Web 3.0 evolution and future…
If you are curious about the buzzword “Web 3.0” then keep reading…
Before we discuss Web 3.0, If we look at the history then in the beginning Web 1.0 was introduced in around 1990s which was the first generation of the worldwide web mainly leveraged for the ready only type of information using static contents. And then, during the mid-2000s Web 2.0 became popular and during this big tech giants like Google, Amazon, Twitter, Facebook emerged which made user’s life easy by providing the ability to connect, interact and collaborate with each other in a virtual community. The below image shows the difference between web 1.0 and web 2.0
Web 3.0 emerged as a result of blockchain technology. The core idea is — “user control their own data when they hop between multiple systems using a single personalized account by creating a public record of all the activities using blockchain ”
The concept looks cool…Isn’t it?
Until recent years, Web3.0 was just a theoretical concept for a long time until blockchain's recent success came to light, some of the successful use cases include reconciliation and dispute resolution, modern global trading workflows, and digital ticket systems. As per the research, more and more use cases are emerging quickly after COVID-19 origination. In recent months, the push for a blockchain-powered future has come to dominate tech conferences and social media chatter in certain circles. It’s even forced major tech companies to assemble teams dedicated to Web3.
As per the npr blog “Enthusiasts hope Web 3.0 will mean that sharing photos, communicating with friends and buying things online will no longer be synonymous with Big Tech companies but be done through a multitude of small competing services on the blockchain — where, for instance, every time you post a message, you earn a token for your contribution, giving you both ownership stake in the platform and one day a way to cash in.” This means that Big Giants companies can’t underestimate the power of web 3.0.
Jack Dorsey, the founder of Twitter (TWTR) and current chief executive at Block (SQ) on Tuesday summed up Web 3.0 in a single tweet: You (users) don’t own web3. Venture capitalists do..
Andreessen Horowitz has devoted $3 billion to investments in Web 3.0, according to a report Tuesday at the Verge. The venture capital firm has also made big investments in crypto firms OpenSea and Dapper Labs, the developers building important Web 3.0 platforms.
As per the Forbes definition — Web 3.0 uses blockchain technology and decentralization so consumers can remain anonymous. This breaks the stream of data being collected by big tech companies for their algorithms. It also removes control of that information because the data is decentralized over many computers across the entire network, as opposed to a single network. Messages and posts are not attached to individual accounts, nor can they be removed by a central governing authority.
The goal of Web3.0 is that user should own their own data and not the large companies so that they can use it for their personal benefits like advertisement and also, global transactions are secure.
This would mean greater user control over personal data. Unlike Web 2.0, users would own their content. And the issuance of tokens would incentivize developers to maintain network security. It’s a win-win, in theory.
It also means, can be considered as consequences —
- Less regulation
- Greater freedom for members
- Network security is going to be crucial
At this point in time, Web 3.0 is a theoretical, blockchain-based decentralized concept that has a potential future, and a lot of big tech companies are investing very heavily in it. It took over 10 years to transition the original web, web 1.0, to web 2.0, and it is expected to take just as long, if not longer, to fully implement and reshape the web with Web 3.0.
