What is Web 3?
Web3 is currently a work in progress and isn’t exactly defined yet. Although, the main feature is that it will be decentralized – rather than controlled by governments and corporations. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership. The term WEB3 was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014.
Web1 vs Web2 vs Web3?
Web1 was read-only(You could only read the information on the Web), it started in 1991 and ended in 2004. The ending of Web1 in 2004 was marked as the beginning of Web2 which is Read-Write (You can read and write content on the web). It is believed that WEB3 will be Read, Write and Own (You can refer to this article by Uthman Kamaldeen to know more about this term Read-Write-Own).
Why do people think Web3 is the future?
- In a Web3 world, we will have ownership of our data.
- There will be fewer intermediaries.
- Web3 is considered to be safer than web2.
Why do people think it is a Scam?
- It is neither Developer friendly nor beginner friendly.
- Decentralization will make monitoring and regulating the Web more difficult.
- Web3 community has failed to build anything significant till now.
- Because Elon Musk Tweeted this:-
My views :
It is a bit early to call Web3 future but I don't think it is a scam because all the negative points have an answer to them.
1) It is not beginner friendly because it is still in the beginning stage and the docs are not very well defined yet.
2) Web3 community has failed to build anything significant till now. Yes because web3 gained popularity in 2021 and it is 2022 currently, we can't judge developers in a year.
3) What about the Tweet by Musk? I accept that Musk is smart and take the right decisions but not always (see Twitter).