Web 3.0
The internet has always been a huge part of our lives as people of the digital age. It has been said that there is a new iteration of the internet where we will own every of our activity on the web as opposed to them being owned by centralized authorities.
Web 3 is here!
Hey guys, it’s another week of learning!
Today we will be learning about the buzzing “Web 3” world and all the jargon that goes along with it. What good is it to us as humans, and what significant difference does it have in relation to our current web which in fact is known as “Web 2”?
So seat tight and fasten your seat belt as we dive into this.
Wikipedia defines web 3 as “an idea for a new iteration of the World Wide Web (www) which incorporates concepts such as decentralization, blockchain technologies, and token-based economies”.
Web 1 (Read-Only Era)
The internet dates back to 1990. Back then it was a revolution that provided us with static web pages. Referred to as the read-only era of the internet, it provided us with content to read making us all consumers of the content we found on the internet. This part of the internet is referred to as “Web 1” or “Web 1.0” as it is sometimes referred to as. This was between the years 1991 to 2004.
We realized that the internet could be way more than just static web pages that we read. A couple more innovations provided us the opportunity to also contribute to the internet giving rise to something more sophisticated and tangible. Birthing the use of social media, blogs, forums, etc, we became producers of content.
We can see the likes of Facebook, Google, Amazon, Airbnb, and other blue-chip organizations here.
Understanding Web 2 (Read and Write Era)
Reading this piece, you will most likely own a google account that gives you access to many of google’s products and services, and a Facebook account that you visit once in a while to share pictures and also interact with friends from far and wide. This form of technological innovation was what welcomed the second version of the web known as “Web 2" or “Web 2.0” — (2004 — Present).
Majorly known as the “read and write” version of the web, it gave us the opportunity to contribute to the web.
Here, web 2 companies have large access to our data which they use in providing us with content based on recent activity using any of their products or services. They do this with the aid of machine learning algorithms.
Practical Example of How Web 2 Companies make use of Data
Ever experienced a situation where you open the google search engine on your mobile phone and what you see are web pages related to your previous searches on the internet?
Of course, you must have experienced Facebook’s “people you may know” section on your Facebook account. You also notice that these suggestions fall under the category of persons you once knew. They could be people you met in high school or even former colleagues at your previous place of employment.
That’s a perfect example of how web 2 companies make use of your data in providing you with certain information. This data that is provided to them is sometimes offered to other organizations in exchange for something of monetary value.
But today, technology has given us something to anticipate and be excited about — Web 3!
This evolution was predicted by Sir Tim Berners-Lee, a computer scientist best known for his invention of the World Wide Web (WWW) way back in the 90s.
It generally refers to the next evolution of the internet while utilizing blockchain technology and the tools of decentralization.
And because the blockchain is a form of distributed ledger system where information is stored across thousands of computer nodes, it creates a decentralized system that takes power away from a central authority.
In this era, you own your content and make decisions yourself pertaining to your data, privacy, and your online relevance. This is made possible with the aid of decentralization, the blockchain amongst other relevant technologies
The Future of Web 3
As opposed to a centralized system where your data is owned and stored by organizations who can one day decide to shut it down or maybe get disconnected due to an outage on their part, in the web 3 world, there will be no controlling CEO, governing body or shareholders making decisions about how the company is run for its users making the web a decentralized platform.
Users like you and I will be able to interact via a peer-to-peer network due to its open, trustless, and permissionless feature thereby removing the need for a centralized third party.
This is quite different from the phenomenal use-case of Web 2 companies where we have no say in how these organizations are run. We see new features added to these applications and we have no option but to accept them.
Analysts say it will take the form of a Decentralized Autonomous Organization (DAO) where every member of the DAO gets to participate in the governance of the organization, and decisions are only made after votings are made by participants of the network.
These DAOs will have tokens that will serve as a form of incentive for members of the organization. In a situation where you do not agree with the way the organization is transitioning, you can sell off your tokens and probably move to another DAO that aligns well with you.
There will also be no form of central authority, controlling censorship or ban on accounts, and of course, your digital identity will be in no form connected with your real identity.
In conclusion, web 3 empowers security by giving back the control of data and identity to users. Being open, trustless, and permissionless, it ultimately has the potential to transform our way of life.
Want to discuss or understand more about this technology, connect with me:
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https://www.linkedin.com/in/gloria-echendu
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https://twitter.com/Gloria_Echendu
Check out my other articles on Medium:
https://medium.com/@echendugloria
I remain your Favourite Web3 Advocate.
Thanks for reading.
