Summary
There is no clear definition of web 3.0, but we'll go through what it is and how it relates to blockchain. Our species is undergoing a tremendous transition from pre-computing civilisation to post-computing civilization. We've grown up with the internet and know what it's like to be able to connect and communicate with anybody at any time.
Things like mainframes, then PCs, the internet, web 1.0, web 2.0, mobile, blockchain, and now web 3.0 are all part of this transformation.
All of this occurred during the previous 80 years, give or take. Can you picture how things will be in 30 years?
Before we look at how web 3.0 can affect the future, let us take a look at why such evolution is essential.
Evolution of Internet
Internet - Base Layer
There was the internet, also known as TCP/IP, in the early 1980s. The physical wiring as well as the network protocols that control how computers interact with one another. Initially, it was mostly academic and primarily utilized by the military.
Web 1.0
Between 1991 and 2004, the internet was largely made up of static sites, which meant that when you loaded them, they only displayed 'read only' content. There was no way to log in, engage with content, or monitor analytics. Ads were not even lucrative for the majority of the early internet. In the lack of things like 'flash' or 'java script,' it was mainly one giant encyclopedia that was all hyperlinked together. Users of the internet at the time were the 'consumers,' who went to the internet to consume information. The majority of the world did not really use the internet on a daily basis.
Web 2.0
The web has changed dramatically since roughly 2004. The interactivity of the internet was one of the most significant changes. This meant that, in addition to receiving information from pages, the web began 'learning' from us. As we used Facebook, YouTube, Instagram, and Google, these firms began to use machine learning and AI on our inputs to provide us better content. Consider the kind of online applications we use now, such as Uber, AirBnB, and Deliveroo, which tapped into Web 2.0 and generated new industries. Today, the majority of the world's population uses the internet on a daily basis, and it's critical for work, business and many other commercial activities.
All sounds good, why do we need Web 3 ?
Unfortunately, the data that centralized organisations collect, is packaged and sold to the highest bidder. We turned into the 'product'. In return for great applications, we traded away our privacy. In web 2.0, we may both access Facebook and receive two quite different news feeds based on our political, social, and other preferences that Facebook has learnt from us. Whether we like it or not, the idea that centralized internet corporations have all of our data and know everything about us, including more than we know about ourselves, is a frightening one.
Web 3.0
Web 3.0 is the next stage in the evolution of the internet, including blockchain technology and decentralization. Web 3 provides trust, which is integrated into a core layer - the blockchain. Instead of being a 'product,' you become the 'owner' of your own digital self and personal data, which is especially important in a digital world where data is the new oil and has a price tag. We employ verifiability to connect information and applications directly, without the requirement of intermediaries. We are in the process of converting centralized apps into decentralized protocols. We are applying what Bitcoin has accomplished in terms of money to a wide range of services and apps, all while maintaining privacy and transparency.
In Web 3.0, we may expect the internet to reach a stage where every company is run by a DAO, or Decentralized Autonomous Organization, represented by rules encoded as a computer program that are transparent, governed by the members of the organisation, and not affected by a centralized authority.
The Original Decentralized Vision
Dream of Tim Berners-Lee, the creator of the world wide web, was not to profit off the internet, bur rather to empower people with decentralization and freedom.
"The spirit there was very decentralized. The individual was incredibly empowered. It was all based on there being no central authority that you had to go to to ask permission."
Instead, the web's power was not taken or stolen. We collectively gave it away by the billions with every signed user agreement and intimate moment shared with technology. Facebook, Google, and Amazon now control practically everything that occurs online, from what we purchase to what we read to who we like.
The crucial thing to remember here is that Tim Berners-Lee, the blockchain movement, and the decentralised movement all have the same goals today.
So What Lies Ahead?
Things are in motion today that are difficult to predict, and we play a significant role in this through the choices we make in the technologies that we construct. The attributes we give to those pieces of technology will have far-reaching consequences in the future.
Web 3.0 is the most current wave in this technological advancement, vastly enhancing existing architecture.
To begin, web 3 aims to eliminate data lock-in, data rent-seeking, and data monopoly. The major issue is the advertising business model, which has generated huge economic pressure to keep people engaged as much as possible, via material, some of which intentionally makes you angry, only to keep you engaged.
Second, a large part of Web 3 is bridging the gap between blockchains and the web, allowing these two to communicate with one another and making blockchain systems accessible to people. Verifiability, the ability to encode trust between users into the jurisdiction of an internet via blockchain technologies, is an important aspect of all of this.
Consider Web 3.0 to be an executable Magna Carta.
DISCLAIMER: The information contained in this article is for educational purposes only and does not constitute any form of advice or recommendation by Wheatstones, and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
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