How Web 3 is going to influence our life
In this blog I have describe a small case how WEB3 helps to bridge the gap of WEB2
Let's look into this starting with
Why WEB 3? What's wrong with Web 2?
Well, the word sounds fancy but it's next-gen technology developed to tackle the web 2 problems
Lets us understand this with an example.
Facebook :
0n APR 4, 2021, news was out about a user in a low-level hacking forum on Saturday who published the phone numbers and personal data of hundreds of millions of Facebook users for free online. read more
Do you see the problem up until now the data we share are stored with one organization and this data is ours consisting of what we browse and what we order but how big companies are using this data is not known to us we don't have any role like we wanted you to track or not? They do it without our views.
In short, It is a centralized system where one organization controls all its user data.
So what Akshay, like what possibly they can do with my data?
The problem lies here:
Data Ownership and Data security:
Have you ever heard you were chatting with your friend on the XYZ platform and you started getting ads respective to that topic? Well, where is my data privacy?
Unfair censorship:
Read this and tell did something strike your mind :
"On 9 January 2021
US President Donald Trump's Twitter account is "permanently suspended... due to the risk of further incitement of violence", the company says."
"On 28 Oct 2022, he finally did.
Tesla CEO Elon Musk completed the deal to acquire Twitter at his original offer price of $54.20 a share at a total cost of roughly $44 billion."
"On Saturday (November 19), Musk started a poll on Twitter, asking if Trump’s account should be reinstated. The poll received over 15 million responses, with a slim majority of 51.8 percent accounts saying that his account should be restored. However, it is worth noting that by Musk’s admission, over 134 million people saw the poll, meaning that only about 11 percent of them participated in it"
Well, we are not here to debate right or wrong but to see the point that if Tech Giants come together they can do what they want a kind of monopoly, is it?
Well Akshay ,then what could be the possible solution then?
Well here is the WEB 3 come into the picture,
Web3 is a decentralized ecosystem where your outer web looks just like web 2 but what's different is the interior foundation.
The decentralized system stands that the authority is distributed among all the personals giving them equal stands in the community.
This ensures certain fundamentals
Starting with
Highly Available and Immutable: In a decentralized system, data is stored across multiple nodes, making it highly available and accessible at all times. Additionally, the data is immutable, meaning that it cannot be changed or tampered with once it is recorded on the network. This ensures the integrity and consistency of the data.
Transparent and Auditable: Decentralized systems are transparent, meaning that all transactions and activities on the network can be publicly viewed and verified. This allows for greater accountability and trust in the system. Additionally, the network can be audited, meaning that all transactions can be reviewed and checked for compliance and accuracy.
Secure and maintain privacy: Decentralized systems use advanced encryption techniques and consensus algorithms to secure data and transactions, making them highly resistant to hacking and other forms of tampering. Additionally, decentralized systems can be designed to maintain the privacy of users by keeping their personal information and transaction details private.
Conclusion
The reason why WEB3 exists is to bridge the gap that WEB2 had, by providing credits to all the contributors in the fashion they deserve.
Web3 is a future that would build trust among peers without any misconception.