Understanding Web 3.0 like you’re 5
With plenty of hypes and buzz around the web 3.0 space and how it will disrupt web 2.0, only a few people understand these terms and the benefits web 3.0 brings. It will be good to travel back in time to know what web 1.0 and Web 2.0 are.
Web 1.0 refers to the first stage of the World Wide Web evolution. Earlier, there were only a few content creators in Web 1.0 with the majority of users who were consumers of content. Personal web pages were common, consisting mainly of static pages hosted on ISP-run web servers, or on free web hosting services.
And then came Web 2.0
The memory of slow and boring web pages floated away. This opened the doors for faster internet speed and interactive web pages. Web 2.0 was not about reading but participating leading to a name called the participating social web.
The global sharing of information spawned the age of ‘Social Media. Youtube, Wikipedia, Flickr, and Facebook gave voices to the voiceless and a means for like-minded communities to thrive.
But then! What went wrong?
Have you heard the saying that says “Information is Money”?
There was so much rush into web 2.0, such that the number of people and organizations making use of the internet around 2000–2015 rose from 738 million to 3.2 billion according to statistics from the UN. Organizations recognized the unimaginable amount of data floating and how big an asset it can be. Data of individuals were no more secured, rather this can be sold to the highest bidder. Web2 is often described as an era where users are in control of their experiences — they can create or consume any type of content they want without restrictions. They are not, however, in control of their data & usage information. The need arose for a decentralized web.
The Evolution of Web 3.0
Web3 is a decentralized version of the internet where platforms and apps are built and owned by users.
The all-new internet is more secure, better connected, user-centric, and private. It aims to be more open, autonomous, and intelligent. Web 3.0 can provide you with greater personalized experiences through intelligent searches and behavioral advertisements. With Web3, users have far more control over the underlying infrastructure, rather than centralized authorities & entities such as Google, Apple, and Facebook.
We are slowly but surely moving into the age of Web3. The first signs of this new age emerged around 2008–2009 when Bitcoin was created. The blockchain technology that underpins Bitcoin is a key characteristic of Web3, as it allows for secure, transparent, tamper-proof transactions and storage of data without the need for a third party (such as a bank).
In recent years, Web3 has created numerous innovations around these concepts such as blockchain, crypto, smart contracts, DeFi, dApps, and NFTs to transfer power back to the internet community.
Benefits of Web 3.0
When it comes to the benefits of Web 3.0, there are many. Some of the most prominent benefits of the decentralized web are:
- Anyone who is on the network has permission to use the service — or in other words, permission isn’t required.
- No one can block you or deny you access to the service.
- Payments are built-in via the native token, ether (ETH).
- Ethereum allows programmers to build virtually anything on the network
Practical differences between Web 2.0 VS Web 3.0
Just as Web 2.0 didn’t automatically remove Web 1.0 from the market, the move to 3.0 will take time and integration with existing online systems. The wheels have already been set in motion and the train has left the station. Web 3.0 is a revolution in motion, we are past the point of no return.
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