DEMYSTIFYING WEB 3.0 — RESHAPING THE INTERNET

10 min readMar 29, 2022

How does an invisible web drive the evolution of the internet? And what does it mean for you as a user? (￣0￣)✨

But How Exactly Will It Do That? Well, you’re gonna find out ;)

*As a note, I’m no expert at all and am just a high school student eager to learn more about technology, crypto and blockchain. This information is compiled from various resources of which I’ve attached their links. Hopefully, you will find it interesting to read.

The Path To Web 3.0

Before diving into the concept of Web 3.0, let’s get familiar with what came before it! There are two distinct variations of the internet, Web 1.0 and Web 2.0.

Web 1.0 existed between 1991 and 2004 when the internet was mostly a bunch of static pages, with no interactions, like a big Wikipedia all hyperlinked together. The platform was referred to as read-only, of which users were consumers of information.

Web 2.0 rose between 2004 and now. During this period, the web has evolved tremendously but the most influential changes were interactions. Users could acquire information from pages, and the web could also take data from its users. For example, media channels like Facebook and Youtube extracted information from their users, from the type of content they like, to how long they watch videos and ads, in order to create specific feeds that are tailored to users. All of this information is then packed up and sold to advertisers, creating a new wave of targeted ads, e-commerce, social media, as well a lack of privacy, one of the drivers of the creation of Web 3.0.

It also pioneered P2P transactions (which stands for peer-to-peer, an electronic money transfer created from one individual to another through an intermediary). The problem of this stems from the role of the platform, which must act as a trusted intermediary among 2 parties that do not have trust in one another. While also having the ability to make the rules of transactions and regulate users’ private data.

Gaps in Web 2.0 lead to the development of Web 3.0.

Additional fun fact! : The rise of web 2.0 also fostered the progression of various revolutionary web technologies like Hypertext Markup Language 5 (HTML5), Cascading Style Sheets 3 (CSS3), and JavaScript (coding language).

Now… What Exactly Is Web 3.0 ?!?! ¯\_(ツ)_/¯

Opinions on this can differ. Web3 is currently a work-in-progress and doesn’t have a specific and clear definition…yet. But the basic principle is that Web 3.0 is a decentralized web, meaning that it is a system of interconnected computer networks that work together to produce private, secure and censorship-resistant access to information and services. It focuses on connecting data in a decentralized way, with computers that are capable of interpreting information like humans.

The term was first introduced by Ethereum’s (a decentralized, open-sourced blockchain) co-founder Gavin Wood in 2014. The emergence of NFTs (non-interchangeable units of data stored on a blockchain, that can be sold and traded) and metaverse (a virtual-reality space where users can interact with a computer-generated environment as well as other users), drives interest from cryptocurrency enthusiasts to large tech companies, venture capital firms, and most recently, Tesla and Twitter.

Below are some features that are helpful to define Web 3.0, and are fundamental technologies that power this:

→ AI (artificial intelligence) aids computers to understand the process and filters online information and presents the most accurate results to its users. They become more intelligent to satisfy the needs of users.

→ IoT (internet of things is a network of physical “things” that are embedded with sensors, software and other technologies to connect and exchange data with other devices and systems online like home autonomations and smart cars) will help the interoperability layer of Web 3.0, meaning the ability of computer systems and software to exchange and create information, to connect the internet to intelligent devices.

→ Blockchain will aid the process of gaining decentralized data storage and encourage faith in the virtual world.

Web 3.0 applications either run on blockchains, decentralized networks of many servers, or a combination of the two. These apps are mostly referred to as dapps or decentralized applications. Currently, Ethereum is leading the foundation of various Web 3.0 applications. They host these on user-operated nodes on the blockchain, allowing everyone to use without the need to gain money from data of users and it annot be controlled by any central authority (think of it like a CEO of a company)

“The Web can give something back that was not previously known. Web 3 learns and understands who you are and gives you something back,” said Gian Gonzaga, Ph.D. senior director of research and development at the dating site eHarmony.

A Quick Recap On The Differences of Web 1.0, 2.0 & 3.0

Web 3.0 vs Web 2.0 — What Does This Mean For Users? 🤩😲

With Web 3.0, a user’s digital identity is not 100% connected to an actual identity, different from how Web 2.0 works. Web 3.0 allows users to be the sole owners of their data and give them due to compensation instead of internet data, similar to how NFTs give users ownership of unique digital art that they’ve purchased. The web will make sharing of personal information optional for every user and will also avoid unwanted and those lengthy advertisements on Youtube, allowing users to control the number of ads they want to see and will be compensated if unwanted ads pop up.

With this technological advancement in mind, users are hoping that it will end disruptive advertisement, no longer wasting their time due to unskippable and never-ending ads, aiming to create a fairer online environment, leading the next generation of the internet to be more open-sourced, permissionless and increasingly decentralized. In other words, Web 3.0 is an attempt to take back control of authority and wealth from corporations and return it to users, both high-quality and decentralized.

In Web 3.0, while you are driving your car, you can ask your automotive assistant a question (ex: “I would like to watch a movie and eat Vietnamese food”). With the search engine embedded, it will offer the user a personalized response that takes them to the location and gives a recommendation of the closest cinema location and a good Vietnamese restaurant by looking at the reviews on social media, and it might even present a 3D menu from the restaurant in the display. Pretty cool huh?

This situation makes use of some features of Web 3.0 such as connectivity, ubiquity (content accessible in various applications and services can be used everywhere), 3D graphics being used extensively in websites and services, AI to provide faster and more relevant results, and the semantic web the improve the technology to generate, share and connect content through search and analysis by interpreting the meaning of words, rather than keywords and numbers.

