What is Web3?
FAQ § 7/11/2022 Reading time: ~2 minutes
Web3 is the concept of a new, third generation of the Internet, decentralized and running on the blockchain and token economy. It is opposed to the World Wide Web Web2, which operates on the basis of centralized platforms for social interaction between users. How does Web3 work? Web 3.0 can be described by the formula read + write + own. When you use a platform like Facebook or Youtube, your data is collected, owned, and monetized by these companies. Data is not stored on corporate servers, but distributed on user devices (decentralized). In web3, your data is stored on your crypto wallet. On web3, your wallet is your identity, which isn't easily linked to your real identity. So while someone might be able to see the activity of someone's wallet, they won't know that it's your wallet. Like data ownership, privacy is built into your wallet. You'll engage with apps and communities on web3 through your wallet, and you'll take your data with you when you log off. Theoretically, since you own this data, you'll also be able to decide if you want to monetize it. Web3 will enable the creation of platforms that no one controls but that everyone can trust because of the underlying algorithms and protocols. This is proposed to be achieved with the help of advanced technologies such as blockchain, machine learning, big data and artificial intelligence. The fuel for the third generation Internet economy should be tokens and cryptocurrencies independent of traditional financial systems. Web3.js is a collection of libraries that allow you to interact with a local or remote Ethereum node using HTTP, IPC, or WebSocket. Web3.js allows you to develop websites or clients that interact with the blockchain. For example, it allows you to send ether from one account to another, read and write data from smart contracts, create smart contracts, and so much more. Web3.php is a PHP interface for connecting and interacting with the Ethereum blockchain. It is open-source, and can be used to get blockchain data and interact with deployed contracts. It has inbuilt support for eth, web3, net, and shh JSON RPC modules of Ethereum. Contact us and let’s start working together on your projects! https://crypton.studio