What Exactly is Web 3.0? Is it all Hype or the Next Big Thing in Computing?

By Andrew Lokenauth

What exactly is Web 3.0? Is it 3.0 all hype or the next big thing in computing? Well to start, I feel that Web 3.0 will completely change the internet and the World as we know it. The internet is still a very unfinished project, so in order to explain Web 3.0, first let’s differentiate between Web 1.0 and Web 2.0.

Source: Fabric Ventures

Web 1.0 was able to hook us all on the internet, but didn’t have algorithms to go though internet pages like we currently have in Web 2.0, and this made it very difficult to find relevant information. Transitioning from Web 1.0 to Web 2.0, we evolved from using dialing up to connect to the internet for only a few hours a day on home desktops, to now always being connected through web browsers, mobile apps and notifications at the convenience of our fingertips. Web 2.0 was able to make the internet a lot more interactive, seamless and a part of our everyday lives thanks to rapid advancements in technology. These advancements in technology allowed startups to build interactive platforms such as YouTube, Facebook, Instagram, TikTok, Wikipedia, Amazon, eBay Netflix, PayPal and so much more. With Web 2.0, we are able to share our thoughts and ideas with the all of the World, at any moment. We are able to upload text, pictures and videos and allow millions to see it, interact with it, comment on it, save it or share it. Because Web 2.0 was more simple to use than Web 1.0, many more people around the world have been able to become creators. But currently in Web 2.0, institutions are in control because we consume content and data stored in centralized data repositories. Web 2.0 is currently dominated by companies that provide services in exchange for our personal data. In Web 2.0, we don’t have any control over our data or how it is stored.

Now that you know what Web 1.0 and Web 2.0 are, let’s discuss Web 3.0. Web 3.0 is where we, the people, are in control of all content. Web 3.0 will eliminate the “middlemen” of the internet because Web 3.0 is about creating an Internet that is owned by everyone. Web 3.0 is a decentralized Internet where the internet is running on blockchain-based tokens, which can be visualized as “decentralized networks of many peer to peer servers”. This is the future.

Artificial intelligence and machine learning will play a enormous role in Web 3.0. As A.I and machine learning algorithms continue to advance, Web 3.0 will also be able to provide us with the best sorted and unbiased data results across the web. It will be like having a virtual assistant to assist with our inquiries and day to day lives.

Another big benefit of Web 3.0 is a decentralized internet with no censorship, and because content will be on the blockchain, it will always be there. To paint this picture, let’s talk about Web 2.0 again. Currently in Web 2.0, small businesses and startups rely on advertising services, search engine suggestions, and cloud computing services for exposure and to survive. Many artists and creators often have their information deleted from websites like Facebook, Instagram and Tiktok. In the United States Twitter can censor any account or tweet, at any time. Countries like Uganda have ordered internet service providers to block social networking platforms. Many people around the World currently live in countries where they have to worry about the negative consequences of free speech. Payment services can decide to block payments for certain types of transactions at their leisure. They can even shut down access to bank accounts or limit access to funds as they see fit. Web 3.0 addresses all of these “things”.

How do we, the people, maintain Web 3.0? Simple, with cryptocurrency. Cryptocurrency will play an enormous role in Web 3.0. It will provide a financial incentive (in the form of coins) for anyone who wants to participate in creating, governing, contributing to, or improving one of the projects themselves. We 3.0 is where we, the people, are in control of all content. Web 3.0 would eliminate the “middlemen” of the internet. Web 3.0 is about creating an Internet that works for everyone, owned by everyone. Web 3.0 is a decentralized Internet. Web 3.0 is the future. We are Web 3.0.

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