Explained: Web 3.0
The Internet is one of the most important inventions in human history, but it’s also an ever-evolving technology. There are several stages of evolution that have taken place over the years that define how we use the internet today. Which stage are we at now?
Web 3.0 or “The Web Beyond” is a term used to describe the third major wave of the Internet. It is a brand new iteration of the World Wide Web that combines the element of decentralisation to the open web.
Continue reading to find out more about the evolution of the internet and what the current landscape looks like!
Evolution to Web 3.0
Web 1.0
Web 1.0 was the first stage of the World Wide Web (www) from the mid-’90s onwards. It was primarily dominated by professional writers, reporters, and journalists and consisted of static websites. The content model here was very basic and people came onto the internet to consume or read-only, without getting the opportunity to get involved themselves.
Web 2.0
Web 2.0 or the web as we know it today took over in the early 2000s. This was the time social media really began to develop. Platforms like Friendster (2002), followed MySpace, Facebook, and Twitter all by 2006. At its core, Web 2.0 made space for everyone to become a content creator and consumer simultaneously. As many say, the paradigm shifted from read-only to read-write.
Web 3.0
One of the biggest features of Web 3.0 is ownership — participants have full ownership over their content, data, and assets. As such, it marks the beginning of the read-write-own era of the internet.
Web 3.0 utilises blockchain technology (more on that ahead) to enable users to own digital assets and their data. Not just ownership of money or finances free from any central authority or permission, but ownership of your actual digital self. This includes your digital art, your devices, and every touch point you have in your life.
Moving Forward With Web 3.0
The shift from Web 1.0 to Web 2.0, and the shift from Web 2.0 to Web 3.0 is largely due to the advancements in infrastructure. Additionally, there will be a mindset shift for creators and developers as governance will now be much more user-centric. With the removal of a middleman and data safely stored on unitary infrastructure, there will be no control over data and no censorship along with less risk of data loss.
How It Began
Web 3.0 is a concept that has been around since the early 2000s. The main idea behind Web 2.0 was that we needed to change how we used the Internet, and Web 3.0 takes this idea one step further by allowing us to create new tools and applications for interacting with data on the web.
Web 3.0 incorporates technology designed specifically for how people use the internet today: blockchain, virtual reality (VR), artificial intelligence (AI), robotics, automation, and machine learning (ML).
Current Trends
There are numerous sectors that makeup Web 3.0, which can be further expanded upon: Blockchain — an encryption based data network, NFTs (Non-fungible tokens), DAOs (Decentralised Autonomous Organisations), and Smart Contracts are the building blocks of this new digital economy.
In 2014, with the invention of Ethereum, the blockchain technology enabled decentralised computing resources — services that are carried out by individual computing devices on a distributed network, with no central location). Thus, they become capable of executing lines of code, called smart contracts, when certain criteria are met. Smart contracts are utilised by companies to automate their daily process, making life easier for everyone involved.
A DAO is an organisation run by a code created and agreed upon by a group of people. Smart contracts are used here to make fully autonomous and transparent decisions and complete organisational tasks as per their programming. DAOs have no CEOs or Board of Directors, cannot be shut down, and are open source, meaning that everyone holds equal ownership and voting rights.
Finally, we have tokens that are either fungible (Cryptocurrency) or non fungible (NFTs) — meaning unique to a specific asset — which allows for the digital representation of value. Taken together, these building blocks form Web 3.0 ’s approach to an open, decentralised, and public infrastructure.
Future of Web 3.0
The total amount of investments in Web 3.0, reached more than $23 Billion in 2022. Although at a nascent stage, there are high expectations from investors and entrepreneurs for the industry to thrive. Web 3.0 is the inevitable disruption that will pave the way for future digital economies.
The future of Web 3.0 is endless, for instance the current traction of play-to-earn gaming has increased demand and highlights that Web 3.0 gaming will surge in the future. Play-to-earn games such as Axie Infinity have shown the way forward for Web 3.0 gaming platforms. Decentralised storytelling is also an emerging trend that’s rapidly gaining popularity.
Conclusion
As such, it is only a matter of time before people become familiar with and begin adopting the new internet-native economy. Web 3.0 is the next generation of the internet and it’s here. Although the future is uncertain and we cannot accurately predict what’s in store, we are very excited to find out more.
Did you find our summary and outlook on Web 3.0 insightful? How do you feel about Web 3.0? Leave us your thoughts in the comments below. Connect & engage with us to learn more about regular blogs on gaming, Web 3.0, and communities. Find us at:
