How Will Web 3 be Impacted by Crypto?

There are many terms used online and this can be confusing for those who do not follow the latest news and events closely. Web3 is a good example of a new term that is being used over and over again in the news world, but before we start looking more deeply into web3 and how it will be affected by crypto, we need to understand That’s how things have evolved to reach this point.

web 1 and web 2

Web 1 was the first phase of the World Wide Web as we know it today. Most Web 1 users were consuming information available on the Internet and were not creating their own content. Web 1 was based on static pages and ads were banned on web pages. The directories were formed to allow users to retrieve information and Web 1 period from 1991 to 2004.

Web 2 was born in 2004 and refers to user generated content. This led to increased social media content and a more fluid user experience. Web 2 is very dynamic as compared to Web 1 and allows to accomplish more tasks than its predecessor. For example, the introduction of Web 2 means you can not only buy products online when using Web 1, but also leave product reviews for other people to read. So, with that in mind, what is Web 3?

What is web 3?

Web 3 is based on Artificial Intelligence and Machine Learning. For example, if you browse a website looking for a product and later switch to viewing Facebook, you may see an ad for that product. The same applies for buying items on Amazon, if you click on an item, you will see recommended items which you can also view based on the product you are browsing or buying. Web3 is all about using information to deliver the personalized online experience tech giants like Facebook hope will become integral to their metaverse, but how does cryptocurrency fit in?

In addition to the above, Web3 is also about creating a decentralized internet. This means giving users access to decentralized applications, giving you more control over your data and more security. There is no intermediary involved when transacting using blockchain and this makes the entire network more efficient. We have seen the introduction of new browsers based on Web 3 and they perform differently to browsers like Chrome. Newer, Web3 based browsers block ads and don’t track their users, which is basically the opposite of what you’d find when using centralized browsers.

Web 3 and Cryptocurrency

Web3 is based on openness and transparency, which are the same values ​​that underpin cryptocurrencies. Web3 could easily work with cryptocurrency in the future but it has to take some work as the technology involved is complex. Eventually, thanks to Web3, cryptocurrency will be seen as more than an investment or a payment method. Bitcoin Casino is a good example of how cryptocurrency is being adopted in the online gambling sector and cryptocurrency can already be used to buy products online.

Permissions are another major factor in Web 3 and people can use it without having to gain access from the provider. All data will be stored on the network rather than on the server and any changes to the data will be recorded on the blockchain. This can prove to be an issue for those who need to remain anonymous and is somewhat isolated from the use of cryptocurrency. For example, those who prefer to gamble online but want to remain anonymous can use cryptocurrencies, which only show wallet addresses after a transaction. 100% privacy is not possible, but cryptocurrency transactions are more private than bank transfers and it will be interesting to see how Web3 will be affected by cryptocurrency in terms of privacy.