Up until this point, the internet era has significantly altered society. Web 1 was a read-only platform from 1989 through 2005. The most valuable web items are made possible through it.
Users can read and publish material on websites or applications using Web 2, which is still in use, and they can also interact with one another through social media sites.
Since Web 3 will radically alter the internet, it is currently the subject of discussion.
Applications and Use Cases for Web3 in General
Continue reading to learn more about this novel online concept. Let’s carry out our plan!
What precisely is Web 3?
One of the most talked-about aspects of Web 3 at the moment is decentralisation.
Blockchain, semantic web, and machine learning/artificial intelligence are all used in the most recent version of the internet, known as Web3, to allow for real-time communication between users.
Some noteworthy features of Web 3 include the following:
- Because it makes use of freely downloadable open-source software, Web3 is open-source.
- Networks using Web3 don’t require authorization.
- It provides a trustless environment that lets users directly communicate with one another in both public and private settings.
- The only thing necessary would be to create a single profile that would function across all platforms.
- On this open platform, users can transfer their assets across accounts from any location in the world.
- No matter the location, time, or gadget, Web3 ensures access to the internet.
Web 3.’s necessity
- Web 2 is less dynamic and participatory than ever, making Web 3 more important than ever.
- There were many worries about hacking, data leaking, privacy issues, etc. because certain prominent behemoths, including Google, Facebook, Microsoft, etc., only provided consumers with basic data management alternatives.
- Customers routinely accuse companies of jeopardising their privacy, both large and small.
- The numerous grievances against such huge firms, including Amazon’s aggressive business methods and Google’s data privacy issues, have brought attention to the necessity for strong safety procedures.
- The introduction of blockchain, the primary technology behind web 3, has led to the creation of a dynamic, secure, and interactive web version.
- Web 3 does not employ centralised web servers or databases.
- More small data leaks occur as a result of data being spread over several devices, securely kept, and consumers still completely owning their data.
- It also reduces the need for middlemen. In order to establish Web3 for corporate users, a Web3 Development Firm has entered the market.
- Now that you are aware of what web 3 is and how crucial it is in today’s technological environment, it is time to learn about its applications.
- A few well-known web3 use cases are “DeFi” or decentralised finance, The Metaverse, decentralised autonomous organisations (DAOs), blockchain, and the creator economy.
- Due to the attention-grabbing nature of these phrases, it is impossible to ignore paying attention to web3.
- Read on to learn more about the uses and practical side of web3!
Decentralized Autonomous Organizations (DAOs)
A group of people with shared ownership is referred to as a decentralised autonomous organisation, or DAO.
One of the most popular Web 3 use cases is this one. Smart contracts are used in decentralised autonomous organisation development to ensure impartiality in vote counting and decision execution without the involvement of middlemen.
Although CEOs and company presidents are superfluous in the virtual world, these smart contracts bring corporate governance.
Members of the DAO (who may reside anywhere in the globe) must purchase a governance token in order to cast a vote.
All of these judgements or rules are stored as code in the intelligent contracts that make up the DAO’s skeleton (decentralized autonomous organization).
The fact that these intelligent contracts on systems like Ethereum cannot be cancelled once they have been triggered is an intriguing aspect.
These, however, can only be altered with a majority vote of the organisation.
If the rules or codes are broken, the smart contract won’t function. But the DAO group must approve any use of the funds.
Therefore, approval from DAO members is required for all actions.
DAO is totally managed by its users, who make decisions collectively as opposed to through a centralised authority.
What effect does Web3 have on the creative economy?
Producers and curators of Web 2 content are currently compensated for their work through sponsorship agreements, affiliate marketing, and advertising.
Web3 is an exciting and cutting-edge platform for the creative economy, where artists establish and control communities.
Non-fungible tokens, or NFTs, would make up the majority of the creator economy.
These NFTs will provide creators and their works separate identities as well as full ownership.
One of the most common web 3 use cases is the creator economy, which offers monetization opportunities and permits creators to get royalties in exchange for their labour.
Owners of NFTs can keep an eye on sales and royalties thanks to smart contracts.
Conclusion
The third generation of the internet, also referred to as web3, will significantly change how we use the internet today.
Everything will become decentralised with the advent of blockchain in web3, enabling customers to become the sole owners of their assets.
The aforementioned web3 use cases provide a clear picture of how we will interact with the internet in the future using cutting-edge technologies like VR, AI/ML, AR, and MR.
