Science & Tech

What distinguishes Web3 from Web2?

  • 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

IntermediariesPeer-to-peerRely on intermediaries
Data ownership and controlUsers have controlLarge 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.
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