In a daily scenario, when we try posting a photo, video or any tweet on Twitter which violates the rules of it will be instantly deleted but why is it like that??
Before understanding this example let us try to understand what is Web 1.0?
Web 1.0:
Web 1 is a read only medium which allows us only to read through websites but not contribute any changes to the content.
What is the solution to it then??…
Web2:
The next evolution is web 2 which allows the users to read and even contribute the changes to content but what is the limitation here is explained in the below example.
Here comes the concept of Web 2 which is a third party managed system like we have seen in the case of Twitter in our previous example not only Twitter but the transactions made on PhonePe, Google Pay or any online applications are monitored by some or the other third party.
Now why did we take all these examples?? Let me explain from the reference of the examples everywhere we have seen a third-party but how to cut it down?
Now let us try to understand what is web 3.??
Web 3:
Web 3 is a pile of new concepts which co-operates with decentralization, blockchain technologies and token based economies. Now let us try to understand each of these terms with examples.
As we have seen in the previous scenario a Twitter post when violates the rules will be deleted because the content we post on Twitter is not owned by us but Web 3 will promise to create a ownership to our content.
Not only about the Twitter post also money transactions can be secured through blockchain technology.
But how through blockchain technology?
Blockchain technology is something which interlinks the group of organizations through a chain secured by a unique hash which cannot be stolen.
So when you want to make a transaction there is no need for a government organization to approve your transaction.
Blockchain technology enables the entity for the cryptocurrencies like BitCoin, Ether, and Tether.
Will look more about cryptocurrency in the next blog.