FAQ About Web3
It's possible that getting regulated to compete against big tech companies, or to make those companies more accountable for mistakes, could make the internet better. In this context, a decentralized network is a tangible plus.
For artists, musicians, and other creators, it's also possible that a direct-consumer relationship is actually better than, for example, Spotify, which has been criticized for not paying artists enough. Similar issues exist with Instagram and Reddit, both hubs where artwork is shared without attribution or payment to the artist, or TikTok, where black creators do not receive royalties for their dances.
Depending on who defines it, Web3 can be used in many different areas. It is a new internet version that will bring innovations in different subjects from art to science, social media.
With Web3, the definition of financial transactions may change, work on the sale of art pieces is currently organized under the name of NFT. Apart from these, there are many different new topics that everyone can do in their own field.
Instead of applications, decentralized applications(dApps) will come forward. Instead of normal websites, there will be sites supported with Metaverse profiles. Right now, many people have switched to using Brave instead of Chrome. Operating systems, social media applications, messaging applications will change quite a lot.
In the Web 3.0 system, every movement of people on the internet will be linked to blockchain accounts. In this system, only peer-to-peer data will be exchanged. Since the information will go back and forth between only two people, it will be out of the control of third parties, and data security will increase.
This is where cryptocurrencies and Blockchain come into play. Metaverse projects work similarly. Everyone has to define their own cryptocurrency wallet in the system. Thus, all kinds of control and authority are on the person himself.
It expresses the working logic of the Decentralized Autonomous Organization Web 3.0 system. In this system, individuals within the structure hold the control of the organization.
The data in the system is also stored in distributed databases(Big Data) in a way that is not under the control of certain people and is managed with a machine learning system. Since an artificial intelligence-supported structure is established that prevents a centralized structure from controlling the system, the logic that the system will be closed to manipulation prevails.
Where there are people, there will always be manipulation. However, it would be appropriate to think that it will not be as high as it is now.
Web2 is the Internet as we know it today, while Web3 refers to the evolution and next generation of the Internet. In fact, Web3 isn't quite there yet, so we don't even know exactly what it will look like. However, mostly thanks to cryptocurrency projects, we can paint a picture of Web3 and the components it could have - many of which have already adopted it. Based on blockchain (blockchain) technology, and they are in the process of revolutionizing the world of finance. If the internet as a whole moves in the same direction, it will completely change the way we act and interact online.
The internet is currently controlled by Big Tech companies like Amazon, Youtube and Meta (Facebook) - they hold knowledge, power and profit. Web3 instead plans to guide us towards the decentralization of power and profit by letting it flow to the participants. Currently the most promising way to achieve this would be to use blockchain technology and a version of Decentralized Applications (Dapps).
With Web3, the Internet experience will become more customized to the user.
Using blockchain technology, Web3 aims to displace tech giants by returning full ownership of data to users. Currently, Big Tech companies like Facebook and Amazon store your data and personal information mostly to improve their target marketing. However, many have expressed privacy concerns about this type of one-sided data management and see Web3 as a solution.
Web3, connecting users, Transact and share data privately and without relying on a third party. With Web2, every time you interact with the internet, copies of your data are sent to data servers and you no longer have exclusive ownership of this data.
Users will be more involved in future developments of ecosystems.
Web3 is all about using blockchains and many other decentralized protocols such as external data oracles, storage, messaging and digital identities, without diving too far into explaining the technological details. As you know, values in Web3 are represented in cryptographically secure tokens.
However, technological progress in decentralized systems does not mean that the internet will look any different. The casual internet user may not even notice the difference, as the innovation of Web3 is mostly noticed on the internet's "back end". Therefore, you can expect to see decentralized versions of the apps you're currently using without significant visual differences.
In short, dApps or decentralized applications are the backbone of the Web3 revolution. Web3 promises to make the internet a more decentralized place, and this extends to the types of applications used in Web3. The terms “Web3 apps,” “Web3 apps,” “decentralized apps,” “dApps,” or “Web3 dApps” are all largely synonymous. They all refer to decentralized, often blockchain-based applications that are part of Web3.
An integral part of many dApps or Web3 applications are called “smart contracts”. Those of you with experience in blockchain technology will likely be familiar with the concept of smart contracts. Smart contracts are essentially self-executing software contracts, pieces of code that run on a blockchain like the Ethereum blockchain. They "run" automatically or are executed when a related set of conditions is met. Therefore, these “contracts” can automatically validate and execute a transaction between different parties.
Web3 does not harm people's personal information within the scope of its explained principles. Since the software for Web3 is programmed equivalent to high security protocols, there is no command to change their minds. In this case, software is designs that are not given the preference to be malicious software. In Web2, some of the security of information is in the hands of people and there is a risk of vulnerabilities. Web3 is ahead in terms of infrastructure and communication security on a more advanced technology.
