What is Web3 and why everyone is obsessed with it?
What is Web3?
Web3 was designed by Ethereum co-founder Gavin Wood in 2014. Since then, it's become a common term for anything related to the next generation of the internet and decentralized digital infrastructure.
How does Web3 work?
Supporters picture Web3 as an internet that does not require users to provide personal information to companies like Facebook and Google to use their services. Instead, the web would be powered by blockchain and AI, and all data will be published on the blockchain's public ledger.
Like cryptocurrency, every step must be verified by the network before being accepted. However, online apps would allow people to exchange information or currency without an intermediary. A Web3 internet would also be permissionless, so anyone could use it freely.
Why is Web3 that popular?
Much of the excitement comes from the crypto community, which would benefit from Web3. Also, buzzes go with a few notable companies, such as Reddit, that makes moves to start developing Web3 services and platforms. For example, in late October, CoinDesk reported that GameStop is looking to hire a "Head of Web3 Gaming" and software engineers for an unknown NFT platform. In addition, there has been lots of discussion about Web3 could boost video games. For example, it could allow players to buy and sell in-game items more easily or earn tokens that will give them more rights to determine how the game is run. However, Verge also assumed that GameStop might just be popularizing terms like "Web3" and "blockchain" to inspire the users to support it and attract more investors.
Web3 and Metaverse
There are a few differences between Web3.0 and Metaverse. Let's see them.
The main difference is that people use Web3 to access the Metaverse. In Web3, users will have decentralized ownership over the web. On the contrary, the Metaverse is a shared digital environment that lets users communicate, create economies, and engage in real-time without third-party.
The Metaverse uses technologies like AR/VR and cryptocurrencies, while Web3 is also built on blockchain and digital assets. This results from Web3's decentralized structure and lack of third-party control.
Both of them are used differently. Web3 describes how the internet has to be used and regulated. But social media, gaming, shopping, etc., are a part of the Metaverse.
Some important technologies that support the operation of the entire ecosystem can be found in the Metaverse. Decentralization, connection, interfaces, a creative economy, and cutting-edge technology are all needed to establish the Metaverse. On the contrary, the aim of Web 3.0 is to build a decentralized web that only uses blockchain.