Does Web3 Bring Hype or Value to the Internet? | Panda Anku

Web3 is the NEXT GENERATION OF THE INTERNET, it will CHANGE EVERYTHING and any business that doesn’t make an effort to build a Web3 presence will fall behind.

That is, what exactly, moreover, would your marketing department better have an answer when the CEO asks about the company’s Web3 strategy?

Read more: Web3: Is there any “there”? And if so, where is it?

With all the talk about Web3 – and there is a lot of it – very few people seem to know what it means, perhaps beyond, that it is a privacy-centric and decentralized upgrade of the internet. Go a little further and you’ll find that people are controlling access to their own personal information – they know currency and framework marketing is built upon it – and it’s going to rid the web of the tyranny of a handful of big tech companies dominating it .

But what actually makes it better than the current internet? This is where a lot of non-tech boosters seem to switch from the fast lane.

Just a little techie

Here’s a basic answer: control is decentralized. Information is widely disseminated.

And the emphasis on privacy marks a sea change we haven’t seen since the mid-1990s, when Microsoft replaced the Netscape Navigator browser — key to accessing the Internet at the dawn of Web2 — by developing its own Internet Explorer -Browsers abolished in the core of the Windows operating system.

This is done – and this is as technical as we’ll get – via the Interplanetary File System (IPFS). It is a decentralized storage and information retrieval system that works in a similar way to blockchains: data of all kinds is stored and shared across a globally distributed network of nodes, i.e. all computers connected to it.

See Also: Crypto Basics Series: What is a Blockchain and How Does it Work?

Instead of centralized cloud computing controlled by a handful of big tech companies — led by Amazon Web Service (AWS), Microsoft Azure, and Google Cloud — data is stored on this network of node computers that provide storage bandwidth for each piece of information. (Yes, you pay for storage, cryptocurrencies are a solution.)

Files are given a unique code — a blockchain-style “hash” that allows users to find and retrieve them. They are encrypted and split into small pieces. Request information and these files are sent to the requestor from where they are stored. Add data and a new file containing the old one will be created and distributed.

The point is that there is no central point that has control over the data. The encrypted and shared files cannot be censored or read from any central storage or cloud provider, and as long as a version of the file exists somewhere, it is safe. Individuals’ personal information, such as data collected by Facebook and Twitter, is stored in a way that allows owners to transfer it from one website to the next – and control access to it. Data storage and retrieval are peer-to-peer.

Why bother?

So how is this better than the current Web2?

Well, distributed information cannot be lost when a database is shut down, and censorship or government access becomes very difficult, if not impossible. It’s also a lot harder to advertise and market to people who effectively have to opt-in for everything and can opt-out at will.

Which has two problems: First, what’s stopping every site you want to access from charging access to your data as a price for access?

Second, why do companies and advertisers cut their own throats by going full Web3? Web2 and Web3 can coexist.

Calling it Web3 it sounds like something new and powerful that will replace the old. But if it’s just another place for people to congregate and access interesting content sitting on the ancient web, it’s not unlike a metaverse, only far more complex.

As the creator of the meme coin Dogecoin told Tesla CEO and Dogecoin backer Elon Musk in December, “Web3 is just something like ‘Web2’ right now, except everything that’s digital is now part of the open market and no longer truly user-owned is centralized” and all the promises and problems that come with it. Personally, I just hope that people keep getting smarter.”

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Around: The results of the new study by PYMNTS, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy”, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed a strong demand for a single multifunctional super app instead of using dozens of individual apps.

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