Like all technology the internet is ever-evolving and web3 is the latest iteration of the world wide web.
Based on blockchain technology web3 is the next phase of the internet and is essentially a decentralised network which focuses heavily on ownership of data. Web3 also gives rise to the ability to create dApp’s which are apps built on the principle of decentralisation, just as web3 is.
Where web2 provided ways for users to log in online to each platform and share their login details for one platform with another – think logging into a website using your email or social media account details, web3 works on a more privacy-based principle.
Users on web3.0 have one login which equals one account for browsing, this is referred to as a wallet. Associated with cryptocurrencies the wallet holds all of the users’ details and ensures that users hold their own data and maintain a level of privacy.
Web3 means websites will connect using the user’s data which they hold as opposed to having to provide details held by the new website. Authenticating in this way means that their usage online is completely anonymous.
In addition, this prevents companies from selling user data and instead empowers the user to own, and if they choose, sell their data.
The wallet connection is also associated with the use of cryptocurrency, or ‘tokenomics’ is an integral part of web3. The decentralised nature of cryptocurrency means that users can make payments anonymously, further solidifying the privacy of online usage.
Web3 is simply the next stage in the evolution of the internet which gives the user power and promotes a new level of privacy.
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