Web3 is a major technology that solves several problems we are experiencing today. It is entirely a new alternative to centralized systems. It is an interesting concept that can change the future of how we use and interact with the internet.
Currently, you know that the data you have on your social media sites is not owned by you. To better understand Web3, just think once that you are the only owner of the content that you post on TikTok, FaceBook, Instagram, or Youtube. Web3 is also known as the future of the internet as it promotes decentralization and peer-to-peer networks. In a Web3 network, you need to be a participant in the network to access the applications or files that are majorly encrypted and distributed across the network. Moreover, there’s no single point of failure or a centralized authority to manage the network making this technology verifiable and tamper-resistant.
10 Reasons Why Web3 Is the Future
Unlike Web2, Web3 provides an open ground to content generators and also gives them full access to control, ownership, rights, and monetization opportunities. Web3 encapsulates major advanced technologies.
Here are the reasons why Web3 is going to be the future.
1. Powered by blockchain technology
Blockchain technology is like a backbone to Web3. As it is a form of next-generation technology that completely redefines the data structures in the backend of the Web. The main aim of Web3 is to bring transparency and decentralization to the internet and business processes, blockchain helps in doing this. It can possibly enhance business procedures between the providers and the users. It won’t be wrong to say that Web3 is a blockchain-based web.
2. Facilitation of cryptocurrency
With the emergence of digital currencies, a new iteration of the internet is needed which came in the form of Web3. It is a possible future version of the internet that is powered by blockchain. It would be a record-keeping system mainly to facilitate the digital currencies known as cryptocurrencies. As this internet system supports peer-to-peer networks, it will allow anyone to send and receive money from all over the world. The records will be kept safe in a ledge that is either not changeable or removable.
3. Native payments process
As we know Web3 will be a token-based internet protocol that also enables us to enjoy a native payment layer that is completely borderless and frictionless. It means that anyone can do transactions from anywhere. This also enables us to integrate easy, anonymous, and secure international payments and transactions into web3 applications, just with the help of a digital wallet. This means that you don’t need to use VPNs to change your locations or to secure your transactions. However, keeping the current system in mind, consider checking this Cyberghost VPN review by Wizcase experts to do transactions from anywhere you want. Moreover, it will help you in protecting you against snooping and interference by adding an additional layer of security encryption.
4. Websites with 3D graphics
In the future of the internet, websites could use three-dimensional designs. Utilizing technologies like AR and VR, Web3 could provide an immersive 3D experience while roaming through the internet. Such experiences may include museum guides, computer games, eCommerce, geographical settings, and several other geographical places. Web3 will definitely narrow the boundaries between the real and the virtual world by providing a 3D-oriented experience. Imagine how it feels to feel the things available on the internet.
5. Smart contracts
Smart contracts with Web3 open a new form of the business process. Smart contracts refer to the self-executing contract based on the buyer-seller agreements’ conditions. All the activities that are directly put in the code are trackable during the contract as well as the transactions. This form of agreement eradicates the need to have a centralized authority or any legal system. All the processing will be trustworthy, low-cost, and recorded over a decentralized blockchain network.
6. Decentralization of applications (DApps)
As aforementioned, apps like TikTok and Facebook will be decentralized on Web3. It means that you will be the owner of everything you post there. Such decentralized apps are also known as DApps. There will be no centralized authority and you can have full control over your content.
7. Edge computing
Edge computation is preferred in Web3 which delivers higher bandwidth and low latency. Edge computing is feasible as it brings the process close to the source of data to make the process fast. IoT devices are likely to use this feature as transmission delay gets eliminated in this type of communication.
8. The metaverse
The term metaverse is just limited to a simple explanation; neither it is developed with a single technology. In simple words, it is the environment of how people will interact with the internet and the virtual world. It is currently not materialized but it is somehow related to Web3. It also delivers virtual world experiences with the help of virtual reality (VR) and augmented reality (AR).
Decentralized Autonomous Organization is the main reason why people think of Web3 as the future. DAO enables like-minded people all across the world to collaborate in a more personal and secure method. The members of DAO can collectively control and govern the services and applications. It means that there will be no CEO and everything will be recorded on a ledger.
10. Artificial Intelligence and Machine Learning
Artificial Intelligence and Machine learning technologies are key factors of Web3. They will help in developing and automating the natural profession of current systems. Web3 using AI and ML techniques has influenced several software companies.