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Overview on Web3

Overview on Web3

The web 3.0 revolution will utilize decentralized protocols such as blockchain, the technology used to facilitate cryptocurrency transactions. By addressing the key issues of data ownership and control, it hopes to address some of the major setbacks and shortcomings of the current internet age. Let’s take a look at things from a different perspective.

Today, a huge portion of the world’s population relies heavily on internet-related services provided by big technology companies. Unlike Google, Apple, and Amazon, these companies dictate what services their users can use and act as middlemen between their users and their wants. However, Web3 operates on a decentralized network and doesn’t require permission. In other words, internet providers do not have the authority to impose their will on who uses their services. They also do not serve as intermediaries between users and their needs.

Core Components of Web3

Digital Transformation using Microservices

Blockchain Network

Blockchain technology is one of Web3’s key features. Decentralization is at the heart of web 3 which is built upon blockchain technology. With blockchain technology, data is decentralized, open, and can be distributed. So users own their data and are free to trade them without worrying about losing ownership, losing privacy, or depending on intermediaries. In addition, it allows you to log in securely over the Internet without being tracked by anyone. Also, the use of blockchain-based tokens and cryptocurrencies in Web3 are important aspects of the potential internet era. Among other things, users can earn rewards for their contributions to the platform’s growth by transparently monetizing and contributing to online upgrades.

Artificial Intelligence

As a result of the advancement of artificial intelligence, useful predictions can now be made, and sometimes even lifesaving actions can be taken. In spite of the fact that Web 2.0 has had its share of AI, it is still largely human-driven as long as the big tech companies control the majority of internet traffic. It is therefore inevitable that corrupt behaviors, such as biased product reviews, rigged ratings of some internet services, and human errors will continue to exist. Customers are able to leave feedback on most internet review services. It is unfortunate that companies sometimes hire large groups of people to write excellent product or service evaluations.

AR and VR

In a metaverse, users work, learn, play, entertain, and play games with other people. Based on a variety of technologies, but mostly on Virtual Reality (VR) and Augmented Reality (AR). The company’s blockchain projects make use of fungible (dividendable and exchangeable) tokens that are used to buy digital assets of the world like virtual land or outfits for avatars. Metaverse is still at an infant stage and hasn’t been fully developed. Internet users and technologists see great potential in this technology even at that level.

  • Metaverse technology is a core feature of Web3 and will be built using blockchain systems and open standards, and it will be run by a network of computers around the world rather than a single entity.
  • In order to build some Web3 applications, the following three technologies will be used: augmented reality, virtual reality, and holographic projections.
  • A non-fungible token (NFT) will be used to facilitate virtual reality transactions.
  • The traditional gatekeepers would not be able to restrict access to the metaverse.

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