What is Web3 and why is it important?

What is Web3 and why is it important?

Quick overview of a transcending technology

Oct 17, 2022·

4 min read

Introduction to Web3

Web 3 is the next stage in the development of the World Wide Web. It will be powered by blockchain technology, which will allow for new applications and services that are not possible with the current web. However, it is still in its early stages of development, and there are many challenges to overcome before it can truly revolutionize how we interact with the internet. These challenges include scalability and user adoption. Ultimately, Web 3 has the potential to create a more open and accessible internet for everyone. But it's still in its early days, and there's a lot of work that needs to be done before it can reach its full potential.

Centralization vs. decentralization

The debate over centralization vs decentralization has been ongoing since the inception of the internet. In traditional centralized systems, all data is controlled by a single entity or group. Decentralized systems are based around a network of nodes that collectively make up the system. While decentralized systems could theoretically offer greater security and privacy due to their distributed nature, they may also be less accessible and user-friendly due to increased complexity and latency times associated with networking issues. Legacy online services are built around centralized models, but this could soon change as Web 3 gains momentum.

Who invented Web 3?

  • The idea of Web 3.0 has been a hot topic of debate for some time now. Tim Berners, the original founder of the World Wide Web, came up with the concept of the "Semantic Web" in 2006, which was very similar to what Web 3.0 is now. Dr. Gavin Wood coined the term "Web 3" in 2014, when he was a co-founder of Ethereum. In an article about "Why we need Web 3.0", Gavin claimed that "the internet today is broken by design". He was referring to the concentration of wealth, power and influence in the hands of a few greedy elite technocrats, who have created monopolies and dominate markets and institutions. Trust relationships have been transposed to this new platform, but with the same old dynamics and behaviours. Gavin's solution is to create a decentralized web where power is distributed more evenly among users. Gavin believes that a decentralized web would be more resistant to censorship and manipulation, as well as being more secure overall. He envisions a future where people are able to own their own data and control their own online identities, rather than having these things controlled by central authorities. This would allow for true freedom and privacy online, as well as giving people more power over their own lives.*

The importance of shifting to Web3

Web 3 is important because it represents a shift away from centralization. With Web 3, there is no need for third-party applications or services to function properly. An example of this is having to use PayPal or a perprietary credit card checkout system. Everything can be done through web browsers directly without the need for an intermediary. This has the potential to reduce costs as well as speeding up transactions and making online interactions more seamless overall. Users can interact directly with each other and with applications in a secure manner using smart contracts and dApps (decentralized apps). This eliminates the need for middlemen which can lead to greater efficiency and lower costs. In addition, web 3 also provides improved security features that can help protect our data from being hacked or stolen. Finally, web 3 promises to be more energy-efficient than previous versions of the internet, helping to reduce our impact on the environment.


The importance of shifting to Web 3 lies in the fact that it will decentralize data storage, making the web more secure and efficient. Users will have more control over their personal data, as it will be stored on decentralized platforms instead of central servers that are susceptible to hacking. This will make the web more secure and efficient, and give users more control over their own data. In addition, decentralization of data storage will help to prevent outages and downtime, as there will be no single point of failure. This is especially important in today's world where we rely so heavily on the internet for everything from communication to commerce.

For more information on Web3 I recommend going straight to the source: [web3.foundation/]

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