One of the principles of Web3 is that it runs on an open source system.
Other principles of Web3:
- Presenting semantic information analysis,
- Verified and secure communication,
- Prioritizing infrastructure security,
- Respect for one's privacy and personal information.
Web3 enables the proliferation of collaborative governance structures for once centralized products. Content that has become a phenomenon on the Internet, a work of art, a person's social media posting or anything like that can be tokenized.
One of the areas where the paradigm shift is experienced is the gaming industry. Gamers are constantly complaining about bugs that the developers didn't fix in their favorite video game, or how the latest patch has upset their favorite weapon's balance. With Web3, players can invest in the game itself and have a say in how things should be run. Big Web2 companies like Meta and Amazon create virtual worlds partially powered by Web3.
With the announcement of Metaverse, web 3.0 coins also managed to gain rapid momentum. Today, it is preferred both for investing and making money by trading. Here are the best web3 coins by trading volume and projects.
- Helium (HNT)
- Chainlink (LINK)
- Theta (THETA)
- Filecoin (FIL)
- Decentraland (MANA)
Coins like this manage to distinguish themselves among the top Web3 coins for their popularity and high trading volume.
Normally, people always communicate and exchange data with each other through an intermediary. They connect with information through structures such as an app, a website, or a social media platform. In the Web 3.0 system, people will be able to carry out this information, completely through the connection created between two people.
The process started with NFT, Cryptocurrencies, Metaverse and dApps. Brands that could not manage the transition from Web 1.0 to Web 2.0 in the past period have disappeared.
Web 3.0 aims to deliver personalized and relevant information faster using artificial intelligence and advanced machine learning techniques.
Today's websites often display static information or user-generated content such as forums and social media. While this approach allows for data to be published in a way that is accessible to large audiences, it does not address the individual needs of users. With Web 3.0, it offers more space to people as an individual.
- Lack of a central control point. Agents removed from the equation will no longer be able to control user data. This freedom also reduces the risk of censorship by the state or companies.
- Making more connections between information. As more products connect to the Internet, the amount of information algorithms can analyze increases, thanks to larger datasets. This can help provide more accurate information specific to each user's needs.
- More efficient viewing. This provides a more convenient web view that can help anyone easily find exactly the information they are looking for.
- Advertising and marketing become more successful. If ads appeal to your needs, they can become useful rather than annoying. Web 3.0 aims to improve advertising by leveraging smarter AI systems and targeting specific audiences based on customer data.
- Better customer support. Customer service is essential for a smoother user experience on websites and web applications. But many successful web services struggle to scale their customer service operations because the cost is so high. With the use of smarter chat programs that can talk to multiple customers at the same time, users can benefit from a better experience when communicating with their support units.
Web3 can be called a new version of the internet. Since it is thought that the use of cryptocurrencies with Web3 will increase, it can be accepted that they are related to each other. There will be cryptocurrencies that come with Web3, but Web3 is not a cryptocurrency on its own.
There are many ways to earn additional income with Web3. One of the first things that comes to mind is to be a backend developer for Web3. You can work in DAOs (Decentralized Autonomous Organizations) for this. If you catch the technology from somewhere, it will be easier for you to earn money.
There are some platforms that earn by playing. In this way, you can earn money with play to earn.
In these years of privacy and in the years to come, the individual freedom that Web3 provides will be crucial for everyone. The fact that people can communicate and get things done without the need for an intermediary will provide tremendous freedom.
Instead of relying on traditional financial networks that are bound and constrained by governments; Money on Web 3 is instant, global and permissionless. It also means that tokens and cryptocurrencies can be used to design entirely new business models and economies, a field known as tokenomics.
The future of the web is about increasing usage, usability, and scalability. For the Web 3 vision to become a reality, more and more people will need to start using Web 3 Dapps. This not only means more dApps, but also easier to use, more attractive dApps for users with no technical background.
Finally, with Ethereum, the largest and most popular smart contract platform, regularly close to full capacity, Web 3 networks will need to scale and be able to quickly handle millions of transactions in order to compete with Web 2 peers.
As every emerging technology becomes more and more simple, people will only need one middleman to access the decentralized internet. This agent will serve our interaction with applications and other services based on the principle of decentralization.
- Instead of Google Drive or Dropbox, there will be services like Storj, Siacoin, Filecoin or IPFS technology to distribute and store files.
- There will be platforms like Experty.io instead of Skype.
- Status instead of WhatsApp and Wechat.
- Instead of operating systems such as iOS and Android, systems such as Essentia.one and EOS will shape the new network.
- An ecosystem will emerge where Akasha or Steemit will take on the role of Facebook, where Brave, Chrome and Ethlance will do the work of Upwork.
These are just a few examples. As Web 3.0 enters the game, new platforms will be able to emerge in fair competition without being trapped by monopolized service providers.
