How is Web 3.0 different from Web 2.0 and Web 1.0? Choose the correct statement(s) from these options to answer the question.

A. Web 3.0 aims to build a trustless network.

B. Web 3.0 has evolved to create an environment that is more favourable for intermediaries or regulating parties.

C. Web 3.0 can also be used as a database to record transactions.

D. The network on Web 3.0 is mostly personal.

Hi,

The Answer is Option A

A. Web 3.0 aims to build a trustless network.

  • In addition to decentralization and is based upon open-source software, Web 3.0 will also be trustless (i.e., the network will allow participants to interact directly without going through a trusted intermediary) and permissionless (meaning that anyone can participate without authorization from a governing body).

Trustless: The network offers freedom to users to interact publicly and privately without an intermediary exposing them to risks, hence "trustless" data.

B. Web 3.0 has evolved to create an environment that is more favorable for intermediaries or regulating parties.

  • With Web 3.0, women, men, machines & businesses will be able to trade value, information & work with global counterparties they don't know or yet explicitly trust without an intermediary.

C. Web 3.0 can also be used as a database to record transactions.

  • The blockchain concept was developed to build a decentralized database kept up to date by anonymous consensus. 
  • The most apparent similarity between blockchain and Web 3.0 is that they make it easier to move from a client-server to a decentralized network.
  • Web 3.0 allows payment networks to conduct transactions such as money transfers, real estate registrations, and more without the need for an intermediary such as banks, agencies, and so on.
  • Although it has some similarities with blockchain and allows transactions without an intermediary, it lacks evidence of web 3.0 being used as a database to record transactions.

D. The network on Web 3.0 is primarily personal.

There are primarily four elements in the architecture that makeup web 3.0:

Ethereum Blockchain: These are globally accessible state machines maintained by a peer-to-peer network of nodes. Anyone in the world can access the state machine and write to it. Essentially, it is not owned by any single entity but collectively by everyone in the network. Users can write to the Ethereum Blockchain, but they can never update existing data.

Smart Contracts: These are programs run on the Ethereum Blockchain. These are written by the app developers in high-level languages, such as Solidity or Vyper, to define the logic behind the state changes.

Ethereum Virtual Machine (EVM) – The purpose of these machines is to execute the logic defined in the smart contracts. They process the state changes taking place on the state machine.

Front End: Like any other application, the front-end defines the UI logic. However, it also connects with smart contracts that define application logic.

Taking the first element, ethereum blockchain, into consideration, "Essentially, it is not owned by any single entity but, rather, collectively by everyone in the network" and also "Anyone in the world can access the state machine and write to it."

This proves that the web 3.0 network is not primarily a personal network.

So to conclude, Option A qualifies as the unique feature which differs from the previous 1.0 and 2.0.

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