WEB 2 vs WEB 3
🔶web2 Era:
Refers to the version of the internet that emerged in the early 2000s
and also the current state of the internet, characterized by:
🔸Centralized platforms: Social media, e-commerce, and content platforms controlled by large corporations.
🔸User-generated content: Users create, share, and interact with content, but do not own or control the data they generate.
🔸 Advertising-based: Revenue primarily comes from advertising, leading to issues like privacy concerns and data exploitation.
🔶Web3
on the other hand, represents an emerging vision of the internet with these key differences:
🔸Decentralization: Built on blockchain technology, aiming for user control over data without intermediaries.
🔸Ownership: Users can own their data, identity, and digital assets through tokens or NFTs.
🔸Interoperability: Applications can interact with each other more seamlessly across different platforms.
🔸Security and Privacy: Enhanced by cryptography, reducing reliance on centralized data storage.
🔸Economic Models: Beyond ads, includes models like token economies where users might earn from their contributions.
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In essence, Web3 seeks to redistribute power from centralized entities to individual users, focusing on data sovereignty, privacy, and new economic models. However, it's still in early stages with challenges like scalability, user experience, and regulatory issues to overcome.
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