What is web3.0 || How does web 3.0 work ||#web30technology #web3.0
Channel: DIGITAL FASTLANES 
Date: 26/08/2022

What is web3.0 || How does web 3.0 work || #web30Technology #web3.0

 #whatisweb3.0 ,  #web3.0 ,  #web3.0explained ,  #web3.0blockchain ,  #howdoesweb3.0work ,  #web3.0tutorial ,  #web3.0crypto , 
In this video I'll explain web3.0.
The term web3, also written out as web 3.0, was originally conceived of in 2014 by computer scientist and ethereum co-creator Gavin Wood in a post on his blog. 
In this video we have explained.
What is web3.0?
How does web3 work?
How is web3 different from previous forms of the web? 
As we were reexamining our assumptions about the privacy of our personal information and our online activity, Wood writes that we engineer the system to mathematically enforce our prior assumptions, since no government or organisation can reasonably be trusted. Essentially, under web3, we know exactly what's happening with our data.

Web3 has since taken on new meaning for its advocates. Not only is it a way to manage your data, but web3 is a way to redistribute ownership of the internet. The whole point of web3 is getting ownership and decision-making away from a small group of people, into the hands of the community. 

How does web3 work?
With our principles in place, we can start examining how certain developmental aspects of web3 are supposed to achieve these goals.

Ownership of data: When you use a platform like Facebook or Youtube, your data is collected, owned, and monetized by these companies. In web3, your data is stored on your crypto wallet. You'll engage with apps and communities on web3 through your wallet, and you'll take your data with you when you log off. Theoretically, since you own this data, you'll also be able to decide if you want to monetize it.

Pseudonymity: Like data ownership, privacy is built into your wallet. On web3, your wallet is your identity, which isn't easily linked to your real identity. So while someone might be able to see the activity of someone's wallet, they won't know that it's your wallet.

There are services out there that work to link users to their crypto wallets used in criminal activity. However, for day-to-day uses, your identity remains obscured. 

Democracy: In web3, apps will be run by decentralized autonomous organizations (DAOs). This means that instead of a central administration that makes all the decisions, decisions are made by users who possess governance tokens, which can be obtained by participating in these decentralized apps' upkeep or by purchasing them. 
 
Realistically, web3 won't replace web 2.0, at least not in the foreseeable future. I don't think that web3 has to replace everything in web 2.0. More often than not, it's going to run parallel to web 2.0. It just means more options for consumers. If you want to use Facebook, go use Facebook. If you want to use a decentralized system that rewards you for participation, you can go do that.

During the first few years of the world wide web, now called web 1.0, most websites were read-only web pages. This means that pages had no interactivity, they were just meant to be read. Users were purely consumers. The problem with the first version of the web was that creating your own web page and contributing to this version of the web, took a considerable amount of technological know-how. 

Web 2.0, the version of the web we're currently using, added functionality for users to "write" as well as read. Web page owners can see metrics on how popular their posts are through clicks and comments. It also gave rise to social media and made content creation accessible to people who wouldn't have the technical know-how in web 1.0. 

While these platforms provide access to content creation, they also take our data and use it to figure out what else we might want to consume. Companies also monetize this data by selling it to advertisers. In this version of the web, users are not just consumers, they're also products. 

Another problem that web3 poses is that DAO source codes are publicly available, which makes them susceptible to cyber attacks if hackers can exploit weaknesses in the code. In 2016, a decentralized venture fund called TheDAO was hacked. 3.64 million ethereum was stolen, 5% of all ethereum at the time, which caused ethereum to split into ethereum and ethereum classic. 
Presumably, web3 builders will implement cyber security measures that will target fraud and hacks. In fact, though crypto-related crime is at an all-time high, it is growing at a much slower rate than overall crypto adaptation which was at $15.8 trillion in 2021.  We're still witnessing the early stages of whatever web3 might become, so we might find ourselves presuming a lot of things about web3. 

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