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What is Web 3.0 and How Does It Work?

WEB3.0 is the “next generation of distributed Internet” made possible by technologies such as blockchain and P2P (Peer to Peer).

In this article, we will explain WEB 3.0, introducing the history of the web transition and its problems as follows.

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What is Web3.0?

Web 3.0 is the “next generation of distributed Internet” enabled by technologies such as blockchain and P2P (Peer to Peer).

The Internet we use today is defined as “Web 2.0,” and the concept of Web 3.0 was conceived to solve issues such as privacy and security.

Web 3.0, which is trending as of 2022, is being discussed in the blockchain, crypto assets, and NFT related arenas. In particular, it has recently attracted attention in the field of DAOs, and it is no exaggeration to say that knowledge of DAOs is now essential for understanding WEB 3.0.

Since the concept of WEB 3.0 itself is still in its developmental stage, it is possible that the concept of WEB 3.0 may change depending on future technological developments. Therefore, in order to deeply understand WEB 3.0, it is important to keep up to date with the latest information on important keywords in WEB 3.0, such as NFT and DAO, and to be willing to update the knowledge you have.

History of Web 1.0 and Web 2.0 and Web 3.0

To deeply understand the concept of WEB 3.0, it is necessary to understand the characteristics of the Internet as we use it today.

In other words, it is necessary to understand the characteristics of “WEB 1.0,” the origin of the Web, “WEB 2.0,” which we are currently using, and “WEB 3.0,” which was conceived to solve the problems of WEB 2.0.

WEB1.0

In a nutshell, WEB 1.0 is a concept that refers to “the Internet as it was when the Web was born. Specifically, it is a generic term for the Internet (or the Web) that became popular from the mid-1990s to the mid-2000s.

The Web in the Web 1.0 era was characterized by a “centralized, one-directional flow of information.

In the Web 1.0 era, there was almost no implementation of “comment functions,” which are now commonplace functions. The information that can be viewed is controlled only by the creator of the information, and the viewing user cannot edit the data.

Web site administrators had to prepare their own servers and build databases and HTML. In addition, because communication speeds were slower than today, there were considerably fewer cases of dynamic pages that handled images and CSS as well as video.

In this era, web users valued anonymity, and in general usage, they rarely disclosed their real names, ages, or even where they lived. It is also characteristic that they almost never actually met the people they connected with online.

WEB 2.0

In a nutshell, WEB 2.0 is a concept that refers to the Internet we use today. As for the specific age, it is considered to be a generic term for the Internet (or the Web) that has continued from the mid-2000s to the present day in the early 2020s.

The Web in the Web 2.0 era is characterized by “interactive and centralized information flow.

In the Web 2.0 era, platform operators have emerged, and users have begun to transmit information and communicate on these platforms, such as YouTube, Twitter, Instagram, and Facebook. The emergence of YouTube, Twitter, Instagram, Facebook, and other platforms made it easier to disseminate information without knowledge of databases, HTML, servers, and so on.

As can be seen from the prosperity of social networking services such as Facebook, users in the Web 2.0 era are relatively comfortable with the disclosure of their real names and photos. This is one of the characteristics of the Web 2.0 era.

Another characteristic of the Web 2.0 era is the emergence of blogging platforms such as WIX in place of personal homepages that require web knowledge to handle.

Importance of Web 3.0 Technology

The Web in the Web 3.0 era is characterized by “interactive and decentralized information flow.

In the Web 2.0 era, as a result of users’ heavy use of platform providers’ services, personal information is concentrated on specific companies that provide platforms.

The concentration of personal information, passwords, and other data in the hands of platform providers has led to leakage risks and security issues in the event of cyber-attacks, as well as doubts about the proper use of data containing personal information.

In addition, when digital content is transmitted on a platform, it becomes difficult to transmit the content if the account is suspended or shadow banned.

