In 2021, the concept of Web3, sometimes known as Web 3.0, was widely discussed as a possible future phase of the internet. The concept, which would be a decentralised internet powered by blockchain technology, would be distinct from the current Web 1.0 and Web 2.0 versions. Users will have ownership shares in platforms and apps in web3, as opposed to the current situation where tech companies own platforms and applications.
What do we need to know about current versions?
To comprehend Web3, we must first comprehend Web 1.0 and Web 2.0.
Web 1.0 refers to the first version of the internet, which was launched in 1989. It gained popularity in 1993. The internet in the early days of Web 1.0 was primarily static web pages, with people visiting a website and then reading and interacting with static information. Even if there were e-commerce websites in the beginning, it was still a closed environment, with consumers unable to generate content or leave reviews on the internet. Web 1.0 was the first version of the internet, and it lasted until 1999. Web 2.0 first appeared in some form in the late 1990s, but it wasn’t until 2004 that the majority of its features were completely functional. We are still in the Web 2.0 era.
Web 2.0 distinguishes itself from Web 1.0 by allowing users to produce their own content. They may participate and contribute by leaving comments, registering likes, sharing and uploading photographs and videos, and other similar activities.
The distinguishing feature of Web 2.0 is, first and foremost, a social media kind of engagement.
What are some of the issues that people are concerned about?
In Web 2.0, a small number of giant firms possess or manage the vast majority of online data and traffic. This has resulted in difficulties with data privacy, data security, and data misuse. There’s a feeling of regret that the internet’s basic purpose has been twisted. The hype about Web3 is particularly noticeable in this context. Web3 was coined by Gavin Wood, the creator of Ethereum, a blockchain technology startup, in 2014, and many others have since contributed to the concept. Because of the prominence of cryptocurrency in 2021, there were more conversations on Web3.
What is Web3 and how will it handle data monopoly issues?
According to the Web3 organisation, Web3 will provide a “decentralised and fair internet where people manage their own data.” Currently, in order for a seller to do business with a customer, both the buyer and the seller must be registered on a “shop” or “platform” such as Amazon, Ebay, or another e-commerce gateway. This “platform” currently verifies that the buyer and seller are legitimate participants in the transaction. Web3 attempts to do away with the concept of a “platform.” The usual evidence, enhanced by blockchain technology, will be used to authenticate the purchase. The vendor is in the same boat. The timing and location of a transaction are permanently recorded by the block chain. Web3 eliminates the need for a middleman, allowing peer-to-peer (seller-to-buyer) transactions. This notion may also be applied to other types of transactions. Consider using a social networking programme to share photos with your followers. It could be a blockchain-assisted broadcast from you, and you wouldn’t need social media accounts for all of the participants to do so. Peer-to-peer transactions and blockchain are the two most important elements in Web3 so far. The philosophy of Web3 is Decentralized Autonomous Organization (DAO), which means that all business and governing norms in every transaction are transparently accessible for anyone to view, and software will be created in accordance with them. The DAO philosophy is followed by technologies like cryptocurrency and blockchain. There is no requirement for a central authority to verify or authenticate with the DAO.
Is it going to take off?
Web3 is still in its early stages, and no one knows whether it will take off as Web 1.0 or Web 2.0 did.
Top IT brains in business and academia are sceptical about Web3, claiming that it does not address the challenges it claims to tackle. Elon Musk and Jack Dorsey, for example, are two IT titans who do not believe Web3 has a future. Web3 will need a departure from the present design, which consists of a front-end, an intermediate layer, and a back-end. Backend solutions for managing blockchain, persisting and indexing data in the blockchain, peer-to-peer interactions, and so on will be required for Web3’s design. In the same way, the intermediate layer, also known as the business rules layer, will have to deal with a blockchain-based backend. We don’t know whether Web3 will become the primary means of internet access, but the issues it raises are important.