As the internet continues to evolve, the shift from Web2 to Web3 is emerging as one of the most transformative developments in the digital landscape. In a recent conversation with Himanshu Maradiya, Founder and Chairman, CIFDAQ, he highlighted how Web3, the third generation of the internet, represents a fundamental departure from the centralized structures that have defined the Web2 era.
▾ Understanding Web3
Web3 is not just an incremental upgrade to the internet we know today; it’s a radical evolution that reimagines the entire online ecosystem. At its core, Web3 is built on decentralized technologies that aim to create a more secure, transparent, and user-centric environment.
• Blockchain: The cornerstone of Web3 is blockchain technology—a distributed ledger system that records transactions across multiple computers in a secure, transparent, and immutable manner. Unlike traditional databases, where data is stored on centralized servers, blockchain ensures that data is distributed across a network of nodes. Each block in the chain contains a list of transactions, and once added, it cannot be altered. This immutability enhances security by preventing tampering and fraud, while transparency is maintained as all transactions are publicly accessible.
• Decentralization: In contrast to the centralized control characteristic of Web2, where major corporations like Google, Facebook, and Amazon wield significant power, Web3 advocates for decentralization. This means that control and decision-making are distributed across a network rather than being concentrated in a single entity. By reducing reliance on central authorities, Web3 mitigates risks related to censorship, enhances security, and empowers users by giving them control over their data and digital identities.
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