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Truly Crypto 101

Web 3.0 is Unveiled. Fancy Being Part of It?

Web 3.0, also known as Web3, was proposed in 2014 by Gavin Wood, co-founder of Ethereum and creator of Polkadot. Though this idea can be traced back to as early as 2014, it had remained in the shade until the end of 2021 when Web 3.0 suddenly came under the spotlight and was even hailed as the “future of the digital age”. Truly has been one of the keen followers of Web 3.0, and today I’m going to take you on a deep dive into what this term is really about.

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What is Web 3.0?

Tech entrepreneur and investor Chris Dixon describes Web 3.0 as “the Internet owned by the builders and users” with digital assets connecting them together.

According to Eshita, a researcher at the Blockchain Research Institute Messari, the features of Web 1.0, Web 2.0, and Web 3.0 can be summarized into three evolving phrases: read-only, read-write, and read-write-own.

Web3.0 is not only a technological revolution. It is also a technological integration that offers more customized Internet information to users through standardized communication protocols, which makes the process more streamlined. This concept is widely considered key to the transition from technology-driven innovation to mindset-oriented innovation in the evolution of the Internet.

How has Web 3.0 developed from Web 1.0 and Web 2.0?

To further understand Web 3.0, let’s start with Web 1.0.

Web 1.0

The first stage of the World Wide Web evolution, people were using traditional static websites whose content was generated and served from the servers and operators. The Internet back then is understood as the “read-only” web, where users were only passive recipients of the information presented to them. All people could do was to go to web portals to view news and information fed to them without the chance to interact.

Web 2.0.

The increasing participation in the Internet sector has given birth to new business models, represented by social media platforms such as Facebook, Twitter and many others, which allow users to create content and interact with others. This is what we call Web 2.0.

Although most Internet applications and products belong to Web 2.0, many Web 1.0 projects are still in operation. Therefore, Web 2.0 that features interconnectivity hasn’t entirely replaced the “read-only” Web 1.0, but again, it is certainly not what a full-fledged Internet should look like. Thus, Internet professionals in the Web 2.0 age began to explore the next step of the Internet, and this was when the idea of We3.0 came into existence.

Web 3.0

Web 3.0 will reshape society in a more profound way than Web 2.0 does.

To put it bluntly, Web 3.0 ushers in a truly decentralized era in which the Internet is based on blockchain. Its decentralized and distributed nature makes it insusceptible to the breakdown of one single node, as other nodes can step in and complete the transfer of information and value when some nodes break down. In this manner, the whole system remains unaffected.

For example, the ownership of the digital identity, data, and content that we create on the Internet, as well as our private data, can all be recorded in a blockchain ledger. In the meantime, the smart contract adopted by blockchain will fulfill the governance function, enabling users to conduct peer-to-peer transactions with no need for endorsement of major platforms.

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What impacts will Web 3.0 bring about?

We are now at the starting point of the Web 3.0 era, and concepts such as Decentralized Autonomous Organization (DAO), Decentralized Finance (DeFi), NFT, Metaverse and GameFi have emerged and jumped on the bandwagon of the Web 3.0 era with multiple advantages such as decentralization, transparency, convenience, and entertaining content, indicating that the Internet is starting to be integrated into people’s everyday life.

The fast development of different forms of decentralization has not only refreshed our perspectives of blockchain but also enabled us to experience another round of innovative development of traditional concepts such as finance, digital assets, and games in the era of Web 3.0, which provides us with a freer, more transparent, and more convenient cyberspace. It will not be long before we see far-reaching changes in every aspect of social and business activities and even people’s daily lives. What can be foreseen is that Web 3.0 will bring about massive fresh concepts and models as well as abundant business opportunities.

In general, Web 3.0 is characterized by a unified identity verification system, data authentication and authorization, protected privacy with immunity to censorship, and decentralization. On top of finance, industries such as pan-entertainment, consumer goods, technology, and business services also start to burgeon and merge into a more extensive and well-rounded ecosystem, which delivers more diverse lending functions, user-friendlier wallet products, novel SocialFi projects, and services covering audit, governance, and customer relations.

Want to know more about the future of Web 3.0? Leave us a message and Truly will take you for a deep-dive next time!

How close are we to an era of fully decentralized Web 3.0?

Today, Web 3.0 is still in its infancy of development and is far off from the notion of full decentralization. One reason is that technologies such as artificial intelligence, IoT, and blockchain are not mature enough. The market also lacks secure, reliable infrastructures to store a massive scale of data.

For example, many Web 3.0 services now run on Ethereum, which is expensive and low in throughput, making these applications unable to scale up without external infrastructure. Such inherent flaws of Ethereum undermine its potential as a backbone of Web 3.0. Further, today’s Web 3.0 is vulnerable. As functionalities of Web 3.0 grow, its security has become ever more vital.

Nevertheless, Truly is convinced that as the era of Web 3.0 approaches, this space will see an influx of talent as related technologies continue to develop and a large sum of capital pours in. Technologies such as artificial intelligence and blockchain will be fully brought into play, making Web 3.0 accessible to everyone.

Websites referred to in this article:

Blockchain Research Institute

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