Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

On December 9, 2021, a congressional hearing on the future of Web 3.0 was held. Six encryption companies including FTX, Circle, and Coinbase made strong statements in front of members of Congress for new species such as “cryptocurrency” and “Web 3.0”. , call for regulation.

Among them, Brian Brook, the CEO of BitFury, dressed in a black suit and brown-rimmed glasses, gave a 5-minute explanation of the ins and outs of Web 3.0, because his presentation was clear and easy to understand without a word of nonsense , created the “highlight moment” of the conference, and made “Web 3.0” completely popular in the United States.

Mutual tearing, controversy, speculation, rapid wealth, and mass movements all take place in the Web 3.0 world. Some technological disruptors are emerging, some new social models are being explored, and a dangerous large-scale social experiment has begun.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

So what exactly is Web 3.0? And what kind of changes have we experienced before Web 3.0? This article aims to decipher the past and present of Web 3.0 for readers with the purpose of tracing the source.

1. Web 1.0: Linking information, sharing the future

In 1989, a British software developer at CERN (European Organization for Nuclear Research) was frustrated with the way scientists shared research across his organization.

Because there were so many different file formats, programming languages, and computer platforms at the time, how to quickly find electronic records and use them correctly became a lingering challenge for staff at the time.

At this time, particle physicist Tim-Berners-Lee envisioned a networked system using hypertext—which would allow different types of computers to easily share information over computer networks—in an attempt to solve this problem. A pain point. The invention was first documented in 1989.

The hard work paid off, and on December 20, 1990, Tim-Berners-Lee released the first website in human history: the home page of CERN.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

The opening of history is often only driven by a trivial matter, just like the butterfly in the Amazon needs to flap its wings gently, which can trigger the subsequent hurricane.

The site was as fragile as a swaddle at the time, and Tim-Berners-Lee was tirelessly improving its browser and server code based on feedback from others.

The world’s first public website was born, a simple yet informative website, a basic introduction to networking concepts for people outside CERN who might be interested in the technology.

On April 30, 1993, CERN (European Organization for Nuclear Research) officially released the basic technologies of the WWW into the public domain, paving the way for the web to become a royalty-free standard that anyone could use for free.

Web 1.0 is slowly entering thousands of households, and it has also added dream wings for the commercial Internet to take off later.

In 1994, Tim Berners-Lee founded the World Wide Web Consortium (W3C), which is almost as important as inventing the web itself. Without the open guidance of the W3C, the web would likely have long ago fragmented into many incompatible technologies, which would hinder rapid global adoption of the web.

However, it was not the homepages of scientific research institutes or professors that built the first decade of the human commercial Internet world, but hundreds of global news media sites such as AOL, Yahoo, Orkut, Google, Sina, NetEase, and Baidu. search engine.

In 1995, the most iconic Netscape in the wave of Internet commercialization was born.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

That same year, Microsoft created a web browser for Windows 95. Yahoo! was also born, and soon won the favor of venture capital, and the world’s first portal started from there.

In 1995, Compuserve, America Online and Prodigy began offering Internet access. Amazon.com, Craigslist and eBay go live. The first online dating site, Match.com, is released. A new technological revolution has been pursued by capital, and various projects have sprung up one after another, just like the currency circle decades later.

The Internet became the new favorite of capital at that time, and it was also the submachine gun that New Money launched an attack on Old Money.

On August 9, 1995, Netscape’s IPO directly ignited the explosion of the Internet commercialization boom. Netscape’s stock opened at $28. Within a minute of opening, the stock price rushed to $70, the highest price of the day was $75, and the closing price was $56.

The Wall Street Journal commented that it took GM 43 years to reach a market value of $2.7 billion, while Netscape took only 1 minute. The market frenzy is evident.

In the following year, the browser became the race track for many capitals, and also started the first battle of Internet commercialization. With its strong financial strength, Microsoft has become a trendsetter in the browser track and has made a lot of money.

In 1997, Netflix was officially established, but its main business was selling DVDs to users by mail. That’s 21 years before it becomes the world’s number one giant in online video.

And another search engine giant, Google, was born in 1998, but it is still very weak.

1999 became the craziest year in the history of the Internet, with more than 70% of venture capital in the United States pouring into the Internet. This year alone, the U.S. invested more than $100 billion in cyber, more than the previous 15 years combined.

