What Is Web3: Everything You Need To Know
The internet is undergoing a transformative phase known as Web3, which represents the next evolution in internet technology. With the integration of blockchain technology and the development of decentralized applications, the concept of Web 3.0 has gained prominence in the tech sphere. This new iteration of the internet aims to overcome the limitations of the current version, leading to the inquiry: What exactly is Web 3.0? In this article, we will delve into the concept of Web 3.0, encompassing its definition and how it builds upon the groundwork laid by its preceding versions.
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What is Web 3.0?
Web 3.0 is a term used by certain technologists to describe a novel type of internet ecosystem built upon decentralized blockchains, which are the shared ledger systems employed by cryptocurrencies such as Bitcoin and Ethereum (Ether).
This vision of Web 3.0 hinges on the utilization of blockchain technology in conjunction with artificial intelligence. The ultimate goal is to counteract the monopolistic influence of major tech corporations on the internet and reinstate greater control to ordinary users. While Web 3.0 remains somewhat aspirational due to the nascent stage of the requisite technologies, it presents an appealing outlook for those concerned about the dominance of giant companies like Meta (formerly Facebook) and their ambition to regulate users' internet experiences.
To grasp the advantages inherent in the concept of Web 3.0, it is imperative to review its predecessors, namely Web 1.0 and Web 2.0, within the context of the evolution of the internet.
Web 1.0 and Web 2.0
Web 1.0 marked the inception of the publicly accessible internet. During this phase, the web primarily consisted of static, read-only pages that lacked significant interactivity. Most websites were managed by individuals or small enterprises, and the era didn't witness the emergence of internet giants, at least not in the manner we observe today.
The paradigm shift occurred with Web 2.0, which gained prominence around 2004. Web 2.0 brought about a transformative change by introducing interactive elements to websites, including social media platforms and comparable features. Furthermore, this era saw the ascendancy of large corporations that came to dominate the internet landscape.
The Rise of Internet Companies In Web 2.0
During the era of Web 2.0, the internet underwent a significant transformation, enabling users to not only consume online content but also actively contribute to it. This shift in dynamics expanded the possibilities of the internet, allowing people to engage with both content and other individuals online. Consequently, numerous companies seized this opportunity by creating online social networks, enabling friends and families to connect and communicate via the internet. Among these platforms, Facebook emerged as the most prominent and influential social media platform.
Web 2.0 also encompassed various other use cases that were explored and continue to be developed. E-commerce, for instance, gained significant traction, enabling people to conduct online buying and selling of goods. This expansion of online commerce provided individuals and businesses with access to a broader audience, reaching customers they might not have been able to target otherwise. Amazon stands as one of the most renowned and successful e-commerce platforms within this context.
The Major Problem With Web 2.0
Indeed, the evolution of the internet from Web 1.0 to Web 2.0 brought about a more interactive and personalized online experience for users. However, this transformation also introduced a trade-off: the collection and utilization of user data by online platforms. As users contributed content, engaged with online services, and made purchases, companies gathered an extensive amount of information about them. This data collection allowed companies to construct detailed profiles of users, which in turn facilitated the delivery of highly targeted advertisements to specific audiences.
Initially, this customization of online experiences seemed advantageous, as users received content that aligned with their preferences. Yet, over time, this personalized experience came at the expense of users' privacy. Web 2.0 effectively turned into a vast data farm, with companies using user information for profit. The practice of using users' data to fuel targeted advertising became a highly lucrative business model for dominant online players.
Additionally, the reliance on centralized servers to store user data introduced security risks. Despite robust cybersecurity measures, there remained the potential for these servers to be compromised by hackers. Such breaches could result in unauthorized access to sensitive user information, including personal details and preferences. This vulnerability raised concerns about privacy and the potential misuse of user data.
In light of these challenges, the concept of Web 3.0 emerged as a solution to the limitations of Web 2.0. Web 3.0, built on decentralized blockchain technology and principles, seeks to restore user control over their data and identities. By enabling users to have ownership and control over their personal information, Web 3.0 aims to address the issues of data privacy, security, and centralized control that emerged during the Web 2.0 era.
Web 3.0 vs Web 2.0
Censorship Resistance
Social media platforms such as Twitter and Facebook can censor any account, post, or tweet if they feel that the content published violates any of their policies. What’s more, centralized payment service providers also have the ability to restrict certain payments. On the other hand, due to its decentralization, Web 3.0 is completely censorship-resistant, this means that no central third party can restrict any user or any user activity.
No Server Downtime
Centralized platforms have a server infrastructure that is more vulnerable to cyber-attacks and potential downtime - which is both an inconvenience and a security risk to the end-user. Since the servers in Web 3.0 are part of a decentralized network, there is no central point of attack or vulnerability for a cybercriminal to exploit. Furthermore, the decentralized network suffers a lot less downtime since there are 1000s of servers/computers globally that maintain the network or application, as opposed to the handful of servers that make up centralized networks and applications.
Control Over Personal Information
Since user information is stored on the blockchain, it can only be viewed by the person who holds the linked private key, which is always the person to who the information belongs to. With this being the case, each person on the network has full control over their data - including how it is used and who can view it.
How Will Web 3.0 be Achieved?
Web 3.0's vision of a decentralized and user-centric internet relies on the integration of various advanced technologies, particularly blockchain technology and artificial intelligence.
Blockchain technology will play a pivotal role in reshaping the way user data is managed. Instead of being stored on centralized servers controlled by tech companies, user data will be stored on distributed ledgers, ensuring anonymity and encryption. This shift empowers users by giving them control over their own data, while also disrupting the existing revenue models of dominant tech monopolies that have profited from collecting and selling user data.
Artificial intelligence, on the other hand, will be harnessed to process and analyze the vast amounts of data stored on the blockchain. This will enable the delivery of personalized experiences to users without the need for intermediaries or centralized platforms. Unlike the previous era, where companies utilized AI to tailor content to users for their benefit, Web 3.0's use of AI aims to provide tailored experiences without compromising user data and privacy.
Decentralized Autonomous Organizations (DAOs) are another crucial aspect of Web 3.0. These are organizations governed by community members who hold native cryptocurrency tokens. DAOs operate on blockchain technology, enabling token holders to vote on key policies and operational decisions. DAOs align with the distributed ledger capabilities of blockchains and form the structural foundation of Web 3.0. They enable users to participate in decision-making processes and incentivize engagement by allowing token holders to propose and implement changes to online platforms. As the DAO community grows, the value of the native tokens may appreciate, encouraging active participation and innovation within the community.
Web 3.0 envisions a landscape composed of multiple DAOs, each representing different online platforms and communities. These DAOs will be maintained and controlled by their respective communities, further enhancing the decentralized nature of the internet and giving users a stronger voice in shaping the online spaces they participate in.
Conclusion
Web3 is the latest iteration of the internet and aims to create a truly decentralized, immersive, and customized web through the combination of several technologies, including blockchain technology, artificial intelligence, DAOs, and several others. Web 3.0 will deliver Web 2.0’s promise of a more immersive and customized web, just with decentralization, and by doing this eliminating the possibility for large tech firms to sell our personal data and information.
