman. Watch the videos in order for complete understanding of the Web3
Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralisation and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralised in a small group of companies sometimes referred to as “Big Tech”.
Web3 is being touted as the future of the internet. The vision for this new, blockchain-based web includes cryptocurrencies, NFTs, DAOs, Decentralised finance, and more. It offers a read/write/own version of the web, in which users have a financial stake in and more control over the web communities they belong to.
Web3 promises to transform the experience of being online as dramatically as PCs and smartphones did. It is not, however, without risk. Some companies have entered the space only to face a backlash over the environmental impact and financial speculation (and potential for fraud) that comes with Web3 projects.
And while blockchain is offered as a solution to privacy, Centralisation, and financial exclusion concerns, it has created new versions of many of these problems. Companies need to consider both the risks and the benefits before diving in.
Harvard Business Review
The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. Some experts argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.
Others have raised concerns about a Decentralised web, citing the potential for low moderation and the proliferation of harmful content, the Centralisation of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword.
Web 3.0 Explained with Animations.
In this video, you’ll learn about Web 3.0 and how it differences from the past versions of the internet.
Web3 Concept
Concept Specific visions for Web3 differ, and the term has been described by Bloomberg as “hazy”, but they revolve around the idea of decentralisation and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens.
Bloomberg has described Web3 as an idea that “would build financial assets, in the form of tokens, into the inner workings of almost anything you do online”.Some visions are based around the concept of decentralized autonomous organizations (DAOs).
Decentralized finance is another key concept; in it, users exchange currency without bank or government involvement.Self-sovereign identity allows users to identify themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in order to assess identity.
Technology scholars have argued that Web3 would likely run in tandem with Web 2.0 sites, with Web 2.0 sites likely adopting Web3 technologies in order to keep their services relevant.
