The Capital
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The Capital

What is Web3, and Why is it Important to Understand in 2022?

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Why have you been hearing so much talk about Web3? What even is it, and why should I care?

If you’ve invested in cryptocurrencies, NFTs, or even just read up on current tech news, you definitely have heard of the term: “Web3.” And to answer the above question, yes, you should care! Understanding Web3 is not only a great conversation starter, but it is our future!

Before we get into Web3, let’s take a quick look at comparisons between Web1, Web2, and Web3:

Web1 — Information Economy

  • You were not able to send files from one computer to another
  • Use of floppy discs to transfer files
  • Emergence of www in the early 1990s

Applications:

  • First web browsers
  • Search engines

Web2 — Platform Economy

This is what we currently are in!

  • Revolutionized social interactions
  • Emergence of social media, e-commerce, etc.
  • P2P interactions on a GLOBAL scale
  • HTML code use in websites, leading to much prettier UIs
  • Data is stored on servers, drives, and the cloud
  • The “Frontend Revolution”

Applications:

  • Wikipedia
  • Social Media
  • E-Commerce

Web3 — Token Economy

  • Reinvents the way data is stored and managed on the internet
  • Enable TRUE P2P Interactions
  • The “Backend Revolution”

Applications:

  • Tokens
  • Blockchains

Overview

So very brief contextual concepts within Web1, Web2, and Web3. The main take-away point you wanted to get from that is that Web3 completely changes how the backend of the internet works, just like how Web2 completely changed how the frontend of the internet works from Web1.

Why is this backend change so significant? The short answer is safety. Currently, all our data is stored on servers that lack TRUST. The push to Web3 will completely change this.

As society is slowly moving towards a more decentralized system, Web3 gives power to people, not large institutions. As more and more people start to invest in the future of Web3, more and more jobs become available.

My Thoughts/Conclusion

Web3 is the future. If you are a part of a younger generation, it is necessary to learn about it. With so much opportunity in this space, you will not miss the boat on this.

If you think that this is full of crap and useless. I’m sorry to tell you that you are dead wrong. The evolution to Web3 has already started with new projects coming out daily.

Decentralization, power to the people, communities, and connections. Web3 is not only a significant change but a re-write of the internet.

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