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Web 3.0 is an upgraded version of Web 2.0. Who knows in the next few years Web 3.0 may be upgraded to Web 4.0.
Just how the network upgraded from 4G to 5G.
Web 2.0 is an era of content creation; it is an era when not only consume content but write to it. Simply means that a reader can reply to a content.
For example, the era of Web 2.0 is an era of social media. Facebook, X (formally known as Twitter), YouTube and Tiktok are examples of widely used social media and they are Web 2.0.
The development of Web 2.0 birthed Web 3.0. It is not only an era of creating content but also autonomy over the network, transparency and a secure network that puts a user in control of his/her data. It analyzes data by machines and gives a user good experiences.
Note: Web 3.0 is majorly built on blockchain technology.
Web 3.0 is still growing, there are many projects that are building on it.
Examples of Web 3.0
I will only give you two examples based on my knowledge and experience, they are:
Hive
#hive is a blockchain, Social network and blogging platform.
#hive is a web 3.0 that allows users to have control over the protocol, freedom and privacy. It is also a decentralized application.
We all earn a reward in hive in one way or the other. Therefore, a hive user earns a reward by creating content on the hive ecosystem. A user earn a #HBD (Hive Back Dollar) which can be converted to hive.
#hive rewards are divided into two- HBD and Hive Power.
Hive power determines your voting power in the hive ecosystem. The higher your hive power, the more powerful you are.
DeFi (Decentralized Finance)
DeFi is a way of doing financial transactions on the Internet. It is not necessary to rely on local banks or financial institutions before you can do transactions. You don't need an intermediary to do transactions. Example of Defi I used is Binance. A user of Binance can transfer a fund from one wallet to another.
Features Of Web 3.0
Let's look at some features of Web 3.0:
Decentralization
The opposite of decentralization is centralization. Not a single organization is in the control of the network. Individuals that engage in decentralized Blockchain can manage his/her assets without the help of central authority.
An individual has control over the network or protocol..
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Blockchain
Having control over your data. Companies do not have to control your data. You have autonomy over your data. Blockchain transaction is doing transaction online without Third party. It is very easy to make send cryptocurrencies to anyone in the world within a minute. You don't need any central network to approve your transaction. It is not easy to use local bank to transact money globally; with the use of blockchain technology, it is seamless.
Interoperability
This means international operation; if your network provider is good, you can do business with anyone with the use of Web 3.0 across the planet.
Few months ago, I wanted to buy NFT from someone in another country, after he agreed with the price, I did my transaction. Within a minutes, he replied to me that, “I have received your credit alert of … … US dollar.”
Then, my NFT was sent to me.
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Connectivity and interaction
I'm a hiver, I'm connected with many people that I don't think I will ever see them face-to-face. We talked as of we see each others everyday on hive and discord.
I may not go outside for a day to see my friends around me, I don't even have many friends around me, but in hive and discord, I have many friends we interact together.
I talked to some of them like my family; sometimes, I have this kind of thought that, ‘they are closer to me than my family’. This is because, I chat with them on daily basis than any member of my family.
Digital assets
There is no way we talk about digital assets without talking about blockchain technology. Thank God for Web 3.0, an individual can put his assets on the blockchain, monitoring the assets and have the right to it anytime.
It is not like a land property that you acquired today and someone else claims the ownership tomorrow.
Secured transactions
I don't panic when making transactions in wallet exchange. Though, there were transactions I made that seemed to take longer time, but at the end, it was successful.
Unless you transfer money into wrong wallet, band if you transfer money into wrong wallet, you will know through wallet address.
There is a method employed by Web 3.0 to secure individual transactions and communication and privacy.
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Artificial Intelligence
I have watched some robots in Facebook, they are incredible. A lady was questioning Robots. The answered the robot gave was excellent.
It is the first time in history that man created a machine that is more intelligent than them. The brain of robots surpassed human beings and can perform several billion operations per second.
Examples Of Web 3.0 Applications
Play2earn
#play2earn games such as #splinterlands, rising star, and #psyberx. That is just the one I played.
Well!! I can talk about #splinterlands very well because it is a game I played almost everyday. It is a card game, there are cards you need to buy before you can start playing it.
Though, the first thing to do is to register; registration is free but it is very important to by Spellbook which allows you to use some cards to play the game for free.
Cryptocurrency
Cryptocurrency is a digital currency or tokes.
Examples are #Bitcoin, Hive, BNB, and ETH. The are money one can use to buy services online but cannot hold them like Fiat currency.
You can only spend them online to acquire things.
*Others"
There are many applications of web. 3.0 but the two above are used often by me.
I stand up for success, and success is not achieved by merely making mouth, No room for laziness, no room for idleness. Success comes to the people who are desperately and consciously searching for it. When it seems unsuccessful or you smell failure around you, never discourage yourself from being successful.
“Discouragement and failure are the two surest stepping stones to success.” - Dale
Thank you for reading my post.
This is #aprilinleo Day 12