With the internet continuously evolving, all of us have to grapple with new terms such as the Web 3 and the Metaverse. Although Web 3 and Metaverse are similar in some ways and share various attributes, they are two different concepts. In this article we will familiarize with the fundamentals of these two technologies and find out the key differences between the two as well as identify how they complement each other perfectly.
Before we figure out how exactly Web 3 works, let us first go back to its predecessors Web 1 and Web 2. The Web 1.0 era spans the period between approximately 1991 and 2004. Static websites or web pages were more common here which weren’t interactive nor could you update them regularly. Like traditional media these websites provided information that was one-sided and meant to be consumed in a passive way. Content creators were less in numbers and mostly dwarfed by people who consumed it. Internet rolled out on a global scale and was more decentralised and characterised by open-source protocols. Just like ads in newspapers, websites that wanted to occupy the top ranks in search results were charged. Then came the Web 2 version, which was dominated by user created content. Instead of passive consumption, the Web became a place of active participation. It was more interactive with the emergence of social media websites like Facebook, Orkut, Twitter, Quora, Youtube, and many others. Anyone could add content in the form of blogs, images, social media posts, videos or even something as simple as comments. But Web 2 was ridden with a host of problems such as censorship and privacy issues. The big tech giants like Google, Facebook, and Twitter controlled the online hubs and openly squashed any discourse that didn’t fit their narrative.
Finally we have the Web 3.0 which is the next generation concept of the internet and combines the open protocols of Web 1 and the users’ creation of Web 2. It is all about decentralization in which users will own their data and will be able to exchange digital asset tokens. It will be based on the blockchain technology and there will be an ecosystem which will see an evolution of how users manage and own their online content, identities, and digital assets. There will be a high usage of artificial intelligence and machine learning where users can interact with data.
Instead of giving personal data for logging into websites or creating content where companies can use our personal details for customised advertising, Web 3 users will be able to own their content and earn tokens for their data directly from other users. Mega tech giants like Facebook and Google that owned and monetised the data and content we created will no longer be able to monopolise it. Rather users will have control over the social networks, search engines, and other apps that use blockchains and owe them.
Metaverse is a three-dimensional immersive environment that is formed by a global 3D network of virtual reality worlds. A simulated digital environment is generated that mimics the aspects of the physical world and is facilitated by technologies such as virtual reality (VR), augmented reality (AR), AI, social media, and digital currency.
In other words the metaverse is a technological outcome of the Web 3 environment that includes the virtual worlds and assets built on decentralized protocols, like the blockchain.
It will be characterised by various elements like virtual real estate, virtual events, avatars, in-platform NFT collectibles, VR chat rooms, online games, online activity centres, and so on. Instead of talking to their colleagues through a video conferencing service, such as Google Meet, people will use avatars to represent themselves, communicate, and virtually expand the community in the metaverse through hardware such as VR headsets, AR Glasses, VR Gloves, Wrist-Based Bands and so on. It will have its own native currency and purchases whether it’s about buying land, shopping, gaming, setting up digital stores, and so on will happen using metaverse tokens.
Key differences between Metaverse and Web 3
1. The Metaverse is a virtual reality computer domain where you may interact with 3D objects and other users with the help of VR goggles. On the other hand Web 3 concerns all about storing and managing digital assets and online services. Users will have full control over how they create, own, and monetize their content.
2. The Metaverse highlights various critical technologies that power the whole ecosystem such as interfaces, experiences, connection, decentralization, experiences, and supporting technology. On the other hand, Web 3 aims to build a decentralized network based solely on blockchain technology and secured by cryptography. Powered by a decentralized network of computers, users can engage with online services using blockchain. Furthermore, Web 3.0 can take advantage of public blockchain functionality that processes information that is permissionless and completely censorship-resistant. There is peer to peer sharing of data and transactions occur using a project’s native cryptocurrency.
3. Metaverse concentrates on the development of apps that will power the 3D world and this combines movies, entertainment, video games, education, simulation-based training, and social networks. Web 3.0 is as a matter of fact the evolution of the next version of internet. It is mostly defined by the set of rules that everyone needs to follow while using the internet. It in fact applies to the entire web rather than being limited to specialized apps.
4. Web 3.0 is a virtual location that allows online activities to be carried out on it. While Metaverse describes a hybrid of virtual and actual worlds, the advancement of which will eventually enable humans to enter the digital domain with the help of computer-assisted technology, though more in a futuristic period.
5. At the present moment, the development of the metaverse is powered by the collaborative efforts from a few companies. On the other hand the Web 3.0 developers work entirely on decentralised platforms using open-source codebase. Of course, as the Metaverse advances and the tools are standardised, the platform is expected to become open-sourced and censorship-resistant.
Finally, the similarities between Web 3 and Metaverse are that both of them are based on the blockchain technology. Any advancement in blockchain technology is integrated with the Web 3.0 engine that in turns powers Metaverse applications.
They are invariably connected to each other as a decentralized ecosystem and open to the general public.
They are both evolving technologies that will make use of artificial intelligence and a sophisticated user interface.
Both are focused on the way people will share content online and will assist users in traversing the 3D virtual networks with decentralized solutions.
