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What is Web3 and how Trustworthy is it?

Author: silvia.zhang Date: 2023-02-17 08:47:26

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The Internet has developed dramatically over the years. The evolution stage of the Internet is frequently divided into three parts: Web 1.0, Web 2.0 and Web 3.0. While the current version of the Internet (Web 2.0) can suffer from the exploitation and centralization of user data, Web 3.0 aims to achieve distributed ownership of valuable content according to individual requirements.

What is Web 2 and Web 3 – Is Web 3 the Future? 

So far the definition of Web 3 is not yet fully fixed because it’s still developing. To understand what Web3 is, let’s start with the features of Web1 and Web2. The earliest version of the Internet, Web 1 or Syntactic web, provided its users read-only content, while the current version of Internet, Web2 or social web, allows its users to read and write but at the expense of their personal information privacy. Web3 is a new idea for the next generation of the Internet in which power and control shifts from tech corporations to individuals.

Compared with Web1 and Web2, Web3 (or Semantic Web) puts a strong emphasis on the concept of decentralization. The key aim for Web3 communities is data ownership. Basically the idea of Web3 involves different emerging technologies such as blockchain, cryptocurrencies, NFTs and decentralized data centers. One thing that is frequently associated with Web3 is cryptocurrency, as well as blockchain technology, because the technology support behind Web3 concept is mainly blockchain-based.

How to Access and Invest in Web3?

The first step to access Web3 is to own a blockchain/crypto wallet and then to register an account on a crypto trading exchange such as Phemex. Now you can connect the wallet to Web3 Apps as well as to metaverse platforms. You may need to have specific cryptos in your wallet to engage with such dApps.

As mentioned above, cryptocurrencies are a fundamental part of Web3. If you would like to invest in Web3, it’s recommended that you purchase Web3 cryptocurrency coins such as Chainlink, Helium, Filecoin, Arweave, Audius, The Graph, Theta Network, Ethereum Name Service, Basic Attention Token, Livepeer and Storj. All these coins are available on the Phemex spot and contract markets.

Is Web3 Trustworthy? 

The key feature of Web3 is decentralization, which means the individuals have the power to own and even manage parts of the internet. As user data will no longer be controlled by intermediaries in Web3, giving users greater data privacy and protection. It also improves transparency because anyone can get access to review organizations’ data and information that are released on the blockchain. New blockchain technologies such as Soulbound Tokens can make sure that such kind of information is reliable and trustworthy.

With the growth of new technologies, Web3 will bring a more open-minded world because individual users can have interaction and communication with each other on the Internet without a third party. Of course, Web3 is still evolving and faces various challenges such as poor accessibility, high technical barriers and bad user experience. Web3 is not necessarily difficult, but it is different from what we’re used to. With time, Web3 will surely bring a brighter future for the Internet.


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