What Is Web 3.0 In Layman's Terms - Part #2
Hello Friends 👋
In the last article, we talked about the Evolution of Web (Web 1.0, Web 2.0 & now Web 3.0) and the Core Ideas of Web3.
You can go through this article below before we dive deep into Web3 -
You may have come across games that allow you to collect gaming-related assets such as weapons, objects, and wearables by completing in-game objectives or by paying for these assets. The underlying problem with this arrangement is that these digital assets are stored on servers that belong to the firms that generated them, giving them complete ownership of the things you paid for or earned. They decide to shut down for any reason; all your earned assets get lost. With the introduction of blockchain technology, a new paradigm shift has emerged: you may now earn cryptocurrencies that you can exchange for in-game goods (weapons, objects, and wearables) or real money. You can now own these in-game assets through NFTs and sell them freely outside the platform.
Another problem that plagued Web 2.0 is censorship. Most people put a lot of time, effort, and money into building their reputation on a social media platform. Have you ever considered what would happen if that platform went offline tomorrow? Or, at the very least, the platform bans you. All the work put in over the years is gone. I once had a thriving Instagram page that I built over the years, and in those years, I paid designers, content creators, and writers and ran ads daily. Something happened, and the Instagram bot mistakenly labeled my page as an underaged account and deleted the account. I tried everything possible to recover the account to no avail; in Web3, the blockchain stores your data. You can take your reputation with you when you leave a platform, plugging it into another interface that more clearly matches your ideals.
Another good example is the OnlyFans saga. OnlyFans announced a proposal to ban sexually explicit content from their platform in August 2021, if you've been following the news. This infuriated the content creators on the platform. Who felt cheated out of their earnings and the platform they helped to build. After some protest, they reversed the decision quickly. Although the content creator won the case, there is a lesson to be learned here. You don't have complete control and ownership of the platform and the following you've cultivated on it.
Decentralized Autonomous Organizations (DAOs)
DAOs, or Decentralized Autonomous Organizations, are self-governing organizations that allow groups of like-minded people to collaborate on a common objective. In addition to owning your data in Web3, you may also own the platform as a whole, utilizing tokens that function similarly to shares in the company. DAOs let you manage a platform's decentralized ownership and decide its future. DAOs operate using smart contracts, which are codes that automatically execute whenever a set of criteria are met. Ethereum was the first to use Smart contracts. These smart contracts establish the DAO's rules. Users who have tokens vote on how resources are allocated, and the code automatically implements the vote results.
This is the core of Web3 and decentralized identity. Each individual should be able to control who has access to their information. This means users may grant, amend, or cancel access at any moment and get a consolidated view of all the data they share. Web3 solves these issues by giving you control over your online identity. For example, with an Ethereum address and ENS profile, you can use a single secure, censorship-resistant, and anonymous login across platforms.
People without bank accounts or those who happen to live within the borders of some countries are excluded from Web2's payment infrastructure, which is based on banks and payment processors. Web3 uses tokens to send money straight from the browser, eliminating the requirement for a trusted third party.
User experience One of the biggest problems facing Web3 is User Experience. It's almost beginning to look like technology for a selected high-tech induvial. Almost everyone I have interacted with complained about the unintuitive user interface. Again, since your data solely belongs to you - it's virtually impossible to recover it if you lose your login details. There's no central authority to help you with this. The user experience is mediocre, but hopefully, things will improve soon. The Web 3.0 technology is very much ready, but higher levels of adoption on layer 2 are needed to make Web3 accessible to everyone.
One of the most significant issues plaguing the adoption of Web 3.0 is user experience. 80% of the people I have interacted with complained about how unintuitive the user experience is. Again, security concerns are still a big issue. It is not like Web 3.0 is not secured. It is way more secure. The problem is that, since a centralized server does not manage your identity, losing all your data is easy if you ever forget your login details. If you lose your wallet's private key, you lose the funds in it. All these and more cause a substantial technical barrier to entry; users must first comprehend security concerns and navigate the unintuitive user interface. All these things and more discourage adoption. A lot needs to be done about this before web3 becomes widely adopted.
Education is also a huge problem right now. Enough attention is not being paid to this yet. The space is more developer-focused, with little or no education. Even the platforms that claim to onboard people to the space are all focused on onboarding developers, not laypeople. Web3 introduced a new paradigm shift that requires different learning mental models. Web 3.0 isn't just a technology for the high-tech people in tech; we are also building for the end-users, which are the daily internet users.
We are only at the beginning of developing a better Web with Web3, but the future of the Web is bright as we continue to improve the infrastructure that will support it.
References - https://blog.developerdao.com/what-is-web-30-a-laymans-guide-to-the-decentralized-web
If you want to share anything or have any suggestions/questions, please leave them in the comments!
That’s it for today :-)
Hope each of you has a great start to your day. I’ll talk to everyone tomorrow.
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