The term web3 has been very popular recently among those interested in technology, entrepreneurship and cryptocurrencies, and was along with terms such as NFT andmetaverse One of the terms that is related to the future of the internet in the coming years, the meaning of which is not clear to many people, as web3 and other concepts relate to technologies that are not yet available and have no real examples, and there is a great deal of controversy about them between technology and entrepreneurship pioneers, including Jack Dorsey and Elon Musk and others.
What is web3 web3? what does it mean ?
The term web3 refers to a new version of internet services based on decentralized blockchain technology, on which digital currencies like Bitcoin and others and unique digital assets are based. NFTsWhich is what those who adopt this concept – Web3 – say it gives users control over their data as opposed to the control of giant companies now like Google, Facebook, Microsoft, Apple and others, which further preserve users’ privacy. or individuals.
While web3 and web3 are an idea for using decentralized technologies like Blockchain technology to operate the web services we rely on now, it is not a copy of the web, but a summary of several concepts in one term or expression, in order to convince users that the term represents the future or the future of the internet that should not be missed, therefore many large companies and investment funds are already pumping large sums to realize this concept or web3 idea.
Is Web3 a new version of the Web?
There were no versions of the Web before, viz. there was no Web 1.0 or Web 2.0 until web3 was the latest version of the Web, as the Web gradually evolved depending on the development of browsers like Google Chrome, servers – servers – databases, programming languages, devices, standards , etc., and that Through thousands of people and companies,
In 2005 the term Web 2.0 began to appear, a term that refers to the development of websites in order for them to offer more interaction with users, which did not add anything technically new, as these sites were available years ago first, as the concept itself had been previously proposed. Perhaps decades ago, however, the term was useful in marketing to promote web services and its reliability in various fields and applications, which is the internet as we know it now, which is controlled by giant technology companies . like Google, Facebook, Microsoft and others, which also depend on user content like YouTube videos or Tik Tok videos, Facebook posts, Instagram, etc., and as is already clear, no web service is calls itself now or by promoting itself as Web 2.0.
It seems that those who coined the new term web3 and web3 clearly understood this, which is that the web had no previous versions, as they removed space on Web 2.0 and uppercase as well, so that the recipient deals with the term as a new concept of internet services and a vision for the future and not a new version of the web.
What is the difference between web3 and current web services or Web 2.0?
While websites, applications or web services currently depend on storing data in databases owned by companies that provide these sites and services like Facebook, Google and others, in order for the user to rely on his trust in these companies and the laws governing its data protection, the concept of web3 promotes instead a reliance on decentralized systems such as Blockchain technology to give users more control over their data.
While decentralized systems are not new, networks like BitTorrent are an example, but decentralized systems based on Blockchain technology have features that will help Internet users maintain their data and privacy, as there is no authority central that controls this data and they can not be lost. Data or their modification, with the possibility of their encryption.
In October 2021, 28-year-old Eva Beilin published a meme titled “Love in the Time of Web3”, which depicts a man and a woman lying in bed watching the Bitcoin and Ethereum prices, which was republished by Elon Musk , prompting Eva Beilin to post it. As NFT, it sold it for $ 20,000. ”
Cryptocurrencies or digital currencies like Bitcoin, Ethereum and others are now the most popular applications based on blockchain technology, where user data (in this case funds) are stored in a system based on a blockchain architecture, making the user owns this money. only he who has access to private data It is stored by various devices around the world, thanks to a unique private key that the user representing this data has.
By storing user data based on blockchain technology, the user becomes the sole controller of his data, allowing other services to access it or deciding to stop acting at any time he wishes.
What are the disadvantages or disadvantages of web3 and web3?
The concept of web3 and web3 also offers advantages that include better protection of users’ privacy, but presents major challenges, especially the possibility of system failure or failure in the event of one of the services being attacked or interrupted, and the responsibility for securing data will be more the responsibility of the user than the responsibility of the companies, which makes the user data subject to complete loss in case of negligence for their security, which forces the user to understand and learn more about information security concepts, and maintaining the system architecture may have a cost that the user bears some of them.
Unlike the term Web 2.0, which is used to refer to the evolution of web services, web3 is promoted by groups with strong interests in it and does not describe a new or natural evolution of web services.
Why do Elon Musk and Jack Dorsey oppose web3?
Although Jack Dorsey and Elon Musk, CEO of Tesla and SpaceX, are among the biggest supporters of cryptocurrency, they are completely against the Web3 concept.
Elon Musk mocked the Web3 concept, saying it is a vague concept that relies on rebuilding Internet services based on blockchain and cryptocurrency technologies, and that he considers it a marketing ploy or a more than realistic marketing term. adding that at one time he was one of the people who understood most of the capabilities of the internet at the beginning of the world.1995, but Web3 to him is incomprehensible, which he says sarcastically, probably because he has become too old for reject new technologies.
He also later said in a post on his official Twitter account, through which he always publishes his views: “Does anyone see Web3? “I can not find it,” Jack Dorsey later replied, saying that it was in the alphabet from A to Z, mocking the new concept.
As for Jack Dorsey, the former CEO of Twitter and the current Square, which offers online payment solutions, he believes that web3 will not give users control, but will shift control from major companies like Facebook to investment funds like Andreessen Horowitz and others. , who are aggressively promoting the new concept.