What is Web3 technology and how Blockchain Software Development is made easier with Web3?

Demystifying the Web3 Technology: Web3 Simplifying Blockchain Software Development

Webllisto | June 20, 2022

Till now we are aware of the Web1 and Web2 technology, but the Web3 reckons the Internet to greater versions. Web as such refers to WWW – World Wide Web with which we are familiar. However, over the decades we have innovated Web1 and Web2 as the phases of the Internet, but now the proponents have reached a step further with the birth of Web3.
 
The original form of the Internet regarded as Web1 was developed in the 1990s and evolved as Web2, which is currently in force. Through the utilization of Web2 we achieved numerous milestones and alas we succeeded in fetching the Web2 in our pocket-handy smartphones and tablets. It was not until recently, that the scientists felt the urge to develop Web3 for decentralized applications. And here we are on the verge of embracing Web3 sooner than we expected. In this article, we shall demystify the core concepts of Web3 and decode its correlation with Blockchain Software development.
 

What is Web3?

 
In 2014, Gavin Wood first introduced the concept of Web3 to the world and is also the co-founder of Ethereum- a notable cryptocurrency token. Gavin’s invention is undoubtedly the revolution of the Internet embedded with decentralized features. This unique potential of the Internet unravels the ensuing drawbacks of Web1 and Web2. After witnessing the success of Web1 with the basic internet facility, we unleashed Web2 to counter more advancements toward the user-friendly Internet. Hence, Web 3.0 is the solution to all the technological innovations featuring security, transparency, decentralization, and immutability. Here the control is decentralized as opposed to the capitalized control with Web2.
 
Moreover, another notable difference lies in the ownership of the platform where Web1 involves read-only criteria, Web2 correlates with reading and writing, and Web3 imparts read, write, and ownership features.
 

Noteworthy features of Web 3.0 Technology

 
A data-driven Semantic web is an open-source decentralized platform regarded as third-generation internet. The term semantic web is introduced by the “father of the internet” Sir Tim Berners-Lee. The following are the salient features of the Web3 technology that highly correlates with the Blockchain technology:
 

• Decentralized
  Web 3.0 is regarded as an open decentralized platform combating the web 2.0 limitations vastly. The decentralized infrastructure delineates the controllability of the Internet by eliminating the monopoly induced by larger entities.

 

• Crypto payments
  Web3 is yet another perfect solution for crypto payments as it eliminates the traditional banking features with the induction of decentralized finance that helps secure and hastens global transactions.

 

• Transparency
  The Web 3 space is designed with tools and protocols with zero third-party intervention framing an excellent transparent platform. The Web3 developers develop a robust framework blended with blockchain technology.

 

• Permissionless
  Another innovative feature supported by Web3 is linked to permissionless tools and technology opening doors to the ocean of opportunities in the field of decentralized economy.

 

• Secured
  Because of its decentralized nature, the Web3 is amiable to Blockchain technology with unprecedented security and clarity for Blockchain applications.

 

• Reliable
  With a promise of eliminating the threat of fraud, the Web3 technology ensures a reliable source of Blockchain application development winning the trust of the users.

 

Perks of building Blockchain application on Web3 technology

 
Web3 space is one of the revolutions of the Internet walking parallel to the Blockchain technology that accelerates the Blockchain Application Development process. The high traffic and heavy data are effectively managed and controlled by the Web3 model.
 
This technological aspect is likely to strive as a third-generation internet model with direct communication with the users to fetch valuable participants.

 

• Exclusive Ownership
  The base of the Web3 technology is built on the notion of ownership, the quality that the Web1 and Web2 versions lacked immeasurably. Despite the in-game asset feature in the Web2 technology, the gamers are restricted from trading outside the gaming platform, which imparts a false sense of a Play-to-earn gaming experience. This feature could be advanced with Web3 technology in action.

 

• Unconstrained resistance
  Another drawback of the earlier versions of the Web pertains to constriction on content creation restricting the source of income of the Web developers. Whereas, with Web3 the issues of the content filtration are totally eradicated as the data is stored securely on the Blockchain platform. Hence, this feature allows the Web3 developers to start or restart their work without the loss of the data.

 

• Unique identity
  We acknowledge the hassle encountered while logging in to multiple social media accounts. And in a case where a single credential went missing the entire social media accounts like Twitter, Facebook, and Instagram are at stake. However, such glitches could be resolved with the Web3 technology grasping control over digital identities. Web3 uses an Ethereum address and ENS profile as its unique identity tool.

 

• Cryptocurrency payments
  As we discussed above, the Web3 space enables cryptocurrency payments with blockchain-equipped trading finances. The cryptocurrency supported by Web3- Ethereum- ensures global trading without the interference of the third-parties.

 

• Trustworthy interface
  Web3 is the most trusted interface we have ever witnessed. The future is surely at our doors knocking on the vast possibilities of technological inventions. The Web3 developers can now define their ownership exclusively with cost-effective and secured solutions. Moreover, implementing smart contracts encloses automated Blockchain application development possibilities for optimized results.

 

Summing up

 
There is no doubt that Web3 Technology has merely begun its journey towards the Internet space. Great opportunities await the business enthusiast to utilize Web3 space for their hassle-free Blockchain Application development. The freedom Web3 leverages its boundless benefits and includes customized Blockchain Application Development services.
 
If you are interested in Blockchain Application Development, your hunt for the best Blockchain Software Development service provider company ends with Webllisto technologies. Our customized Blockchain software application solutions are embedded with recent advancements and innovations driving the Blockchain application to greater horizons.
 
With us, you can keep in touch with the latest trends in the Blockchain industry!