In recent times, the word- Web3 has become quite popular across the globe. There are so many descriptions of what exactly Web3 is and its efficacy in the current generation and the next.

The world of Web3 proposes the next generation of the internet. But what exactly is it? How can it change the status quo of things?

To get a little understanding of the Web3 wonder; picture a world where you are fully in control of your data, a world where you can completely interact with the internet, as well as utilize innovative applications and services. It entails a decentralized and open-source network that is solely built on the blockchain network.

Unlike the Web2 internet everyone is used to, the Web3 system offers more security and privacy. It also provides an avenue for applications, as well as services that cannot fully function in the Web2 network to find expression.

For some months now, I’ve been getting very salient questions about what Web3 is. When someone asks what I do and I tell such person that I’m a Web3 Community Manager and Content Writer, I get thrown diverse questions and I find myself explaining over and over again.

I’ve compiled 10 of the most popular questions I’ve been asked about Web3 and provided answers to them as I would give to a 3-5-year-old. I hope that you will have a better understanding of what Web3 is and how it works by the end of this article.

What Exactly is Web3?

Firstly, let’s break “Web3” down. ‘Web’ represents the internet and ‘3’ is a number as you know. Let’s dive into basic Mathematics for a bit; X+Y is different from XxY. X+Y can’t be added, but XxY will give you XY.

Now back to Web3; Web+3 is different from Webx3. Web+3 can’t be added, but Webx3 will give you Web3 or 3(Web) in reverse. My point here is- just like the depth and complexity that come with different mathematical operations leading to different results, the ‘3’ adds a new level of depth to the ‘Web’ (internet).

With this, we can deduce that Web3 is a new way of using the internet, say a third dimension of internet usage. The internet is already in existence, but the ‘3’ brings a revamp to the system. This is why most people call Web3, the third generation of the internet.

Web3 brings a new set of rules or protocols to govern internet usage. It doesn’t only come with new technologies, applications, and services, it also brings a new approach to the way online communities function. Thus, the arrival of Web3 brings a new way of interacting with the different aspects of the world system; social media, finance, health, etc with the help of a technology known as ‘blockchain’.

To give a more vivid description; take this illustration for instance- in a playground where everyone plays, no teacher or guardian is telling you how to play or where your boundaries should lie. Web3 practically removes the middle man and gives control to everyone, instead of power being concentrated in the hands of one single person.

Now you’d be able to share information, create applications, etc without govt, companies, or any other third-party control. With this, you have more control over your data and privacy.

What then is Blockchain Technology?

In explaining Web3 earlier, I hinted that for the Web3 system to work, it relies on blockchain technology. This technology is a major factor that allows the new generation of the internet to operate at its full capacity.

Blockchain provides a means of securing users’ data transparently. Many describe it as a gigantic ledger that is visible to everyone, but no one person can modify it without other people agreeing to it.

Here’s a vivid analogy: Imagine you’re in a very big library where everyone can come in to borrow books. Of course, there’s no librarian (Web3 gives control to users, and not a central party remember?) Now, in this library, for you to borrow a book, you’d need to write your name on a piece of paper that’s attached to that particular book and drop the paper right there where you picked the book. Now, once someone else goes there to get the book, they would know you are with it.

When you go back to return the book, you’d still need to write down your name showing you have dropped it, and when someone else comes to get it, they write down their name as well. The cycle continues. This analogy explains how the blockchain works to an extent. But let’s build more on it.

How is it Possible to Send Funds Across Different Parts of the World Using Blockchain Technology?

We talked about a gigantic ledger that is used to describe the blockchain before now. So let’s imagine that everyone can write on this ledger. There is a catch though- you can write in it, but you can’t erase or change what you’ve written. If there is to be any change on this ledger, it has to be first verified by every single individual in the network, and this is next to impossible.

Now, this ledger is shared with everyone you know- your friend, their friend, their friends, etc, and now everyone has a copy of it. Everyone can see what you’ve written in the ledger, and if your friends write too, it can be seen (Remember the catch though). This is just what the blockchain entails.

With the blockchain, you have a string of numbers and letters to represent your wallet address. This string would serve as your unique ID. So anytime you send or receive money on the blockchain, the transaction is recorded and your wallet address will show that you did it.

To authenticate a blockchain transaction, you’d need to utilize a private key. This private key serves as your password to any digital wallet you are making use of. This helps to prove that you are the owner of the wallet address and that you authorize that transaction.

Check out this flow on how money flows on the blockchain:

Onome wants to send 10 bnb to Grace.
Onome goes to her wallet and creates the transaction. She enters Grace’s wallet as the receiver.
Onome goes ahead to authenticate the transaction with her private key.
Blockchain miners verify the transaction and add it to the ever-increasing blocks on the blockchain
Grace gets the 10 bnb into her wallet.

