The term Web3 has surfaced as the decentralized version of the internet since its innovation and evolution over time. Unlike the centralized and controlled form of the Web, Web3 is a decentralized and distributed network based on blockchain. As it is developed with blockchain as its fundamental technology, Web3 powers its users by giving full control and ownership of their data. The data stored within the Web3 network is not under any authority or controlling body. Instead, several blockchain nodes are distributed throughout the network, and these nodes keep a copy of all the data to regulate network transparency.
Web3 was coined by the co-founder of Ethereum, Gavin Wood, in 2014. He initiated this term to reclaim the data ownership from all the Web2.0 corporations that have been dwelling all over the WWW. Gavin Wood coined the term Web3 with a motive to return users’ data ownership via self-sovereign identities and decentralized storage in a community-driven environment.
This has only been possible because of cryptocurrency wallets like Venly, MetaMask or TrustWallet, in which the users securely store keys to their confidential data and identities. They can interact with other blockchain applications in the same way and take hold of who has access to their data. In the Web3 development, developers build and deploy applications that can run on multiple servers with no central authority to control them. They also store their data on a shared and open database.
People are now compelled to give their data out by using their Facebook or Google login to access various online services. Individuals will, nonetheless, own their identities in Web 3. Web3 unleashes completely new business models and value chains where centralized middlemen are no longer preferred by taking the place of third parties with the blockchain. In the end, Web3 returns control to the people by removing the intermediaries.
In reality, we are already witnessing this with NFTs (non-fungible tokens).
Recently, many writers, musicians, and other creators have begun experimenting with different ways to get the majority of the money generated by their work.
Smart contracts, which are predefined contracts embedded into a blockchain and automatically execute whenever certain conditions are satisfied, can be attributed to much of this. With NFTs specifically, smart contracts enable secondary royalty systems, ensuring that artists get compensated each time their work is sold on the open market.
Creators are making more money than ever as a result of this fundamental shift in the value chain, which is progressively changing the tragically accurate caricature of the “starving artist.” That’s the main reason one should think about the credibility and importance of Web3.
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