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Can Web3 address Web2’s issues?

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Can Web3 address Web2's issues?
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Web3 gives content rights to the author, improves security, eliminates unjust censorship, ushers in transparency, automates software operation, and promotes a creator economy.

Businesses can take advantage of opportunities that were previously unimaginable thanks to the qualities of Web3. Decentralization and the permissionless cybersphere were sci-fi concepts. Nonetheless, Web3 intends to fix the issues in Web2, paving the door for a more decentralized internet.

Unfair censorship

Users are frequently subjected to unfair censorship in centralized systems. Decentralization decentralizes authority, making it harder for any single organization to influence a narrative that does not fit them. A Web2 social media site, such as Twitter, for example, can restrict any tweet at any moment. Tweets on a decentralized Twitter will be uncensorable. Similarly, Web2 payment providers may limit compensation for specific sorts of work.

Financial freedom

Compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) rules allows DeFi to reach new user groups and achieve widespread acceptance. Furthermore, Web2 payments are made in currency, but Web3 payments are made in cryptocurrencies, though fiat payment systems can be connected as well.

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Data ownership

Decentralization places more control in the hands of users, breaking Big Tech’s monopoly. Users can choose whether to share or keep their data private. Because processing power and decision-making are distributed, the system is intrinsically more stable than centralized systems in which the entire operation is dependent on a cluster of servers or a core decision-making institution or human.

Data security

The data held in a massive centralized database is extremely vulnerable. To compromise sensitive user data, hackers only need to breach one system. Insiders frequently play a role in leaking sensitive information to external harmful actors. Decentralized systems are meant to be resistant to such behavior by a subset of players, making Web3 security more efficient than Web2 security in terms of data security.

Transparency

Because Web3 transactions are virtually irreversible and traceable, it is impossible for anyone to make database modifications after a transaction. Web3 is now a powerful tool against fraud as a result of this.

Automation

The system that can run without human involvement is automated using smart contracts. The code reflects the agreement between several parties, carrying out irreversible transactions. Smart contracts significantly reduce operational expenses, do away with prejudice, and increase transaction security.

See Also: Can Web3 replace Web2

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2 Comments

2 Comments

  1. Pingback: Credit Cards can connect Web2 and Web3

  2. Arrelajaf

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