What is Web3 really? Explained in simple words

What is the Web3 that everyone including Elon Musk, Bill Gates, jack Dorsey are talking about?

Before we try to understand Web3, we need to really understand Web1 and Web2. In simple words, Web1 is the first version of internet that emerged in late 1990s and allowed us to visit websites. Whereas, Web2 gave us the ability to write to the internet, eg. blogs, wall posts, tweets etc. This is the version of internet that’s existed for the last couple of decades. However, the biggest challenge with Web2 is that it’s controlled by the internet behemoths and it has its own implications. Web3 was conceptualized to solve this exact problem.

Web 3 is envisioned to be a an evolution of Web2, but completely decentralised. This means the control of the internet will transfer from the biggest internet companies to the users of Web3 themselves. This way, they’ll “control their data, identity and destiny,” which is the foundation of Web3.

The biggest enabler of web3 is the Blockchain technology. Everything you hear about Web3 – Crypto, NFTs, DAO etc, are all based on this technology. A blockchain collects information in the form of blocks or groups or chunks, unlike traditional databases that store data in tables. In theory, you could also call it “group chain”. When a block gets completely filled with information, it is set in stone and can’t be changed. Any new information will then be stored in a new block and all these blocks will be linked through a chain with exact time stamp of when the block was added to the chain. This way, the data structure is irreversible and cannot be changed by any central authority, or for that matter, anyone whosoever! It doesn’t mean you can’t edit what you’ve already written, but the edited version will be new information and will be stored in a new block with its timestamp. If you are looking to understand Blockchain in more detail, you should check out this blog by IBM.

We hope this was useful in helping you quickly understand the basics of Web3. Please bookmark mydigital.guru as we’ll continue to publish more blogs and information on Web3 and keep you updated on the latest trends.