The term Web3 still sound like a buzzword in the ear of many Africans today although we have rapid rate of adoption in some West African countries.

The world today is familiar with Web 1(the former internet) and Web 2(the current internet) but Web3 still sound like an argot. Web3 is actually the name for the upcoming version of the World Wide Web, the internet we use which will incorporate concepts like decentralization, token-based economics and some emerging technologies like the blockchain technologies also known as the decentralized ledger technology, machine learning and artificial intelligence.

The need for the Web3 was born out of the desire for a more autonomous internet,here the data will be interconnected in a decentralized manner unlike in Web2 where internet giants like Google, Meta, Amazon and others have turned their users into products, using the user’s data for their own profit.In the Web3 era, users and machines will be able to interact with data. The term “Web3” was coined in 2014 by Polkadot and Ethereum co-founder Gavin Wood, and the concept was accepted by many cryptocurrency enthusiast, large technology companies, and venture capital firms in 2021.Since then, it has gained popularity around the globe.

Architecture of Web3.

The new Web, as previously mentioned, will have a number of novel characteristics, including decentralization, token-based economies, and cutting-edge technology like blockchain, machine learning, and artificial intelligence.

Decentralization: Web3 is envisioned to be decentralized because it aims to leverage blockchain and other distributed technologies. These technologies are designed to operate without central authorities,relying on a network of nodes or participants to maintain and validate data. A key component of Web3 is decentralization, which increases openness, lessens the need for middlemen, and gives users more control over their digital assets and data.

Permissionless: Web3 aspires to be permissionless, and this is a fundamental characteristic of its design. The aim is to make the ecosystem available to everyone for participation without requiring permission from centralized authorities or gatekeepers. This permissionless nature is achieved through blockchain and decentralized technologies that allow individuals to interact with the network,create smart contracts,and access decentralized applications (DApps) without needing permission. Users are given the ability to directly manage their network contacts and transactions.

Trustless: It introduces the concept of “trustlessness, which means that users can engage in transactions and interactions without the need for intermediaries or central authorities. In a trustless ecosystem, transactions are validated and recorded on a public and immutable blockchain ledger, ensuring transparency and reducing the risk of fraud or manipulation. Smart contracts, a key component of Web3, operate in this manner as they automatically execute predefined actions when specific conditions are met, eliminating the need for trust in traditional legal agreements.

No censorship: It allows individuals to express their ideas,opinions,and creativity freely. This fosters open discourse,diverse perspectives,and innovation without the fear of suppression. Web3’s censorship-resistant nature ensures that even marginalized or underrepresented voices can participate and share their views without the risk of being silenced. This inclusivity promotes a more equitable and democratic digital environment.

Cryptographic securities: Web3 relies on cryptographic techniques to secure data and transactions. This security makes it challenging for unauthorized parties to manipulate or censor information.

Key Applications of Web3.

Having established that Web3 is the internet for users, let us now explore the applications and benefits of Web3:

Decentralized Finance: DeFi applications will help users have more control over their money through personal wallets and trading services. DeFi platforms will integrate blockchain technology to enable peer-to-peer transactions,lending,and borrowing without traditional banks.

Decentralized Social Media: Web3 will give more priority to users in that users will have more control over their data and content. Users will be able to create and share their content without moderation. It will not be like Web2, where the community manager can remove or delete your post. Mastodon and Peepeth are great examples of decentralized social media.

Advanced Gaming: The Future of Games in Web3 holds fabulous transformation and innovation in the gaming industry. Web3 games will incorporate technologies like the blockchain, NFTs, and underlying gaming infrastructure that will allow users to have true ownership of their in-game assets and new monetization models such as play-to-earn, where users can earn cryptocurrency rewards for their time and skills used in the course of playing the game.

Metaverse: A metaverse is a 3D virtual world supported by cutting-edge technology including blockchain, virtual reality, augmented reality, artificial intelligence, and the Internet of Things. In the metaverse, users will be able to interact with each other and with computer-generated objects and avatars.

Remote workplace: Remote jobs in the Web3 era offer great opportunities for individuals from anywhere in the world to work on cutting-edge technologies and participate in decentralized ecosystems. These jobs include but are not limited to blockchain content writing, smart contract engineering, graphic and motion design, software engineering, name it all. All skills used in Web2 can also be used in Web3, but this time,a physical office might not be compulsory because of the advancements in virtual reality and the metaverse.

Supply Chain Management: One of the main uses for Web3, which eliminates intermediaries associated with traditional banking and improves cost and efficiency, is this.For instance, smart contracts can automate payment processes, reducing the need for manual intervention while increasing efficiency and precision. Through the use of blockchain, Web3 will increase supply chain traceability and transparency, hence lowering fraud and guaranteeing product authenticity.

Real World Application of Web3.

Axie Infinity: Axie Infinity is a blockchain-based online multiplayer game that has a play-to-earn model. Axies are the unique NFTs that players use for battling with opponents. By winning,they earn cryptocurrency rewards,primarily in AXS, which is the game’s native token. The game also has a land ownership feature and governance through decentralized autonomous organizations (DAOs).

Mastodon: Mastodon is a microblogging site like Twitter, now called X. A unique feature of the network is decentralization, so no one can control the flow of information or even how it is shared. It was created by Eugen Rochko, a German software developer and entrepreneur, in October 2016.

In conclusion, technological advancements in the future of the Web 3 will be used in every business to make work simpler and faster, giving individuals from all countries in the world equity. Young people should make use of emerging technologies so that when better times do arrive, everyone will be participating and no one will be left out.