What is Web3 and What Future Does it Hold?

Web3 (also known as Web3.0 and sometimes stylized as web3), In everyday conversations, Web3 is an umbrella term for the blockchain, cryptocurrency, and NFTs.

Web 3.0 refers to the next phase of the evolution of the web. Web 3.0 is built upon the core concepts of decentralization and greater user utility. (1)

 To understand Web3 deeply, we first need to understand Web1 and Web2.

Evolution of the Web

Web1 ( 1989-2005)

Web1 refers to tools for publishing static information owned and considered proprietary, fact-checked, and attributed.

Web2(2005-Present)

Web 2.0 applications are web pages that visitors can add to or change. Users add information, as with the product reviews on Amazon.com, informing other users in reader-friendly ways. 

Web3 (yet to come)     

It refers to the next generation of internet evolution that would make the web more intelligent. It enables the evolution of web utilization.

 

WEB2 vs. WEB3 

Web2 represents the version of the internet most of us know today. An internet dominated by companies that provide services in exchange for your data.

Web3 refers to decentralized apps that run on the blockchain.Web3 will go beyond Web2 offerings such as streaming video, online shopping, and social media.   

                           

What is the point of Web3?

Web3 is being approved as the future of the internet. Web3 is defined as “the internet owned by the builders and users, adapted with tokens.” (2)

The more complicated but specific way to think about Web3 is the internet owned by users.

That’s the dream of crypto boosters, who say the integration of blockchain technology will lead to an egalitarian internet.

Web3 is the upcoming internet generation where apps and websites will process information in an intelligent human-like manner using Big Data, Machine Learning, Artificial intelligence, and more.  

 

Is Web3 the future of the Internet?

Fans of Web3 technology say it will revolutionize the internet, 

It is an idea for a new iteration of the World Wide Web, based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. (3)

Web3 is a world-changing opportunity to make a better version of the internet. 

Moxie Marlinspike, the founder of encrypted messaging app signal, wrote on his website in January that technical and market realities were impacting Web3 dreams of decentralization, but “you can’t stop a gold rush.”

Web3 can make for a better internet, and all the pushback we are seeing isn’t going to stop it.

 

Benefits and Limitations of Web3

What are the benefits and limitations of web3.0? 

Benefits of the Web3.0

  • Web3 will expand data connectivity that will help online network information.
  • Better information presentation
  • Easy to share information
  • Data privacy and control.
  • Transparency 
  • Open data accessibility
  • Improved data processing 
  • Personalized and efficient web browsing.
  • Portable and personal
  • Smart application

 

Limitations of Web3.0 

  • Web3.0 technology isn’t ready yet.
  • Newbies may have difficulty understanding.
  • Devices that are not advanced will not be able to deal with Web3.
  • Accessing someone’s private and personal information will be easier without privacy policies. 

 

 Web3 & Crypto Adoption

  • Web3 advocates suggest cryptocurrencies will play a key role in the future of the internet. An example could be where there is a Web3 application that runs on a certain blockchain that uses a specific digital coin.

Web3 is the name some technologies have given to the idea of a new kind of internet service built by Blockchains.

Web3 is what crypto enthusiasts call the next phase of the internet. Web3 uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors. (4) 

Web3, blockchain, and cryptocurrency will be able to empower anything from censorship-resistant P2P data storage and microtransactions to transforming the conduct of businesses and operating their business.

 

Web3 Domains:

As Web3 is slowly becoming mainstream, blockchain domains, or Web3 domains, have come into the limelight. Unlike traditional domain names, these Web3 domains do not work under the traditional DNS system but are based on certain blockchain technology, such as Ethereum blockchain or Binance Smart Chain. Apart from that, these domains are minted and not rented. Thus, these domains do not need to be renewed ever again. Currently, platforms like Quik.com and UnstoppableDomains are offering these domains with use cases such as replacing long crypto wallet addresses and hosting decentralized websites on the same.

Web3 Domains being offered on Quik.com:

Currently, Quik.com is offering Blockchain domains in 9 different TLDs, which are:

.metaverse

.vr

.chain

.address

.i

.bored

.doge

.shib

.web3

 

Will Web3 be the new norm?

While Web3 is gaining popularity, it is still a long way from mainstream adoption for many reasons. Here are just a few : 

  • Energy resources- We don’t have the energy resources to support blockchain technology on a grand scale.
  • Scalability-  Transactions are slower on Web3 data must be processed on many computers on the decentralized network instead of just one server. It means the transaction rate will be slow. 
  • Accessibility- Web3 requires special software and education to access its peer-to-peer network. It means Web3 will be inaccessible to many users. 

 

Will there be more Web3 Jobs by the end of 2022?

There has been a lot of publicity surrounding Web3 for the past few months. But if you are a Web3 geek, you know how far we have come from the 90s internet.

Web3 is very much in its humble beginnings. still, here are top job opportunities that it will open up to people

Web3 Founding Engineer 

Salary- US$300,000 – US$500,000 per annum

Responsibilities 

  • Take ownership of developing and maintaining the bridge interface between smart contracts and the native web experience.
  • Create small contracts for the creation, issuance, and trading of financial instruments on the blockchain based on Ethereum. 

 

Web3 Product Manager-Crypto/Defi 

Salary- US$200,000-US$300,000 per annum 

Responsibilities 

  • Expert understanding of solidity, Truffle, Javascript, and modern development tools (Git) 
  • Experience working with Web3 technologies 

 

Web3 Developer 

Salary- US$100,000-US$450,000

Responsibilities

  • Work with other developer team members in design deployment and continuous improvement of the core platform 
  • Provide input into the short-term and long-term ambitions.

 

Web3 Engineer 

Salary- US$150,000-US$200,000 per annum.

Responsibilities 

  • Experience with building out full-stack environments.
  • Strong experience with Blockchain technologies.
  • Experience with Integrations.