What is Web3?

Web3 is a new, decentralised internet that has been built for the people, by the people.

This means that instead of being controlled by big corporations, Web3 is owned and controlled by all of us—the users.

In this way, Web3 is a world where your data belongs to you, where you have control over what happens with it and who can see it. It's a place where you can communicate with anyone without going through a third party like Facebook or Google, and where no one can track your movements on the internet.

This means that no single entity will have control over what you see online or how much they can charge you for accessing their services. The power will be in your hands!

Why Web3 is important?

The open internet has been a boon to society. But it's also been a bit of a mess.

The internet is too big, and the companies that run it are too powerful. It's hard to play fair when you're the only player in town—and when you've got no competition, it's easy to cut corners on security, privacy, and customer service.

That's why Web3 matters so much: It lets people buy and sell things without having to go through a third party like Amazon or Facebook. With Web3, people can set up their own marketplaces and connect directly with each other—and do so without having to worry about getting hacked or having their personal data leaked by government agencies or corporations.

What does Web3 look like today? Well, it looks a lot like the internet you know and love, but with some important differences. For example:

• You don't need a password to log in—you just use your private key (like a hash) to access your data.

• You can pay for things directly from your wallet instead of having to go through an intermediary like Apple Pay or Stripe.

What are the Drawbacks of Web3?

Web3 promises to take humans to a new level of connection, but unfortunately, it's not all sunshine and rainbows.

Here are three of the biggest drawbacks to Web3:

1. The cost of developing Web3 apps is higher than ever.

2. Many developers are having trouble learning how to use Web3 effectively (and how to monetize their work).

3. There are many security concerns about the way Web3 works, including the fact that it uses peer-to-peer technology, which means there is no central server for hackers to target—but also no one company or organization that can be held accountable if something goes wrong.

When is Web3 likely to arrive, if ever?

Web3 is coming, and it's going to change everything.

But when is it coming? That depends on what your definition of "Web3" is.

If you define Web3 as the internet's continued decentralization, then the answer could be "never." The internet has always been decentralized—it's just that now people are starting to talk about it more openly.

But if you define Web3 as the realization of Ethereum's vision for a completely decentralized future, then the answer may be closer than we think.

What are your views on Web3?

I hope this article will help you to get a clear picture of the Web3 and its future.

Enjoy your day.

Thanks for reading 🙏

I'm Ayush, co-founder of Supahub. For more actionable tips and articles that will help you grow, follow me on LinkedIn and Twitter

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