Metaverse and Web3 are no strangers to all tech-savvy people. However, many of them are still in a dilemma whether Metaverse is Web3.0 or vice versa! It seems complicated for some to find out the difference between web3 and metaverse. No need to worry at all, this blog will take you through the Web3 and metaverse; and also let you know how both are different from each other.
Why do people get confused about metaverse and web3? This is due to the fact that both are connected with blockchain technology and this is the basic cause of arising confusion among individuals.
If one is well-aware of the fact that the upcoming era is going to be revolving around metaverse and web3, then clarification between them takes a front seat because then only you are going to incorporate your business with these technologies.
Moreover, there are many giant firms like Facebook, Youtube, etc. who already merged with these two buzzing words. Henceforth, clearing concepts of metaverse and web3 would put an influential impact.
Before distinguishing Web3 and Metaverse, let’s first understand both terms in detail and clear our base.
What is Web3?
Web3 is the 3rd version of the internet moving from web1 to web2 and then to web3. Talking about history, Web1 existed between 1991 and 2004. This was the time when you could just read the content from the web. After it moved to Web2, which we are using till now. As we all know, we can read as well as write content like blogs, articles, social media posts, sharing videos, etc.
The next upcoming version is Web3, which roughly came into existence in 2014, with the arrival of the Ethereum blockchain, co-created by Gavin Wood.
Web3 is the future internet based on blockchain technology. Web3 utilizes decentralized protocols to facilitate cryptocurrency transactions.
The arrival of Web3 would reduce some of the critical issues of centralized protocols like data ownership, enhanced security, and many more. In today’s scenario, behemoths like Google, Apple, and Amazon act as middlemen between users and their wants.
However, this is not the case with Web3 since it is permissionless and operated on a decentralized network which means no intermediaries between users and their demands.
Contacting any web 3 development company will provide you with a much better insight into Web3.
Key elements of Web3
- Blockchain network
Blockchain technology is the backbone of Web3. It works on decentralization methodology i.e. data is decentralized, open, and distributable. Users own their digital assets and can sell them to other users sans losing ownership and any need for intermediaries. Being decentralized, users can rest assured about the ownership of their assets and the privacy of their information. Not only this but you are also allowed to log in securely without being tracked. In spite of all these, users earn rewards and royalty for their contributions.
- Artificial Intelligence
No doubt, Web2 comes with a portion of AI because it is still human-driven. Hence, corrupt behaviors are possible like fake product reviews, rigged ratings, and human errors. This is possible as companies hire people to give top ratings or leave positive feedback for their services. Sometimes, firms also hire individuals to write negative comments to defeat any popular app or service.
However, Web3 will be completely based on AI. It is the aim of Web3 to mitigate such dodges through AI by differentiating fake and real actions to provide more authentic information to users.
This is another key element of Web3. NFTs (Non-fungible tokens) are unique items present in the digital world, used for transactions and trading. NFTs are non-interchangeable and different from each other. To cite an example- let’s take an example of a plane ticket and metro ticket. Both are different and cannot be exchanged with each other.
Owners of NFTs can exchange them with other digital assets or can sell them to buy cryptocurrency. These tokens prove genuineness and ownership of any digital asset.
Core characteristics of Web3
Suffescom, a renowned web3 development company, is providing some brief information about the attributes of web3.
Stick to it to know more!
First of all, Web3 is decentralized. The whole data is stored in a blockchain system with no single authority. Data is distributed among different nodes of the blockchain network so that users can easily access them.
Users will not require any special permissions to access the internet. There would be no need of disclosing personal information to access particular services over the internet.
Decentralization makes web3 the most secured platform as compared to previous versions of the internet. Hackers will find Web3 a tough nut to crack.
Use of Web3
The use cases of Web3 are so vast and attention-seeking that they will rule the world and win users’ hearts. Decentralized Finance (DeFi), Metaverse, decentralized autonomous organizations (DAOs), the Creator Economy, etc. are some of the emerging use cases of web3.
Some of the web3 applications are:
- Bitcoin- Bitcoin is recognized as the world’s largest cryptocurrency based on decentralization.
- Apple Siri- You might be surprised to know that Siri is another example of a Web3 application. Its extended abilities are due to AI technology.
- Opensea- This is the blockchain-powered NFT marketplace for trading.
- Google Cloud- Google Cloud is also expanding its Web3 team to properly leverage blockchain technology.
Now, let’s move further to Metaverse followed by the difference between the two.
What is Metaverse?
Do you know – How the word “Metaverse” came into existence?
“Meta and Universe” when combined together make Metaverse. This terminology first appeared in Snow Crash, a ’90s science fiction novel.
Metaverse in scientific language is defined as the hypothetical iteration of the internet as a single and universal virtual world. In other words, it is a virtual representation of the physical world where people interact with each other in the form of avatars. It requires virtual and augmented reality headsets and controllers to experience the virtual world. It is an undeniable fact that Metaverse is a great way of connecting with online friends and chatting with them in the virtual world.
