Why I Believe in Web3

It's tempting to try out new tech trends, but you can't keep up with all of them. This is especially true when it comes to a topic like Web3 that is always in the news and brings up questions.

However, due to the fact that one of my best friends currently works on a certain crypto project, I started digging and learning as much as I could about this ‘phenomenon.’

And, I was amazed. I came to the conclusion that this might be the future. Well, I’d like to see it happening.

Let me tell you why.

What exactly is Web3?

Web3, often known as the third generation of the internet, relies heavily on P2P connections between users.

All of the computers in the network share the same encrypted applications and code. Because of this, it is difficult to manipulate and can be verified with ease, as there is no central authority or single point of failure.

Now, if you too live in a country similar to my own, you can probably see how we can benefit from this.

So, let’s move on and take a look at the benefits that convinced me to dig deeper and learn more about Web3.

Web3 benefits that won me over

Since I believe that Web3 will change the way we use the Internet forever, it’s only fair for me to explain why.

Again, these are only my suggestions, predictions, and beliefs. Take it with a pinch of salt and decide for yourself.

Privacy

We cannot expect our personal information to remain secret on the World Wide Web or the World Wide Web 2.0. There is a widespread prevalence of fraud, and third parties control your information.

As an alternative, Web3 promises to be decentralized. With the internet decentralized, transactions may be more easily verified and conducted in an open and honest manner using computer code.

Once that code has been released, no more changes can be made to it. In-built payment systems (cryptocurrency) allow for instant international transactions without the need for a middleman (like a bank or currency exchange :) ).

Full ownership

Web3 is driven by blockchain technology and decentralization, which makes content creation accessible to more people and does away with the need for a central authority.

Web 2 material is stored, disseminated, and monetized via social media. But on Web3, users can gain tokens through direct community involvement and activities. These tokens are backed by fiat currency and allow consumers a true stake in their own enterprises.

Direct transactions

Finances in the Web 2.0 world are handled by a few large institutions. As a result, it's easy to get the impression that you're dealing with the vendor one-on-one when making an online purchase.

Intermediaries like PayPal, your bank, or a currency exchange facilitate the trade. And, that’s something I absolutely despise. As a guy living in a ‘developing’ country, this has made my life harder at least ten times every time I had to withdraw funds to my bank account in Serbia.

In contrast, all of the buying, selling, and receiving in Web3 occurs automatically and without any human intervention or oversight.

The community and the miners are both compensated for their contributions to the network's smooth operation. All of these dealings are conducted openly and securely through a blockchain.

These deals are made possible via smart contracts, or pieces of code that can be set to run automatically.

Web3 is an attractive alternative because of its increased openness and privacy, as well as its direct transaction capabilities.

Safety

Blockchain technology is safe and sound. Data cannot be changed or hacked without interference being detected, which is a significant improvement over the present system where information may be duplicated or stolen without the user knowing.

There could be numerous insecure web3 applications, therefore, it is advised that only validated web3 applications be used.

Transparency

Through the decentralized web, users may monitor their data and inspect the platform's underlying code.

All parties involved will always be aware of the value and the identity of the affiliated company. A third party is not required to access this data.

Final thoughts

To sum it all up, I think that Web3 could and probably will revolutionize agreements and value exchange.

An average user might go through this transition and not feel a thing since nothing will change on the front-end side of the Internet.

But, the protocols, the ledgers, and everything that serves as the Web3 backbone, that’s what seems promising to me.