Understanding social media is crucial to grasping not just Web2 but also a substantial number of Web3 opportunities.

At present, everyone is aware of several issues associated with Web 2.0 social media. Due to data breaches, such as the one that impacted 533 million Facebook users in 106 countries, large volumes of personally identifiable information have been made public. Control of the material, or lack thereof, is another of this method’s shortcomings. To create an Instagram account, content producers must allow Instagram permission to “use, distribute, change, run, replicate, publicly perform or display, translate, and create derivative works” of their original works. The automated curating of the platform feeds into a rise in polarisation and bias. However, the new social media platform Web3 is meant to address all user issues with Web2 platforms. Understanding social media is crucial to grasping not just Web2 but also a substantial number of Web3 opportunities. Social media is based on the idea that you join a website to see content created by other users, yet those individuals earn no pay for their work. The reward is instead awarded to the website responsible for making the material searchable. The Web 3.0 trend is now gaining traction in the digital realm. Its growing popularity is precisely proportionate to that of blockchain, which is proportional to the security technology’s broad adoption and application.

Alot of you might have been thinking on what exact advantage does #web3 social media have over web2. The info graphics below highlights major features the web3 media has over the web2. #Solcial a decentralized web3 social network has those features in it as well. pic.twitter.com/tUzoP0zCJr

— BOMB💣 (@promise_dele) August 16, 2022

Web2 (2006-present)

The moment has come to transition to the next generation of the Internet, which is now widely used worldwide. Web 2.0 has radically impacted the Internet and its associated industries. The user-friendly interface of this web-based version makes it possible for users to collect, generate, and distribute enormous amounts of data with the click of a mouse. Hundreds of brand-new apps are introduced daily to the mobile device’s app store. In addition, current smartphones are equipped with built-in cameras capable of creating images that the majority of real cameras accessible on the Internet 1 were unable to imagine a few years ago. One of the fascinating aspects of Web 2.0 is the opportunity for anyone to create content and distribute it across global networks. Web 2.0 platforms include Instagram and Facebook and applications for video streaming, blog publishing, podcasts, and social bookmarking. Social bookmarking is an example of a Web 2.0 platform. Additionally, this age is well-known for the ease with which one may share audio and video clips.

Web3

As a consequence of centralization, billions of people have been able to join the World Wide Web, and its supporting infrastructure has grown more stable and secure. Simultaneously, a few centralized firms have a grip over significant areas of the World Wide Web and decide on their own what should and should not be authorized. Web3 is the answer to this problem. Web3 encourages decentralization and is developed, operated, and owned by its users, as opposed to the old Web paradigm, in which large technical corporations dominate. Web3 gives individuals, as opposed to businesses, ownership over their information.

The five most important new Web3 innovations

1. BAAS: BAAS, which stands for “Brands as a Service,” is a novel blockchain technology breakthrough. Customers may collaborate with the blockchain to make digital items using this cloud-based solution. Because it is a regulated industry, organizations and people must first have access to banks to use the many financial services available.

2. Flux is the trustless data layer for web3, as suggested by its name. Flux is a cross-chain oracle that provides intelligent contracts with economically and cryptographically secure access to data feeds about anything. One can construct Web 3.0 applications using Flux and work on decentralized projects.

3. The Semantic Web:The term “Semantic Web” refers to the W3C’s vision for the future of the World Wide Web, including linked data. The ideas underlying the World Wide Web are used in the Semantic Web. However, they are applied to data instead of documents, as a data web would.

4. NFTs will drive the progression toward Web 3.0: Non-fungible tokens, also known as digital collectables that can be purchased and traded using cryptocurrencies, will be the driving force behind the Web3 movement. In addition, it will provide the foundation for artists to communicate with their users in a manner never imaginable.

5. Low-code application building software is software used for developing apps utilizing low-code development. Low-code development is a visual drag-and-drop approach for building software that enables firms to build applications far faster and with less hand-coding. As Web 3.0 has been deployed, the practice of removing low-code or no-code app development has become widespread.