WHAT IS WEB 3?

I was asked this question few days ago, and I would love to share my own understanding of web 3, it's features (Pros and Cons)

Now, let's dive into the big topic🙃

Web 3, also known as the Decentralized Web, is a next-generation internet architecture that utilizes blockchain technology, artificial intelligence, and crypto-currencies to create a secure, transparent, and decentralized network where users have full control over their data, content, and online interactions, enabling unparalleled security, privacy, and freedom, and paving the way for innovative applications, services, and business models that challenge traditional centralized systems.

Hmmmm, so what are it's features? 🤔

1. Decentralization: No central authority controls the network.

2. Blockchain: A secure, transparent ledger for transactions.

3. Crypto-currency: Digital currencies like Bitcoin and Ethereum.

4. Artificial Intelligence: AI-powered apps and services.

What's it's advantages for the next generation? 🧐

1. Security: Your data is safer, as it's not stored in one central location.

2. Ownership: You control your content and data.

3. Censorship-resistant: Information can't be easily removed or censored.

4. Innovative apps: New types of applications and services emerge.

Examples of Web 3 technologies🕵️

1. Blockchain-based social media (e.g., Mastodon)

2. Decentralized finance (DeFi) platforms

3. Non-Fungible Tokens (NFTs) for digital art

4. Cryptocurrency wallets (e.g., MetaMask)

Are there other web technologies? 😶‍🌫️

Yes there are 😏

Web 1 (Old Internet):

An era where users can only view content,  and not interact with it.🚴

Think of a one-way street where information flows from websites to users😓.

Examples: Old-school websites, online encyclopedias.🧑‍💻

Web 2 (Current Internet):

I bet you were shocked right? 😂, web 2 is a two-way street where users can interact with websites and each other. 🌐

This is where social media, online forums, and blogs thrive.🏂

Examples: Facebook, Twitter, YouTube, Instagram..

Note: Though very inspiring, web 3 is still evolving, but it promises to revolutionize the internet by giving users more control, security, and freedom.

Thanks for reading, please share for others to learn 🥰

Photo credit: Martin Onyisi 

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