What is Web3, is it the new phase of the Internet and why are Elon Musk and Jack Dorsey against it?


Web3 has become the latest buzzword for tech and cryptocurrency enthusiasts to talk. While some are excited about what’s dubbed the next phase of the internet, others, including Elon Musk and Jack Dorsey, have expressed concerns about it.

But what is Web3 and can this decentralized view of the Internet work?

What is Web3?

Simply put, Web3 is an umbrella term for an online ecosystem that is cutting out the big middlemen on the internet. Thus, the platforms on Web3 do not belong to central controllers and you would not browse the internet through search engines such as Google.

It uses blockchain, the same system used by cryptocurrencies and non-fungible tokens (NFTs).

What’s so bad about Web 1.0 and Web 2.0?

The first version of the World Wide Web was started by Sir Tim Berners-Lee in 1989. Back then, the few people who had the knowledge could put information online in a decentralized fashion.

Web 2.0 arrived a decade later and began with the development of easy-to-use tools, allowing anyone to download content online through tech giants such as Google, Twitter, and Facebook. (now Meta).

But these free tools provided by technology companies, which allowed anyone to become a publisher, also collected our personal data to be used for tailor-made advertising and marketing campaigns.

In theory, Web3 will be a combination of the previous two versions of the Internet, but will take power away from tech giants and businesses and put it back in the hands of people.

And instead of exchanging our data to download content online, users can become participants and shareholders by earning tokens on the blockchain system, which will allow you to have your say on a network.

“Web 2.0 is the transmission of information but Web3 is the transmission of values,” said Pascal Gauthier, CEO of the crypto hardware wallet Ledger, one of the French unicorns.

“We can see that right now on the internet your experience gets bad as soon as you have to withdraw your credit card,” he told Euronews Next, adding that Web3 essentially solves problems like payments.

How it works?

In the world of the Web3, search engines, markets and social networks will not have absolute masters.

So you can control your own data and have a single personalized account where you can switch from your emails to online shopping and social media, creating a public record of your activity on the blockchain system.

A blockchain is a secure database that is operated by users collectively and can be searched by anyone. People are also rewarded with tokens for their participation.

It comes in the form of a shared ledger that uses cryptography to secure information. This register takes the form of a series of records or “blocks” which are each added to the previous block in the chain, hence the name.

Each block contains a timestamp, data, and a hash. This is a unique identifier for all content in the block, much like a fingerprint.

It comes in the form of a shared ledger that uses cryptography to secure information. This register takes the form of a series of records or “blocks” which are each added to the previous block in the chain, hence the name.

Each block contains a timestamp, data, and a hash. This is a unique identifier for all content in the block, much like a fingerprint.

Don’t we already have Web3?

The idea of ​​a decentralized Internet has been in the making for a decade with the explosion of cryptocurrencies and blockchain, and there are probably already some early Web3 applications. But we are not officially in the Web3 world.

Is Web3 too idealistic?

The idea of ​​a decentralized Internet may seem far-fetched, but big tech companies are already betting a lot on it and even forming Web3 teams.

But even as power is taken away from the tech giants, the people shaping Web3 now are software developers and venture capitalists. Meanwhile, blockchain networks are not evenly distributed and are in the hands of venture capitalists and early adopters.

This week, former Twitter CEO Jack Dorsey suggested that Web3 is under the control of the venture capital industry, in particular the cabinet Andreessen Horowitz, one of the first Facebook contributors and an advocate of Web3.

“You don’t own Web3. VCs and their LPs do this. He will never escape their inducements. It is ultimately a centralized entity with a different label, ”tweeted the CEO of Square.

On Thursday, Dorsey tweeted in response that he had been blocked on Twitter by Marc Andreessen, co-founder of Andreessen Horowitz.

Meanwhile, Tesla chief Elon Musk has said Web3 is more of a “marketing buzzword” than a reality.

“I’m not saying web3 is real – it seems more of a marketing buzzword than reality right now – I’m just wondering what the future will look like 10, 20 or 30 years from now. 2051 seems like a crazy futurist “, he wrote on Twitter.

Musk also asked where he was, much to the chagrin of Web3 enthusiasts.

What are the challenges?

Experts have expressed concerns about how to regulate a decentralized internet, which would make it even more difficult to prevent cybercrime, hate speech and disinformation.

Web3 can also be difficult to use, but Gauthier says the challenge isn’t whether people can access it easily, but whether they know how to manage their data securely.

“Anyone on the planet can access Bitcoin or Ethereum today, as long as you have an internet connection. So there are billions of human beings who can access Web3 systems while the same humans cannot necessarily access the banking system, ”he said.

“To understand how Web3 works, there are certain errors you need to be aware of and you need to be mindful of your security.

“Before, in the financial world, security was provided by your bank. All of a sudden now you have to do it yourself since you own the privileges and you can manage your money online. So that means there is a whole part of education and understanding of security issues that are important. “

Building the technology to make Web3 fully decentralized, which has never been done before, is also one of the challenges.

“Creating decentralized tools is not easy. Centralized systems are easier to build but less transparent, ”said Úrsula O’Kuinghttons, director of public relations at blockchain infrastructure company Parity Technologies, which also works with the Web3 Foundation.

“Some blockchain hybrids are a combination of centralized and decentralized systems, but creating 100% decentralized tools is the hardest part and the longest part. But that is really the goal of Web3, ”she told Euronews Next.


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