Web3 Explained Like I'm 5: The Future of the Internet?

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Hey there! Welcome back! Have you ever heard of Web3 or are you yet to know what it means? Either way, grab a coffee and join me on this journey where I'll explain the concepts of Web3 to you as if you're 5 years old. I'll also explain how it differs from Web2 so you can get a perfect overview.

Now, let's dive into Web3! Web3 is the next generation of the internet. It's a new and improved version that makes the internet more decentralized and gives more power to the users. In Web3, users have more control over their personal data and can interact with decentralized applications (dApps) without the need for a middleman.

To understand this better, let's take an example of a popular Web2 application - Facebook. When you post a picture on Facebook, it becomes Facebook's property, and they have the power to use it as they please. In contrast, in Web3, if you post a picture on a decentralized platform like IPFS, you own the picture, and you have complete control over how it's used. By the way, InterPlanetary File System (IPFS) is a protocol, hypermedia and file sharing peer-to-peer network for storing and sharing data in a distributed file system. One of the biggest benefits of IPFS is its ability to promote data accessibility unlike a centralized model, where data is stored on a single server or set of servers, making it vulnerable to outages, censorship, and other forms of disruption.

Going forward, Web3 also uses blockchain technology, which is a secure and transparent ledger that records all transactions. This makes Web3 more secure and less susceptible to hacks and data breaches.

Let me highlight some examples to make the concept simpler. In Web3, imagine you have a photo of your favorite pet, and you want to share it with your friends. Instead of posting it on a centralized platform like Facebook or Instagram, you can upload it to a decentralized platform like IPFS. In this way, you own the photo, and you have complete control over it. You can choose who has access to the photo, and you can even get paid for sharing it with others.

Now begin to see it in this view. In Web2, when you use a service like Uber, you have to pay a fee to the company for connecting you with the driver. But in Web3, you can use a decentralized platform like Gnosis Safe, where you can make peer-to-peer transactions without the need for a middleman. This reduces the fees and makes it more affordable for both the users and the service providers.

I trust you are learning, great, let's continue! Another example of Web3 is Uniswap, which is a decentralized exchange platform that allows users to trade cryptocurrencies without the need for a central authority. In Web2, when you use a centralized exchange like Coinbase, you have to trust the company with your personal information and funds. But in Web3, you can trade cryptocurrencies without the need for a middleman, and you have complete control over your assets.

In summary, Web3 is the future of the internet that puts more power in the hand of the users. It users have more control over their personal data and can interact with decentralized applications without the need for a middleman. It is different from Web2 in that it's more decentralized, more secure, and uses blockchain technology. With Web3, users can take ownership of their data and use it to their advantage, whether that's through sharing photos of their pets, making transactions without fees, or trading cryptocurrencies without the need for a middleman.

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