THE DIFFERENCE BETWEEN WEB2 AND WEB3
For a very long time now, there has been a lot of rage as regarding web3 technology and it’s applications in various industries whether in healthcare, finance, logistics, hospitality, real estate, ecommerce etcetera. One would want to wonder what’s the deal with this web3 stuff? Why the so many tweets, spaces, conferences, meetups? Why are investments pouring into it? What’s the importance? What does it really mean and how is it different from the current web (that is web2). So this article will be answering the question of the difference between web2 and web3.
So to relief you the stress of guessing and wondering what web1 is, if probably you are thinking if there’s web2 and web3, then what’s web1? Well simply put, web1 was the first form of the internet where all that a normal internet user could do was just consume information on websites on the internet. At that time content on websites were static and as a user you couldn’t interact with those content, so that was just how and what web1 was.
So what’s the difference then between web2 and web3?
Web2 is currently the dominant part of the internet today and it operates in a way that allows normal internet users to interact with applications built with it. With web2 users can not just consume content but can also create their own content and do a whole lot of activities on the internet especially with the advent of applications like Facebook, Twitter, Instagram, Tiktok, Amazon, Airbnb, PayPal, Stripe, Gmail etcetera. With web2 , the operation of control of data is centralised in that the owner (s) of the application control and hold the data supplied by the users of the application as such they can decide to do whatever they want with the data and such is even prone to hacking, therefore with web2 users data are not secure and can even be monetize without the user’s knowledge. For example say I want to transfer $2500 to a friend via a financial application built with web2 technology, I would need to first create an account on the app which would require me submitting personal details like my name, date of birth, email, card details etcetera, then having initiated the transaction on the app, the owners of the app would need to verify and validate the transaction before my friend will receive the money at his end. Now the thing is this, for apps like this where sensitive personal details are stored in a centralised database, anything can happen to my details in the database, my card details can be hacked, my account with the company can even be blocked if they decide to, so it’s that you as a user in the web2 space do not have total control over your data.
So came web3 to save the day. With web3 data is decentralized, in that no one entity or organisation is in control or holds user data. The web3 technology as of today is mostly built on the blockchain technology, where data is stored in a public database that is accessible by a network of computers. So with web3 and thanks to the blockchain technology, I can make transactions without necessarily submitting personal details and whatsoever data that’s in the blockchain is well secured. So say I want to do that transfer to my friend using a web3 financial application, all I would need to do is convert the cash to a particular cryptocurrency and store it in a crypto wallet, then send the cryptocurrency equivalent of that money from my wallet address to my friend’s own wallet address ( wallet address which would now be like your normal bank account number but now a string of different characters). So here the transaction instead of being verified and validated by an organisation like in web2, the transaction gets to be verified by the network of computers that have access to the blockchain, this computers operated by persons called miners who add data to a block, this block which would then be verified by at least 51% of miners in the network to be added to the blockchain. All do these shows how secure the web3 technology is in that, each of this computers in the network have a snapshot or copy of every transactions in them, as such it would be difficult to hack or change the data in them, cause it would need the hacker’s own to be the same with the other computers, and if at least 51% of the computers in the network don’t agree with the hacker’s own then it won’t be added to the blockchain and the transaction will be invalid.
So with web3, there is immutability, transparency and trustlessness(of course such a word doesn’t exist 😅). Immutability in that data stored cannot be changed, transparency in that everyone in the network can see the transactions going on, trustless in that one doesn’t have to trust an entity or organisation with their personal details before before performing any action in the internet. Yeaaa, web3 offers a whole lot, I must say it’s an interesting space and there’s much more to do and accomplish.
Congratulations, you’ve come to the end of this article, hope it was helpful to you in better understanding what web2 and web3 is, anyways thanks for reading.