An introduction to web3
Or the story of how I didn’t even know there was a web1 and 2!
My various feeds are filling up with new buzzwords everyday like NFT, blockchain, crypto but the biggest one lately seems to be Web3. As a product manager I feel like it’s a part of my professional duty (and personal curiosity) to stay up to date with new technologies and this one feels like a big one.
I’ll admit shamelessly that when I first heard of web3, I was mostly confused having never heard of numbers 1 and 2. I had this sense of déjà-vu à la 3G, 4G and now 5G. Is web3 just the internet but faster and available everywhere? Not exactly.
If you're as confused and curious as I am, follow me down the rabbit hole and let's figure this out together.
One caveat before we start. This will probably bring up more questions for you (as it has for me) and I will not be able to answer all of them by a long shot, not unless you want to be reading for hours. I've thus made the executive decision to leave you frustrated but hopefully a little wiser at the end of this and spend the next few weeks trying to answer all your questions in a series of posts.
The Origin Story
Let's start with a very short and simple description of the different webs.
Web1
The OG web, the one we all knew and loved back in the 90s when it would take 5 minutes to load a page but it was still the most exciting thing in the world. The most important characteristic of web1 is that it was read-only. You had access to all this information online but you couldn't do much with it except consume. The internet was basically the modern version of an encyclopedia.
And then social networks happened.
Web2
Web2 is the era of user generated content, or read-write. With the advent of Tumblr, Myspace, Facebook and Twitter in the early 2000s, the content online shifted from mostly company generated to user generated. More importantly, all of a sudden it became possible to interact. From message boards to actual messenger apps, the entire world opened up to us.
Technologically speaking, web1 and web2 are the same, the only difference is in how we use it.
While no one technically owns the internet, there are definitely organisations that can exert control over it. Just google 'net neutrality' and you'll see that it is a very contentious topic. Internet Service Providers (ISPs) can block or promote content, impact your speed and we know some governments have managed to block access to certain websites to suit their purposes (find a recent example here). The simple fact that we use googling as a verb now also shows how a few companies have a disproportionate impact on what we consume online thanks to algorithms based on all the data they have on you — did I scare you yet? Don't worry, there might be a solution!
Web3
We are now entering the era of read-write-own. That's right, own. Right now when you post content online, you are still very much dependent on the platform you are using and their rules. Web3 is trying to change this and give the control back to the people.
The term was coined in 2014 by Gavin Wood, Ethereum co-founder. I promise I'll write a follow-up on Ethereum but for now store it in the 'new buzzwords' compartment in your brain.
Some of the guiding principles of web3 are the following:
- Ownership — already mentioned that one. NFTs (Non-fungible Tokens) now allow you to own your digital assets regardless of the platform you use them on. Take a piece of digital art you created (or purchased, not being the creative type yourself). Right now, anyone can just screenshot it and make copies of it. By buying art as NFTs, you become the owner in a way you couldn't be before — your ownership is recorded and easily accessible by all. Again, I'll do a more detailed follow-up on this bit.
- Decentralised — web3 relies not on a group of centralised entities (ISPs etc) but relies on anyone and everyone who wants to participate. It relies on blockchains and peer-to-peer nodes (fancy term for people with powerful computers and internet connections running the blockchain) — I feel like the teacher saying 'we'll get to it', this is way too big to explain in one post so for now please just bear with me and follow me to learn more in follow-ups!
- Open to everyone — the fact that web3 is decentralised means that no organisation can define what we may have access to. Instead, decisions are made by the community. Individuals can request changes that are then reviewed by the community before being accepted and deployed.
- Cryptocurrencies — web3 operates with cryptocurrencies rather than the traditional banking and payment systems. Cryptocurrencies and web3 operate on the same technology and on the same principles — decentralisation, no reliance on third parties, access for everyone, ownership.
So why should you care?
If you are in product like me, you should care because it’s a new platform for your brand and you have to understand if and how you can leverage it.
If you're not, you should care because it's really exciting. We are potentially witnessing the birth of a new financial system where banks are no longer in control. If that wasn’t enough excitement, we’re also seeing the very beginnings of digital art collection. And that’s just the start. This technology is new and we are just beginning to understand its potential applications.
Web3 feels more like a movement than a new technology. The words that come to mind the more I learn about it are 'Power to the people'! And at its core, I believe that's the idea behind it. A new kind of revolution powered by technology trying to change the system. A revolution you can participate in, not by going out in the streets, but by sitting at your desk and reading about it, contributing to it, and defining it. So what do you think? Ready to be a part of it?
