Web3 is the natural next step to enhancing the Internet for users if we consider the current Web2 issues. Web3 intends to balance the influence held by massive Web2 corporations by utilizing peer-to-peer (P2P) technologies including blockchain, virtual reality (VR), the Internet of Things (IoT), and open-source software. Users should be able to regain ownership of their data and control over their content through decentralization.
Essentials of Web3
Decentralized: As the solution to the centralization issue that plagued Web2, decentralization is obviously essential to Web3’s success. In addition to giving people back control over their data, firms would have to pay to access it. Decentralization would make native cryptocurrency payments available to everyone and do away with the costly middlemen present in the current Web2 payment infrastructure.
Permissionless: In Web3, everyone is free to interact with others without restriction, as opposed to a small number of powerful entities regulating participation or preventing communication across platforms.
Trustless: The network on which Web3 is based would enable users to engage without having to put their faith on anything save the network itself.
Blockchain technology and cryptocurrency will substantially support these goals.
