Web3.0 Explained: Why is it important?

Web3 definition refers to 3rd generation Internet technology, a generation of applications with the ability to process information like humans. To do that is thanks to the combination of artificial intelligence, machine learning, and the Semantic Web.

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What is Web3?

Web3 or Web 3.0 are terms used to refer to a new Internet technology considered the third-generation. This term was first introduced and widely known in 2014 by Gavin Wood, co-founder of Ethereum, thereby paving the way for a new era of technology.

Accordingly, Web3 has been built and developed to achieve the ability to process and control information similar to humans. To achieve the impressive things mentioned above, Web3 used and combined artificial intelligence, machine learning, and semantic Web.

From the moment it was announced until now, Web3 has been seen as the best solution for cryptocurrency users to not have to put too much trust in private companies hoping to act in their interests. of the community.

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Does Web3 have any outstanding features?

The special outstanding features of Web3 that can be mentioned include:

• Decentralized: No one organization or individual controls the entire system, but ownership is equally divided between users and builders.
• Permissionless: Web3 allows everyone to participate without having to ask permission from a third party and no one can be excluded.
• Native Payment: Web3 integrates private payment systems that use cryptocurrencies as a means of payment without using a bank’s payment infrastructure.
• Trustless: Web3 eliminates the need to trust a third party to conduct transactions by using incentives and economic mechanisms.
• AI and Machine Learning: Web3 integrates artificial intelligence and machine learning into applications, allowing them to automatically learn and improve over time to achieve human-like processing capabilities.
• Connectivity: Web3 creates a connection environment between applications, data, and users, allowing expansion and connectivity to become easier and more efficient.

In addition, you can refer to some other related knowledge about web3 such as: Smart Contract, GameFi, DAO, DApps, DeFi, and Data Ownership Protocol.

Advantages and disadvantages of Web3

Advantages

• Without the need for intermediaries, transactions, and data will be exchanged directly between parties without being controlled by any third party.
• The user’s data will be controlled by the user, so an attack must attack the entire blockchain network, helping to significantly prevent personal data information from being violated.
• Allows users full ownership of the assets and products they create or own, without any individual or third-party organization having the right to take it away.
• Services on Web3 do not have a fixed server, so they can always operate whenever users want to use them.
• Web3 owns its payment system in cryptocurrency, so there is no need for other third parties such as banks to process transactions.

Disadvantages

• Highly dependent on centralized infrastructure and is gradually being overcome day by day.
• Not friendly to new users, and requires a certain understanding of blockchain technology to use.
• Web3 owns a huge amount of data traffic and is getting bigger because data exists on the blockchain forever, which makes the total blockchain capacity increasingly heavier.

Why is Web3 important?

With what we have learned so far, you probably know why Web3 is so important, if not, let us summarize for you:

• Bringing freedom of ownership and freedom of transactions to the cryptocurrency user community without having to rely on any other third-party organization.
• Control is shared equally among all users in the community and no one person or any organization can hold it completely.
• Significantly improve safety and transparency, two core and especially important factors in cryptocurrency trading.
• Build a new economic system with cryptocurrency used as a payment method, thereby promoting user contributions and engagement.
• Integrating virtual reality and artificial intelligence brings more modern and new experiences to users.

Conclusion

So together we have come to the end of all the content related to the Web3 definition. Hope you enjoy this content. If you have any other questions, don’t hesitate to contact AZcoin.