Therefore, WEB 3.0 is envisioned as “a concept to solve the problems of data exclusivity, tampering, and data usage rights in WEB 2.0. At the core of this concept is “blockchain technology. Here, blockchain refers to a public chain whose contents can be viewed and managed by anyone.

The use of tokens to manage rights holder information, the use of blockchain as a database, and the use of decentralized networks are intended to solve the problems of Web 2.0.

The Advantages of Web 3.0

The concept of WEB 3.0 can be described as “the solution to the problems of data exclusivity, falsification, and data usage rights in WEB 2.0.

The advantages of WEB 3.0 include the following three points.

  • Enhanced Security
  • Compression of intermediate margins for settlement and contracting
  • User-centered data management

Enhanced Security

Storing data in a blockchain makes it infinitely more difficult to tamper with the data once uploaded. With existing database-type systems, trust in some information tends to be somewhat lower because the information can essentially be edited by the administrator.

Data written to a relatively large blockchain is substantially more difficult to tamper with, as it takes a great deal of computing power and electricity to tamper with the data.

Furthermore, the decentralized management of data reduces the risk of leakage in the event of a cyber attack; with WEB 2.0, data monopolization is occurring, and if the attack target is narrowed down, the data can be efficiently acquired. If the data itself is dispersed, it will increase the number of attack targets, which can contribute to improved security.

Compression of intermediate margins

The use of Cryptocurrencies for payments for various digital contents and person-to-person transfers is expected to reduce intermediary margins. In the Web 2.0 era, platforms and payment agents charge a fee at the time of settlement.

The use of Cryptocurrency-based payments and contracts allows transactions to be made without the need for a third party, thus eliminating the need for a middleman.

User-centered data management

In Web 3.0, users are said to be able to manage their own personal information, behavioral history, and digital assets. web 2.0 services are often free, but in return, personal information and behavioral history are provided to platform providers.

For example, many users may have experienced that when dealing with the current WEB 2.0 services, they are presented with advertisements related to their area of residence or products and services they have recently viewed. This type of advertising is called listing ads, which are delivered based on cookies and other search history. In addition, geographic areas can also be identified by IP address.

In WEB 2.0, personal information and behavioral history are obtained and used at points that users are not aware of, so it will be infinitely more difficult to limit their own personal information. can be said to return.

The Disadvantages of Web 3.0

Web 3.0 is a solution to the problems of Web 2.0, and while there is much anticipation for it, it is still in its infancy, so there are risks and caveats.

In addition, as mentioned earlier, since WEB 3.0 has not yet penetrated the masses, the concept of WEB 3.0 as seen from the future may be completely different. In other words, it is possible to envision situations in which the actual realization of Web 3.0 will not involve blockchain, Cryptocurrency, NFT, or DAO.

At present, the disadvantages of WEB 3.0 include the following

  • Divergence from general users
  • Conflicts of interest with giant corporations and governments

Divergence from general users

When WEB 3.0 is built using blockchain, users are required to have in-depth knowledge and literacy of blockchain, Cryptocurrency, NFT, and DAO. literacy part is not taken into account.

WEB 2.0 services, which can generate huge revenues through advertising and other means, are free and of high quality. Even users with insufficient knowledge of the Internet can easily use these services, so the transition to Web 3.0 may not be actively considered.

Whether or not all general web users are familiar with WEB 3.0 and can migrate from WEB 2.0 is a point to be noted in the future development of WEB 3.0.

Conflicts of interest with giant corporations and governments

The concept of WEB 3.0 is in conflict of interest with the giant platformers of WEB 2.0. Giant platforms have economic power that exceeds the economic scale of small countries, and they monopolize all functions on the Web and generate profits.

Therefore, when WEB 3.0 flourishes in earnest, there is a possibility that the giant platforms will be forced out of the market.

Furthermore, since WEB 3.0 is basically free from legal restrictions on transmission and acquisition of information, it may be subject to regulation by the national government, administrative agencies, and legislative bodies.

