What is Web 3.0 and Why Does it Matter?
Web 3.0 is the next phase in developing the Internet. It is built on blockchain technology and is highly decentralized. In addition to decentralization, Web 3.0's themes include scalability, interoperability, and enhanced accessibility. Like the first two phases of the web, Web 3.0 also presents opportunities and challenges for everyone.
Technology and the internet continue to evolve, rapidly changing our lifestyles, from how we work to communicate to how we have fun. In the last few months, the spotlight has been mostly on large language models that serve as the foundation for generative Artificial intelligence (AI). OpenAI's ChatGPT has already turned a year older, X (formerly Twitter) now has its Grok, and many companies are investing in AI. Then, who can deny the popularity and influence of Bitcoin and cryptocurrencies?
More than trending topics, these technologies are reshaping the world differently. But before we get too excited with the price action in the crypto market and the next big development in generative AI, perhaps it is appropriate that we revisit an older yet familiar term: Web 3.0.
What is Web 3.0?
Before discussing Web 3.0, it's crucial to recap the Internet's history briefly.
Did you know that the first website in history was created in 1991, and you can still check it today? The Internet has come a long way from its early days. Today, it has over 5.44 billion users (as of April), which accounts for more than 67 percent of the global population. At the end of 2023, there were 1.13 billion websites; around 200 million are actively updated and visited.
The start of the Internet is called Web 1.0, defined by the creation of the web browser, which allowed users to browse and read webpages easily. Mosaic was the first popular web browser in 1993, and it was co-created by Marc Andreessen. Web 1.0 was a pioneering technology since the general public was introduced to the internet and the "information superhighway."
Then, there was Web 2.0, which introduced new forms of interactivity. During this time, the internet boasts interactivity, thanks to the introduction of social networks such as MySpace, Friendster, and Facebook. With Web 2.0, there's an explosion user interaction and user-generated content, and social connectivity.
Now, the next wave of the internet is coming, or it's upon us, according to some experts. Many say that Web 3.0, like Web 1.0 can disrupt and change society. It's the next phase in the internet, and offers both opportunities and challenges for everyone. If you're an internet user or just curious on how it works, then read on, and discover why it's a popular topic online.
Web 3.0 or Web3 is the third generation of the internet, and it's designed to be decentralized, open to everyone, and it's built on top of blockchain technologies. If the previous iteration of the web is to view/read and interactivity, Web 3.0 is all about "read/write/own". It's actually a collection of ideas, so it's quite challenging to come up with a single definition.
For those who are involved in cryptocurrency development and the blockchain, Web 3.0 integrates concepts and technologies that drive the industry: decentralization, token-based economies and yes, the blockchain. There are two key concepts that drive Web 3.0, and these were first explored by Berners-Lee back in the 1990s:
- Decentralization: Web 3.0 is primarily defined by decentralization, which means that there's no central authority or organization that runs the web. This implies that internet users are free to use and maximize the web, and free from indiscriminate censorship or even surveillance. In short, the web is more democratic, removing the control from big data companies.
- Bottom-up design: The web's design start the ground up, with transparency and encouraging everyone to participate. Instead of big data companies running the show, users have the freedom to transact online. As such, Web 3.0 supports peer-to-peer transactions which cut out the intermediaries. Also, the current technology highlights privacy, transparency, and ownership.
Here's where cryptocurrency and the blockchain technology comes into the picture. Crypto and the token economic supports this model of decentralization, where informaiton is stored in a distributed ledger, which cannot be changed, outside the interference of a controlling entity.
While its developers and supporters boast a high level of democratization, the Web 3.0 project is still subject to some criticisms. Primarily, many are saying that "control is concentrated" among early adopters and venture capitalists.
In addition to decentralization, a bottom-up design, and integration of the blockchain technology, there are a few more Web 3.0 features you should know:
- Trustless and permissionless environments: Web 3.0 aims to provide a "trustless" enviromment where decentralized data network protocol has protections. The blockchain is the perfect example of this since this technology is permissionless, and there's no single entity that runs it. "Trustless", in this context, doesn't mean that the processes are automated. The blockchain still requires people to verify transactions and add each one in a public ledger for transparency.
- Use of private kets to authenticate users. In Web 2.0, users need their user IDs, passwords, or even biometrics to gain access to email or even social media accounts. But for Web 3.0 users, a different form of authentication is required, such as private keys for ledgers.
- Use of advanced AL algorithms: Artificial intelligence, machine learning, and large language models may be a product of Web 2.0, but these are currently used to create immersive user experiences. These advanced AI algorithms have multiple use games in gambling, consumer applications, and other industries where immersive experience are essential.
- Support for metaverse. Web 3.0 and the metaverse are not the same, but they have some things in common. The metaverse is all about the simulated and augmented worlds, which can easily work on Web 3.0. Often, the technology is used in industries that rely on modern technologies and complex work processes. For example, simulations are used to train future pilots and doctors in less-risk settings.
Wrapping up
Technologies and innovation to continue to evolve for the better. The internet is one of these technologies that continue to grow exponentially, redefining how we work, communicate, interact, and get our entertainment. And we're currently a witness to its development, from Web 1.0, Web 2.0, and now, transitioning to full Web 3.0 experience. To use an analogy, the Web 1.0 is the era of black-and-white Television, with no sounds, while Web 2.0 introduces color to the screens, and Web 3.0 is the current offerings of broadcasting and entertainment companies that is immersive.
The internet has come a long way since its birth in 1983. From its initial objective of information-sharing, the web's use cases have expanded to benefit most industries. Web 3.0 is its latest iteration, promising users an enhanced user experience. If in the past we're used to accessing, browsing, and reading websites, today's Web 3.0 is now more seamless and tailored, visuals are more appealing and advanced, and technogies are more secure.
