What is Web3 Anyway?

Web3 is the next-generation decentralized and fair internet where users control their own data, identity and destiny.

At the core of Web3 are Peer-to-Peer networks operating on the existing internet infrastructure.

The rules for these networks are formalized in a protocol, for example Etherum, and are secured by the partecipants (the Peer-to-Peer nodes) who are incentivized with a native network token for their activities.

Essentially the blockchain, as the backbone of Web3, introduces a governance layer that runs on top of the current internet and allows for two people who do not know or trust each other to reach and settle agreements over the web.

This makes it possible to build decentralized web services that are highly reliable and secure.

Web3 Services

Many of the existing centralized services can be implemented with Web3 technology and are valid, oftentimes cheaper decentralized alternatives.

For example Filecoin is a dynamic distributed cloud storage network for your data. Think of it as a decentralized Amazon S3.

In Filecoin content addressing and cryptographic storage proofs verify that data is being stored correctly and securely over time.

The Filecoin network achieves staggering economies of scale by allowing anyone to participate as a storage provider and compete for hosting your business.

Web3 is a shift from the Platform Economy to the Token Economy

Another example of a Web3 services provider is Textile which builds a set of open source tools that provide a decentralized database, IPFS-based storage, content hosting, and more over Libp2p, IPFS, and Filecoin.

Conclusion

Web3 is the decentralized internet of the future.

I am very excited to witness its development and how it will revolutionize the way we build services for the internet.

Hit me up on Twitter in case you are hacking on Web3 technology and want to try to build something very simple to familiarize with this new tech – I am eager to learn about this stuff!

This article includes references from https://blockchainhub.net/web3-decentralized-web