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What can Web3 do that Web2 cannot?
If you’re familiar with Web2, you might think you know everything there is to know about the internet. But Web3 is a whole new ballgame, with features and capabilities that go beyond anything Web2 can offer.
Web3 has been the buzzword for some time now with several industries adopting and benefiting from it. While many organizations are still looking into ways to adapt to the next iteration and create effective, affordable Web3 business models, some have already taken the initiative.
What is Web3?
Web3 is a term used to describe the next generation of the internet. It’s sometimes referred to as the decentralized web because it’s built on new technologies that allow for more security, privacy, and control for users.
Unlike Web2, which is built on centralized systems controlled by large corporations, Web3 is based on decentralized systems. This means that users have more control over their data, and transactions can happen directly between people without the need for intermediaries.
One of the key technologies behind Web3 is blockchain. Blockchain is a digital ledger that records transactions in a secure and transparent way. It’s used in cryptocurrencies like Bitcoin, but it has many other potential applications, such as digital identity verification, voting systems, and supply chain management.
Web3 also includes decentralized applications (dApps) that can run on decentralized networks. These apps are open-source, which means that anyone can contribute to their development. They’re also designed to be more resistant to censorship and have the potential to revolutionize industries like finance, gaming, and social media.
Web3 is all about creating a more transparent, and user-centric internet experience. It’s a new frontier that’s still being explored, but it holds tremendous promise for the future of the web.
What can Web3 do that Web2 cannot?
Web3 brings a new level of innovation and possibility to the internet that Web2 cannot match. Here are some key areas where Web3 outshines Web2:
Centralization vs Decentralization: Web2 is built on centralized systems controlled by large corporations, while Web3 is based on decentralized systems. This means that Web2 is more susceptible to censorship and manipulation by those in power, while Web3 is more transparent and user-centric.
Intermediaries vs Direct Transactions: Web2 relies on intermediaries like banks, social media platforms, and search engines to facilitate transactions and interactions. In contrast, Web3 enables direct transactions and interactions between users without the need for intermediaries.
Closed Systems vs Open-Source: Web2 applications are mostly closed systems that are controlled by the companies that own them. In contrast, Web3 is built on open-source systems that allow for more collaboration and innovation. The public can review the codes, sort, and have a better understanding of what is going on in Web3.
Limited Privacy vs Enhanced Privacy: Web2 applications often collect and sell user data, leading to privacy concerns. Web3 places a greater emphasis on privacy and allows for more user control over personal data.
Web3’s decentralized, user-centric, and programmable infrastructure allows for more incredible innovation and possibility than Web2’s centralized and closed architecture. Web3 can potentially transform the internet and how we interact with digital services by empowering users, fostering innovation, and creating a more equitable and democratic online ecosystem.
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Uncover the evolution from Bitcoin to Web3's dynamic landscape. Get vital insights, trends, and impacts in this executive summary.