What really is Web3?. Just as Web2 democratizes online… | by PlanB Research | Coinmonks | Aug, 2022 - Rvpg media

What really is Web3?. Just as Web2 democratizes online… | by PlanB Research | Coinmonks | Aug, 2022

Just as Web2 democratizes online content sharing, Web3 democratic ownership.

Hello World,

Ten years ago, I was in standard 8 (a lower high school) in a not so remote village in Phek district, Nagaland. I didn’t know what the internet was back then, let alone using it. Fast forward to today, living in Bangalore, popularly known as the silicon valley of India, I cannot imagine a life without the internet.

Sacred Heart Higher Secondary School, Chizami, Nagaland. (My high school).

Today, I do everything online, from ordering food, booking a cab, and paying bills to office work.

By the way, do you know that the UN has declared The internet as a human right

.

The point I am making here is that the future is happening fast; we live in a global village. In my last newsletter, I wrote about how the Internet has connected over 5 billion individuals worldwide. You can check it out here if you haven’t read it yet.

Today more than ever, with a hyper internet connection, and the advancement of technology like AI (Artificial Intelligent), Blockchain, and Genomic Science, we have a massive opportunity to make it big in life.

As I constantly grow and keep learning, I believe the future is in technology. But technology alone won’t change your “future”; you must “Update.”

Remember that technology is great — but only if YOU stay updated. Technology does not make you better. It simply makes you more of who you already are.

This is why I want to help you get Financially Informed, Technologically agile, and Socially connected.

In this week’s issue, I want to take you to a new emerging technology called Web3.

You must be wondering what in the world is web3? How is it different from What we use today, like Facebook, Google, and Instagram? Aren’t all these web?

Let me take you a little back to history.

When the World Wide Web (www) was initially developed in 1991, it brought the Web1 era.

It was about decentralized open protocols. You can only “read” the information on the web page and cannot actually like, comment, or share as you can in today’s social media.

This is the first ever website that went live on August 6, 1991.

Most of us are aware of Web 2. The centralized platforms which the majority of people use — such as Google, Facebook, Apple, and Amazon. Unlike Web1, Web2 allows for both “reading” and “writing.”

In web2, it’s free to use, but in exchange for your digital identity. You give your names, phone numbers, and other information while big centralized platforms use them for their profits.

The platform controls your online identity, and they can ban you from using it at any time, just like how the President of the United States of America got banned from Twitter.

Your content is not owned by you but by the platform, and it can take down at any time, just like how “controversial articles and books” written by some journalists and authors get banned.

So, in web2, you can “read” and “write,” but you don’t have ownership.

Coming to web3, what does web3 add to the existing web2?

Web3 gives you one element that is not available in web1 and web2. Apart from “read” and “write,” Web3 gives you “ownership.”

Yes, Web3 is all about “Ownership.”

Remember how every website you visit, and app you download ask you to log in with Google, Facebook, Apple Id, etc.?

Here you don’t have to log in with your Google or Facebook.

Your wallet, which you manage and own, is a direct connection to the internet.

A wallet is nothing but an encrypted address which is like a PIN or a password to your bank account. (See the below image for reference.)

Companies like Google, Facebook, Amazon, and Apple own and control your data because they hold large servers that store them.

Yap, your Instagram photos and online content get stored in data centers like this.

This is why you don’t own your photos, videos, and content on web2.

But in web3, it’s different.

Data get stored in a technology called Distributed Ledger Technology, aka Blockchain.

Blockchain is nothing but storage that stores information in multiple connected blocks forming a chain. Hence the name, blockchain.

This blockchain forms a special computer that anyone can access, but nobody can own.

Thus is web3; no single person, organization, or company controls or owns the network.

I won’t be going into the technical details of how blockchain technology works; that is beyond the scope of this newsletter. (Let me know in the comment if you want me to cover this in future issues).

For now, know that Blockchain is a technology that stores data in a distributed open network of computers connected worldwide, and no single point controls the majority of this network.

In Web3, ownerships are through Coins, Tokens (Crypto), and NFTs.

Coins and Tokens allow you to own a piece of that network or project, which means you own a part of the Internet.

While NFTs allow you to own objects, which can be art, photos, code, music, text, game objects, credentials, governance rights, access passes, virtual land, etc.

Immersive NFT art installation in Hong Kong.

Thus, just as Web2 democratizes online content sharing, Web3 democratic ownership.

This is an evolution and a revolution in itself.

Just as every company became an Internet company in the last two decades, every company will become a web3 company a few years later.

So embrace yourself; winter is here, and summer will follow soon.

Thank you for reading this far; that’s a short intro about Web3.

I will cover more about Web3 in the upcoming newsletters.

If this information serves you a purpose, please consider sharing it with your friends.

If you are sharing on your social, don’t forget to tag me or let me know.

My socials here: Instagram, Twitter.

Check out my friend Vini Zhimomi here, who is helping me edit all this content for you. She has been a fantastic friend to me.

That’s it for this week, and I can’t wait to write to you again next week.

Hey, if we are meeting for the first time, I am Kuzote Lohe (Akuzo), a web3 and blockchain researcher. I help simplify the concept of Web3 and Blockchain for you.

Please subscribe to this newsletter designed to help you financially informed, technology agile, and socially connected.

Cheers and have a great one ahead.

Subscribe to my newsletter here if you wish to receive future issues on your inbox.

https://kuzotelohe.substack.com/

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