Basic Introduction : A Beginner’s Guide to Understanding Web3

Dubbed as the future of technology and internet, it can get confusing when trying to wrap your head around the concept. All you know is that the word “Web3” gets thrown around a lot, and it must mean something significant to our future.

You are definitely not alone when it comes to understanding the concept of Web3. In fact, cryptocurrency or blockchain could just be the tip of the Web3 iceberg. To help you understand what Web3 is, we try breaking down everything Web3, starting from the very basic and using layman terms.

What is Web3?

To understand Web3, it’s important that we take you back to the era of its antecedents, Web1 and Web2.

Web1 is used to describe the internet from roughly 1990–2004. During the early era, the internet consisted of static pages with texts aka for read-only purposes, such as news, thought pieces, and the likes.

Meanwhile, Web2 is the internet era that we pretty much know today. It’s no longer just a read-only, but also read/write model which enables users to upload and exchange content via websites. Platforms such as Google, YouTube, Facebook, etc. apply the concept of Web2. It’s fun, dynamic and functional — we can all agree on that.

So you’re probably thinking, what’s next and what Web3 has to offer? This is where things get interesting. You see, while we all love Web2 concept, there is a certain flaw to it. Everything we read/write essentially is posted on a website, giving its server a right to our data and intellectual properties. When we access a website, data harvesting and information collecting is part of the trade.

Web3 is where the full control ownership comes in, where you can actually read/write/own, without having to sacrifice our privacy in exchange for their services. Think of gaining back your decisions, freeing yourself of addictingly curated content or feeds, or no longer blindly agreeing to what’s behind the policy. That is the essence of Web3.

Web3 is Decentralization

Wait.. how does that work then? Enter the decentralized system.

Web3 applications are designed with privacy and decentralization in mind. They are not controlled by a single entity, but by cooperative governance structures or multiple participants.

Decisions around Web3 applications are not made by the CEO, managers, shareholders etc. The community users are the decision holders, where they can agreed upon something openly and with proof records.

Decentralized Autonomous Organizations (DAOs) are a prime example of cooperative governance in Web3. DAOs are organizations that operate based on smart contracts and allow participants to collectively make decisions and govern the organization’s activities.

In a DAO, decisions are made through voting mechanisms, where participants with voting power can propose, discuss, and vote on various proposals or changes to the organization. Voting power is often determined by the number of tokens held by each participant, aligning with the principle of stakeholder representation.

What about Blockchain then?

We can’t talk Web3 and decentralization without mentioning blockchain. After all, when it comes to Web industry, data is key. And this is where blockchain works.

Blockchain is a chain of blocks containing data. Once a piece of data is recorded in a block, it becomes almost impossible to tamper with it. When you add data to Web3 applications, blockchain technology stores it all as a large database. New blocks added and stored electronically, access to these transactions/data is free, open to all and at once.

Simply said, it’s a highly secure network, specifically used in tradeable assets where users need to keep track of values. When a digital asset becomes of value and tradeable, such as NFTs and cryptocurrencies, blockchain is needed as the unifying network that’s secure, fair and decentralized.

Web3 : The Future Is Unfolding

An internet ecosystem where your privacy is safe, democratic and within your full control? All communications encrypted, identities hidden, and transactions secured. You can’t argue, that seems very ideal.

But Web3 is just at its infancy stage and much is still needed to be done to perfect it. The future of Web3,however, is currently unfolding, constantly evolving and not going anywhere. With Web3 projects going on globally, NFT or collectibles communities, cryptocurrencies gaining traction against Fiat, and more — it’s clear that the dawn of Web3 as the future has begun.

Application of Web3 is also super exciting in the gaming front, where the platform provides entertainment, earning opportunities, networking and more at the same time. This is where Creo Engine comes in, and we cannot wait to explore the possibility of Web3 from all gaming lines.

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