Web 3.0 has been defined as the decentralized way to access services and applications. The major difference between web 3.0 and the web 2.0 we use today is ownership. In web 2.0, majorly the big tech companies own all your data whether it is highly sensitive information or general information, these tech companies had it all. But in the Web 3.0 World, the data is stored inside a block and the block is copied over a network that way it cannot go down. But how does it make the difference? The real difference is that data in the block is owned by you and not by the company and the miner has to confirm its ownership.
Consider blockchain as a series of immutable linked lists. A linked list is a data structure that is used to store the data. The linked list comprises the nodes and these nodes contain a data field and the address field. The address fields are the way through which the linked lists are connected; the previous nodes point to the address of the next node. When the data inside the node becomes immutable than a block. The data can only change in a block when a series of miners confirms the change. If someone tries to change the data it has to be confirmed through all the miner computers having the block copy, therefore, making it impossible for someone to change the block data without having the proof of work.
The Web has evolved at a fast pace in a very short period. Initially, we had web 1.0, where all the data was in read-only mode and connected with the help of hyperlinks. That is where the concept of search engines emerged and became massively popular and useful for the internet. Then the concept of Web 2.0 came where the data was in reading and writing mode, which means the normal users can create the data for the internet. Many companies emerged and became massively successful such as Facebook, Twitter, LinkedIn, etc. The users can create the data on the internet and others can easily view them. The backlash was that these platforms became the autonomous giants of data and wealth creators. As a platform, they can have all the data and metadata that the user created and viewed and then optimize their platform to have more attention from the user and use that attention to sell the products with the help of the ad bidding concept. One Wealth creation industry emerged. But in the Web 3.0 World, no centralized server will run an application that collects and stores the data of your activity and the data that you provide to them with your consent. Web 3.0 has a decentralization way to store data on the blocks and these blocks have a ledger to which all the information related to the transaction is stored and these blocks are kept on adding to the system.
There are many benefits for having a decentralized application such as you can make an open-source software and still be able to make money from it and that was not possible in web 2.0. Also, the application cannot be governed by some board of directors instead it would be governed by the people of that network. On Web 3.0 if a person wants to bring changes to the application then the whole community has to be in favor of that decision or the decision cannot be made to action. It’s similar to smart contracts in Ethereum.
What is a Web 3.0 website?
The Web 3.0 Website will be powered by the tech stack which can support the decentralized mechanism of this third generation of the internet. For example, Ethereum uses solidity language to create smart contracts.
How Web 3.0 will benefit our lives?
Web 3.0 will provide a greater value to our life as it will be safer and private than the centralized web. Web 3.0 will deliver a much more personalized response depending on the user. Also, we would not require you to identify yourself over the network all that can be done with the help of the Web 3.0 application.