The distinction between Web 2.0 & Web 3.0

Blockchain — The Building Blocks of Web 3.0 😎

The advent of Blockchain technology is the foundation that makes everything in the decentralized space conceivable. It is a public ledger consisting of nodes (a point of intersection/connection within a data communication network) on the network that all store a copy of this record. The premier usage of blockchain technology has been the rising popularity of cryptocurrencies like Bitcoin.

Blockchain is a new method of storing data online, being built around the two core concepts of encryption and distributed computing. It has proven to be an exceptional tool in finance to track EVERY transaction while keeping an encrypted network. Its networks can operate effectively because of the consensus algorithm, which is the defined verification algorithm that decides how transactions are validated.

Encryption = the data stored on a blockchain can only be accessed by people who have the authorization to do so — even if it is stored on a computer that belongs to a different individual, like a company.

Distributed computing = the file is shared across many servers. If one copy of it does not match all of the other copies, then the data in that file isn’t valid. This provides another layer of protection, as no one person other than the data controller can have access to or alter it without the permission of the owner or the entire distributed network.

These concepts mean that data can be stored in a way so that it is only ever under the control of the person who owns it, even if it is stored on a server owned by another individual. The company or government can never access or adjust the data without the keys to the encryption that proves their ownership. And even if they shut down or remove it from their server, the data is still available on the other computers it was stored on.

Other important concepts in regards technical infrastructure of Web3 are that it is open, which means that it is largely built on open-source software, is trustless and does not require authorization.

Trustless means that interactions and transactions can take place between two parties without the need for a trusted third party. This was not the case on Web 2.0 or Web 1.0 since users would have to be sure that whoever was the owner was using it to interact or transact instead of exploiting their communication. An example of this is one person sending Bitcoin directly to another person. The creation of the transaction is controlled by the blockchain algorithm and encryption, and thus, no one can interrupt it.

Permissionless means that neither party in a transaction have to seek permission from a third party (like a service provider or government) before it can take initiated.

BENEFITS OF BLOCKCHAIN IN WEB 3.0?

1/ Supports the development of a management layer running over the existing internet as it eases the data storage in various copies of the P2P network. This permits two strangers who don’t have trust in each other to reach agreements and settle transitions.

2/ Develop a culture where there is a habit to verify EVERYTHING. Nowadays, users rely on apps like Google or Facebook to guide for the source, however, this can negate the third-party services to find data on a blockchain directly. This becomes advantageous when investigating the use of funds and the transfer of data.

How Will Web 3.0 Be Implemented & What Are Some Applications? 🤯

Web 3.0 is the third generation of internet services for websites and applications that will focus on using a machine-based understanding of data to provide a data-driven and Semantic Web.

Let’s look at some examples of web3 in practice:

Bitcoin — The original cryptocurrency has been around for more than a decade, and the protocol itself is decentralized, although not all of its ecosystem is.

Diaspora — Non-profit, decentralized social network

Steemit — Blockchain-based blogging and social platform

Augur — Decentralised exchange trading market

OpenSea — A marketplace to buy and sell NFTs, itself built on the Ethereum blockchain

Sapien — Another decentralized social network, built on the Ethereum blockchain

Uniswap — Decentralised cryptocurrency exchange

Everledger — Blockchain-based supply chain, provenance, and authenticity platform

Solving Problems? What Will The Future Look Like?

Various advantageous and potential problems that Web 3.0 can solve include…

Potential to guide a consumer-centric future internet that is open-source, and focused on the enhancement of privacy, security and transparency. Our personal information will not be collected for commercial usage.
Enable exchange of data and value on P2P networks between machines and users, building trust through the establishment of agreements.
Allowing trustless data transfers, automatized, crypto-based payments, and easy ownership transfers.
Blockchain-based Web3 will connect companies directly with customers. There will be little to no intermediaries that will acquire a share of earnings from electronic transactions—shifting towards decentralized networks instead of centralized institutions.
Any server’s corrupted error will be improved by a decentralized approach.
Content creators will have better rights of publishment and less censorship from non-related users.
Can avoid internet hacks and leaks as it acts as a system for specific users, thus being helpful for data security and privacy.
Allows businesses to streamline their operations by cutting out the middleman and directly connecting computers. This fosters communication and collaboration between employees, partners, and customers.

This all sounds great. Everyone must be a fan….right?

It should be mentioned that there are also people who disliked it. Elon Musk has made various comments, including stating that it “seems more like a marketing buzzword than a reality right now” and tweets like, “Has anyone seen web3? I can’t find it.”

Former Twitter CEO, Jack Dorsey, on the other hand, has questioned whether it will be as free and open as many hope. He said, “You don’t own web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.”

Some dislike the current proposals because they are built on blockchain, which can sometimes be very energy-intensive, contributing to carbon emissions and enhancing climate change, impacting the environment.

FACT (but not so fun): Did you know that the Bitcoin blockchain, for example, is estimated to consume around the same amount of energy as Finland?

(☞ﾟヮﾟ)☞ In a nutshell, Web 3.0 has a great impact on interpersonal, and organizational communication and data privacy. Some technological restrictions, meaning that it is still in progress…

And, thanks for reading this article. Hope you learned something ;)

Some resources used:

DEMYSTIFYING WEB 3.0 — RESHAPING THE INTERNET

Written by Đồng Nguyễn Minh ANH