What Is Web3?

What Is Web3?

The development of web3 technologies

Web 1.0: Read-Only (1990-2004)

Tim Berners-Lee was working on the protocols that would become the World Wide Web at CERN in Geneva in 1989. His concept? To develop open, decentralized protocols that allowed information to be shared from anywhere on the planet.

Berners-Lee's invention, now known as 'Web 1.0,' was first implemented between 1990 and 2004. Web 1.0 consisted primarily of static websites owned by businesses, with little to no interaction between users - individuals rarely produced content - earning it the moniker "read-only web."

Web 2.0: Read-Write (2004-now)

With the introduction of social media platforms in 2004, the Web 2.0 era began. Instead of being read-only, the web evolved into a read-write medium. Companies began to give venues for users to contribute user-generated content and engage in user-to-user interactions rather than simply giving material to users. As more individuals went online, a few large corporations grew to dominate a disproportionate percentage of the web's traffic and value. Web 2.0 also gave rise to the business model based on advertising. Users could generate material, but they couldn't own it or profit from it.

Web 3.0: Read-Write-Own

Gavin Wood, the co-founder of Ethereum, popularized the phrase "Web 3.0" shortly after Ethereum launched in 2014. Gavin articulated a remedy to an issue that many early crypto users perceived: the Web demanded too much trust. That is, most of the Web that people know and use today is based on trusting a few private companies to act in the best interests of the public.

What is Web3?

Web3 is the current third generation of the internet, in which websites and apps will be able to process information in a smart human-like manner using technologies such as artificial intelligence (AI), machine learning (ML), Big Data, decentralized ledger technology (DLT), and others.

Web3 was originally known as the Semantic Web by World Wide Web creator Tim Berners-Lee, and it aimed to be a more autonomous, intelligent, and open internet.

The Web3 definition can be expanded as follows: data will be interconnected in a decentralized manner, which would be a significant advancement over our current generation of the internet (Web 2.0), where data is mostly stored in centralized repositories and thus vulnerable to manipulation or worse.

Web3 has evolved into a catch-all term for the vision of a new and improved internet. At its heart, Web3 employs blockchains, cryptocurrencies, and NFTs to return power to users in the form of ownership.

What can you do on Web3?

Web3 enables the emergence of cooperative governance models for formerly centralized products. A joke, a piece of art, a person's social media activity, or tickets to Gary Vee's conferences may all be tokenized.

The gaming business is an excellent illustration of a paradigm shift. Gamers are always complaining about the problems that developers leave in their favorite video games, or how the newest patch has thrown off the balance of their favorite weapon. Web3 allows players to invest in the game and vote on how it should be run. Web3 is being used by large Web 2 companies such as Meta and Ubisoft to create virtual worlds. Non-fungible tokens (NFTs) will also play a significant role in reshaping the gaming industry by enabling players to become immutable owners of the items they acquire.


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