The good times didn’t last long, and the Year 2000 Problem became a major event at the turn of the century. Although the Year 2000 Problem (the Millennium Bug Problem), which made the world face a big enemy and cost a lot of money, did not break out in the end, the last madness at the end of the 20th century created by the Internet bubble brought a catastrophic collapse to the 21st century. !

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

The Internet once became the abandoned child of capital, but the technological dividends brought by Web1.0 have injected fresh blood into traditional industries and laid the cornerstone for Web2.0.

2. Web2.0: information interaction, openness and inclusiveness

Web2.0 is a new concept proposed relative to Web1.0, and was a hot word in 2003-2004.

However, in terms of “readable and writable” widely defined by Web2.0, it has already taken shape in the 1990s.

In 1997, JornBarger set up a blog site called robotwisdom.com and officially used the term “weblog”. This seems to be the earliest form of web2.0 available.

On August 23, 1999, Evan Williams released Blogger, the first platform that allowed people to build personal blogs and allow users to comment and interact with bloggers. It is widely regarded as a Web2 The beginning of .0.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

The germination of Web2.0 is absorbing the nutrients of the market with hunger, but it is also precarious under the bubble of the Internet. With the bursting of the Internet bubble, the Nasdaq fell to an all-time low of 825.8 in a row, and it was not until April 2015 that the Nasdaq returned to the highest point of the year.

Fortunately, with the perfect integration of technology and ecology, Web2.0 has the power to continue to move forward. In 2003, the Myspace, Skype and Safari web browsers were introduced. In particular, MySpace became the most popular social network in 2003, leading the mainstreaming of Web 2.0.

In 2004, Chris Sharpley first coined the term “social media”.

In the same year, Tim O’Reilly, the founder of the open source software concept and CEO of Reilly Media Company, proposed “Web 2.0”, and finally named this new wave of the Internet by blogs, podcasts, SNS, Wikis, etc. It quickly became a recognized mainstream concept around the world.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

A single spark can start a prairie fire. In 2004, service providers like Wikipedia and Google had already become the mainstay of the Internet. In China, websites such as Blogbus and BlogChina are already very popular.

In 2007, Williams co-founded Twitter, and together with Facebook’s Zuckerberg and Chinese counterparts on the other side of the Pacific, opened the door to a new world of social networking, video tools, personalized e-commerce and Internet life services .

In the same year, Apple CEO Steve Jobs released the first-generation iPhone, which was officially released on June 29, triggering a sales frenzy and was hailed by some media as the “God Phone”, which marked the official opening of the mobile Internet era.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

It is also the mobile Internet that pushes Web2.0 to its peak, from typing to voice to short video to live broadcast, from QQ to Weibo to WeChat to Douyin, every form is the result of Internet upgrades to fight monsters.

If the content reception method of Web1.0 is equivalent to watching TV, then the important feature of Web2.0 is the application of smart phones. From TVs that dictate what we receive to smartphones that can select content and communicate.

In short, Web 2.0 allows users to become consumers and content creators, and in the age of Web2, the individual user is the product.

However, when Web 2.0 brings convenience to people’s lives, it also exposes problems. We all know that in the era of Web 1.0, we were the ones who ingested a lot of information from the internet, but in Web 2.0, the internet started to collect information from us.

Tech giants like Meta and Google collect data from users, deliver targeted ads and content, and make more money from their consumer base, and some companies even secretly sell data to third parties without users’ consent. tripartite.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

A series of privacy leak cases have made it difficult to reconcile the contradictions between the platform and users. The Prism incident, Meta leaking user privacy, and Google being accused of quietly tracking users and other pain points have become a lingering haze in the Web 2.0 sky. The root of the scandal is that the user provides content and contributes data on the platform, but does not belong to him.

Because of this, the dawn of Web 3.0 is gradually coming, bringing a new dawn to “value exchange”.

3. Web3.0: Value Interaction, Contract Spirit

The term “Web3” was coined by Ethereum co-founder Gavin Wood in 2014. But to investigate its root cause, we must start with the first application of the blockchain, Bitcoin.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

On October 31, 2008, a mysterious figure calling himself “Satoshi Nakamoto” invented Bitcoin and applied blockchain network design for the first time. People quickly realized that blockchain could be used to undertake all kinds of criminally thrilled financial adventures.

