What Is Web3? - Guide About the Decentralized Internet

When we use the term WEB3, we mean a decentralized web that operates on blockchain technology. This is the same technology in which crypto wallet addresses behave as an online identity.

Web3 starts a new internet revolution as it allows users to control their information. This leaves out the tracking cookies imposed control of corporations and the terms of use you rarely read.

This new concept of online browsing closely relates to crypto concepts such as Decentralization and Coins.

If you’re just hearing about web3, then you shouldn’t worry as we’ve got you covered. Below we’ll reveal the key details you need to know about web3 before its official release.

The Meaning of Web3

Web3 refers to getting an online identity through a crypto wallet address. The Web3 platforms are also decentralizing some other aspects like transaction data and web storage when using P2P file sharing. All of this data appears on the blockchain, which replicates across thousands of devices.

Those crypto wallet addresses interact with smart contracts, which basically are computer programs that operate on the blockchain. In a brief explanation, with web3 we all get to control our own online identity. No moderator or corporation can remove this type of identity.

Also, with the use of multiple identities, we can also manage and increase our online privacy as well. For instance, Vitalik Buterin, co-founder of Ethereum, publicly revealed a wallet address on X.

This wallet address example could be in use as an online identity on the web3 platforms. However, in this case, we know that Vitalik is the owner of this address, so we don’t compromise someone’s privacy.

You can use a crypto wallet to log into a blockchain-based web3 site. For this action, you’ll use the wallet address as an online identity and you can log in with your wallet’s private key.

In our example, you won’t access Vitalik’s wallet with his private keys as you’re not Vitalik. Also, Vitalik won’t have your private keys to access your wallet.

Furthermore, to navigate supported sites on the web using crypto wallets as a form of authentication, web3 utilizes pseudonymous identities. Also, every person or entity has an almost unlimited number of wallet addresses that can act as identities.

For example, you are free to use one wallet address for smaller transactions and a different one for storing larger sums. Then, you can also use third, fourth, or fifth for operating on web3 platforms.

Privacy on Web3 Platforms

With Web3, we each control our own identities, as near-anonymity or full disclosure is a choice. The end result is a censorship-resistant web that provides internet access to anyone. Newer blockchain technologies such as zero-knowledge proofs can also be important in protecting the users’ privacy.

To understand Web3, you need to know that a pseudonymous wallet address, which you control, becomes your online identity. With the wallet address, you get fair access and full control over your data.

This is one of the key features that differs from web2. At the web2 platforms, a corporation or a site admin decides who is able to use the website or app. But, they are also generating a large amount of user data for marketing and other profitable purposes.

Understanding the Key Terms of Web3

Just like any other technological innovation on the market, web3 comes with its own key features. Below we’ll list and describe the key terms you’ll come across.

• Blockchain: these are highly advanced database mechanism that stores transactions and other data in a way that prevents tampering and changes. Here, all transactions are grouped into blocks, which then connect to form a chain via cryptography. Blockchain networks have the capacity of reaching up to tens of thousands of computers worldwide.
• Crypto: cryptocurrencies are the entities that power the blockchain networks. The crypto term clearly describes the technology as well as the industry as a whole. But, it also has to do with cryptography, which records transactions and connects chains.
• Smart Contracts: these are computer programs that run on the blockchain networks. As such, they work similarly to switches, where if something occurs then it completes the task.
• Crypto Wallet: a crypto wallet generates and stores your private keys. With them, you have full control of your assets on the blockchain networks. A hot wallet is a type of software app that work operates on the internet. On the other hand, a cold wallet is a hardware device that doesn’t connect to the internet.
• NFT: an NFT, or non-fungible token, is a type of blockchain asset that provides proof of authenticity or confers ownership. In web3, these NFTs will offer various services like ownership of financial investments and digital art.
• Pseudonymous: almost every person believes that crypto is anonymous. However, you should know that it’s actually pseudonymous. This means that crypto wallet addresses act as your online identity when conducting transactions.
• Decentralization: this term refers to a management without a central control. In terms of web3, we use decentralization to describe the management of blockchains or apps, universal access, and control of identities.
• DeFi: DeFi, or decentralized finance, is an innovative way of accessing swap assets or money markets. It does that without the help of an intermediary like a payment provider, bank, or crypto exchange.
• DAO: DAO stands for decentralized autonomous organization, which is a way to manage apps or blockchains. They do that by providing community voting rights with the use of tokens.
• Signatures: web3 utilizes crypto wallets as a way to sign into a decentralized application. Every crypto wallet uses private keys as a verification of your pseudonymous identity when you confirm transactions or log into apps.

The Opportunities That Come With Web3

The rise of Web3 platforms in the industry opens up many different opportunities for entrepreneurs and users willing to work. Below we’ll reveal and describe the biggest opportunities that come with this new technology.

Web3 Jobs

The job opportunities on the Web3 platforms will be similar to those on the Web2 networks. However, the sudden shift in technology will mostly benefit software developers. Here are the types of jobs that will come with web3:

• Front-end developer: decentralized applications, or dApps, are very similar to the websites we see on web2. However, it utilizes smart contracts and it often follows a nearly identical design language. So, for front-end developers to work on web3 platforms they need to know CSS, HTML, and JavaScript coding chops.
• Smart Contract Developer: this job requires knowing the Solidity programming language (based on Python, C++, and JavaScript) as the smart contracts run on the EVM. However, the smart contracts on Solana use C, C++, Rust, and Python while Cardano uses Haskell.
• Full-Stack Developer: a full-stack developer will work on all aspects of dApps, in terms of their development and maintenance. The requirements include knowing programming languages from HTML and CSS up to Solidity smart contracts.
• UX Designer: the best web3 protocol provides a clean UI with many powerful features that you can easily reach. But, these platforms need UX designers as they give out the finishing touches that can make an app stand out.

Web3 Marketing

Web3 marketing will create many opportunities for people, that can go from airdrops to promotional giveaways. When we say airdrops, we mean tokens that users can claim on the ecosystem.

For instance, the Arbitrum community conducted the largest and highly beneficial airdrop that went up to $2 billion. This ARB token giveaway occurred on the Arbiturm blockchain via its key protocols. Then, the network used the tokens to reward the token holders and those who met certain criteria.

The promotional giveaways are simple DeFi tasks like minting an NFT that collects rewards in crypto coins. One such promotional giveaway includes the Coinbase wallet quests.

Another example is Debank, a crypto portfolio tracker, which features Activity rewards and Hello payments. The latter promo increases awareness by allowing projects to directly message users.

Conclusion

The main idea of web3 is to allow individuals to get back control of the web and make the web more democratic. Providing equal censorship and standing up to censorship are other important features of web3. It conducts these actions with the use of wallet addresses as an alias.

Web3’s concept goes well beyond internet browsing, as it spans decentralized finance to games and storage, as well as metaverse worlds. In the near future, we might get to see real-world assets that found their way onto the blockchain networks.

Hopefully, Web3 will be at the centre of these occurrences where people can an advanced privacy and without any intermediaries. With web3, there will be a significant shift in power and a massive separation from traditional systems. This moves the balance more towards the individuals rather than the corporations.