The best decentralized apps (dApps) and decentralized services we'll be using three years from now are actually a glimmer in the eyes of developers.
IPFS (InterPlanetary File System) is a protocol and network designed to create a permanent and decentralized method of storing and sharing files. It is a peer-to-peer (P2P) file sharing system that allows users to distribute and access content without relying on centralized servers.
In the context of Web3, IPFS plays an important role in creating a decentralized web infrastructure. IPFS allows developers to create applications that are not dependent on a centralized server, which makes them more secure and resistant to censorship.
Web3 infrastructure refers to the underlying technological components and tools that make up the decentralized web ecosystem. This includes the software, hardware, and protocols used to build and operate Web3 applications and platforms.
Web3 infrastructure includes various components such as decentralized networks, blockchain platforms, storage systems, identity and authentication protocols, smart contract platforms, wallets, and more.
The Web3 infrastructure is designed to promote decentralization, security, and privacy by creating an open, transparent, and distributed network of nodes that can validate and process transactions without the need for intermediaries.
There are many Web3 infrastructure providers that offer a variety of tools and services to developers and users of decentralized applications.
Here are some examples:
- Ethereum - the most widely used blockchain platform for building decentralized applications and smart contracts.
- IPFS - a protocol and network for creating a permanent and decentralized method of storing and sharing files.
- Polkadot - a blockchain platform that enables interoperability between different blockchains and provides a framework for building decentralized applications.
- Filecoin - a decentralized storage network that allows users to store and retrieve data on a distributed network of nodes.
- Chainlink - a decentralized oracle network that provides secure and reliable data feeds for smart contracts.
A Web3 gateway is a software layer that allows users to access decentralized applications (dApps) and blockchain networks through a web browser.
Web3 gateways work by abstracting away the complexity of blockchain technology and providing a user-friendly interface that allows users to interact with dApps as if they were traditional web applications.
A Web3 API (Application Programming Interface) is a set of protocols and tools that allow developers to interact with decentralized applications (dApps) and blockchain networks through a standardized interface.
Some examples of Web3 APIs include the Ethereum Web3 API, the Polkadot JS API, and the IPFS HTTP API. These APIs provide a standardized way for developers to interact with specific blockchain networks and decentralized protocols, and to integrate them into their applications.
Web3 interoperability refers to the ability of different decentralized applications (dApps) and blockchain networks to communicate and exchange information with each other.
Interoperability is essential for the growth and development of Web3 as it enables users to leverage the strengths of different networks and protocols, and create new and innovative use cases that are not possible on a single blockchain network.
There are several approaches to achieving Web3 interoperability, including:
- Blockchain bridges are software protocols that enable the transfer of assets and data between different blockchain networks.
- Cross-chain smart contracts - these are smart contracts that are designed to operate on multiple blockchain networks simultaneously.
- Interoperability protocols are specialized protocols designed to facilitate communication and data transfer between blockchain networks and decentralized applications.
There are many tools available for Web3 development, including:
- Solidity - a programming language used to write smart contracts on the Ethereum blockchain.
- Remix - a browser-based integrated development environment (IDE) for writing, testing, and deploying smart contracts.
- Truffle - a development framework for building decentralized applications and smart contracts on Ethereum.
- Hardhat - a development environment for building smart contracts on Ethereum and other blockchain networks.
- Ganache - a personal Ethereum blockchain for development and testing.
- IPFS - a protocol and network for creating a permanent and decentralized method of storing and sharing files.
Web3 is an ever-evolving space with new developments and trends emerging constantly. Here are some of the upcoming trends in Web3 that are currently gaining traction:
- Interoperability: Web3 networks and protocols are working towards improving interoperability, allowing different blockchain networks and decentralized applications to communicate and exchange information with each other. This will enable users to move assets and data between different networks and protocols, creating a more connected and integrated Web3 ecosystem.
- Decentralized finance (DeFi): DeFi has seen massive growth in recent years, and this trend is expected to continue. DeFi applications are built on blockchain networks and provide financial services without the need for intermediaries like banks.
- Non-Fungible Tokens (NFTs): NFTs are digital assets that represent ownership of unique items like art, collectibles, and virtual real estate. NFTs have become increasingly popular, and this trend is expected to continue.
- Decentralized autonomous organizations (DAOs): DAOs are organizations that operate through smart contracts and are governed by their members. DAOs have the potential to disrupt traditional organizations and enable decentralized decision-making.
- Layer 2 scaling solutions: Scaling solutions like sidechains and off-chain solutions are being developed to address the scalability issues of blockchain networks, allowing for more efficient and cost-effective transactions.
- Web3 user experience (UX): Improving the user experience of Web3 applications is becoming increasingly important, with a focus on creating more intuitive and user-friendly interfaces.