Defining Web 3.0
CRUCIBLE Insights — Paper #3
“The last decade was defined by the online revolution. The upcoming decade will be shaped by the on-chain evolution” — AlchemistIII
The first website went live in 1991 and you can still view it here. 31 years later, the World Wide Web is currently used by 5.03 billion people with new users joining every day.
Alongside this expanse, some of you may have heard the phrase “Web 3” or “Web 3.0”, calls for a sweeping decentralization of the internet, and releasing an internet revolution. Some of you may have even heard the phrase “Web 5”, recently and infamously uttered by the former CEO of Twitter.
Excitement, confusion, refutation — are just some of the rhetoric expressed towards these terms. In order to grasp an answer, or perhaps start a discussion on what could be the answer, we must first dive into a simplified history of the World Wide Web. It is useful to break this down into the loose periods of Web 1.0 and Web 2.0.
Web 1.0 (1990–2004)
Tim Berners-Lee was working on the protocols that would become the World Wide Web at CERN in Geneva in 1989.
His concept?
To develop open, decentralized protocols that allowed information to be shared from anywhere on the planet.
Berners-Lee’s invention, now known as Web 1.0, was first implemented between 1990 and 2004. Web 1.0 consisted primarily of static websites controlled by businesses, with little to no interaction between users. individuals rarely generated content — earning it the moniker “read-only web.”
Web 2.0 (2004-present)
The Web 2.0 period came to light in 2004 with the birth of social media platforms and dynamic websites.
Instead of being read-only, the web evolved into a read-write medium. Companies allowed venues for users to share user-generated content and engage in user-to-user interactions — rather than simply giving material to users. For example, YouTube was created in 2005. Such innovations marked a new era of the web, with smartphones soon arriving on the horizon, such as the iPhone in 2007.
To date, technological advances have forever and continue to change and shape the ways in which users create, share, and consume content.
What is Web 3.0?
At the surface level, Web 3.0 appears to be a catch-all term for an idealism of a new and improved World Wide Web or Internet. To its many enthusiasts, this vision features cryptocurrencies, NFTs, and importantly, the power of user-ownership.
Consequently, understanding Web 3.0 still remains challenging from both a definitional and practical perspective. Rife are sceptics’ opinions that Web 3.0 cannot exist and that contemporary developments are better understood as the World Wide Web (in it’s current Web 2.0 form) leveraging the utility and hype of recent technological innovations. However, amongst the hype, value can indeed be found.
Below, are some of the main principles associated with Web 3.0:
Decentralization: Instead of centralized entities controlling and owning significant portions of the internet, ownership is divided among its architects and users.
Permisonless: Everyone has equal access to Web3 participation, and no one is excluded.
Native Payments: It facilitates transactions and connects wallets that use tokens or cryptocurrencies
Trustless: Instead of relying on third-party vendors, it operates through incentives and economic systems.
Whilst definitional uncertainties and skepticism persist, a common denominator across the “Web 3.0” values outlined above is the necessity of distributed ledger and cryptographic technology. More simply put — blockchain or being “On-Chain” allows these values to exist.
CRUCIBLE therefore defines Web 3.0 as the following:
“Web 2.0 (the web we all know and use) moved the world online; Web 3.0 will move the world on-chain. In this Web 3.0 world, businesses and serves will be ONLINE and ON-CHAIN”
Conclusion
The concept of Web 3.0 is young and ever-evolving. There has been an influx of interest, experimentation, and skepticism. What emerges at the end of the tunnel is yet to be seen. Whether this will be called a revolution for the World Wide Web and internet is all the more unclear. What is certain, is that in some shape or form, an evolution will occur.
Recap
Web 1.0: Read-Only & Static
Web 2.0: Read-Write & Dynamic
Web 3.0: Read-Write Online & On-Chain
❓Want to to know more about the CRUCIBLE❓
💬Discord Community
🌐CRUCIBLE Linktree
