What is Web3 and What Are Its Perspectives?

The term Web3 (also known as Web 3.0) is now familiar to many. What is it? Let’s delve into it.

The term “Web 3.0” was first introduced by Ethereum co-founder Gavin Wood, immediately after the launch of the Ethereum cryptocurrency in 2014. At that time, Gavin expressed the aspirations of many users who did not trust large private companies controlling the Internet.

Timothy John Berners-Lee, the developer who created the World Wide Web, described Web3 as a semantic web. He envisioned it as an intelligent, self-sufficient, and open Internet that uses artificial intelligence (AI) and machine learning (ML) to function as a “global brain” and interpret content conceptually and contextually.

Before moving forward, let’s take a quick look at the recent past and understand what Web 1.0 and Web 2.0 are.

Web 1.0: Read-Only (1990-2004)

The Web 1.0 era spans from 1990 to 2004, after Timothy John Berners-Lee developed the protocols on which the World Wide Web subsequently operated. Websites were mostly static, owned by various companies, and interaction between users and websites was almost nonexistent.

Web 2.0: Read-Write (2004-Present)

The Web 2.0 era began in 2004 with the emergence of various social networking platforms. These platforms provided users with the ability to publish and exchange their content and interact with each other. During this period, more people actively started using the Internet, and a few major companies took control of a significant portion of the traffic, dictating their terms. The model emerged where revenue was generated through advertising. Users created content but did not own it or always monetize it, unlike large companies controlling social platforms.

Web 3.0: Read-Write-Own

Web 3.0 has become the accepted term for defining a new and, according to its creators, a better Internet. Essentially, Web 3.0 uses blockchains, cryptocurrencies, and NFTs, providing users with ownership of their content.

Key ideas of Web 3.0 include:

• Decentralization: Instead of large centralized organizations controlling and owning most of the traffic, content creators and users own it.
• No permissions required: Everyone has an equal right to access and use Web 3.0.
• Own payments: In contrast to the often-centralized infrastructure of banks and payment systems, cryptocurrency is used for payments and transfers on the Internet.
• Web 3.0 is anonymous and better protects personal data: Various technical means are used to store data in the user’s crypto wallet, not in third-party data centers.

Drawbacks of Web3

1. Unacceptable content: Some experts see a danger in decentralization as it opens access to almost all content without control and moderation, some of which may be unsafe or unacceptable.
2. Technical means: To make the technology accessible to a larger number of people worldwide, the capabilities and quality of user devices need to be expanded.
3. Novelty of technologies: Web3 technologies and products are relatively new and not always ready for mass adoption.

What’s Next and What Are the Perspectives of Web3?

Some experts consider Web3 a bubble, while others call it the future of the Internet.

According to various sources, around 20,000 developers were working on Web3 in 2022, and fintech organizations are already implementing and integrating these solutions.

Here is a non-exhaustive list of Web3 technologies and products used globally:

• InterPlanetary File System Protocol (IPFS): A peer-to-peer distributed file system that connects all computing devices into a single file system.
• DeFi wallet: A decentralized wallet where you are the sole owner of your wallet and crypto assets.
• Brave: A web browser based on the Chromium browser with an open-source code, announced by the co-founder of Mozilla Project and creator of JavaScript, Brendan Eich.
• Unstoppable Domains: A service that ties a specific user domain to addresses of your crypto wallets.
• DTube: A decentralized video service on the blockchain rather than a central server.
• Secretum: A decentralized application for exchanging encrypted messages built on the Solana blockchain platform.
• Sapien: A decentralized social news platform.
• IDEX: A decentralized smart contract exchange based on Ethereum supporting real-time trading.

In Conclusion

Web3 is young and actively evolving. It’s already here, and it seems to be here to stay.

Decentralization, security, and transparency will contribute to the development of Web3. Perhaps, at this very moment, we are witnessing the birth and establishment of a better Internet.