14 Feb 2022
  
Updated on February 22nd, 2022

Web 3.0: Is the Hype Doing Justice to Its Mechanisms?

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Surbhi Bhatia

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talk of the town

What’s the hottest buzzword? 

IPO! 

Well, yes! But the hottest? 

Hint: It is related to technology. 

Yes folks, now you have it! Web3 is the talk of the town, and nobody’s resisting from debating on the same! 

Why? What good has Web3 brought along? What power does it possess? 

We are sure that all you readers’ have such questions in your mind, and fortunately, we are here to answer them all! 

Undoubtedly, the internet has evolved in the past few years, and it has influenced its users tremendously. It almost seems like the internet is well aware of every detail- from our shopping behavior to entertainment choices! 

Not only this, but modern technologies like AR/VR, blockchain, and more, also have a crucial role in transforming our lives for good. 

Getting back to what we had promised to talk about without further distractions, let’s get started and learn more about Web3 and its mechanisms! 

What is Web3? 

Web3

In simple words, Web3 is a newer internet version that harnesses blockchain tech to scatter management and eliminate control from big corporations. 

For people not familiar with blockchain technology, it is the spine behind crypto, including bitcoin. 

Amusing, right?

But, what about Web1 and Web2?

Notably, Web1 allowed people to contribute their technical information online. While, on the other hand, Web2 enabled individuals to create online content. 

As mentioned earlier, Web3 are decentralized apps and can also be called ‘dapps.’ Fortunately, it is a model that has allowed people to develop and own the web experience. 

One of the most popular dapps is the one that enables the exchange of cryptocurrencies. Other trending dapps include the one for trading non-fungible tokens (NFTs). 

It sure sounds like a headache right now until you get a hold of it!

Consistent Features of Web3 

Here’s more about Web3 for you to know:

How will a dapp benefit you?

If you become a contributor at developing an app in the Web3 world, you’ll be able to acquire tokens that give you a charge in its fees. Additionally, these tokens can also be sold to the dapp users in the form of a reward. 

Notably, token owners become eligible to form communities and vote on how the dapp’s funds will be distributed. Furthermore, a smart contract comes into play for mutually agreed conditions.

What More Has Web3 got to Offer? 

NFT

There are more than 9000 dapps registered that involve numerous crypto trading platforms and gaming apps. 

Do you know why game developers became one of the early adopters of Web3? 

Because of its open technologies that make earning tokens within the game much easier for further decentralized trading. 

Not only this, but many dapps also enable buying and selling of NFTs. 

Are There Any Drawbacks?

One of the biggest and foremost drawbacks is the absence of customer service. In case users face any issue with the mechanism of the Web3 apps, they cannot seek help from anyone. 

In addition, it also gets complicated for the regulators in identifying ownership and responsibility. 

Imagine a world in which there’s no identification of cybercriminals, and no one is to be blamed if anything goes wrong online! 

In a Nutshell

Tech-based firms are emphasizing the development of services that offer Web3 features; however, they aren’t decentralized. 

According to Web3 supporters, a bold future is ahead that is most likely to snatch the control from big tech companies, only to empower other citizens. 

For good or bad, Web3 will indeed bring a drastic change in the manner we use the internet today. What we can do is look forward to unravelling the potential and challenges that’ll come along!

What are your thoughts?

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