Web3 (also known as Web 3.0) is the idea of a version of the Internet that is decentralized and based on public blockchains. The concept has gained immense popularity in 2020 and 2021, with interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.
Now we get to see how things unfold, and what to expect on our journey in the new frontier.
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Web 3.0 has the potential to change how we use the internet. In this new era, navigating the web no longer means logging onto the likes of Facebook, Google or Twitter to connect with people. The web has been seen as a way to democratize access to information, but there weren’t always great ways of navigating it. It was pretty disorganized and overwhelming, and not what it is today with the endless amount of information at our hands.
What we know and describe as Web 2.0 arrived in about the mid-2000s. Platforms like Google, Amazon, Facebook and Twitter started to emerge and laid out a new way for the Internet by making it easy to connect and transact online with anyone at anytime.
In Web3, data is stored in multiple copies of a P2P network. The management rules are formalized in the protocol and secured by majority consensus of all network participants, who are incentivized with a native network token for their activities. The Blockchain will be the backbone of the Web3, as it redefines the data structures in the backend of the Web. It introduces a governance layer that runs on top of the current Internet, that allows for two people who do not know or trust each other to reach and settle agreements over the Web.
Bitcoin and similar blockchains introduced a method for each participant in a network to hold and transfer value in a digitally native format, without the need for trusted intermediaries. Web 3.0 will likely be at least somewhat decentralized, and built upon a system known as the blockchain, which already undergirds Bitcoin and other cryptocurrencies. Imagine it as a type of bookkeeping where many computers at once host data that’s searchable by anyone. It’s operated by users collectively, rather than a corporation. Instead of platforms, there will be DAOs. People are given “tokens” for participating. The tokens can be used to vote on decisions, and even accrue real value. These are some of the potential traits of Web 3.0 in full form.
This is great for making transactions and holding onto different wallets without having to worry about being tracked. That, on top of personal data constantly going to Google, Facebook and the like, means that Web 3.0 can provide mass potential, and still be the shade needed for transactions to occur with privacy. Until then, we will learn more about Web 3.0 as time goes on.