It's needless to say that Web 2.0 has its own set of challenges, and to address those challenges: this world has introduced Web3 and Metaverse. You must have already seen netizens sharing content related to these two buzzwords. But you'll be surprised to find out that most people do not know the difference between both. There is no doubt that they are related, but their concepts are completely different.
It's time we discussed the differences between the two and call a spade a spade.
What is Web3?
Thanks to the Polkadot founder and Ethereum co-founder Gavin Wood who coined the term "Web3" in 2014. It refers to a decentralized online ecosystem based on blockchain that aims to tackle the current challenges of data ownership and control. It will also address other major shortcomings of Web 2.0.
Let's understand the whole thing from a layman's perspective. You might already know that no one owns the internet because it is a collection of numerous computer networks that are connected with each other based on some standard protocols. But few companies have a huge amount of dominance over the internet, and few people believe that's way too much power that a single entity should not have. And that's the main problem Web3 aims to solve. In this way, the internet will become more democratic and will be controlled by the users again.
Popular components of Web3
- Semantic web
- 3D graphics
- AR & VR
- Ubiquitous connectivity
What is Metaverse?
Metaverse is a fancy word for a virtual world. These digital worlds are often exaggerated versions of our real world with a virtual economy, digital currencies, and everything.
Our current web experience is 2D, where we have to click on links and scroll through sites. But Metaverse boasts an immersive experience with 3D graphics, AR, and VR.
For example, in Web 2.0 you visit an e-commerce website, look at 2D images of a product and buy it. But in Web 3.0, you will be able to walk into a virtual store that will look similar to offline stores. There will be products on display and it will offer you an immersive shopping experience.
And yes, let's address one more question: who created the concept of metaverse? No, it did not come from Facebook's new corporate name Meta. It actually came from Neal Stephenson's novel Snow Crash. And later it was popularized by movies like Matrix, Ready Player One, and more.
Similarities between Web 3.0 and Metaverse
Web3 and Metaverse are both based on a decentralized blockchain network.
Users can own and control digital assets in both Web3 and Metaverse.
Both Web3 and Metaverse have a feature called interoperability.
Both Web3 and Metverse have no centralized entity. They are created and maintained by developers, users, and other stakeholders.
Differences between Web 3.0 and Metaverse
Web3 is the decentralized ecosystem that gives control of the internet in the hands of the user. But Metaverse is a virtual space where people can sign up, choose their virtual avatar and connect with others over there.
Web 3.0 serves as the underlying process engine based on blockchain. It serves as a gateway for individuals to enter and interact with the Metaverse. And Metaverse is a platform built on that engine that offers gaming, entertainment, social media, and more.
The underlying technologies of Web3 include blockchain, cryptocurrency, NFTs, DeFi, and DAOs. And the underlying technologies of Metaverse include AR/VR, IoT, 5g, creator economy, human interface, and edge computing.
To sum it all up, all you need to know is Web3 is a decentralized internet environment where users can buy, own or sell assets and stay in control of their data. Metaverse is a virtual 3D world where you can interact with your friends, play games, and more. Both of these technologies are still in the development phase, so we still don't know how different or similar they'll turn out to be.
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