We are living in the blockchain era in which we often hear about Web3.0. Are you a bit confused with the terms Web2.0 and Web3.0? Would you like to know how both are different? Well, Web2.0 V/S Web3.0 is all about how users interact with the internet.
One has to know the history of the World Wide Web to understand how it has evolved and what were the different phases.
Since its inception, the internet has been serving content, but it lacked user-interactive features at its primary stage, which is now possible with Web 3.0.
Before we start discussing why Web3.0 development or Web3 development is gaining traction among tech geeks, we need to understand how Web3.0 is different from Web 2.0.
People are talking about Web3.0 on various social media platforms, such as Twitter. Here’s what Elon Musk, Tesla CEO, has jotted down:
What is Web2.0?Web2.0 is the second phase of internet evolution that added interactivity to the previous version, which was primarily focused on content delivery. On the contrary, Web2.0 let the users collect, generate, and distribute content on the web space.
Web2.0 brought people together through social media platforms, where they could view, produce, and share content with global audiences. It laid the foundation for the commercialization of the internet by enabling advertising, e-retailing, online banking, and more such facilities. Unless we compare Web2.0 V/S Web3.0>, we won’t be able to understand how Web 3.0 has changed the way we have been using the internet in the past and how our viewpoint has changed with time.
Features of Web2.0
The best part of Web3.0 is that it introduced distributed ledger technology or blockchain. In a way, the internet is transformed into a database and the data may be used for creating smart contracts.
Since, the data is automatically verified and updated across the distributed ledger, it ends the need of involving intermediaries in carrying out financial transactions. Thus, two parties involved in the financial transaction may do it fearlessly, even if they are complete strangers.
Web3.0 help the users access and organize data and information in a much more logical and coherent manner by adding metadata to it. Therefore, Web3.0 is often termed a semantic web.
According to James Grimmelmann, a Cornell University professor, “Web3 is vaporware,”. He further added, “It’s a promised future internet that fixes all the things people don’t like about the current internet, even when it’s contradictory.”
Features of Web3.0
Web3 enables greater transparency and includes blockchain as its core component, and has changed the way users’ data is managed. Web3 development would help businesses in the following ways:
1. Ends third-party involvement
Blockchain-based smart contracts and decentralized applications have helped to eliminate third-party intermediaries. All payments can be done automatically through the blockchain, with no need of involving banks and paying heavy cross-border transaction fees. Blockchain creates a trustless ecosystem and has enabled businesses to target the global market fearlessly. Therefore, they are keenly accepting Web 3 development solutions.
2. Improves regulation compliance
The record of all transactions done through the blockchain network is updated on the distributed ledger that is visible to all participants. Thus, it becomes easier for businesses to maintain complete transparency and provide proof of their income to the government authorities.
3. Reliability
With the use of distributed ledger technology, Web3.0 development is helping businesses to earn trustworthiness and reliability among customers. As all business transactions are trackable, it helps the business to earn a positive reputation.
4. Data Security
Web3 makes it nearly impossible for hackers to access or manipulate confidential data. As blockchain data is fully encrypted, it won’t be easier to decipher it without knowing the private key that can help access the particular data.
5. No Single Point Failure
Since, the digital ledger is distributed and managed by different nodes in the network, therefore, nothing would change if a single node fails. Web 3 development has improved the efficiency of business entities to a great extent.
6. Improves Customer Relationship
As businesses are switching to blockchain technology, it has become easier to maintain the records of all financial transactions on a digital ledger that can also be viewed by the customer, so they would be directly accountable for their account balances. The distributed ledger is unchangeable, it is easier for businesses to prove the authenticity of data.
7. Better Supply Chain Management
Web3.0 has simplified the way businesses can track and monitor their supply chains. It helps to eliminate silos, identify problems, find quick solutions, and save time & money.
8. E-chatting
Nowadays, there are a lot of messenger apps and chatbots that help businesses to stay connected to their customers. Most e-shops enable customers to chat with customer care executives online.
9. Remote Employment
Work-from-home has become a new normal and businesses are finding it easier to hire remote workers who can handle their job responsibly. All thanks to the Web3.0 development trends.
10. Marketing & Advertising
There is a huge involvement of people on various social media platforms, such as Facebook, Twitter, and Instagram. These are highly interactive platforms and can be accessed through mobile phone apps. Businesses are using social media for spreading the word regarding their products and services, and the latest offerings.
When we speak of Web2.0 V/S Web3.0, we are basically concerned with knowing how Web3.0 is better than Web2.0.
Web3.0 is an advanced version of the internet and it beats Web2.0 in terms of transparency, security, and data sharing by introducing distributed ledger technology. Therefore, more and more businesses are tending towards Web3.0 development. It allows them to maintain the records of all business transactions in a distributed ledger that is immutable, transparent, and fully free from the dependence of any third-party intermediaries.
Antier has rich knowledge and experience in the blockchain niche. Therefore, it’s the right place to discuss Web3 development. Reach us now!
