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From to Vitalik.eth: Web 3.0 is Coming

This is the upcoming third generation of the internet, where websites and apps will have the ability to collect and process information in a smart-human like, through technologies like machine learning (ML) and big data.

The internet has become an essential part of modern life. In fact, it is hard to imagine our lives without it, especially since a global pandemic has forced us onto the internet-arguably more urgently than ever before-for our occupational, communicative, educational, financial, and recreational needs. We have become increasingly dependent on the Web over the last 30 years or so. The Web has also undergone some seismic transformations during this time. Now the next step of its evolution is already in sight.

When discussing Web 3.0, a few details need to be kept in mind. First of all, the concept is not that new. What we consider to be Web 3.0 today was originally coined the Semantic Web by Tim Berners-Lee, the inventor of the World Wide Web. He imagined a smarter internet that was more autonomous and open.

As the WWW (1.0) has revolutionized information and Web 2.0 has revolutionized interactions, Web3 may have the potential to revolutionize agreements and value exchange. It changes the data structures in the backend of the Internet, introducing a universal state layer, or by incentivizing network actors with a token.

Web 1.0: The “readable” phase with flat data

It also called the Static Web, was the first and most reliable internet in the 1990s despite only offering access to limited information with little to no user interaction. Back in the day, creating user pages or even commenting on articles weren’t a thing.

Web 1.0 didn’t have algorithms to sift internet pages, which made it extremely hard for users to find relevant information. Simply put, it was like a one-way highway with a narrow footpath where content creation was done by a select few and information came mostly from directories.

Simply put, Web 1.0 is an information portal allowing users to passively consume content without the ability to provide feedback, comments, or reviews.

Web 2.0: The “writable” phase with interactive data

On the other hand, the Social Web, or Web 2.0, made the internet a lot more interactive thanks to advancements in web technologies like Javascript, HTML5, CSS3, etc., which enabled startups to build interactive web platforms.

This paved the way for both social networks and user-generated content production to flourish since data can now be distributed and shared between various platforms and applications. A few examples of Web 2.0 applications include Youtube, Wikipedia, Facebook, and more.

Web 3.0: The “executable” phase with dynamic apps

This is where Web3 comes in. The last two decades have proven that building a scalable system that decentralizes content is a challenge. While the technology to build such systems exists, no content platform achieves decentralization at scale.

There is one notable exception: Bitcoin.

Bitcoin was conceptualized in a 2008 whitepaper by Satoshi Nakamoto, which by the way recently celebrated its 13th anniversary, as a type of distributed ledger known as a blockchain designed so that a peer-to-peer (P2P) network could transact in a public, consistent, and tamper-proof manner.

Why does Web 3.0 matter in the Crypto space?

Since Web 3.0 allows a future where distributed users and machines are able to interact with data, value, and other counterparties via a substrate of peer-to-peer networks without the need for third parties, it matters to the entire crypto world. DeFi definitely benefits from this. Thus, for the next wave of the web, there will be a composable computing fabric that preserves privacy. Which is exactly what we all need in the ecosystem right now.

Some projects that are working with Web 3.0 are ENS DAO, BitTorrent, Blocknative, and so forth.

Such projects will significantly expand the scope & scale of both human and machine interactions far beyond what we can imagine today. From seamless payments to enhanced information flows, to data transfers involving trust, these interactions will now be possible with a vastly increased pool of potential counterparties.

This shift will enable a whole new wave of previously unimaginable businesses and business models: from global co-operatives to decentralized autonomous organizations (DAOs) and self-sovereign data marketplaces.

Final Words

With the arrival of Web 3.0 — which is hard to imagine considering how smart devices have already changed our behavior patterns — the internet will become exponentially more integrated into our daily lives.

We will see nearly all of today’s normally offline machines, from home appliances like ovens, vacuums, and refrigerators to all types of transport become part of the IoT economy, interacting with its autonomous servers and decentralized applications (DApps), advancing new digital realms like blockchain and digital assets to power a myriad of new tech “miracles” for the 21st century.

Now, are you excited or scared of Web 3.0? Let us know your thoughts in the comments below.

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