The term Web3 has been very popular lately. Many large companies are investing in this technology and in general it looks like it will be a utopian version of the internet where we will all be equal, there will be no censorship and content will not be controlled by a centralised entity. But is this really the case? Let’s take a look at it.
What is Web3?
The term Web3 was coined by Gavin Wood, the co-founder of Ethereum and founder of Polkadot, in 2014, and by 2021 the term was met with huge interest from the crypto community. Big companies have started to invest in the concept and Web3 is starting to evolve. Thus, users have started looking forward to a decentralized internet that will be secure.
The definition regarding Web3 is that it should be a World Wide Web (WWW) interconnection that will be based on blockchain and token economy. It should therefore be decentralised and uncensorable. The very nature of blockchain technology suggests that such an internet will not be controlled by any centralised object and the data in it cannot be deleted. Users will thus have access to information that will not be censored or altered, while being able to surf securely.
The difference between Web3, Web2 and Web1
Web3 is very often contrasted with Web2 (the current WWW). The Instant Web is essentially a platform where content shared and created by users is put on social media. Previously, with Web1, it was blogs and static pages that people created to share. Today, when you follow someone, you don’t go to their blog, but rather to their social media. Gavin Wood described Web3 as a “decentralized online ecosystem based on blockchain.”
However, according to experts, such a site would be more likely to work alongside the current one. As everything decentralised – from NFTs (non-fungible tokens) to DeFi (decentralised finance) – is gradually added to it, transactions would therefore take place without the need for a third party – a bank or a government – as there would be an identity that would allow users to identify themselves precisely without the need for a centralised object. However, it should also be remembered that not everyone would be happy with such a concept.
If you are interested in the concept of decentralization, but at the same time don’t want to lose the security of a centralized world, we have an option for you. Our Platon Life ecosystem combines the best of both decentralized and centralized worlds, where you don’t have to worry about your funds while enjoying the freedom to spend your money the way you want.