What is the Difference Between Web2 and Web3?

In simple terms, Web2 is just the regular internet that we know. To be honest, Web3 is still in development, and we have yet to scratch the surface of what it entails. However, it is easy to paint a picture of what Web3 can achieve due to Cryptocurrency projects that have adopted the Web3 approach.

Looking at the way the Web3 system has provided an advancement for finance, one can only picture how great it would be if the internet generally moved in the same direction. Web3 protects users’ information with very high-security protocols, whereas Web2 is still greatly afflicted by vulnerabilities of different dimensions. Thus, Web3 is far ahead as it regards security and freedom for users

What is the Connection Between Web3, Blockchain, and Cryptocurrencies?

Web3 is primarily based on blockchain technology as I’ve said before now. It carries the vision of having a decentralized, transparent, and open internet.

Blockchain leverages a technology that allows for transactions that are fool-proof and can’t be manipulated.

Cryptocurrencies are digital tokens that utilize cryptography to secure transactions and are used to run many Web3 applications.

In a decentralized social media platform, for example, user’s data might be stored on the blockchain and users have to pay for services using cryptocurrency. All together, Web3, blockchain, and cryptocurrency are all a total of the new internet that is more open source.

To sum it all up; Web3 brings a new form of internet based on blockchain technology. Cryptocurrencies then help to provide fuel for every application that is built using the Web3 and blockchain systems.

What are Smart Contracts?

These are digital contracts that get executed automatically once certain conditions for your transaction are met. Of course, it is enabled by Blockchain technology which underlies the Web3 ecosystem.

With smart contracts, the security of blockchain technology is further secured. This is because smart contracts are tamper-proof and cannot be changed without it being detected. It can serve as a means to authenticate documents handle voting operations, as well as manage payment.

What Benefits does Web3 Bring?

There are so many benefits to Web3. Some of these benefits include:

Decentralization: The Web3 system is decentralized. This means that it is not in the control of a single individual. This makes it more secure, open source, and protected from censorship.
Openness: Web3 is open. This makes it easier for anyone to build on it and make use of it. With this, it fosters innovation and collaboration amongst diverse individuals.
Freedom and Control over Data: Users now have more control over their data as well as online experiences due to the Web3 ecosystem.
Jobs and Opportunities: There are so many job opportunities available in the Web3 space. To make the most of it, you have to skill up and make the most of whatever opportunity comes your way. There are roles in customer support, marketing, engineering, etc. Once you have the skills and can sell yourself, there's a world awaiting your input.
Decentralized Finance (DeFi) and Financial Freedom: DeFi is a system of finance built on blockchain technology. It offers freedom from third-party financial institutions like the Govt, banks, etc. It allows you to lend, borrow, trade, etc without the need for these third-party institutions.

Are there any Challenges in the Use of Web3?

The major challenge in the Web3 space is that it's still very early in its development and needs to handle many challenges before it can be fully adopted.

Some of these challenges include the complex technology it comes with, limited access to the internet in most rural areas, absence of clear regulation to guide its operations, etc.

Is there a Future for Web3 in Africa?

There is a future for Web3 in Africa, and this future happens to be very bright. Web3 can create new jobs and opportunities, make it easier for African businesses to cross boundaries and get into the global market, improve financial independence, etc.

It is envisaged that there will be more and more Web3 projects and businesses launched in Africa over the years to come. There'd also be more Africans taking over Web3 jobs all over the world.

In the next few years, we can expect to see more and more Web3 projects and businesses being launched in Africa. We can also expect to see more Africans getting involved in Web3 development and other Web3-related fields.

How Can I Get involved in Web3?

There are many ways you can involve yourself in the Web3 ecosystem. I'd always advise that you take a more hands-on approach and also make up your mind on how best you want to contribute to the ecosystem.

It can be very overwhelming to deal with at times. You should choose a niche, focus on it, and make yourself stand out from others in this niche. To kickstart, you'd want to open yourself to learning. Utilize online sources, join communities, and use your strengths in contributing to Web3 projects. For example, if you're good at talking, you might want to develop yourself as an event manager or space host. If your strength is writing, you might want to join ambassadorial programs and start doing that there.

Conclusion

The Web3 ecosystem is here to stay and how best you make use of it depends solely on you. The first few months might be challenging, but if you dedicate your time and stay committed to knowing all there's to know, you'll be at the top in no time.

There's no best time to get started. The right time is now. It's time to bring the change that the growing Web3 ecosystem in Africa needs, and you will be the one to bring that change.