Today, some of the common applications you interact with are Facebook, Google, and Amazon. With each of these accounts they have their own profile of you saved, your credit cards, name, phone number, address, and lots of other personal information. That information is saved in a bunch of different places. For a hacker to steal that information, the hacker only need to hack Facebook, Google, or Amazon.
Imagine a world where you have one account. That account is completely anonymous, you get to choose the data you share, and you only have to use one payment method that you approve.
So now, instead of having multiple accounts with Facebook, Google, and Amazon, you can use the exact same account to sign into all of them, and you get to control all the data that a digital applications has on you.
That is Web3!!!!!
Web3 is about Ownership
Web2 vs. Web3 Examples
| Web2 | Web3 | |
|---|---|---|
| Twitter has complete control over all Tweets on the platform and can choose to show and censor whatever they want. We don’t know how Twitter chooses to show what Tweets. In addition Twitter can also censor individual users. Once you tweet something, you no longer have ownership over it. | Once the code is written it will not be updated. That means, as users we can see exactly how the DApp decides to show Tweets, and it cannot censor because everything is decentralized, transparent, and immutable. | |
| Paypal | PayPal facilitates all of the transactions on the platform and takes a fee by being in the middle of people sending and receiving money. | Users can interact with each other, and there is no intermediary like a bank taking a transaction fee. Users get to interact directly with each other. |
| Amazon | Amazon takes a fee on every transaction and has complete control of all products. They are able to show their own products first. | Users can sell directly to each other, with no fee taken by the platform. We get to see exactly how the platform choses to display products. |
Can you see how users get more benefit out of Web3?
The large tech companies don’t get to control the fees and keep what is going on behind the scenes a secret. That Facebook post that got deleted because Facebook, “didn’t like it”, not anymore.
THAT IS AWESOME!!!!!!!
Example: New York Stock Exchange vs. Uniswap