The next generation of the internet is known as WEB3, and it has the potential to be safer, more private, and less centralised than the web that is used today. In addition, users would be able to connect with decentralised apps (dApps) without the need for middlemen if WEB3 is built on top of blockchain technology, which is now being developed. The development of WEB3 is still in its early phases, but it can potentially transform how we communicate and collaborate on the internet.
Web3 is built on top of blockchain-powered crypto networks, allowing data to be saved among dispersed devices (also known as “nodes”). They act as the blockchain framework, communicating with one another to enable the storage, distribution, and preservation of data without requiring a third party to oversee the process.
Challenges in Web3
Web3 revolves around an ecosystem of technology products that are trustless, permissionless, decentralised, and interoperable. Now it’s time to explain what this entails and why you should care about Web3, so let’s get started. Let’s have a look at what each of those is:
Brands are responsible for addressing the difficulties that are now prevalent with the next version of the internet for general acceptance and adoption of Web3. Accessibility, usability, and interoperability are three of its most significant difficulties.
blockchain technology is complex by design, and Web 3.0 is susceptible to various threats, including hard fork, 51% attack, DDoS, DNS takeover, and sniping bots. Traditional con tricks, such as targeted advertisements, might still be effective in this new setting. Similarly, bad smart contracts may embed malware into the smart contract’s code.
- The difficulty of development
Web 3.0 applications, also known as decentralised applications or DApps, have an inherent level of complexity due to the consensus methodology. They frequently necessitate an awareness of new programming languages, additional frameworks, and profound familiarity with the reasoning that underpins each smart contract.
The term “interoperability” refers to how blockchains communicate with one another. As things stand, many Web3 projects are being developed on several different blockchains. As long as the transfer of assets between blockchains is either not allowed or only partially safe, users with assets stored on one blockchain are less inclined to consider owning assets held on another blockchain.
Web3 Security Ecosystem
Web3 security can refer to the diverse attack vectors that web3 projects and users are exposed to and the numerous defence mechanisms available to them. It also refers to an essential objective for Web 3 in general, as the accomplishment of all Web 3 projects is contingent on maintaining the safety of the Web 3 ecosystem. The objectives of maintaining web3 security while fostering a flourishing ecosystem’s growth are intrinsically intertwined. In this view, web3 security is not just a precondition for the web3 ecosystem. Still, it is also a continuing worry – something that needs to be maintained over time rather than verified once and forgotten about after that.
- In cybersecurity, introducing novel designs can result in new strategies, uncertainty, and tradeoffs.
A new category of cyber threats has emerged as a result of the introduction of Web3. Decentralised data and services may lower the likelihood of a single point of attack. Still, they also can make data more vulnerable to a wider variety of threats. These include the more common types of dangers, as well as strategies that are specific to blockchain networks and interfaces.
- Identity: Greater power comes with a correspondingly increased level of responsibility
Individuals are given increased agency and control over their data thanks to Web3 characteristics such as user-controlled wallets, ID portability, and data reduction. These capabilities help to alleviate some of the privacy problems posed by Web2. However, there are drawbacks associated with self-sovereign identification (SSI), pseudonymity, and anonymity. Without the need for an intermediary, a trust may be built through public blockchains due to their transparency, making transactions visible to everyone. However, this transparency comes with users’ security and privacy.
- Economics of Web3: Both social and financial motivations will drive Web3’s development in the future
Most Web3 applications and online communities feature built-in microeconomies, complete with their currencies and various other financial assets. As a result, the way risk is calculated will change as a result of new incentives and disincentives. In traditional settings, services and data are frequently exploited even when there is no obvious or immediate financial incentive. On the other hand, significant value is often encoded directly into the blockchains of blockchain apps.
The Future of Web 3, transformation & Resolutions
Without a doubt, Web3 will propel the internet to previously unimaginable heights. Because of its decentralised structure and emphasis on local communities, it offers the unrealised potential to everyone. Everyone, from content creators to consumers to brands, stands to benefit from brands’ use of Web3.
- Information superhighway going in only one direction in the 1990s (Web 1)
The earliest version of the internet was called Web 1.0. Since it was a static web page, it was not user-friendly. Although web pages are fundamental, there were no algorithms that could dynamically deliver content. The most valuable functions allowed users to send and receive emails, possibly the real-time retrieval of news and other similar content.
- Creating Walled Gardens of Value from 2004 to 2016 (Web 2)
It is possible to think of Web 2.0 as a read-write internet, in which the users on these platforms were crucial to the content, thus supporting the label “Social Web.” Companies have been able to thrive in the Web 2.0 environment thanks to the many technological advancements that have been made. However, the unpleasant reality is that these firms (Meta., Google, YouTube, Twitter, and others) own Web 2.0, they control the platforms, and they are the gatekeepers of this information, which is by its very nature centralised.
- Web 3.0 is an initiative that was created “by the People, of the People, and for the People.”
The next generation of the internet, known as Web 3, is expected to be more permissionless and decentralised than previous iterations of the internet. one that is constructed on protocols that are not centralised and in which users contribute not only to the production of information but also to the administration of the web itself. They can read and write on the network and have the power to own a portion of the network so that you can think of it as a read-write-own internet.
DAOs, or decentralised autonomous organisations, are, in the broadest sense, organisations that are managed by a collection of persons who construct their governance and make choices that are then carried out by smart contracts on blockchains. The primary goal of decentralised autonomous organisations, or DAOs, is to bring together a community of users with similar interests to collaborate on accomplishing a common objective. This is accomplished by removing any central entity or single point of control requirement. Being founded on an open blockchain, with all contracts, decisions, and transactions publicly available and verifiable, bolsters the Web3 principles. Individuals continue to own ownership of the network even after it has been established.
The introduction of Smart contracts
A “smart contract” is the name of the underlying technology that makes all of this possible. This technology enables a transaction or agreement to be carried out between two parties without the need for a central authority, legal system, or external enforcement mechanism. In the world of analogue, some fundamental contracts exist that are the ancestors of these smart contracts. A smart contract is not overseen or carried out by any one entity in particular. Instead, the fact that it is possible is since a vast network of dispersed computers has consented to work together to execute the individual parts of code that make up the transaction.
When compared to earlier iterations of the internet, the current one has a variety of apparent variances in addition to a more significant number of subtle distinctions. Nevertheless, constructing a new internet concentrating on decentralisation is one of the primary motivations behind this momentous change to Web3. It is here where the many forms of the web start to branch off into their distinct entities, and it is here where Web3 has the ability to revolutionise the structure of the internet.