What is Web 3.0 Really?

The World Wide Web, or simply the internet, has come a long way since its inception. From its humble beginnings as a way to share information through static HTML pages, it has evolved into a dynamic platform that supports rich media, social networking, e-commerce, and more. This evolution has been marked by three distinct phases known as Web 1.0, Web 2.0, and Web 3.0. In this article, we'll explore the defining characteristics of each of these phases and their implications for the future of the internet.

Web 1.0: The Static Web

Web 1.0, also known as the static web, refers to the early days of the web when it was primarily used as a means of distributing information. Websites were largely static and consisted of simple HTML pages that were created using basic web development tools. Content was typically created by a small group of people, such as webmasters, who had the technical expertise to create and publish web pages.

During this phase of the web, there was little interactivity between users and websites. Users could read information, but they couldn't interact with it beyond clicking on links or submitting simple forms. Websites were designed primarily to be read, not to be used as platforms for collaboration, communication, or commerce.

Web 2.0: The Social Web

Web 2.0 marks a significant shift in the evolution of the web. It refers to the era when the internet became more dynamic and interactive, with the rise of social networking, user-generated content, and online collaboration. It has expanded our ability to search, watch, learn and communicate,

The defining characteristic of Web 2.0 is the user's ability to contribute and interact with content. Rather than being passive consumers of information, users became active participants in creating and sharing content. Social media platforms like Youtube, Facebook, Twitter, and LinkedIn emerged, providing users with a way to connect with others and share their thoughts, ideas, and experiences.

Web 2.0 also marked the rise of e-commerce, as online retailers like Amazon and eBay made it easier than ever to shop online. In addition, online collaboration tools like Google Docs and Dropbox made it easier for people to work together on projects, no matter where they were located.

However, the rise of web 2.0 has marked an era of centralisation. The companies mentioned above have amassed fortunes for themselves and their shareholders by collecting users’ data in exchange for offering these services for free. It is only recently that there has been more widespread awareness of the implications for users interacting with “free” applications. This “free” business model has relied on companies harvesting and selling user information for other companies to deliver targeted adverts.

Users are beginning to realise that they are at the bottom of this value chain. In other words, their data and their attention are monetised to enrich others: those higher up in the chain. Furthermore, centralization has a central point of failure making it vulnerable to hacks leading to data leaks and system outages which can have far-reaching implications individually and collectively. How can we iterate web 2.0 to solve these issues? Enter Web 3.0.

Web 3.0 The Decentralised Web

Web 3.0, or the decentralised web, is the third generation of the internet. It addresses the issues of centralisation and data privacy by creating a more open, decentralised, and secure web. In this new era, users are not only consuming and creating but they also have greater ownership of their data, digital ID and the networks they participate in.

All of this is achieved using blockchain technology and ensures that no single central server or entity holds all the data or power. This is effective in limiting corporations from hoarding user data as well as reducing the risk of attacks on centralized servers.

One other tenet of web3 is that it facilitates the creation of decentralised communities enabling bottom-up governance with fair representation for all members. Unlike traditional communities which are often governed by a select few, decentralised communities allow for more democratic decision-making. This is achieved through decentralised voting systems, where each member of the community has a voice and a vote. This ensures that decisions are made in the best interest of the entire community, rather than just a select few individuals.

While there are still a number of challenges to be overcome, Web 3.0 provides a promising opportunity for individuals to regain control and monetize their content and data in a way that turns the current model on its head. It has brought forth a novel category of applications that offer the advantages of decentralisation, immutability, and transparency. It is important to note that Web 3.0 is still in its early stages, with many technical, regulatory, and adoption-related obstacles yet to be overcome. However, the next decade holds enormous potential for innovation and growth as more people and businesses adopt web3 technologies and new use cases are discovered. It will be exciting to see how the ecosystem develops and evolves over time to truly harness the full power of web3.