The article explains Web3’s core features, including as its decentralised nature, peer-to-peer transactions, and increased user sovereignty over data and digital assets.
Web3, also known as Web 3.0, is the World Wide Web’s next generation, emphasising decentralisation, security, and user privacy.
It is essentially an internet vision in which individuals have greater control over their data, identities, and online activities.
It is based on blockchain technology, which allows for peer-to-peer transactions without the use of intermediaries like banks, governments, or other third parties.
This decentralised web strategy promotes better openness and trust, as well as more safe and private transactions.
Blockchain platforms like Ethereum, IPFS (InterPlanetary File System) for distributed file storage, decentralised identification systems like uPort, and decentralised marketplaces like OpenBazaar are examples of Web3 technology.
Features of Web 3
Feature
Web3
Web2
Centralisation
Decentralised
Centralised
Intermediaries
Peer-to-peer
Rely on intermediaries
Data ownership and control
Users have control
Large corporations have control
Web3 Scalability Challenges
Current blockchain infrastructure can only handle a certain amount of transactions per second.
User Adoption: Despite the fact that it has been around for over a decade, blockchain technology is still largely unfamiliar to the general public.
Interoperability: Web3 is being developed by various organisations, each with their own distinct vision for the technology, posing integration issues.
Complexity: Using and understanding Web3 requires technical skill, which may be a barrier for certain consumers.
