Other than Cryptocurrency, Blockchain has a lot of merits; one of them is privacy. The concept of Web3- A Decentralized Internet. We are in the version of the internet called Web2, which the media giants dominate. At the price of our data, they provide a service.
Here comes Web3, the blockchain-based internet. This system allows us to use and consume the internet without monetizing our data.
In our current system, developers develop the app and deploy it to a centralized server and database. But in Web3, developers will deploy the app to the decentralized networks(Peer to Peer Servers).
With the introduction to Web3, the way we use the internet will change rapidly.
– Social media can’t delete your accounts
– Anyone can use the network who has access to the network
– No one can block you
– Payments are in Token, so no need for personal data, or no one can payments
– No Downtime because 1000s of computers back the system.
Even though, Web3 seems like a better future for the internet, the transaction from Web2 to Web3 will not be easy.
1. Awareness and education about Web3.
2. Cost – It is much costlier than centralized servers
3. Scalability – Since it is decentralized, the transaction might be slower.
4. Environmental Sustainability- energy consumption of cryptocurrency mining can lead to more carbon emissions.
Web3 Looks inevitable, with the rise of blockchain in the last few years and the craze for cryptocurrency among investors are boosting this change. So it is time to get educated.
Here are few resources you can refer
Before investing your resources in anything, take your time to learn about it. Blockchain is a fantastic technology that can change the life of humans exponentially if used with good intent. Please don’t fall into scams without knowing the risks in it.
I am planning to share more on the subject in the coming days. Follow and retweet if you found it helpful.