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.
This story is from the september 2024 edition of PCQuest.
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This story is from the september 2024 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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