The Future of Internet In Changing Common Lives
Internet has it's greatest usage in the 21st century where people actualize their opinions to connect socially.
Now we are often familiar with the creators in the internet and mostly people prefer to watch new tranding videos in YouTube, Facebook, Instagram or WhatsApp. The usage of internet has shifted it's domain from professional use to more participation of the common mass in sharing of information.
Introduction to WEB 3
Web 3 technology decentralizes the internet to revolutionize the future usage. As the user base of internet has increased, massive amounts of data is generated and distributed among various sources. Companies uses the user data in modulating services as per the stored preferences through web browsing activities.
I think the initial breed of Web3 applications will probably be mostly small iterations on Web 2.0 applications. But one thing that Web3 brings that Web 2.0 cannot easily service is financial obligations or economically strong applications. This is where individuals in a peer to peer fashion can have economic services between themselves.
-- Stated by Gavin Wood, an Ethereum co-founder, who coined the term Web3 in 2014.
Photo by Milad Fakurian on Unsplash
Cryptocurrency and blockchain technology is the heart of security of Web 3 applications. With this, users would dominate their ownership to data rather than the currently stored ones in data centers. Web 3 happens to be largely built on open-source software, trustless and permissionless.
Being trustless, users would be free to transact without any third party intervention. In today's digital transactions, third party providers collect user data to allow interactions leading to data manipulation. Web 3's trustless and permisionless transaction allows users to avoid governance through limitations and data storing.
It is through the decentralised blockchain technology, the user data is secured in blocks without access to any manipulations. This further means that users can control their own data and be in the metaverse of transactions, paid in tokens for sharing such information wilfully.
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