What is “DAO”, which is essential to understand WEB 3.0?

The most significant difference between a DAO and a traditional organization is whether or not there is a user or institution to organize the organization.

In a traditional organization, there is an owner, manager, or leader to organize the organization. In a company, there is always a president; in a country, a government; in a salon, an organizer; and so on.

On the other hand, there is no specific leader in the management of the DAO organization, and its management policy is determined by the consensus of community members (voting activity). This organizational structure is made possible by smart contracts (a mechanism for automatically fulfilling contracts on the blockchain).

One of the main differences between DAOs and traditional organizations can be said to be the presence or absence of smart contracts.

What is the relationship between WEB 3.0 and DAO?

DAO, like blockchain and NFT, is one of the mechanisms that form WEB 3.0. The mechanisms to achieve WEB 3.0’s mission of “solving the problems of data exclusivity, tampering, and data usage rights in WEB 2.0” are blockchain, NFT, and DAO. These are various mechanisms.

As mentioned earlier, since WEB 3.0 and DAO are often discussed in the same context, many people confuse and understand these two concepts. Therefore, knowing the relationship between WEB 3.0 and DAO is very important for a proper understanding of these two concepts.

What is the relationship between WEB 3.0 and DAO?

DAO, like blockchain and NFT, is one of the mechanisms that form WEB 3.0. The mechanisms to achieve WEB 3.0’s mission of “solving the problems of data exclusivity, tampering, and data usage rights in WEB 2.0” are blockchain, NFT, and DAO. These are various mechanisms.

As mentioned earlier, since WEB 3.0 and DAO are often discussed in the same context, many people confuse and understand these two concepts. Therefore, knowing the relationship between WEB 3.0 and DAO is very important for a proper understanding of these two concepts.

Examples of WEB3.0

If you are interested in investing in Web 3.0, one way to do so is to invest in Cryptocurrencies related to Web 3.0 services.

Brave – WEB 3.0 browser

In Cryptocurrency, BAT (Basic attention token) used in the WEB 3.0 browser “Brave” is a WEB 3.0 brand.

The current web advertising system has disadvantages for users, such as displaying unintended advertisements and consuming a large amount of power and communication capacity.

The WEB 3.0 browser “Brave” blocks web advertisements by default, and when advertisements are enabled in the browser, the browser acquires “BAT,” which is a Cryptocurrency asset.

In other words, users can acquire Cryptocurrency while viewing any ad in the browser, while limiting the ads they view and the data acquisition for tracking.

Ethereum – the foundation for Dapps

Ethereum (ETH), the foundation for DApps (Decentralized Applications), can also be considered a WEB 3.0 brand.

Dapps stands for Decentralized Applications. In conventional applications, there is a “central administrator” who manages the application, and authority is concentrated in the central administrator. Dapps, on the other hand, uses blockchain technology to achieve decentralized management without a central administrator. This trend of “from centralized to decentralized” is another major characteristic of WEB 3.0.

Currently, most DApps are developed on the Ethereum platform. This is because many of the services using DApps are developed based on Ethereum smart contracts.

Specific examples of DApps utilizing Ethereum include Decentraland, a metaverse project, Sorare, a digital trading card game using real-name soccer players, and CryptoKitties, the world’s first blockchain game and Uniswap a decentralized exchange without a central administrator.

The Sandbox – NFT game on the Metaverse

SAND, used in the NFT game The Sandbox, is another brand related to WEB 3.0. In The Sandbox, users not only enjoy the space between users in the metaverse space, but also create original games, items, characters, and services. The Sandbox allows users to create their own original games, items, characters, and services.

In addition, users can freely buy and sell items and characters they own on the platform as NFTs.

Summary

WEB 3.0 is envisioned as a solution to the problems of the Web 2.0 era. In the future, we can anticipate that the services used may change according to differences in user literacy and awareness.

Web 3.0 is still a developing field, so if you are exposed to Web 3.0 today, you may experience an exciting future.

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