What exactly has Web3 changed? Check out these 7 disruptive concepts

To be successful in the future, you must learn web3 now.

First, these 7 world-changing Web 3 concepts can get you started quickly:

1. WEB3 – A new version of the Internet that is rapidly emerging on blockchain computer networks such as Ethereum

Web3 changed the internet and created a better place for humanity.

In the early 1990s, web1 brought HTML and URLs. It allows users to navigate between pages, but the content is static.

Web1 is just a read-only version of the web.

In the early 2000s, web2 brought the ability to interact. Platforms like Google, YouTube, Facebook and Twitter allow us to watch, search and share content.

But when we create content, it all “belongs” to those platforms.

Web2 is the read-write version of the web.

But the tech giants that dominate web2 have made a fortune by tracking and monetizing user data.

The combined annual revenue of Alphabet (Google), Amazon, Apple, Facebook and Microsoft will be around $1.2 trillion by 2021.

What exactly has Web3 changed? Check out these 7 disruptive concepts

In the 2020s, web3 is bringing digital ownership to users.

Now you can own digital assets, control your content and data, and more.

Web3 is the read + write + own version of the web.

2. Digital Ownership – You can create or buy a digital asset and have full control over it

You own digital title and can execute transactions or move your assets. Any value belongs to you.

Digital ownership is possible thanks to non-fungible tokens (NFTs).

Ownership, scarcity and uniqueness are difficult to establish online. The advent of NFTs allowed online assets to have verifiable scarcity and unmanipulated ownership.

They bring elements that give value to physical assets into the digital realm.

With digital ownership, you:

• Own your online identity and social media content

• Can be transferred from one online platform to another

• Own your online personal, medical data and browsing history

• Can participate in and benefit from the Internet economy.

Here’s a more in-depth look at the ownership possibilities tokens bring to the internet and your digital life: https://future.com/tokens-are-a-new-digital-primitive/

3. Trustless – a system that does not require the people involved to trust each other to execute transactions

The system creates the required trust.

A trustless system eliminates the need for participants to know or trust each other in order for the system to work.

No intermediaries (such as banks or exchanges) are needed to ensure results. Computer code is responsible for performing tasks.

Blockchain technology uses smart contracts to facilitate trustless interactions between users.

It allows strangers from all over the world to do business without a middleman.

Smart contracts execute transactions for them. Users trust the code and remove the middleman.

Trustless systems have transformed business, finance and even voting systems.

What exactly has Web3 changed? Check out these 7 disruptive concepts

In this video, @alive_eth delves into the meaning, history and future of trust, and how it affects the world.

Encryption – the future of trust

https://www.youtube.com/watch?v=G0rZcpfF5dU

4. Permissionless – a system that allows anyone to participate without approval from a central authority

Public blockchains like Bitcoin, Ethereum, and Solana are permissionless.

It is an open network where anyone can participate in the consensus process used to verify transactions.

The main characteristics of a permissionless system are:

• Complete transparency

• Open source

• Anonymous

• Lack of central authority

Web3 is built to be permissionless.

Everyone can have an equal opportunity to participate, and no one is left out.

It’s a paradigm shift that enables billions of people to:

• Participate in the economy

• Develop new applications

• Expand creative opportunities

• Build a better world.

What “permissionless” means and why it matters for DeFi from @DefiantNews: https://www.youtube.com/watch?v=7cHzZ-oB-34

5. Zero-Knowledge (ZK) techniques – a method of proving knowledge of a particular set of information without actually revealing what that information is

This is an authentication system without any sensitive data exchange.

Zero-knowledge technology is a powerful way to protect and maintain your online security and privacy in web3.

Assuming you need to be a certain age to sign up for the service, with ZK you can provide proof of your age without sharing your private information.

ZK is another web3 component that will change the way we live.

It will allow anyone to conduct completely private transactions on their phone and then settle on a trustless blockchain.

This video shows how ZK implements privacy-preserving use cases: https://www.youtube.com/watch?v=7VmI8fRYHMQ

6. Decentralization – moving oversight and decision-making from a centralized organization (individual, company, or group of people) to a decentralized network

Decentralization is fundamental to all aspects of blockchain technology and the web3 movement.

Blockchains are politically decentralized (no one controls them)

Decentralized architecture (no infrastructure central point)

But it is logically centralized (a state of general agreement that the system is like a computer). @VitalikButerin

https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274

The decentralized web empowers entrepreneurs, creators and developers by providing a level playing field.

They are a better way to build the internet.

More on why decentralization matters: via @cdixon

https://onezero.medium.com/why-decentralization-matters-5e3f79f7638e‌

7. Composability – the ability to reconfigure the components of a system into larger structures and the output of one system to become the input of another system

In web3, composability leads to more choices and a better user experience.

Anyone can take an existing idea and make it easier to use or adapt to a new use case.

In software, composability is an exponential force.

Developers can bootstrap their own projects without building from scratch.

Non-encrypted services can access the open ecosystem.

NFTs can be used as collateral.

Composability changes the world! More from @ljxie

https://future.com/how-composability-unlocks-crypto-and-everything-else‌

Summarize

The above introduces 7 web3 concepts that are changing the world, namely:

1. Web3

2. Digital Ownership

3. No trust

4. No permission required

5. Zero-knowledge technology

6. Decentralization

7. Composability

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-exactly-has-web3-changed-check-out-these-7-disruptive-concepts/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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