Web3 Vs. The Metaverse Internet and modern technologies keep evolving, but the development of new technology brings mixed proportions and scenarios for the users. For example, the internet came years ago, but privacy concerns are still a huge topic of discussion and debate. The same phenomenon is evident in web3 ( also known as web 3.0) and the metaverse compared to their use and identity. These two terms are gaining hype and attention in the business and technology world. Do you know? What is the exact difference between web3 and the metaverse? Will they help to shape the internet's future? Many such questions have been gaining a lot of attention recently, especially since big giants have decided to enter the metaverse. However, you can understand the basic difference between them by understanding what they are. Therefore, in this blog, we will find out the difference between web3 and the metaverse. So, here we go!
An Overview of Web3 The term Web3 was first coined by Gavin Wood in 2014, who believed that decentralized technologies are the only hope of preserving liberal democracy. Although, there is no specific definition for web3. Why? Because the concept is still developing. However, it can be explained as an idea for a new iteration of the World Wide Web based on blockchain technology. It is a revolutionary shift in the way the web works. According to Tim Berners Lee, The father of the internet, “ The semantic web would be the next big milestone in the evolution of the internet.” The web3 applications run on blockchains, decentralized networks of many peer-to-peer nodes, or a combination of the two that forms a crypto-economic protocol. These are referred to as dApps ( decentralized apps).