In Web 2.0, all data is maintained on a single server. Cyberattacks on these servers frequently result in data leaks and manipulation.
Instead, Web 3.0 uses the blockchain to run the web as a decentralized organization. Here to accomplish the decentralized web all data is stored in user-owned devices. Also, all cryptocurrency or NFT transactions are announced publicly to all web users.
In Web3 for any transaction to be valid, all users need to authenticate and approve the transaction. All approved transaction details are stored in a newly created block, which has hashed values of the previous block.
If a user wants to track the way previous transactions they have easily look up the address of the block. The hashed values of the previous block let the user access the entire transaction history.
Cyberattacks cannot manipulate the data here as they will need to change the data on all the blocks of the blockchain.
Web3 also eliminates the need for the central authority in the transaction by using the concept of smart contracts. Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met.
Smart contracts are written usually in Solidity programming language and when the conditions of the transaction are satisfied the smart contract self-executes.
Web3 is used in well-known blockchain platforms like Ethereum, Solana, and Hyperlexdger Fabric to support decentralized web and dApps.
Content creators can mint their images, videos, or blogs into NFTs.These NFTs are stored on the blockchain and Web 3.0 can be used to track and communicate with the address where the NFT collections are stored.
The concept of NFT gated content locks the website data behind an NFT portal. Those visitors who want to access the restricted or locked content need to have the specified NFT collection in their crypto wallet to access.
NFT details such as NFT name, ID, and address can be displayed using Web3.These details are helpful in blockchain-based Decentralized Finance and Supply Chain Management where data tracking and retrieval are essential.
Users can code smart contracts using the Solidity programming language. Smart contracts are written for NFTs or crypto and trigger when specified conditions of the transactions are met. Web3 is used to verify and communicate with these conditions.
The entire data of the supply chain can be stored on the blockchain. Users can keep track of data such as the origin of the product, storage, and product certifications.Web3 is used for the retrieval and display of the data from the blockchain.
Users can store data over the decentralized web using a blockchain registry. Data such as content, images, and videos can be minted and stored in the registry. For managing and retrieval of this data, Web3 is the most flawless technology.
Web operates ideally with both hot wallets like MetaMask, Edge, Coinbase, Electrum, and Exodus and also cold wallets like Ledger Nano S, Ledger Nano X, Trezor, and Ellipal Titan.
In the blockchain, all data is distributed across the world wide web. There is no single server or central authority and hence if a few user devices fail, the transactions are not affected.
The data is not stored in one server but instead stored on devices owned by users who are distributed over the world wide web. This eliminates the charges paid to the central authority.
Web3 is compatible with CMS like WordPress, Shopify, DNN, and Laravel and works flawlessly. It provides a medium of communication for these systems, allows login, and above all provides effective security.
Web 3.0 decentralizes the world wide web by maintaining multiple users in a decentralized manner and any change should be approved by all the users. This gives flawless security against hackers.
The concept of a token gated community has many applications in different domains. A large number of dApps are developed using Web3 technology.PancakeSwap is one such famous dApps.