Approximately $27.5 billion is invested in the Web3 market. More digital networks are joining this next revolution of finance and the internet for many reasons. You’ll understand why when you learn it is different from Web2.
If you want to be a step ahead in the cryptocurrency and financial world then you need to know how about Web3 apps.
Find out the four main differences between the old vs. the new web.
1. Personal Data Security
When it comes to web2 vs web3 apps the main difference is its privacy policy. Traditional internet collects your data for large corporations to use in their marketing efforts. Web3 doesn’t collect your data or your personal information.
In addition, data is stored on these large company servers in Web2. On a Web3 app or website, data is processed on the blockchain, a network of individual servers with no central location.
Users on Web3 own their data. They can see it, move it, and delete it on any of the Web3 applications.
2. Centralization
Since Web3 uses blockchain technology, it is a decentralized network. This means that, unlike Web2, information is not controlled by one authority.
Companies like Google control their browser through censorship of information. Decisions are made by these companies too. However, Web3 mobile apps and websites have no central authority; decisions are autonomous and community-driven.
Find out more about the difference between web2 vs web3 apps by seeing it in action.
3. Cryptocurrency-Based
If you ask someone “what is web3?”, the usual response will be a cryptocurrency-based internet.
The internet that most people use to access data runs on fiat currency to monetize and sell products and services. Cryptocurrency uses digital currencies like Ethereum tokens.
Tokens allow users to not only pay in various currencies but also allows them to make a profit by being a part of the network it uses.
4. Accessibility
Web3 mobile app development is still in its infancy, which makes accessibility difficult because it is still unknown to the majority of the population.
Also, because of its decentralized nature, Web3 is less accessible to man users. Networks are difficult to connect unless they are on the same blockchain or use the same token. An internet connection can also be slower than Web2 because it is many small companies, not one corporation operating it.
One of the best benefits of web3 apps is that anyone can use it once they know how. And, unlike Web2, access is never denied. Plus, since servers are separate, they can’t go down at once. This also makes hacking Web3 difficult as well.
Web3 Apps are the Future of Digital Technology
The potential of Web3 apps, beyond the comparison of Web2, makes it an innovation for practical use. It’s applicable to banking transitions, supply chain operations, and eCommerce sales.
Web3 technology can even be applied to its counterpart’s infrastructure to make it more secure and user-controlled.
For more big ideas in cryptocurrency check out our Technology section.
