Web3: A Step Towards the Future, or Another Scam?

The next generation of the internet is referred to as Web3, and it will not be a single platform like the Web that we use today. Instead, it will be a collection of technologies that will construct an online that is more open and decentralized.

The development of blockchain technology, which forms the foundation of cryptocurrencies such as bitcoin, was the initial step toward the creation of this new Web.

Today, we are seeing the next stage in the development of the World Wide Web, which is the emergence of a brand-new generation of decentralized services and applications that provide people unrivaled control over the data that pertains to them.

The term is seen in a variety of ways by experts in the industry; some perceive it as an elaborate hoax, while others see it as the wave of the future. In the following section, we shall examine both of these points of view.

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What is Web3?

Web3 - Infographic

This version of the internet places an emphasis on cutting-edge technology such as machine learning and artificial intelligence, as well as increased data security.

In comparison to earlier iterations of the internet, Web 3.0 contains advancements in areas like as self-governance, verifiable and trustless systems, native built-in payments, distributed and resilient systems, permission-less systems, and trustless and verifiable systems.

Web 3.0 generates a crypto-economic protocol by deploying, constructing, and executing its applications on a distributed network of many servers or nodes, blockchains, or just two servers. In Web 3.0, these programs are referred to as Dapps, which stands for “decentralized applications.”

The Internet of Things (IoT), artificial intelligence (AI), and blockchain will all play significant roles in Web 3.0, which will combine the best features of earlier versions with their respective capabilities.

What is Web1?

Late in the 1980s was the first time anyone anywhere in the globe used the internet. Web 1.0 was restricted to providing only static, read-only messages, which only a select few users were able to access. At the time, this was a tremendous step forward in the development of technology.

The websites only offer content that is static, as opposed to the dynamic HTML that is currently in use. On the past, companies would store their data and content in file systems rather than databases. This was the primary distinguishing feature of web 1.0, which was a read-only web that lacked any form of interactivity.

What is Web2?

Web 2.0 refers to the aspect of the internet that is social and interactive. It is a user-friendly internet, and anybody, regardless of whether they are a member of the development team or not, may share their thoughts with the rest of the world. Users are able to construct unique identities with the help of this feature.

As a result of this upheaval, the scope of social media platforms as well as e-commerce have expanded, which has had an effect on the societal structures of countries all over the world.

The security of data stored in Web 2.0 applications has frequently been compromised. Users had no say in how their data was kept or exploited, and they had no control over the data itself. The government is able to easily oversee, intervene in, or shut down programs that contradict its propaganda as a result of the centralized servers.

When there is excessive inflation, political unrest, or instability, the government has the ability to get access to bank accounts and limit access.

Now, people all over the world are making the shift to a new phase of the web known as web 3.0, which features a plethora of advantages not found in previous iterations.

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What is Blockchain?

Web3 - Blockchain

The world of Web3 may now be accessed thanks to the blockchain, which is an algorithm. Imagine it as a decentralized database that is capable of recording transactions in a form that is virtually hard to hack or corrupt.

Think of each transaction as a collection of data that includes a code that is linked to the transaction that came before it in the chain. This is the easiest way to grasp how it all works. If any entry is altered or removed in this way, the chain will be broken, and the ledger will be shown to be fake.

The fact that this algorithm is not centralized in any way, shape, or form is an important and distinguishing feature of it.

This indicates that there is no one source that can be reached to change it, and that the chain is stored and validated in a large network of nodes, making it extremely difficult to hack. This aspect of blockchain technology has shown to be quite effective in contexts where security is of the utmost importance, such as cryptocurrencies.

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What is Cryptocurrency?

Web3 - Cryptocurrency

The blockchain technology is what underpins the digital money known as cryptocurrency. The most significant distinction between bitcoin and real money is that the former is governed by a decentralized system that makes use of blockchain, whilst the latter is controlled by an institution with centralized authority, such as a bank or a government.

