What the F$%@ is Web 3.0 anyway?
The term "Web3" was coined by Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain."Before we unpick that statement, let's take a look at what web 1.0 and 2.0 were and what web 3.0 is promising.
Web 1.0
Web 1.0 was the first iteration of the internet, it became widely available in 1989 but took a few more years to get fully adopted. Most internet connections we dial up 56k modems and most websites were very simple, corporate and information websites. Created by web developers and read only.
Web 2.0
Web 2.0 saw the invention of new types of websites, that allowed user generated content (UGC) this mean that You no longer had to be a developer to create content.
Social networking sites became prevalent, Facebook and Youtube acquired hundreds of millions of users and advertisers took full advantage of the ability that these websites gave them to personalise content and target users.
The web became mobile with the release of the iphone in 2007 and it really got going in 2008 with the release of the iphone 2 (or iphone 3G to add further complication!).
If you haven’t seen it, watching Steve Jobs original iphone launch is a masterclass in presentation and the crowd reaction is priceless.
Steve Jobs announcing the first iPhone in 2007
Data, analytics, UX and CRO allowed businesses to understand and change their content to tailor it their customer’s needs.
One of the main characteristics of all of web 2.0 is the that it is all stored on servers owned and managed by trusted institutions. This centralistaion is one of the issues that web 3.0 seeks to rectify.
web3
Web 3 is the collective term for a number of new technologies which change the way we interact with content and computers interact with us including but not limited to:
AI, blockchain, cryptocurrency, IOT, NFTs, Metaverse, Symantec web
Web 3.0 is a decentralized internet, where individuals own and govern sections of the internet, rather than companies like Google, Apple or Facebook. Decentralisation can help to create trust, transparency, and privacy.
Blockchain
This decentralisation can be achieved by using Blockchain, which is a distributed database that allows for secure, transparent and tamper-proof transactions.
Web 3.0 will be powered by blockchain in a number of ways. For example, blockchain can be used to timestamp and secure data, to create trustless systems for identity and reputation, and to facilitate decentralized exchanges. Already, we are seeing blockchain being used to power a new generation of applications, including those that enable peer-to-peer payments, create tamper-proof records, and more. As blockchain technology continues to evolve, we can expect to see even more innovative applications that will shape the future of the web.
For example, the decentralized social network Akasha is using blockchain to build a censorship-resistant platform for free expression. The digital identity project uPort is using blockchain to give users control over their own data. And the decentralized marketplace OpenBazaar which, until 2021 was using blockchain to build a peer-to-peer platform for commerce.
Read about why OpenBazaar closed it’s doors in 2021
Cryptocurrency and NFTs
Cryptocurrency is a digital currency that uses cryptography for security. It is decentralised, so it is not subject to government or financial institution control. Major financial organisations like Paypal are enabling users to buy and sell cryptocurrencies like Bitcoin and many others will likely follow.
A NFT (non-fungible token) is a non-interchangeable unit of data stored on a blockchain, that can be sold and traded.
NFTs are ‘tokens’ that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles and even real estate.
Bored ape NFTs
If it seems crazy to pay $8000+ for a video file that you could watch for free on youtube, it gets crazier!
Someone paid $2.9M for Jack Dorsey’s (Founder of Twitter) first tweet!
Here it is for free online and for everyone in the world to view whenever they want!
https://twitter.com/jack/status/20
Symantic web
Finally, web 3.0 is about using advanced metadata to help AI better understand the world around us.
In other words, we add further data descriptors to otherwise existing content and data on the Web. As a result, computers are able to make meaningful interpretations similar to the way humans process information to achieve their goals.
The ultimate ambition of the Semantic Web, as its founder Tim Berners-Lee sees it, is to enable computers to better manipulate information on our behalf.
Web 3.0 is the next generation of the internet, where the web is more intelligent and connected. It is a more personalized and interactive web, where users can control their own data and privacy.
However, it may take a few more years for us to fully understand and realise its potential.
Summary
So there you have it, some of web3's technologies are already rife in the systems that we use every day, others are just finding their foothold. We don't really know yet exactly how much these technologies will improve our lives but if used correctly then trust, user control over their own data and privacy should all benefit.
