HODL Tight: What’s Next in the Wild World of Web3?
In recent years, discussing a decentralized future has always included Web3. Web3 solutions are decentralizing the internet.
Social media transformed how we communicate. Web3 provides more immersive communication. Our digital avatars can trade Non-Fungible Assets (NFTs) to go to concerts or the mall and possess goods.
As new trends emerge as the internet becomes more accessible, worldwide firms are going digital. This blog discusses Web3’s future and how Web3 can make it part of our digital lives.
What Does HODL Stand For?
The word HODL comes from the misspelling of hold when talking about buying Bitcoin and other cryptocurrencies and keeping them. It also means holding on for dear life to crypto buyers. The phrase comes from a 2013 post on the Bitcointalk website, where the typo was found. In April 2013, the price of Bitcoin was just over $130. By the beginning of December 2013, it had gone up to over $950, which was a big jump. They were “hodling” and shouldn’t sell.What Is Web3.0?
Web3 is the third-generation internet being constructed currently. AI, ML, Big Data, DLT, and other technologies will help it process information like a person. The concept of Web3 is still ambiguous. Based on the Web2 to Web3 transition time, it could take 5–10 years to create. We may initially witness a long Web2.5 phase where Web2 systems slowly adopt useful Web3 protocols. To ensure decentralization, many experts believe blockchain-powered apps will be crucial. To create a semantic web, AI and ML will automate and grow it. Web3 was originally termed the Semantic Web by Tim Berners-Lee. It wanted a smarter, more open, self-sufficient internet. Data will be openly connected, extending Web3. This is a major improvement over Web 2.0, when data was largely stored centrally and could be modified or hacked.Web3 Cryptos
New monetary assets called Web3 cryptos will assist in developing Web3’s decentralized internet. These digital currencies are the main assets of blockchain-driven Web3 projects. These initiatives give online users sovereignty over their private data and let them transact commerce without Web2 middlemen using smart contract technology. Web3 cryptos reward network users who run, protect, and expand their chains.What do Web3 keys do?
Web3 is a decentralized Internet. Web3 blockchain-based apps offer services and rewards using cryptocurrencies. Helium and Deeper Network administer network infrastructure, Arweave and Filecoin store data, Theta and Render share video and graphics processing capacity, The Graph indexes data, Steem handles social media, and more.Web3 Applications
All Web3 apps must be able to process large amounts of data and present it to users. These apps are still in development, so they could improve and differ from Web3 apps in the future. Apple, Amazon, and Google are all producing or converting products into Internet 3.0 apps. Web3 programs include Siri, Wolfram Alpha, and Brave Browser.Wolfram Alpha
When asked a question, Wolfram Alpha lists websites, unlike search engines. Answers your question directly using computation. Search Wolfram Alpha and Google for “england vs. brazil” to compare real-life results. Google provides World Cup results even if you didn’t mention “football” because it’s the most prevalent search phrase. Alpha compares the two countries thoroughly. This distinguishes Web 2.0 from Web 3.0. Wolfram Alpha is exploring crypto. It announced in May 2021 that it would establish a unified interface for all decentralized services utilizing Filecoin and IPFS.Brave Browser
Chrome and other web 2 browsers are popular. Many custom extensions add features. These addons work with crypto wallet apps like MetaMask, Phantom, and others. Bad people can simply develop phony versions of these apps, employ scams to get people to download them, and then deceive them into giving hackers or fraudsters access to their wallets or sending crypto to their address. Opera’s Brave Browser and Brave Browser help here. Brave gives people more control over their data, privacy, and interests, such as adverts, via its Basic Attention Token (BAT). Brave’s built-in VPN and firewall are cool privacy and security features. These are block hackers, fingerprinting, and phishing. Brave offers a built-in cryptocurrency bank that protects users without third-party apps.What Distinguishes Web3 from Previous Versions?
However, Web3 leverages blockchain. This makes it clearer and safer. The primary differences are:- Ownership: Users own their data, but user-generated content on Web2 sites is used to make money.
- Security: Data breaches and cyberattacks are less likely to happen with blockchain technology.
- Decentralization: Instead of running on centralized systems, apps run on spread-out networks, which gives users more control.