When it comes to conducting business in the metaverse, cryptocurrency has emerged as an indispensable tool; to the point that some metaverses have even developed their very own cryptocurrency for use in financial dealings.

Bitcoin is the digital money that is used the most frequently and has the most popularity, but it is by no means the only one. Because there are dozens of different cryptocurrencies now in circulation, buying tokens like NFTs using cryptocurrency is becoming an increasingly common practice.

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What are NFTs?

Web3 - NFTs

The acronym NFT stands for non-fungible tokens, but what it actually refers to is nothing more than a record on a blockchain that verifies ownership and verifies the legitimacy of “something.” Because it does not matter what the object is, an NFT may be created out of almost anything. What is important, however, is how the authenticity of the item can be verified.

JPEG pictures that have been coined as collectables are the most frequent type of non-fungible tokens (NFTs). The absurd amounts of money that were being spent on these NFTs have helped to propel them to the forefront of the public consciousness.

POAPs are yet another typical kind of NFTs that are quickly becoming highly fashionable (Proof of Attendance Protocol). These non-fungible tokens (NFTs) can be put to use as access cards to special experiences, boasting tokens, evidence of event attendance, or even as tickets to events itself.

The issue that has been brought up the most frequently in relation to NFTs is the fact that one image may cost anything, let alone millions of dollars, despite the fact that anybody can take a snapshot of it for nothing. This is an excellent illustration of Web2 way of thinking.

You are not purchasing the image itself; rather, you are purchasing the ownership rights to that image in a verifiable form. The analogy that allows me to explain this idea in a manner that the vast majority of people would comprehend best is that of the price difference between purchasing the original La Joconde and purchasing an excellent replica.

Even while only a small number of people throughout the world will have the knowledge to differentiate between the two, there is little doubt that the price differential will be huge.

How is Web3 Considered a Scam?

I am aware that there are cryptocurrency aficionados who would argue that their preferred blockchain is available at a lower cost than Ethereum.

And it’s true, unused cryptocurrencies may be one or two orders of magnitude less expensive to employ in the Web3 vision in comparison to Ethereum.

The question is, therefore, why all the fuss? Because at its core, the cryptocurrency field is nothing more than a massive ponzi scam, in which the only way for early players to gain money is if other “suckers” enter the market.

The only “use” that a cryptocurrency has (outside of illegal activities and financial scams) is the price that someone else is willing to pay for it, as well as everything that can be done to pretend that it has a conceivable real-world value in order to attract new investors.

After all, a coder doing even the most fundamental test of a web3 prototype is going to be required to obtain the cryptocurrency, spend the money, and any application will require all users to obtain the cryptocurrency as well.

Even if this is swiftly abandoned due to the inevitable technological failure, Web3 will still have fulfilled its purpose of getting more fools in and collecting their money.

Anyone who tries to build a legitimate application will rapidly learn that Web3 is nothing more than a sham, a technical superstructure that is completely pointless.

Final Verdict – Web3

As things now stand, the response to this question will continue to be highly susceptible to personal interpretation. If you have any financial stake in Web3 (whatever it may turn out to be), you will almost certainly argue that it is not what it claims to be.

On the other hand, individuals who do not see any applications for Web3 in the real world are most likely going to claim that it is a fraud.

There has not been any real involvement from the government in this technology despite the fact that the market cap for cryptocurrencies is rapidly approaching the trillions of dollars mark despite the fact that they are exploding in value.

This is something that I feel is going to be the first major problem and a test for how robust this technology is to hold its own footing.

Let me preface this by saying that I in no way intend to minimize the contributions of those who are very dedicated about their work in this field.

The combination of blockchain technology with safety is an area in which I am willing to support. Because there is hope for its usage in the future to assist in keeping our digital identities secret. This is something I’d want to learn more about.

However, in its current form, Web3 is not only complicated but also difficult to understand since it lacks organization.

I don’t see any way that Web3 can be accepted or justified before these peculiarities are ironed out and explained in a way that makes sense to the average person.

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