The Web3 Revolution
The idea of “Web3” is built on the potential of creating a new version of the Internet.
But what does that mean? And what’s wrong with the current Internet?
Knowing why Web3 matters starts with looking at the evolution of the Internet since it was created and eventually became available to the general public.
The first era of the Internet can be called “Web 1” which was used for “read only.”
The Internet has officially existed since the 80s, but most people who used the Internet were consumers of static web pages and rarely produced content. Due to the shift from print media to the Internet, those who dominated content creation were professional writers, reporters or journalists.
The next era of Internet development can be called “Web 2” which added read and write.
Appearing in the early 2000s, Web 2 as we know it today led to the emergence of interactive web applications and created a space where anyone can become a content creator and consumer at the same time. The first blogging services, such as Live Journal or Blogger , brought the recipe from a “read only” era to the “read-write-publish” era.
Platforms, however, are isolated in Web 2, with the user needing to create a new identity to interact, as platforms do not have direct links to each other.
That brings us to “Web 3,” which is built for read, write, and own.
Ownership is one of the biggest features of Web 3.0 which means that participants have full ownership of their content, data and assets.
Web 3.0 is not only a technological evolution, but also a significant transformation for companies but also for consumers. In the Web 3.0 era, real-world assets can be tokenized, enabling fractional and cross-border ownership. Web 3.0 is also recognized as the pro-privacy and antitrust Web.
While Web 2 has created new opportunities for users, the economic engine is largely privatized and monopolized. Facebook, Uber and AirBnB have created private networks for the public infrastructure they dominate, and Web 3.0 is the exact antithesis of this. These companies also regularly mishandle, leak, sell, and exploit their own users’ data without lasting consequences. And the users have no control over their data anyway – they are helpless.
So, how does Web3 fix this?
– Absence of central control points because middlemen are taken out of the equation, blockchains like Ethereum provide trusted platforms where the rules are clear and encrypted. In this way, companies like Alphabet or Apple will no longer have control over user data. No government or entity will have the ability to shut down sites and services, and no individual will be able to control the identities of others.
– Data ownership : end users will regain full control over their data and have the security of encryption. The information may then be shared on a case-by-case and permission-based basis. Currently, large companies such as Amazon or Meta have servers that store information about food preferences, income, interests, and many other information about their users.
– Reducing hacks and data breaches. Since the data will be decentralized, hackers would have to attack and shut down the entire network. Currently, internet companies are required to hand over user data or hand over their entire database if the state asks them to do so. These data breaches are not just limited to major security threats like terrorism. Any major Web2 company is forced to handle massive amounts of customer data, and that data is routinely leaked.
– Interoperability : Applications will be easily customizable and device independent, capable of running on smartphones, televisions, automobiles and other smart sensors. For example, many cryptocurrency wallets are not available on iOS devices, causing frustration for consumers using these devices. These inconveniences could be easily solved in the Web 3.0 Internet.
– Internet without limits : anyone can create an address and interact with the network. Users will not be banned due to location, income or a host of other sociological and demographic factors. Digital assets will be able to be transferred cross-border, quickly and efficiently, anywhere in the world.
– Uninterrupted service : account suspension will be dramatically reduced and service interruption will be minimal. Data will be stored on distributed nodes to ensure redundancy and multiple backups will prevent server failure or seizure.
The way the Internet works is not something that the vast majority of users think about. When the internet does not work or is offline we realize that maybe there is a problem with our internet provider. But Web3 creates an environment where users can control, create, and own their own experience. From the content they make to the data they control, Web3 is for users first. As we approach a world dominated by technology, it is vital to design systems that work in favor of users. The transition from the Internet as we know it today to Web 3.0 will be a long-term process that will fundamentally change the way we interact with technology. Like the financial revolution led by DeFi , the Web 3.0 revolution is inevitable and one that will advance gradually.