What is web 3.0?

The evolution of Web

Web 1.0

  • The first iteration of the web
  • Lasted approximately from 1991 to 2004
  • Consisted of sites serving static content instead of dynamic HTML
  • The characteristics of web 1.0 are Centralized, Less-Interactivity and Desktop-based.
  • You can think of Web 1.0 as the read-only web.

Web 2.0

  • Interactive and social web
  • From 2004 to now
  • You don’t have to be a developer to participate in the creation process
  • Web2 is simple, really, and because of its simplicity more and more people around the world are becoming creators
  • The characteristics of web 2.0 are Mobile, Social and Cloud.
  • However, the security and privacy is not secure because you don’t have any control over your data or how it is stored

Web 3.0

  • The web 3.0 is starting now, with the development of blockchains technology.
  • Web3 enhances the internet as we know it today with a few other added characteristics
    • Verifiable
    • Trustless
    • Self-governing
    • Permissionless
    • Distributed and robust
    • Stateful
    • Native built-in payments
  • Cryptocurrency plays a big role in many of these protocols
  • These protocols may provide a variety of services, such as computation, storage, bandwidth, identification, hosting, and other online services that were formerly provided by cloud providers.
  • People can earn a living by taking part in the protocol in a variety of ways, both technical and non-technical.
  • You’ll see that, like with many forms of decentralization, needless and frequently wasteful intermediates are eliminated.
  • Many online infrastructure protocols have produced utility tokens that dictate how the protocol runs, such as Filecoin, Livepeer, Arweave, and The Graph.

Source: Solana Daily

Native payments

Tokens also enable a truly borderless and seamless native payment layer. Stripe and Paypal, for example, have generated billions of dollars in value by facilitating electronic payments.

These methods are extremely complicated, and they still don’t allow for true international interoperability among participants. In order to use them, you must also provide over sensitive information and personal data.

Web3 applications may use crypto wallets like MetaMask and Torus to make international payments and transactions simple, anonymous, and safe.

Solana offers latency in the hundreds of milliseconds and transaction costs that are a fraction of a penny. Users do not have to go through the customary many, friction-filled procedures to engage with and participate in the network, as they do in the present financial system. They only need to download or install a wallet to begin sending and receiving payments without any restrictions.

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A new way of building companies

Tokens also brings about the idea of tokenization and the realization of a token economy. It completely different from buying stock because:

  • Anyone can participate in building it or investing in it from day one
  • Stakeholders can use their tokens to vote on changes to the future of the project
  • They are free to keep or sell thier token
  • Blockchain data is all completely public and open, purchasers have complete transparency over what is happening

DAOs (Decentralized Autonomous Organizations), which offer an alternative way to build what we traditionally thought of as a company, are gaining tremendous momentum and investment from both traditional developers and venture capital firms.

How Identity Works in Web3

Unlike web2 authentication methods like OAuth or email + password, identity in web3 functions in a very different way than it does today. The majority of the time, IDs in web3 apps are related to the wallet address of the person interacting with the app.

If a user chooses to use the same wallet for various dapps, their identity is smoothly transferred between them, allowing them to build up their reputation over time.

-Solareum team-

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