How to Access Web3?

Web3 refers to the decentralized web, which typically includes both decentralized applications (or DApps) and decentralized finance (or DeFi), which may include cryptocurrencies, assets, or tokens.

However, web3 is more than just a new way of coding or managing finances. It’s a completely new way of thinking about how the web should be managed and accessed: in a web3 world, we’re no longer reliant on monolithic, centralized authorities like governments, Big Tech, and Wall Street.

What Web3 Is and Is Not

Web3 is also known as the “Decentralized web” because it includes both decentralized applications (or DApps) and decentralized finance (or DeFi) such as cryptocurrencies, assets, or tokens.

These are based on two new technologies: decentralized networks and blockchain.

Decentralized networks are those in which the application code is distributed across hundreds of servers. In this context, a “server” could be a black box in a server farm or even the computer you’re using right now: Individual users in decentralized networks can offer their machine to be a part of the network and, in some cases, be rewarded for their efforts.

Blockchain is frequently associated with DApps, and they share a similar philosophy. A blockchain is similar to a database, or what is sometimes called a distributed ledger, in that each new entry is added atop the row below it, in a potentially infinite chain.

A blockchain, like traditional databases, can store records of things (like financial transactions). In contrast to traditional databases, the blockchain ledger has no centralized authority or host. It can exist on thousands of computers and servers at the same time, and it can be used and shared by everyone in this large, decentralized group. It is essentially a distributed ledger that is open to the public and can record transactions between two parties.

Blockchain necessitates that all ledger history be consistent with every other computer in the chain. This is especially important for transaction verification, such as when trading a crypto asset. If one party wishes to sell Bitcoin to another, the seller’s ownership must match the information in the identical ledger hosted on thousands of other computers. As a result, it is much more resistant to hacking.

Blockchain is the underlying technology that powers Bitcoin, Ethereum, and other cryptocurrencies. DApp infrastructure is frequently used for online gaming, DeFi lending protocols, and cryptocurrency tools, but any application could theoretically run as a DApp.

Web3 is trustless and self-governing, which means it does not require blind faith in the goodness of some central authority to safely manage your data (or that you read—or, more likely, ignore—opaque privacy disclosures full of legalese). It is much more secure by default.

Despite popular belief, web3 is not the “dark web,” a haven for hackers or data leakers, or anything else nefarious. It’s simply a new type of infrastructure, a new way of constructing things you’re already familiar with.

The Shortcomings of Web3

To be sure, Web3 has some flaws. The old analogies (your data is like files, a database is like a file cabinet) no longer apply, making it extremely difficult to understand, especially for newcomers. It can be resource intensive and consume a lot of energy. And, because there is no centralized authority, it can still be vulnerable to fraud: if all of the entries in a ledger are purposefully false, the accuracy of the entire blockchain is jeopardized.

However, the benefits continue to outweigh the risks. And web3 is still in its early stages. Every day, innovation occurs, and the more developers who switch to working in web3, the more these early-stage issues will be resolved.

How to Safely Access Web3

Web3 is accessible from almost any computer, phone, or tablet. You’re probably using web3 if you trade cryptocurrency or have a cryptocurrency wallet. If you play online games or use online streaming services, you may be using web3.

There’s a good chance you’ve already used a web3 DApp without even realizing it. You can get them from app stores or access them through your web browser by typing in a URL or clicking a search result.

Web3 apps are frequently built as browser extensions, which can be inherently dangerous because they are easily spoofed (replicas of the app can trick users into sharing their data, financial info, and more).

It is best to use a privacy web browser, such as Brave, to access web3. Brave blocks invasive ads and trackers that follow you around the web and steal your data by default. It includes a built-in cryptocurrency wallet that does not rely on risky extensions. It even provides a VPN to protect your entire device.

Final Thoughts

Web 1.0 is known as the “read-only” web.

Web 2.0 is also known as the social web. While it democratized publishing, it has been dominated by centralized Big Tech and has been a privacy nightmare.

Web3 refers to the decentralized web. It is distinguished by decentralized applications (DApps), decentralized finance (DeFi), such as cryptocurrency, and blockchain technology. Personal privacy is much more protected.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.