Web2 is simply an internet dominated by companies that provide services in exchange for your personal data, it refers to the version of the internet know to most of us today.

On the order hand,Web3, in the context of Ethereum, refers to decentralized apps that run on the blockchain. These are apps that allow anyone (you included 😃)to participate without monetizing their personal data to any organization without prior agreement.

                              The purpose of Web3

• The Internet is currently controlled by Big Tech companies like YouTube, Amazon, Netflix and Meta (Facebook) , they hold the information, the power and the profits and you the data provider hold almost nothing.

  Web3 plans to steer us towards decentralization of power and profits by instead letting it trickle down to the participants. At present, the most promising way to achieve this is would be to use blockchain technology and a version of Decentralized Applications (D apps).

                                 Web3 Benefits
  

  Many Web3 developers have chosen to build dapps because of Ethereum's inherent decentralization:

  • Anyone who is on the network has permission to use the service – or in other words, permission isn't required.
  • No one can block you or deny you access to the service.
  • Payments are built in via the native token, ether (ETH).
  • Ethereum is turing-complete, meaning you can pretty much program anything.
  • Digital Identity In contrast to web2.0, you will have your own digital identity, and more control over your privacy. For example, using an alias and a digital avatar would assure users that their internet usage is private and secure – something many of us doubt under the current Web2 system. With the development of Web3, Decentralized Digital Identity (DID) becomes a possibility. A DID is an address on the Internet that people can own and control directly. It can be used to find what’s known as a DID document, which in turn contains relevant information to enable use cases, such as login, data encryption and communication. Cryptographic proofs are used to allow others to prove control of these identifiers. Users control everything, and can decide when, with whom, and under what conditions their digital identity elements are revealed. DIDs can do for the Internet, what passports do for governments – they securely identify and provide authentification, only with more ownership and self-governance.

                                Web3 limitations

Web3 has some limitations right now:

1. Scalability – transactions are slower on web3 because they're decentralized. Changes to state, like a payment, need to be processed by a miner and propagated throughout the network.
2. UX – interacting with web3 applications can require extra steps, software, and education. This can be a hurdle to adoption.
3. Accessibility – the lack of integration in modern web browsers makes web3 less accessible to most users.
4. Cost – most successful d-apps put very small portions of their code on the blockchain as it's expensive
5. Size and cost: The internet is massive and so creating a system that can read, understand and interpret that much data is challenging, not to mention expensive.

Summary

Let’s end with a reminder that Web3 doesn’t really exist – yet. There is no general agreement on it, but we can recognize that it’s a combination of permission-less, transparent systems that can decentralize power from central authorities and solve problems of the internet. Let’s face it: there must be a better way than constant cookie permissions and banner ads. 

Nestcoin's site

ZuriTeam's Site

Zuri Site