Web3 is the latest version of the internet. It's a vision of how the latest iteration of the internet (Web 3.0) will function.
Web3 is a vision of better internet. It's the latest iteration of the internet which uses blockchains, cryptocurrencies and NFTs to give ownership rights back to users of the internet.
To fully understand what Web 3 is, we first need to understand the evolution of the Internet, from Web 1.0 to the current iteration and the vision for the future Internet, Web 3.0.
Web 1.0 (1990-2004)
The first iteration of the internet, which began in the early 1990s, today known as Web 1.0 offered mainly static webpages on an internet that was not very well known. During this time, much of the internet and web pages were owned by universities, government institutions, and companies. This first version of the internet is known today as the 'read-only' web, or Web 1.0.
Web 2.0 (2004 - Current)
The next big change in the internet came with the massive growth and popularity of social media platforms which allowed the internet to become 'read-write. In this iteration of the internet, website pages were no longer 'static' but updatable, not only by the owners of the websites but by visitors and users of the websites too.
Currently, we are somewhere between Web 2.0 and moving towards Web 3.0.
Web 3.0 - The Latest Iteration of the Internet
While still a vision of the future of the internet, Web 3.0 and its necessary components are already present on the internet.
If Web 1.0 was 'read-only' and Web 2.0 was 'read-write', Web 3.0 will be 'read-write-own'.
Web 3.0 is about a more decentralized and inclusive internet with its own currency (cryptocurrency) and its own mechanism of 'trust'.
The Architecture of Web 3.0
- Decentralization - The internet would move to a more decentralized model. Instead, the Internet is owned by centralized entities, it will be distributed amongst its users. An intrinsic component of this decentralization is the decentralization of finance, DeFi.
- Trustless - Instead of relying on trusted third parties, it would operate using economic mechanisms and incentives.
- Permissionless - Non-exclusive. Every person will be able to participate in Web 3.0.
- Native Payments - Cryptocurrencies, the money of the internet will be used.
The Future is Decentralized
While the term Web3 was coined back in 2014 (by Gavin Wood, co-founder of Ethereum), already many of his ideas and concepts have come into being. We are still at the beginning of what will become known as Web3 and as more decentralized projects and integrations take place, this 'new internet' will become a reality in the very near future.
The Future of Web 3.0
The future of Web 3.0, often referred to as "Web 3," is a subject of considerable interest and speculation within the tech community. Web 3 aims to create a new paradigm for applications on the internet, one that enables decentralized protocols and technologies to play a significant role.
Here are some trends and predictions for the future of Web 3:
- Blockchain Integration: Blockchain technology is expected to be at the core of Web 3, providing the foundation for decentralized applications (dApps) and services.
- Decentralized Finance (DeFi): Financial services are expected to continue to decentralize, offering peer-to-peer financial solutions without the need for traditional banks.
Privacy and Security
- Data Ownership: One of the key promises of Web 3 is to give users control over their own data, as opposed to it being controlled by big tech companies.
- Enhanced Security: Decentralized networks are generally more resistant to hacking and data breaches.
- Cross-Chain Solutions: As more blockchains and technologies emerge, interoperability solutions that allow these different platforms to work together seamlessly will become increasingly important.
- Improved UI/UX: For mass adoption, Web 3 will need to offer user experiences that are as good as, or better than, current Web 2.0 applications.
- Mainstream Adoption: As the technology matures and becomes more user-friendly, a broader range of people are expected to use Web 3 technologies.
Governance and Regulation
- DAOs: Decentralized Autonomous Organizations (DAOs) could play a significant role in governance, allowing community members to make decisions without centralized control.
- Regulatory Challenges: As with any disruptive technology, Web 3 will likely face regulatory hurdles, particularly concerning privacy, security, and financial transactions.
Artificial Intelligence and IoT
- AI Integration: Advanced algorithms and machine learning techniques could be integrated into Web 3 platforms to provide more intelligent and personalized services.
- IoT Connectivity: With the Internet of Things (IoT) growing, Web 3 could provide the framework for more secure and interoperable device connectivity.
- Tokenization: The tokenization of assets and even human skills could become more prevalent, enabling new ways to earn, spend, and invest online.
- NFTs: Non-Fungible Tokens (NFTs) are likely to evolve beyond digital art and collectibles to represent a wide range of unique assets and rights.
While the vision for Web 3 is ambitious and holds immense promise, it's worth noting that there are significant challenges to overcome, including scalability issues, regulatory hurdles, and the need for a more robust infrastructure.
However, the potential for a more decentralized, secure, and user-centric web is an exciting prospect that could revolutionize the way we interact online.