Is Web3 Really Decentralized?
What is Web 3.0? The best way to define Web 3.0 is to call it a “decentralized web” hosted on the blockchain which supports decentralized applications (DApps), decentralized finance (Defi), and cryptocurrencies, assets, and tokens. It is different from Web 2.0. in the sense it offers more privacy and self-governing capabilities. Users of decentralized Web 3.0 won’t necessarily need any permissions to access the internet, and the internet will be widely distributed.
How is Web3 decentralized?
If you are wondering whether Web3 is truly decentralized or not, this explanation may help you understand the concept better: Unlike Web 2.0 which is centrally controlled, Web 3.0 is run on blockchains, which are distributed networks of peer-to-peer nodes (servers) that are administered by peers who have access to the networks via private and public keys, irrespective of their locations around the globe. Blockchain guarantees security and trust among the peers, eliminating any need for third-party (or central) authorities such as major search engines and social media platforms.
Who is behind Web 3?
Apart from the fact that the term “Web 3.0” was credited to Gavin Wood, the co-founder of Ethereum, for being the first person to use the term, no single entity or organization can lay claim to Web3 ownership. The Web 3 decentralized internet is managed as an open-sourced, public system. It is then the responsibility of the peers on that blockchain to design consensus-driven protocols (a set of rules and guidelines) for creating blocks or layers of databases that contain verified and reliable data.
What is Web 3 Ethereum?
Having understood that blockchain such as Ethereum is open-source, public, and widely distributed, Web 3 Ethereum is the internet run on Ethereum blockchain—which can be considered as a computing platform and operating system that allows users anywhere to do everything they can do on the current internet. On Web 3 Ethereum, you can initiate a smart contract, develop your own decentralized applications, pay for services, enjoy some entertainment activities like playing games or watching movies, and conduct business transactions with peers all over the world without being centrally controlled by any governmental organizations or agencies.
Why Web 3 matters?
The primary difference between Web 3 and the other forms of the internet before it (namely Web 1.0 and Web 2.0) is that Web 3 decentralized internet is wholly owned by the users and builders. They can decide which protocols to adopt in design apps and other software on their particular blockchain. In addition to this significant fact, Web 3 supports plenty of innovations as users are not deterred by any restrictions mandated by some central authorities. It is fair to say that centralization kills creativity, and that is exactly what Web 3 is here to eliminate.
Finally, is Web 3 decentralized? Of course, it is! All the facts presented above are meant to put to rest all the arguments which are flying around that Web3 is not decentralized. The Web 3 internet comes with dependable features that will increase users’ excitement and participation in the years to come.