Web3 Searches

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Web3 Searches

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Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech". The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
Some commentators[weasel words] argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies. Others have raised concerns about the decentralized web component of Web3, citing the potential for low moderation and the proliferation of harmful content. Some have expressed concerns over the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword or marketing term.

Web3 is the next evolution of the internet. It builds off current Web 2.0 with added functionality. Whereas Web 2.0s is focused on read-write, Web3 is read-write-own or read-write-execute. Decentralization, privacy, security and machine learning are early principles of Web3.

Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.

While Web 3.0 is primarily concerned with who will rule( tech giants or individuals) and govern the internet in the future, the Metaverse is concerned with how users will interact with it. A large section of people now use computers, smartphones, and tablets to navigate websites and to access apps.

In summary, Web3 brings the potential to unlock more value for everyone on the internet. Instead of platforms having control of the data, users own any content they create, any digital objects they purchased, and those assets are usually portable.

The allure of Web3. 0 is that it is decentralized, thus instead of consumers being able to access the internet through services managed by Google, Apple, or Facebook, individuals own and govern portions of the internet.