In recent years, the terms Metaverse" and “Web3” have become widely used across the internet.
So, what’s the difference between Web3 and the Metaverse, and in what ways are they similar?
What Is Web3?
Image Credit: HS You/Flickr
Web3 (also known as Web 3.0) is the third iteration of the internet.
Traditionally, the internet has always been made up of centralized entities.
If you harbor power in one place, it’s easier for cybercriminals to target.
People are also concerned about censorship on centralized sites.
Censorship can also be useful, especially in the removal of hateful and inappropriate content.
But users are concerned about how platforms decide what should and shouldn’t be censored.
So, there are various issues and risks associated with a centralized internet.
But what’s the solution?
Some would say Web3.
The term “Web3” was the brainchild of Ethereum co-founder Gavin Wood.
Let’s get into the elements that make this possible.
Instead, information and control are spread across multiple connection points and devices (also known as nodes).
After all, it’s much easier to target a handful of computers than a sea of them.
Within decentralized platforms, the users are in control, not any superior entity.
This is where the “own” element of Web3 first comes into play.
Web3 also makes use of blockchain technology to maintain a decentralized structure.
Blockchains use distributed ledgers to record and store information.
Adistributed ledgerprovides users with a transparent yet immutable record of data.
Bitcoin, Ethereum, and thousands of other cryptocurrencies also use distributed ledgers on blockchains.
This trustless element is further secured by the fact that Web3 doesn’t require third parties or middlemen.
This could be a big help in ironing out bugs and vulnerabilities.
Governance
Decentralized platforms also usea mechanism known as governanceto give users a say in how things change and progress.
This offers data pipe members the chance to vote on certain proposals.
Take theUniSwap crypto exchangeas an example here.
When a proposal is submitted, users can use their tokens to vote on the outcome.
This is a key component of Web3’s additional focus on tokenization.
Tokenization
As you may have already guessed, tokens are a big part of Web3.
But Web3 focuses on the use of cryptocurrencies for payments and governance participation.
This tokenization aspect will also make NFTs very useful in Web3.
Again, this relates to Web3’s focus on ownership.
So, how does Web3 compare to the Metaverse?
Are they at all similar to each other?
What Is the Metaverse?
The Metaverse is a digital space wherein virtual worlds can exist.
The most focal component of the Metaverse is virtual reality, whereas Web3 does not require this technology.
You don’t need a VR headset to use Web3 applications.
you could simply use your desktop PC, laptop, smartphone, or similar rig as you normally would.
TakeDecentraland, for example.
Decentraland uses decentralization, blockchain technology (specifically Ethereum), cryptocurrency, and NFTs within its ecosystem.
It is this crossover that has often led to the mix-up between the Metaverse and Web3.
But Web3 casts a much wider net, encompassing an entire iteration of the internet.
Time will tell whether these concepts are fully adapted or left behind for other, more useful alternatives.