Metaverse enables users to shop for clothes digitally by trying them, play games with friends, have tea with friends, attend meetings, etc. Overall, it is a unique offering of technology that we only have dreamt of. The technological support behind Metaverse is offered by AR, VR, AI, and blockchain.
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Applications of Metaverse
Below are the exciting applications of metaverse based on VR, video games, and hardware.
- Virtual reality
- Chairman of Facebook- Mark Zuckerberg renamed Facebook as Meta, with a focus on building a shared virtual environment.
- Meta platforms facilitated numerous virtual reality technologies that are yet to be developed.
- Microsoft developed a VR company in 2017, named AltspaceVR.
- Microsoft also embodied several metaverse features including virtual avatars and virtual reality meetings on Teams.
- Metaverse is soon going to be seen in various other industries like e-commerce, real estate, fashion, e-learning, and many more.
- Video games
- Metaverse is highly popular for gaming platforms. It has just transformed the way people play video games.
- Second Life is one such game based on metaverse where players represent different avatars in the 3D world.
- In multiplayer online games, social meetings and gatherings play an integral role.
- Minecraft’s social gameplay is another creative metaphor for the metaverse.
- Hardware technology
- Technology like smartphones and computers are basic necessities for entry into the metaverse.
- AR (Augmented reality), MR (Mixed reality), and VR (virtual reality) are other important aspects of the metaverse.
- Before heading towards differences, let’s first find the few similarities between them.
Similarities between Web3 and Metaverse
The Metaverse development company “Suffescom” believes that knowing the differences between the two aspects will only be clearer when we know the similarities as well.
- Blockchain is the common technology behind both terminologies. Every new blockchain concept will integrate into both Web3 and Metaverse.
- They both are focused on next-generation internet technologies.
- Both of them rely on HTTP 2.0 and distributed computing.
- Both are decentralized and open to the entire public.
- Both are advanced technologies that will continue to strive in the long run.
- Both run on Artificial Intelligence and require an advanced user interface.
- Metaverse and Web3 are on their way to transforming the way people way interact with each other and share material online.
Difference between Web3 and Metaverse
After similarity, it is transparent what points are in common between both the terminologies. Now, we will look at how both are different from each other based on different perspectives.
The very first comparison can be made on behalf of their definition. Metaverse, on one side, is defined as the digital world where users interact with other users and 3D objects in virtual reality with the help of virtual reality headsets. On the other side, Web3 is the technology leveraged to manage digital assets and online identities.
The objective of Web3 is to acquire a democratic and decentralized internet environment where users can connect with online services governed by a decentralized peer-to-peer network. However, Metaverse is focused on building a 3D world for users.
This is another crucial aspect when differentiating Web3 and Metaverse. Web3 is a standard new version of the internet applicable throughout the web whereas Metaverse is a dimension inclusive of entertainment, gaming, movies, education, simulation-based training, health, social platforms, and virtual training. However, these applications of metaverse are still under evolution.
The technological innovation behind Decentralized Web3 is blockchain and cryptocurrency. But, the metaverse is all about AR, VR, connection, Human interface, edge computing, creator economy, NFTs, and multitasking UI.
In the metaverse, users can interact with other digital avatars, objects, and places. They can even party with other users, play games, or attend meetings. As far as Web3 is concerned, users get ownership of their digital assets and can trade them for cryptocurrency.
The concern of Web3 is who is going to govern the internet in the future- tech giants or individuals and Metaverse is concerned about how users are going to interact. With the help of blockchain, data is owned, well-distributed among nodes, and open for both metaverse and Web3. In order to interact with other users, people will steer between virtual realms in the form of digital avatars.
With all these differences, one can differentiate both terminologies with more clarity. If finding the above information a little confusing, let’s just summarize it in table form for your ease.
|It combines physical reality with the digital world.||It is a platform where users own and manage their digital assets.|
|Its applications are under process and will be arriving soon.||It is applicable throughout the web.|
|It involves AR, VR, connection, Human interface, edge computing, creator economy, etc.||Based on Blockchain and cryptocurrency.|
|It requires virtual reality headsets and controllers to enter the virtual world.||Web3 does not require such equipment.|
|Metaverse is all about how users are interacting.||Web3 is not clear who will be governing it- large organizations or individuals.|
|Concentrated on building a 3D world.||Focused on creating a decentralized environment.|
If you have read this blog from beginning to end, your thoughts about Metaverse and Web3 have been cleared so far. This blog post is the thorough research and knowledge of the team of Suffescom- Web3 development company. You can now easily find the similarity and differences between the two terminologies.
As Web3 and Metaverse are the revolutionary innovations of blockchain, these can pave way for many businesses and users. Businesses can leverage these technologies for better income and users can leverage Metaverse to connect with any person in their digital avatars. Not only this, there are many other things that users are eligible to do like trading their digital assets in Web3. Going deep into use cases of Web3 will open the door to profits for users.
Stay tuned to know how Metaverse and Web3 are transforming the world.