Andrew

February 7, 2022

Business
Development

What is Web3?

The creation of the Internet has no doubt been one of the most significant technological advancements in the past 100 years. From our daily social interactions to the way we use transport, the internet has revolutionised the way we live our lives.

What we have right now is called Web 2.0, and it's only been around for 40 years. Since its inception, millions of people have formed internet communities, built mobile apps and so much more.

But you may, or may not have heard that there is a new kid on the block.

Web 3.0 (Web3) is envisioned as a "decentralised internet" that is free of the control of large corporations, regulators and governments. That means there is no chance for censorship or manipulation. Web3 allows complete control over your data, identity, finance and more.

And while Web3 can't magically make bad things on the internet go away (because nothing does), Web3 does provide the tools necessary to empower humans with greater visibility into what's happening in the online world: creating an opportunity for increased transparency in decentralised networks.

This transparency allows people to get rid of the unknown data usage from large online corporations and enables the everyday user to control and own their digital identity. Think Mark Zuckerberg and Facebook. This all sounds pretty fucking complex right? But trust me, more control is a good thing!

So how the heck does Web3 actually work?

The next few paragraphs are going to sound a little geeky but bear with me as it'll all start to make sense!

The Web3 is built on the Ethereum Network, which is a network that enables "decentralised applications" (dApps) to be built and operated.

But before we go any further it's important to know the basics of Ethereum.  Ethereum is a decentralised platform for running interactions between users and systems. In simple terms, we are able to build applications that run exactly as programmed without any possibility of downtime, censorship or fraud.

The key takeaway is that Web3 enables us, humans, to complete transactions with each other without having to rely on one centralised provider/middleman. This means Web3 doesn't rely on large corporations like Banks, Amazon, Google or Facebook to hold, manage or transfer our data.

How are Web3 Applications actually built?

Decentralised Apps interact with the Web3 via an interface called Web3.js.

What Web3.js does is make sure all of the data flows smoothly in a thing called 'The Network'.

The network is like a house with many rooms - and each room is a blockchain that pairs up perfectly with Web3. If data wants to go into a different room within our house, Web3.js ensures the data flow to the correct room without getting lost.

Now the key difference between a Web3 network and a Web2 network, is we can see exactly what's going on in every room. The Web3 is like a sun-kissed greenhouse with impeccably clean windows.

What does Web3 imply for us, then?

It's impossible to say, but one good thing is that some of the world's best teams are involved in developing remarkable solutions. Here at Moonward, we're also embracing Web3 as a technology and framework which could lead the way to safer, more transparent ways for us to operate online. An exciting space to be for anyone who likes innovation and change in the tech space.