Investigating the Internetís Great Migration From WEB2 to WEB3
The creation of the web was over thirty years ago. It started with text and still photos. Web2 came next, and this resulted in the current Internet. Web3, which envisions smooth data flow via a decentralized network on which ownership and control are distributed, is now very close to launch.
Without middlemen or centralized platforms, peer-to-peer interactions are possible with Web3. It is based on the technology stack created around decentralized blockchains. Coins and cryptocurrencies serve as the cornerstone of Web3's economy and business models.
By 2022, Web3 is anticipated to be a significant participant and the market of choice for businesses from all sectors of the economy. It is built on the concepts of virtual reality, blockchain technology, and edge computing crypto NFTs. More businesses are attempting to incorporate their products into the new market, which has led to an increase in the adoption of web3 technology.
Recent Google search trends reveal a 33% spike in web3 interest over the past few months, which suggests that businesses are more eager to transition from the web2 sector to the web3 arena. Additionally, moving a Web2 application to Web3> signifies a change in decentralization strategy from one that is more focused on design to one that is more user-centric.
Web3: What is it?
In contrast to Web2, where the centralized platform providers enjoyed all the advantages, the main goal of Web3 is to provide an open, decentralized network that offers new capabilities and benefits both users and developers. The benefits of the Internet will be shared by all users without the need for a centralized organization thanks to the upcoming version of the Internet.
All people should be able to access it. Some of our users who engage in transactions and online interactions probably won't stay the same. For instance, the new paradigm will substitute peer-to-peer and peer-to-contract instead of peer-to-a middle-level organization. By granting them governance and voting powers, it enables consumers to influence the evolution of a certain product or piece of information.
The current monetization model for our data, content, and social interactions is user-controlled. In light of this idea, gratification or rewards, token economies, and incentive gaming are becoming more and more important for product managers, users, and creators.
Web3's decentralized structure allows users and developers to share ownership of the network, in contrast to web2's centralized management and control.
Everyone has access to web3 in the same way without needing a password.
Instead of depending on the outmoded infrastructure of banks and payment processors, native payments Web3 uses cryptocurrencies to pay and pay online.
Instead of relying on reliable outsiders, the trustless employ financial systems and incentive structures to work. Suffescom Solutions Inc. is a business with the capacity to establish a distinctive Web3 presence and collaborate with other businesses on Web3 Marketplace Development.
What is Web 2?
Web2 is the most recent version of the World Wide Web, sometimes known as "the read/write web," and it is compatible with the following features:
- User-created material
- Data transparency and integrations both
- It is merely a website and not a true network.
- Using API technology, software as a service (SaaS) is implemented
People can write comments, edit web pages, talk with other internet users, and chat with servers in real-time through this reframed web. Some of the technological developments that contributed to these radical changes include the following:
- Adobe Flash
- Microsoft Silverlight
The reasoning to take into account when switching from Web2 to Web3
The following factors must be taken into account while converting a web2 application to a web3 application:
Technique of storing data
Similar to how we utilize databases in the traditional stack, peer-to-peer solutions could be employed in web3 technological stacks. We use blockchain technology in web3, which replicates data among a number of nodes in a secure, decentralized network. The database and blockchain technology are not the same. It can hold some data, but the majority of it is transactional metadata. Web3 applications differ from Web2 applications in that they make use of different data structures. Applications for the Web 3 make advantage of the user-centric approach to store data. Users can access the data that programs store in a distributed network using this architecture. Applications can also read data from the client side of the data and send queries to it. Unlike web2 apps, which are application-specific and maintain all of the data associated with the application on a single server, this one is different.
Therefore, only by utilizing a few essential components can web3 data applications be developed:
- Uncentralized network for quick data availability and flexibility.
- Model-based protocol for data storage that is identity-based.
- Clients used to execute operations on users' stores while they are running.
- data movement from web2 to web3
- It is necessary to switch from a straightforward technique of data storage to a decentralized (Blockchain-based) way of data storage.
- On web3, users are always responsible for data ownership, as opposed to centralized data storage, where users' personal information is used for financial advantage.
- Data protection and security are maintained since they cannot be changed or removed.
- To transmit or receive data, you must use blockchain-based smart contracts rather than using API or network calls.
Migration of wallet and payments
Users must migrate from a standard payment gateway to a crypto wallet during the web2 to web3 migration since web3 uses decentralized currency. Numerous blockchain-based cryptocurrency applications, such as Decentralized Financial (Defi), gambling, and non-fungible tokens, are accessible through Web3 wallets. The programs can be accessed using a desktop browser. In this case, the majority of operations take place in the background, and users will be made aware of any sharing activities by the browser. One well-known choice is Metamask, which is among the most well-liked web3 wallets.
According to their needs, users can also use the wallets and APIs of third-party wallets. Web3 transactions use cryptocurrency, hence the application's buy and sell flow will be different from web2's. In web2, buying and selling transactions are supervised by a central authority, such as banks. The transaction is carried out in a distributed manner in web3, nevertheless. Users must retrieve this data from the Blockchain in order to view the list of transactions or the history of transactions.
What comes after Web3?
It is evident that the future of Web3 is more than just a pipe dream because to the countless applications in the real world that use blockchain technology, particularly for Ethereum. Unfortunately, Web3's promise has not yet been completely tapped by the Internet, the world economy, or governments. However, the paradigm change for Web3 is advancing in 2019. The idea of Web3 as a true competitor to Web2 is starting to materialize as significant progress is being made in resolving the technical difficulties listed above utilizing creative solutions.
Suzanne Dieze is a technical content writer and preferably writing technology-based blogs and articles. I have a few published pieces under Mobile Based Applications, and Data science consists of proven techniques, future cost, and benefits.
16 Nov 2022, Wednesday 63 Electronics
16 Nov 2022, Wednesday 35 Business
16 Nov 2022, Wednesday 43 Home & Decor
16 Nov 2022, Wednesday 57 Education