What is Web3?
THE WEB3 JOURNAL: Your Diary into Blockchain
To understand the future and what Web3 truly represents, we have to take a trip into the past, to a time of transistors and early semiconductors where the ARPANET was first invented. As with any technology, it aims to solve a problem, but over time, for the technology to advance, its limitations have to be overcome. The ARPANET was a success that proved the technology was useful, but usage was based on membership, and membership was limited to certain academic and research organizations that had contracts with the Defense Department. Over time, several other networks came to be but that led to a new problem, all these networks were separate and information transfer wasn’t possible, and this led to...
WEB 1.0: READ ONLY
In the 90s, a visionary named Tim Berners-Lee embarked on a mission to revolutionize how we communicate and share information. He and his teams’ transformative vision laid the groundwork for what we now identify as the ‘World Wide Web’.
This nascent version of the Internet, often regarded as the Web, was the earliest iteration accessible to the everyday person. It was a momentous leap from the Internet’s origins, which were primarily harnessed by government agencies, universities, and research organizations.
It had a set of defining features (well, some were really limitations), including:
1. Static Content: Unlike the dynamic HTML You and I are familiar with, the early version relied on the delivery of information from static files, lacking the dynamic and interaction we are used to. Basically, you could only get information, not input.
2. Limited Interactivity: In this era, websites were similar to digital magazines and newspapers; users could only view content created by others.
You can click on the sites to see their earliest versions
Owing to its lack of interactivity, Web 1.0 earned the moniker “read-only” Web, and this further led to…
WEB 2.0: READ AND WRITE
Web 2.0 began in 2004 with the emergence of social media. Instead of just being a read-only web, the web evolved, and companies began to not just provide content to users; they also began to provide platforms to share user-generated content and engage in user-to-user interactions. As more people came online, a handful of top companies began to control a disproportionate amount of the traffic and value generated on the web.
This is the current Internet most of us know today. It’s instant website creation, portfolio sites, blogs, and forums—basically any platform where you can easily upload content and make it visible to others (all the social media apps we spend hours of our day on). They use dynamic HTML, and the content is often served from a database.
So what are the limitations of Web 2.0?
A proper example would explain better. In 2021, Only Fans, the well-known UGC platform that enables its users to monetize their content, announced plans to ban sexually explicit content from its platform. Well, happily they didn't, as several users protested against such unfair treatment, but imagine if they did. Several users who use the platform as a source of income would be cut short.
In Web 2.0, big tech companies serve as dictatorships. They control the infrastructure, the apps, and the servers, so they decide who can play, when, and how. In exchange for “letting” you participate, they make you give free access to your data, which they then sell to the highest bidder (getting disgustingly rich in the process).
Leading us to the solution, which is...
Web 3.0
The term ‘Web 3.0’ was introduced by Ethereum co-founder Gavin Wood in 2014, when he was envisioning a more user-centric and decentralized web. In essence, Web3 utilizes blockchains, cryptocurrencies, and NFTs to empower users with ownership.
Web3 is essentially the blockchain, but the blockchain was already in existence before the term Web3.
You can click this link if you are interested in a short story about the history of Web 3.
So, while an exact definition of Web3 may be elusive, several fundamental principles guide its development:
1. Decentralization: Ownership is distributed among builders and users, moving away from central entities.
2. Permissionless: Web3 offers equal access to all, ensuring no one is excluded.
3. Native Payments: It employs cryptocurrencies for online transactions, sidestepping traditional banking systems.
4. Trustless: Incentives and economic mechanisms replace the reliance on trusted third parties.
The Importance of Web3
Web3 introduces several game-changing features:
1. Ownership: Unlike Web2 where in-game items or digital assets were tied to user accounts, Web3, through NFTs, offers irrevocable ownership. Users can trade or sell their in-game items on open markets, safeguarding their value.
2. Censorship Resistance: In Web2, creators risked losing their reputation and following if they left a platform. Web3 allows users to retain their data on the blockchain and plug it into interfaces that align with their values. Censorship resistance is native to Web3.
In the example given earlier, if Only fans just locked off it platform. Any user could easily take their content and move on to a different platform while still retaining ownership.
3. Decentralized Autonomous Organizations (DAOs): In Web3, users can collectively own platforms through tokens, enabling decentralized decision-making via smart contracts. Users with tokens vote on resource allocation, enhancing user control.
4. Identity: Web3 provides control over digital identities using Ethereum addresses and ENS profiles. This creates a single, secure, censorship-resistant, and anonymous login across platforms.
5. Native Payments: Web3 eliminates the need for banks and payment processors, allowing direct token-based transactions in the browser without reliance on trusted intermediaries.
A Decentralized Future
We imagine a future where every user is an owner and in full control of their content and identity online, Web3 represents an evolving ecosystem that is only beginning to take shape and any user can take part by:
1. Open a wallet: Begin by acquiring a Web3-compatible wallet to start your journey.
2. Pick a community / DAO: Engage with like-minded individuals in Web3 communities.
3. Explore Web3 applications: Dive into the world of Web3 by exploring various decentralized applications.
Web3 holds the potential to redefine the internet, returning power and control to users and creating a more equitable digital environment.
Web3 holds the potential to redefine the internet, returning power and control to users and creating a more equitable digital environment.
