What is Web 3?

Web 3 is a concept that has been talked about a lot recently. Web 3 represents the new generation of the Internet, one that shifts power away from large tech companies and puts it back into the hands of individuals. It simply means the next generation of the Internet that promotes decentralization and aims to reduce dependence on big companies.

Web 3 represents the next phase of internet technology and, perhaps, of society. We’re currently living through the era of web 2.0, where most of our communication and commerce takes place within closed platforms owned by a few powerful corporations. These companies are subject to the nominal control and regulation of a single centralized government regulator. Web 3 is supposed to break the monopoly of centralized power.

The Evolution of the Internet

Web 1.0

Web 1.0 referred to the period from 1991 through 2004, when most websites consisted of static pages, most users were consumers, not creators, of content, and the vast majority were companies rather than individuals. Most websites were static content, not dynamic HTML, and therefore could not be meaningfully interacted with by users. Data and content were stored in a static file system instead of a database, and websites had very little interactivity. Web 1 was also highly technical and pretty narrow in scope. You can think of the early days of the World Wide Web as the “read-only” web.

Web 2.0

Web 2.0 refers to the idea of the web being a platform of the interactive and social web. It refers to the time when major companies, such as Google and Facebook, started dominating the web, and people could interact with the internet by creating social media accounts and the like. Some of the most iconic developments of Web 2.0 include things like blogs, social networking sites like Facebook and Twitter, video sharing websites like Youtube, and photo sharing and web applications.

You don’t need any special skills to create something new in web 2.0. Many apps are designed so that anyone can easily create content. If you want to share your thoughts with other people, you can write a post on your blog. You can even upload video content and let millions of people watch. Web 2.0 enables content creation by making it easier than ever before.

Issues with Web2

The internet in its current form is great in many ways, but there’s always room for improvement. Web 2.0 applications repeatedly face security issues. There are even sites devoted to tracking data breaches. With web2, you don’t have any control over your personal data or where it is stored. Companies often track and save user information without their users’ consent, and sometimes even use that information for marketing purposes. These platforms own and control all of this data.

Not every person has the privilege of living where they can speak freely without fear of reprisal. Governments may even block access to certain websites or confiscate bank accounts if they believe someone is expressing alternative views. Centralized servers make it easier for governments to intervene, censor, or shut down applications at their discretion. Because banks are also digitized and under centralized control, the government can intervene there as well by blocking access to funds (often when there is a high risk of financial instability, extreme inflation, or political upheaval).

Web 3.0

The term “Web 3” was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014. There are some fundamental similarities between web2 and web3, however, Web3 adds some additional features to the internet as we know it today, decentralization being the common denominator. Web3 can be defined as the read, write and own phase of the internet. It is Verifiable, Trustless and Self-governing.

Rather than just using freely available technology platforms in exchange for access, users can participate directly in the governance and operation of the platform itself. It means that people can be active participants and stakeholders, rather that just passive consumers or products.

At its most basic level, Web3 refers to a decentralized online environment based on the blockchain. Platforms and apps based on Web3 won’t be owned by any central authority, but rather by users themselves, who will earn their stake by helping to develop, maintain, and improve those services. In Web 3, tokens or crypto assets represent ownership rights to decentralized networks called blockchains. If you hold enough tokens, you have a vote over what happens on the blockchain.

There are many different types of tokens and many different ways they can be used. Governance tokens allow holders to vote on decisions made within the organization. Web3 makes the creation of cooperative governance structures for decentralised products possible. Anything at all can potentially be tokenized, whether they’re memes, pieces of art, people’s social media output, or tickets to conferences.

Issues with Web 3

The main criticism of web3 technology is that as of yet, it doesn’t live up to its potential. Blockchain networks are not equally distributed among their owners, but they are concentrated in the hands of early adopters and venture capital investors. At the heart of the critiques is the idea that blockchain projects are decentralized in name but not in substance. There are far too many blockchains, VC-backed investments, or decentralized finance (DeFi) protocols where just a few people hold the keys to hundreds of millions of dollars. And despite the supposedly leaderless community of protocols, there are clear figureheads. Chain founders like Vitalik Buterin and Charles Hoskinson still have huge sway over their ecosystems despite them supposedly being decentralised.

The Future of Web3

It’s early days for Web 3.0 and many users are understandably skeptical of its longevity and fundamental usefulness. For example, developers of major video games have been met with fierce backlash from gamers when they’ve tried to implement NFTs (non-fungible tokens) into their products. Many musicians have dismissed similar efforts by Web3 companies to cut into the digital music distribution space.

Web 3 is still largely theoretical and requires a lot of knowledge and experience to use effectively. At present, anyone wanting to get involved with blockchain and cryptocurrency technology must first learn about these technologies. Consumers are often unsure or dismissive of new products and services, which is especially the case for Web3 as the industry is highly technical.

While the current version may not be not perfect, the future of Web3 is looking bright. The technology will continue to develop and developers will continue to work toward a truly decentralized and more democratized version of the Internet.

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