WEB 2

Web2 is the version of the internet that the majority of us are familiar with and use today. Web2 is interactive and "read-write." The internet became more useful under Web2 because it was dynamic, allowing users to consume, interact with, and produce material on the internet.

Along the way, the four behemoths we know today as Apple, Amazon, Facebook, and Google grew to dominate the internet. Web2 also saw a surge in smartphone usage, with these businesses' mobile apps and devices accounting for the majority of internet usage. While this meant that more individuals could use the internet, it also meant that the internet was becoming more controlled by the major digital platforms.

What exactly is the issue here? In today's centralized internet, Apple can take a 30% cut on all paid app downloads and in-app sales, Twitter and Facebook can deplatform the President, and the average user has less privacy, security, and control over their online data than ever before.

We also witness a lot of data breaches all over the web2, resulting in less security and privacy for one's personal information. When a user's data is compromised, they are more likely to become victims of identity theft, personal attacks, and other crimes.

WEB3

Web3, the next generation of the internet, is a decentralized network. Instead of being owned by centralized entities, the internet is shared online and governed by the collective "we" under Web3. The Web3 universe is built on the foundation of open-source technologies. Web3 is about rethinking online services and products so that people, not businesses, profit.

Web3 improves on the current web by making it more decentralized, distributed, open, trustless, and permissionless.

• It is being created in such a way that everything is decentralized and distributed, with no central authority having control over the system.

• 'Open' in the sense that it would be open-source software created by an open and accessible community of developers and implemented in broad daylight.

• 'Trustless’ in that the network itself allows participants to interact publicly or privately without a trusted third party.

• 'Permissionless' means that anyone, both users and suppliers, can participate without authorisation from a governing body.

CHALLENGES IN WEB 2

More than half of the world’s population, approximately 60%, uses the internet. But the internet of today is broken. It is dominated by companies that provide services in exchange for personal data. It also provides P2P interactions globally, but with a middleman. It acts as a trusted intermediary between two people who do not know or trust each other. It also dictates all the rules of the transactions and controls all the data of their users. Also, the current internet (Web 2.0) has a client-server-based data infrastructure and centralized data management that has several unique points of failure.

CHALLENGES IN WEB3

Transactions are slower on Web3 because they're decentralized. Changes to state, like payments, need to be processed by a miner and propagated throughout the network. Secondly the lack of integration in modern web browsers makes Web3 less accessible to most users.

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