In 2013, ETH was born as the blockchain platform Ethereum of the native cryptocurrency. Thousands of “alternative coins” have grown on it, setting off a gold rush that is even crazier than the “gold rush” on the West Coast of the United States in the 1850s. hot.

If Web2.0 is compared to the “Internet of Identity”, then Web3.0 is the “Internet of Contracts”, and the essence of the contract is “trustworthy”, “fair” and “decentralized”. Does this coincide with the idea of ​​blockchain?

When it comes to the definition of Web 3.0, there are many kinds in the market, and the most recognized version of the statement for this kind of web 3.0 is from researcher Eshita.

In her opinion: Web1.0 is characterized by “read”; Web2.0 is characterized by “read + write”; Web3.0 is characterized by “readable + writable” “write + own” (read + write + own). This perfect and advanced expression makes Web3.0, Web1.0, and Web2.0 seem to be an organic whole.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

But in the author’s opinion, this kind of expression is to explain at the technical level after all. To use a common analogy, Web 1.0 is like a slave without land and production tools, who can only survive by working for the landlord; Web 2.0 is a farmer without land but with production tools. Tools and landowners gain income; Web3.0 is for landowners who have both land and production tools, and what they get is what they get.

However, how to build Web3.0, the market has not given an answer. In other words, so far there is no clear and effective way to quickly bring human beings into the Web3.0 era, but it also means that there are countless possibilities to enter the Web3.0 world.

It is undeniable that many applications set off by Web3.0 have already carried the meaning of “experimental”.

DAO, the Decentralized Autonomous Organization, is the most basic organizational method of Web3.0. It is formed spontaneously by the people, each organization has common goals or values, and any decision-making needs to be done through democratic voting by members.

DeFi, that is, decentralized finance, is a financial market in the Web3.0 world. It can provide Web3.0 applications with services such as financing, payment, issuance, listing, and circulation, including mortgage lending infrastructure.

The essence of “everything can be NFT-enabled” is a non-fungible token asset based on the Web3.0 decentralized architecture.

Games, finance, entertainment, search, e-commerce, social networking… Almost all applications you can think of have Web3.0 entrepreneurial projects emerging. There is no doubt that a whole new world is opening. To understand the rules, there is a fundamental problem:

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

Where is the foundation of Web3.0?

The answer is the public chain. If blockchain technology is the core technology to realize the decentralization of Web3.0, the direct carrier to reflect its core value is the public chain infrastructure.

Fortunately, in the infrastructure layer in recent years, around the core technology blockchain, decentralized storage, computing, network nodes, payment and other technologies are booming, and a large-scale ecological public chain has appeared on the track, or some A master of technology.

At present, Ethereum is still the most powerful and successful public chain. Its pioneering “smart contracts” have pushed its ecology to the peak of prosperity, and also played the joy of “DeFi Summer” in 2020. Polkadot, which has better on-chain governance and the Substrate chain-building function of cross-chain design, and Cosmos, which has a completely open IBC communication protocol, also once became a cross-chain duo.

ChainLink, which focuses on the interaction between the encrypted world and the real world, brings off-chain data to the chain, turning oracles into the most indispensable middleware in the encrypted world. Last year’s dark horse new public chain Solana also took the lead in the public chain ecological explosion with its strong TPS.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

Of course, in addition to the technical carrier – the public chain, the ecological scene at the application level is also the result of their complementarity.

All in all, as the infrastructure that triggers revolutions in various fields, the public chain has always assumed the role of the mainstay in catalyzing the development of Dapps, the DeFi boom and the Web3.0 revolution. .

Obviously, the change that Web3.0 brings to people is to return the value relationship to “who creates, who owns” through decentralized technologies such as blockchain. The content created by the user is owned and controlled by the user, and the value created by the user can also be distributed according to the agreement signed between the user and others. The premise of distribution is a just, fair and credible “contract”, and behind the contract is undoubtedly the “decentralized” technical flame-blockchain.

Talking about the World Wide Web: Is Web 3.0 a Tech Gold Mine or a Tulip Bubble

When we are still entangled in whether Web3.0 is a technical gold mine or a tulip bubble, Web3.0 is getting closer and closer to us…

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/talking-about-the-world-wide-web-is-web-3-0-a-tech-gold-mine-or-a-tulip-bubble/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-08-28 09:48
Next 2022-08-28 09:49

Related articles