What is Web3: The internet (Worldwide Web) is controlled by central authorities, and this has helped onboard billions of people and created a robust, stable infrastructure around the internet. At the same time, a handful of these central entities have a stronghold on large swathes of the World Wide Web, unanimously deciding regulations and what shouldn’t or should be allowed on the internet.
Web3 has been designed to be the solution to this dilemma. Instead of the Web being controlled by large technology companies, Web3 is built around decentralisation, it is operated and owned by its users. Web3 put decision power in the hands of individuals instead of corporations. Before we talk about Web3, let’s explore how we got here.
The early Web – What is Web3
Most people think of the Web as a continuous pillar of modern life—it was invented just like most things. However, the web we have now is different from the one at the early stage of the invention. For better understanding, let us categorise the early stage of the Web into two periods – Web 1.0 and Web 2.0.
Web 1.0: Read-Only (1990-2004)
In 1989, at CERN, Geneva, Tim Berners-Lee was busy developing the protocols that would become the World Wide Web. His idea? To create open, decentralized protocols that allowed information-sharing from anywhere on Earth.
The first inception of Berners-Lee’s creation, now known as ‘Web 1.0’, occurred roughly between 1990 to 2004. Web 1.0 was mainly static websites owned by companies, and there was close to zero interaction between users – individuals seldom produced content – leading to it being known as the read-only web.
Web 2.0: Read-Write (2004-now)
The Web 2.0 period began in 2004 with the emergence of social media platforms. Instead of a read-only, the web evolved to be read-write. Instead of companies providing content to users, they also began to provide platforms to share user-generated content and engage in user-to-user interactions. As more people came online, a handful of top companies began to control a disproportionate amount of the traffic and value generated on the web. Web 2.0 also birthed the advertising-driven revenue model. While users could create content, they didn’t own it or benefit from its monetization.
According to Wikipedia, Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics
Core ideas of Web3
Although it’s challenging to define what Web3 really is, a few vital principles that guide its creation can help simplify the definition;
- Web3 is decentralised: instead of large swathes of the internet controlled and owned by central entities, ownership gets distributed amongst its developers and users.
- Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
- Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
- Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third parties.
The idea of blockchain is what brought Web3 to life, and we can’t talk about Blockchain without mentioning cryptocurrency.
Thanks to its huge and self-advertising market, the crypto world is something that most youths are familiar with now, from Cryptocurrency and the way to “shit-coins”.
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