What is Web3? Is that the better way to secure information and more convenient than Web2

What is Web3? Is that the better way to secure information and more convenient than Web2

Do you know that Web3 is the origin of projects related to decentralized finance as well as many other technology applications formed such as GPT Chat, voice device control, metaverse, encoding of pictures and art into NFTs, etc.?

In this article, FinFan will tell you more about Web3, its advantages compared to Web2, and the real applications of Web3 in everyday life.

What is Web3?

Web3 is the 3rd generation of the World Wide Web and was created by Tim Berners-Lee with the original purpose of turning the Internet into a more intelligent, autonomous, and open environment. At that time, the big guys will no longer be the ones holding exclusive power, but the users will be the owners of their information, and no one can interfere or use that information for any purpose.

In terms of technology, Web 3.0 is developed based on the Web 2.0 platform, so it will be equivalent to its predecessor. However, the database of Web 3.0 will be replaced by blockchain and the blockchain ecosystem.

Why Web3 is better than the predecessor Web2.

Firstly, Web3 is a Semantic website.

While the Web2 structure only stops at the second layer of the Semantic website structure.

While all the techniques that Web2 experts often use to optimize user experience are SEO, SEM, etc., a Web3 site can achieve up to the highest layer of this structure are the 5th and 6th layers - Proof and Trust.

Users can directly contribute to the content of a certain website and receive rewards (Proof of Work consensus mechanism and later Ethereum's Proof of Stake is a typical example of the above problem).

Secondly, Web3 can apply artificial intelligence.

By applying artificial intelligence with natural language processing capabilities, Web 3.0 can understand information more like humans and deliver the most accurate results in just a short time.

Thirdly, Web3 can apply 3D graphics to its designs.

Web 3.0 has a 3-dimensional design, helping websites and web applications provide images in the most intuitive and clear way. For example: the virtual world Metaverse, computer games, or museum guides...

Fourthly, Web3 doesn’t have intermediaries.

This problem is widely applied in DeFi projects when all transactions on projects using DeFi created by Web3 can be carried out directly from the sender to the recipient without the need for an intermediary. As the State Bank or Central Bank controls, transaction times will be longer, and costs will increase.

Finally, Web3 has the ability to prevent data breaches.

If in the Web2 environment, data is controlled by the three big companies: Facebook, Google and Twitter (somehow there is also LinkedIn where a lot of business data is stored), then in the Web3 world, data is collected according to a decentralized mechanism so it cannot be controlled by any one big guy (unless this person or this corporation has the ability to manipulate the internet market worldwide).

How is Web 3.0 applied?

Web 3.0 can be applied in many different industries in today's technology fields such as:

  • DeFi: As mentioned above and in the comparison article between DeFi and CeFi, DeFi is a completely new field of technology related to finance. With DeFi, businesses or individuals can transfer money directly to each other at fast speeds and without having to pay fees to a third party intermediary.
  • NFT: An acronym for non-fungible tokens, a term used to refer to unique tokens stored in the blockchain with cryptographic hash - cryptographic hash function. In today's world of technology 5.0, artists, musicians, and singers sometimes no longer need to struggle to find opportunities to develop. If you are truly talented and confident in your abilities, NFT is the solution for you as it can turn a painting into a special unique identifier, which you can sell or auction with very high value.
  • Cryptocurrency: Cryptocurrency was created from Web 3.0 with the aim of bringing a new world of currency separate from traditional cash.
  • dApp: Short for Decentralized applications. These are applications created from the Blockchain platform and use smart contracts to provide services in the form of programming logged into an immutable ledger.
  • Cross-chain bridge: Currently, Web 3.0 has many Blockchains, and Cross-chain will take on the role of a bridge when providing all kinds of connections between Blockchains.
  • DAOs: An acronym for Decentralized Autonomous Organizations, composed and operated by lines of code and programs on computers. DAOs were established with the purpose of providing structures and governance in the form of a decentralized approach.