What is Web3 and Why it Matters?

    Web3 is most probably the hottest buzzword in the tech industry. It is often referred to as the next age of the internet that could suck power away from Big Tech.

    How it began

    Technology and the internet are evolving rapidly with every passing second. This advancement leads users worldwide to develop internet services further to make them more secure, faster, and possibly profitable.

    One solution to the problem of security and data storage emerged with the concept “Blockchains”. This technology became the founding block of Web3 and all things related to cryptocurrency, NFTs etc.

    Gavin Wood, the co-founder of Ethereum, coined the term Web3.0 in 2014. At this time, the idea of a decentralized blockchain ecosystem and the concept of Web3 became popular.

    The vision behind Web3

    What if someone told you that you could control your social identity, store your personal data as per your choices, and store your assets where you want – all under your control, with no influence from the government or the private companies like Google, Facebook etc.
    These are the powers that come with Web3.

    In three words, Web3 can be described as-
    Decentralized, Private and Secure.

    All your content and your earnings will be entirely under your control. Blockchain technology makes it nearly impossible for anyone to steal or harm the stored data.

    The problem of privacy that we often face while signing in to websites, banks, purchasing items etc., will be dissolved. This is because the need for personal data, a person’s identity, will be replaced by computer-based cryptographic proof. This proof of identity will remain the same wherever you go and will not reveal anything about your personal information- including your name!

    Web3 stands for equal distribution of powers.

    Why is Web3 important?

    In the 21st century, privacy is a myth. From the moment we log in to our phones or make a social media profile, our data is out there in the open.

    From the ads that pop up on our web pages to the spam mails that we get- a user is forcefully influenced to make choices they would not have if they had the option to. This influence is due to the stealth marketing techniques that use the customer data to personalize (or influence) the kind of content that they’re using.

    The heightened issue of hacks and online frauds have left many users vulnerable. Adding to this is the problem of identity theft that comes with online socialization.

    Web 3.0 is an answer to these issues and hence important.

    Steps to get started with Web3 :

    • The first thing that you need for Web3 is a crypto wallet. You may get your first wallet from MetaMask, CoinBase Wallet or MyEtherWallet etc. This wallte will allow you anonymity as it will be your identity proof without revealing your personal information.
    • Then comes the web browser. To make it easier, faster and secure to organise your cryptocurrency and assets, a webrowser supporting Web3 is helpful. The most popular in this list are Brave Browser, Opera Browser and Osiris browser.
    • You are all set to create and manage your account, assets and money.

    Is Web3 the future?

    In simple terms, yes. With many Big Tech companies investing in Web3 and cryptocurrency, we are on our way to gradually transcend from Web 2.0 to Web 3.0.

    As the concept is in its blooming phase and has many critics like Elon Musk, it is certainly tough for a normal person to adopt Web3, but the future seems optimistic.

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