The digital world is constantly changing, and Web3 is at the forefront of this digital revolution. I’m sure you must have heard of NFTs and cryptocurrency tokens because these terms have been buzzing around the tech ecosystem for a while now, stirring the curiosity of many people. If you’re one of the curious people and you want to know more about Web3 and how you can become a part of it, then you’re in the right place. In this article, we’ll explore the technology transition from Web2 to Web3, the basics of Web3, and give you insights into how you can be a part of this exciting and transformative digital world.

Evolution of Web3

Before we get into what Web3 entails, let’s take a trip down the memory lane of Web1 and Web2. The two significant phases of the internet.

Web1

This was the first version of the web. Here, a few individuals create web content for readers to mainly read. Web1 is characterized by static web pages that provide limited interactivity. It was mainly a platform for sharing information.

Web2

The emergence of Web2 brought about a major shift in the technology world. It provides an interface for many people to create content for a growing audience. While Web1 focused just on users reading and getting information; Web2 focused on users’ interactions, participation, and contributions. The likes of Web3 are Facebook, Google, Instagram, and X (Formerly known as Twitter).

Exploring Web3

Web3 is a term that refers to the third phase of the internet evolution. While Web1 was the former World Wide Web, which was static web pages whose primary assignment was passing information, and Web2 introduced interactive user-generated content and social media, Web3 represents a whole new model.

Definition of Web3

Web3 can be defined as a decentralized and user-centric web where individuals have greater control over their data, identities, and interactions. Web3 is about decentralization, transparency, user data privacy, and user empowerment. It leverages blockchain technology to create decentralized applications (DApps), enabling users to interact directly with each other and digital assets without the need for a third party (middlemen). The concept of Web3 has great potential to reshape sectors such as Finance, Social media, and Gaming.

The Key components of Web3

The following are some of the major components that Web3 is made up of.

1. Blockchain and Cryptocurrency Technology

Blockchain is the basic technology of Web3. It’s a distributed ledger that records transactions across multiple computers in a way that ensures security and transparency. Blockchain helps in structuring cryptocurrencies such as Bitcoin and Ethereum, but it can be applied in order areas aside from digital currencies. With Web3, cryptos are generated to pay users /content creators for creating content on a platform or by being a part of a community.

2. Decentralized Applications (DApps)

This component is one of the most noticeable features of Web3. DApps are applications built on blockchain technology. They are open-source and not controlled by any single individual or use an intermediary, therefore ensuring fairness, privacy, and security. DApps can be used for various purposes, from decentralized finance (DeFi) platforms to collectibles and gaming.

3. Data Ownership

With Web3, users retain complete ownership of their data and they can decide to market it over the decentralized network if they want to. Unlike Web2 platforms like Google which can access your data, Web3 provides complete data autonomy to its users.

4. Smart Contracts

These self-executing contracts are a vital part of DApps. They enable users to engage online through the blockchain and the numerous dapps within the Web3 ecosystem. Smart contracts automatically enforce the terms of an agreement when predefined conditions are met. To eliminate the need for intermediaries, therefore reducing costs and increasing trust.

How to Get Involved on Web3

1. Educate Yourself

Start by gaining a solid understanding of blockchain technology and its applications. There are many online courses, platforms, and communities where you can learn about the basics of Web3. Nodo is an example of an online platform where you can learn more about Web3 in Africa.

2. Invest Wisely

Cryptocurrency can be a bit tricky, learn and do intensive research about a crypto coin or project before investing. You can consider investing in cryptocurrencies like Bitcoin and Ethereum because they’re well-established in the blockchain networks, and they serve as the foundation for many projects.

3. Explore DApps

Begin using decentralized applications to experience Web3 firsthand. You can explore DeFi platforms, NFT (Non-Fungible Token) marketplaces, and decentralized social media networks.

4. Stay Updated

Web3 is a constantly evolving field. You need to stay informed and updated in order not to miss out on news and projects. Stay tuned with the latest developments by following Web3-focused news pages, social media platforms, and newsletters

5. Contribute to the Space

If you have programming or project development skills, consider contributing to the Web3 ecosystem by building your DApps or working with existing projects. You can also pick on non-technical roles such as community managers, content creators, technical writers, and lots more. Find your place in the space. There’s a growing demand for blockchain developers and experts, so equip yourself with a skill.

6. Engage in the Community

Join Web3 communities, attend conferences, and seminars, and participate in discussions. Networking is a key factor in the Web3 realm. Stay connected with people who provide valuable insights and opportunities.

Conclusion

Web3 is more than just a technological shift; it’s a revolution that challenges the centralized systems of the past, bringing a more decentralized system. Getting into the Web3 space requires a lot of education, consistency investment, and patience. Also, one of the attributes you need to avoid as a newbie in this space is greediness so you do not get into a financial mess. As you explore this exciting digital world, keep an open mind and be prepared to adapt to a niche that is constantly changing. By staying informed, networking, and engaging within the Web3 community, you can play a crucial role in shaping the future of Web3 and the decentralized internet.