The nature of Web3 is best explained by the evolution of the internet. In the past, during Web1, the internet was readable, but users could not interact with it. Web 2, brought about by the advent of social media, allows users to interact with the internet. The disadvantage of Web2 is that a select few platforms have complete control and ownership of user data, allowing them to manipulate said data in an unethical manner. Web3, pioneered by Ethereum co-founder Gavin Wood, aims to solve this issue via the use of blockchain technology.

The Blocknet
Blockchain will be a critical enabler of the self-sovereign identity and decentralized storage of Web3, all formed within a community driven setting. This will take away the data ownership power from the Web2 titans, redistributing it amongst the users instead, who will be able to decide when others are allowed to access their digital identity and data. Many reports suggest that this is the year in which firms and developers will dedicate themselves fully to creating blockchain based solutions to unveil the true potential of Web3.

The Shift to IPFS
Most people are familiar with HyperText Transfer Protocol (HTTP) which was created by Tim Berners-Lee at CERN in 1989, almost all domains are HTTP based today. However, in 2015 a new protocol was created by Juan Benet, dubbed the InterPlanetary File Sysem (IPFS). This novel protocol is far more efficient as it does not require any host servers, so data can be uploaded with ease. Also, said data is stored on multiple nodes, so when a link breaks or a server goes down, all the information is still easily accessible. The only drawback of IPFS is that you need to either access it via HTTP through a portal or set up an IPFS node on your machine manually, whereas all machines already have inbuilt HTTP nodes. Hence, there are much fewer IPFS nodes in relation to HTTP nodes, it is unpopular amongst laymen, though the future will likely see tremendous growth in IPFS nodes.