Understanding Web3: The Next Generation of the Web

Web3 is an emerging concept that aims to replace the current web as we know it with a more sovereign version, which will allow people to keep ownership of the data we use online, and it will be possible through blockchain technology via smart contracts. Web3 is all about decentralization, and its interactions will be performed with transaction hashes, digital and cold storage wallets, and Web3 Identities. Web3 apps (or dapps) do not control the content that the user puts on the web; the user controls who is allowed to see, copy/keep or use any of that data for themselves. The means of control will all be organized by smart contracts. Web3 developers do not build or deploy applications that run on a single server or database managed by a single provider, instead, these applications run on blockchains and decentralized networks of many peer-to-peer nodes that form a cryptoeconomic protocol. The signing of smart contracts will replace the agreements we’re used to reading. Web3 is still being built, but it already has use-cases, apps, and websites that anyone can start using today. Web3 apps are different from Web2 because Web3 is more focused on the use of technologies like machine learning and AI to provide relevant content for each user, whereas Web2 essentially allows users to contribute and sometimes collaborate on-site content. Some notable examples of organizations that are introducing us to Web3 include Brave browser and Ethereum, which is a decentralized, open-source blockchain with smart contract functionality.