There have been some recent rumors that 2023 is finally the year that we will see Web3 go mainstream. This is an exciting idea for people who are familiar with Web3 and the power and freedom it will provide to the average user.
Let’s take a closer look at Web3 and whether we can expect it to go mainstream this year.
What exactly is Web3?
Web3 is essentially a decentralized version of the internet. It will be more secure, faster and cheaper than its current incarnation. Web3 will also be immune to censorship attempts by governments or large corporations — if your content does not fit their ideology, it won’t disappear just because they say so.
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How Web3 works
Web3 is built on the Ethereum blockchain, which means that all its data is stored there, and all interactions with the internet are done through a decentralized network. This means that no one can control your information or block access to websites and services. Web3 also allows users to interact with each other directly without any middlemen, which makes it more secure than traditional methods of communication.
Some examples of Web3 applications include IPFS, a peer-to-peer content sharing system; MetaMask, an Ethereum wallet browser extension; and Etherscan, a blockchain explorer.
For this technology to work properly, it needs a lot of computing power and storage space. This is why most companies using this technology are using blockchain technology instead of regular databases: it provides them with an immutable record of transactions that cannot be hacked or tampered with by anyone except those who have access to private keys associated with accounts involved in those transactions.
To break it down further, the Web3 stack is made up of four layers:
Layer 1 – Blockchains such as Ethereum
Layer 2 – Infrastructure, including interoperable projects used to build Web3 apps
Layer 3 – Use cases, including gaming such as Axie Infinity, financial services like Uniswap, content and NFTs
Layer 4 – Access to Web3 provided through wallets and aggregators such as MetaMask and Zapper
This basically provides a secure ecosystem where privacy is the standard and ownership of content is legitimate.
Web3 versus traditional internet
Web3 will be faster and cheaper than the current internet. This is because it will use peer-to-peer technology and a decentralized network, which makes it much more efficient than current systems.
Web3 will be censorship resistant since it is a decentralized and peer-to-peer web. This means that there are no centralized servers, so it’s difficult to censor or control the content on Web3.
The Ethereum blockchain is just one example of a Web3 technology that has been built with censorship resistance in mind. Others will follow.
Web3 will be competitive with Facebook, Twitter, Google and YouTube. It will provide a seamless experience across all your devices. It will also be able to run smoothly on both low-bandwidth and high-bandwidth connections.
So, when is Web3 going to be available to the general public?
There is no official launch date for Web3. In fact, Web3 already exists and can be used in a variety of ways, such as NFTs. Web3 will continue to develop and slowly creep into the lives of the general public bit by bit.
As blockchain technology becomes increasingly commonplace, new apps and functionality will be decentralized and will join the Web3 ecosystem, which is currently growing quickly.
As for when platforms such as social media, video sharing apps and entertainment apps will become decentralized and join the fight for Web3 and its benefits, time will only tell. The wheels are in motion, and we can expect it to happen relatively soon, but it may take years rather than months for it to reach that point.
Conclusion
If you are expecting this technology to go mainstream in 2023 then it’s not a far-fetched idea at all. All it should take is more support from the general public, an increased understanding of how it works and for the technologies that drive Web3 to continue to progress.
We’re closer to Web3 being mainstream than many people might realize, so look out for further advancements of Web3 tech in 2023 and hopefully it will be enough to break into the mainstream by the end of the year.
