Web3 defined

THE MOST IMPORTANT ASPECT OF WEB3 THAT NOBODY HAS YET TO TALK ABOUT

By tripplea1 | Web3 ecosystem | 20 Mar 2022


 

Have put these words together for both the experts in the industry and for beginners who are eager or finding it difficult to understand the term Web3. With this primary hidden concept highlighted in this article, the whole notion of Web3 will be opened to you.

Before I continue, stating the past versions, current versions, and the upcoming version of the web which literarily means the internet will facilitate the easy comprehension of Web3. In short, the first version of the web(web 1.0) is highly centralized because it provides a static experience for users without the ability to create content on the websites. The second version of the web (web 2.0) enables users to create content through social media and dynamic websites but at the cost of centralization. The emerging version of the web (web 3.0) relies on current technology like blockchain, artificial intelligence to create an open-source internet of decentralization for everyone.

To understand the terms centralization and decentralization, it is important to unveil the concept of "OWNERSHIP". To own means to be in control, and whoever is in control of a system, or the network through which a thing works, is the owner of that thing. Hence, web1 and web2 concentrate the control of the system and network Into the hand of a few individuals both in the area of Internet, money, organization, etc.However, who controls the system has the power to make an absolute decision on it while the other users of the system cannot do anything about it.

_"WHO CONTROLS THE NETWORK OR THE SYSTEM IS THE OWNER"._

It means alot of things that we considered as ours do not belong to us if we are not part of the people that control the system or the network. An example is a money in the bank In which the banks are the ones that control the networks.

If you own something, but I can control the amount you can spend, withdraw, and how you must use what you own, then who is the real owner?

Web3, among other things that it has to offer, plays a vital role in the concept of ownership by giving the users and individuals, access to be in control of the network, the system, and the medium.

_"Not your keys, not your properties"._

The decentralized world continues to emerge through blockchain technology, a decentralized ledger that record transaction between two parties and serves as the middleman and the network which is open to everyone to build, and controlled by no one.Although, the Web3 ecosystem covers different aspects, dealing with the subject matter of this article, I will focus on some innovations that center around ownership which is DAO.

Decentralized Autonomous Organization (DAO) enables the users of a platform to partake in the decision making and also gives them access to be part of the network that controls the platform by giving them a voting right to vote on any Improvement and other things that deal with the platform they are using. This new form of decentralization will continue to destroy the existing centralized system as people will be interested to have the right to be among the controller of the platform they use.

The Web3 version of the internet is still unfolding, and alot of decentralized ecosystems will be seen as a centralized system in disguise as Web3 continues to emerge. However with platforms like Hacknoon, PublishOx, etc, that reward content creators for their content, it is a light of what the Web3 version of the internet will bring to each individual when it fully unfolds.

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tripplea1
tripplea1

My name is Damilare Alabi a crypto enthusiast, technical analyst and a Web3 content writer.


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