Web3, is one of the newest hypes in the field of crypto. According to experts, it could become the new form of the web, and the internet would never be the same again.
Web3 is a form of the internet, in which the power is much more in the hands of the user, rather than in the hands of a number of superpowers. For example, you can access Egyptian casinos or كازينوهات مصر from anywhere in the world, without letting anyone know your private data.
But what exactly is Web3? Is it really as beautiful as it is said? And how can you invest in Web3? You can read that and more in this blog. Let's get started quickly!
What Is Web3?
In order to understand what Web3 is, it is important to first know what Web1 and Web2 are. For this we have to go all the way back to the beginning of the web.
- Web1 is the very first version of the web. It was launched in 1993 and came to an end in 1998 when Web2 came into existence. During the Web1 era, the web, or the Internet, was very, very simple. The web pages were very simple, and really only contained info. You could do almost nothing on the web pages, except navigate via very simple buttons.
- Web2 is the second version of the web, which was created in 1998. During Web2, the web became more and more interactive. From now on, the Internet was increasingly used as a means of communication and became increasingly interactive. Web2 is actually the form of the web we still know today, in which significant players such as Google, Facebook and Amazon hold power.
Now that we know what Web1 and Web2 are, we can better understand what Web3 is. Web3 is the new web version, where the power is no longer in the hands of several significant players, such as Google, Facebook and Amazon. Instead, the power is in the hands of you and me, the users.
An essential feature of Web3 is that it is open source. This means that the code is publicly available to everyone and that anyone can contribute to it. So anyone can make changes to Web3, and thus the users ensure that Web3 only improves.
Another essential aspect of Web3 is that the data is distributed decentrally. All this data is connected and is therefore in the hands of everyone, whereas it was previously in the hands of those, as mentioned earlier, prominent (central) players.
Cryptocurrency, blockchain technology and smart contracts can play an essential role in Web3. Blockchain technology provides a framework in which data can be stored and processed in a decentralised, distributed manner. Of course, this fits right in with Web3. Web3 'websites' could then be built as dApps on a blockchain, using smart contracts. This is where cryptos could come into play again, where they are used to, for example, carry out transactions.
The Advantages of Web3
Let's take a quick look at the main benefits of Web3 because why would we want the switch from Web2 to Web3 at all?
- The first advantage is the fact that data is stored decentrally. Everything is connected because of this, and development can go faster and faster. This also means that power over the web will be less in the hands of several superpowers.
- A second advantage is that the web will be more effective and personalised. You decide what you see, instead of Facebook, for example, doing this for you.
There are several other advantages, which you can find in our previously mentioned blog about Web3.
The Disadvantages of Web3
Of course, Web3 does not only have advantages. As with everything else, Web3 also has some drawbacks. But what are the drawbacks of Web3?
- One downside of Web3 is those old devices probably won't be able to use Web3 because they probably won't be able to connect to the network.
- Also, websites that still date from Web1 will appear very outdated and will therefore no longer be used.
- A third disadvantage of Web3 is that it will be very complicated for newcomers. It is currently a lot more challenging to use than Web2.
Why Should You Invest in Web3?
In the eyes of Web3 maximalists, the entire web as we know it today will be taken over by Web3 alternatives. This means, for example, that instead of Google, there will be a Web3 alternative from Google that everyone will use. The same would apply to Facebook, but also internet providers, for example.
According to them, the entire internet, as we know it today, will be taken over by Web3 alternatives. From the foundations to the icing on the cake. If you also believe in this, or if you dare to take the gamble, then it means that there are a lot of investment opportunities coming and already exist at the moment.
For example, consider Amazon Web Services, the branch of Amazon that offers cloud computing and web services. This means, for example, that they can host servers for you, on which you can run your website or software. This branch of Amazon would be worth about $500 billion. So if you believe in the theory of the Web3 maximalists, there would be a Web3 company that will take over this market from Amazon Web Services in a decentralised way. That would mean there will be a Web3 project worth $500 billion. If you invest in it now, it could turn out very well.
This is just one of the many examples of the Web3 projects that, if expectations are met, will become huge. Do you believe in the predictions of Web3 enthusiasts? Then there seems to be enough reason to invest. In any case, you must do good research into Web3 first so that you have a good idea of what it is exactly, and you can, therefore, possibly start investing based on your findings and only your findings.
Conclusion
Web3 would thus become the new form of the Internet. Should it live up to expectations, unprecedented investment opportunities will come our way in the coming years. Today we looked at how you can anticipate these investment opportunities. Well, we looked at a few ways to do this, namely investing in crypto, investing in stocks, and running a Bitcoin node.
Comments