What is Web3?
Updated: Jul 24
The word "web3" has been thrown around a lot in recent years, but what does it actually mean? Before we can talk about web3, we must first explain web1 and web2. At the end of this article, you will be able to distinguish the difference between Web 1.0, 2.0, and 3.0. But first, let's go over what the differences between them are.
Web1 was the term applied to the earliest version of the internet. It became a worldwide network symbolizing the future of digital communications for the first time. It defines the initial "iteration" of a medium that grew and evolved to become a platform with significant multifunctional applications. The early Internet consisted primarily of web browsers connected by hyperlinks,
without the added graphics, controls, and forms we see now when we access it. It's commonly referred to as the "read-only web" since it lacked any interactivity. Just like you would read a newspaper. Web1 could be compared to a pager because it is a one-way communication device. Messages can be received and viewed, but no responses can be sent back.
Web2 was the next step in the evolution of the internet.
It opened the web up to a whole new world of possibilities. Users, for the first time, were now able to interact with websites as well as with one another. Just like upgrading from a pager to a cell phone. Users can now receive and send messages.
Because Web1 was built on reading exclusively, Web2
included writing as an additional component, which opened a new gateway of internet interaction. Putting us squarely in the era of data. During this time period, multinational corporations like Google, Facebook, and YouTube raked in billions of dollars. How were they able to achieve their goal despite the fact that they provide their service at no cost?
You may be wondering how this is possible, and the truth of the fact is that you are the product. In exchange for providing us free services, these corporations use our information to make money by selling it to other businesses.
Your information is used by companies to target advertisements
and marketing materials. Even though these companies are
making money off of our digital footprint, we can’t actually
claim ownership of our data, since we’ve agreed to the terms
by using their services.
Then web3 came along.
Continuing with the same line of reasoning as before, if web1 allowed reading and web2 enabled writing, then web3 was the one that established data ownership. All of this was made possible using the blockchain. Blockchain technology relies on a global network of computers known as "nodes". It's permission-less, borderless, and resistant to censorship. A fundamental advantage of blockchain is that it stores a digital record of all transactions. Blockchain serves as the basis for permanent ledgers, which are records of transactions
that cannot be changed, erased, or destroyed. This is how it offers proof of ownership as each transactional movement of an asset is documented.
Why is this Important?
Web3 was founded on the principle of establishing a trustless platform. The concept "trustless" refers to the fact that you do not have to place your faith in a third party, such as a financial institution, an individual, or any other kind of middleman that could stand between you and your cryptocurrency transactions or holdings. For the time being, we have little choice but to depend on businesses to provide the goods and services we need. Having said that, we can't ignore the fact that they are centralized organizations managed by individuals. In Web3, goods and services are built on blockchains and are decentralized. You will just need to trust the underlying algorithm in order for that product or service to be delivered, and the community is in charge of its governance. With web3, the power lies within the hands of the people as it presents a unique array of benefits.
So, what's the goal of Web3
The goal of web3 is to create an internet that does not need us to provide corporations like Facebook and Google personal information in order to utilize their services. With a Web3 version of Facebook, users might be able to market their own data or even get compensated by other users for posting engaging content. With a web3 Spotify, fans could buy artwork and become patrons of the artists in exchange for a piece of their streaming royalties. A web3 Uber could be owned by one of the drivers on the blockchain network. The possibilities are endless.