“What is web 3.0?”
The question is similar to David Letterman mocking Bill Gates in a 1995 interview, when he asked, “What about this ‘internet’? Do you know about this? What the hell is that?”
Gates said the Internet is a place where an entity can post the latest information on its homepage and users can send “e-mails” to other people around the world.
Unbeknownst to David Letterman at the time, the Microsoft co-founder was describing “Web 1.0,” the Internet era between 1991 and 2004 when most users were consumers of content, not consumers of it. Creator.
What are Web 1.0 and Web 2.0?
Technologists say Web 1.0 is “read-only.” In other words, many people read and absorb information through websites, but often do not play a major role in the generation and dissemination of content.
For example, a typical Web 1.0 user would read news articles on AOL, do a search, play some web games, and enter some chat rooms, but this Internet surfer provides very little user-generated content.
To convince Letterman that Web 1.0 was useful, Gates told Letterman that he could look up information on topics of interest to him, including cigars and racing cars, but Letterman waved him away, saying, “I’m done! I subscribed to two British magazines, all about motorsport.”
We know what happened to the magazine industry, and the internet killed it, especially with the advent of the Web 2.0 era (2004-present).
Letterman may no longer keep up to date with motorsports through magazines, he not only has a wealth of information on NASCAR at his fingertips through Google Chrome and other similar browsers, but he can also share NASCAR video highlights on Twitter, post TikTok videos, expressing his excitement for the upcoming game and more.
Unlike Web 1.0, Web 2.0 allows users to become consumers and content creators.
In addition to the explosion of user-generated content and social media platforms, Web 2.0 has another controversial aspect. 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 tide turned and the Internet began to collect information from us.
Tech giants like Meta (formerly Facebook) and Google collect data from users to deliver targeted ads and content to make more money from their consumer base.
Some companies even sell data to third parties without user consent.
Your web experience may be filled with ads about recent Google search queries.
This is where Web 3.0 comes in, heralding a new era where users have more control over how they collect their data.
What is Web 3.0?
The Internet is currently on the cusp of a paradigm shift – the next generation of the Internet, Web 3.0, is on the horizon. But with Letterman’s caustic skepticism, you might ask, “What the heck is Web 3.0?”
In short, Web 3.0 is the next iteration of the Internet, which will rely heavily on blockchain technology, cryptocurrencies, and most importantly, the idea of decentralization. In other words, Web 3.0 is the worst nightmare for large enterprises – and I’ll tell you why.
Do you remember last year’s massive outage? If you don’t know what I’m talking about, long story short, Instagram, Facebook and WhatsApp were down for 6 hours in early October 2021.
It was the worst outage the social media giant has experienced in 13 years. Those who rely on the Meta platform for a living, entrepreneurs and content creators are disconnected from their customers and consumers.
According to CNBC, some people lost as much as $5,000 that day, blaming the centralized nature of the company.
As the engine behind cryptocurrencies and NFTs, the beauty of blockchain technology is that, according to Decrypt, it has “no single point of failure” because it is powered by a network run by users.
In other words, if a few nodes fail, Bitcoin will not be affected, it will continue to function because it has millions of other backup systems around the world, but Meta is not the same.
Blockchain can also record ownership on a shared public ledger, and most importantly, it allows you to transfer digital assets from one platform to another.
For example, if you buy an NFT of a funky GIF on OpenSea (a popular NFT marketplace), you are not obligated to keep it there, you can transfer it to other platforms thanks to Web 3.0 like MetaMask Wallet (more on that later).
In a Web 3.0 based world, Meta goes down for the following reasons:
Instead of using different usernames on Twitter, Instagram and TikTok, you can use a single identity (through blockchain technology) to store data.
When we have our own digital identities, we don’t have to worry about engineers taking down the entire network just because of a single routine maintenance error, like Facebook did.
For example, when Facebook launched, you couldn’t transfer your profile and contact details to other services, but if you have your digital identity online, you can switch services with the click of a button without losing years of information.
To put this into perspective, if Twitter shuts down, people won’t worry either. They simply transfer the data saved through blockchain technology to another platform. So how to do it?
After signing up for a Web 3.0 digital wallet like MetaMask, everyone will have something called a wallet address, and other platforms will be able to read your wallet address and the digital assets associated with it, so you can easily transfer your data Transfer seamlessly from one platform to the next.
The situation is that big companies are afraid to let you take your data from their centralized platforms because they profit too much from it.
While I use the social media example to illustrate Web 3.0, the concept of owning personal data through blockchain technology applies to all industries. You will no longer log in with an email address and password – all you need is a wallet address and a secure Web 3.0 wallet.
For example, whether you want to shop at Amazon, Walmart, or Best Buy, you need to use a digital wallet to connect to those sites and buy products using cryptocurrency.
What are the downsides of Web 3.0?
The beauty of Web 3.0 is decentralization, but what are the dangers of the next-generation internet? This is the thing about Web 3.0, censorship and moderation will be less common due to decentralization.
For example, there will be fewer news stories about social media platforms suppressing certain agitators, and there will be no monopoly of the app store market by a handful of companies (such as Apple and Google), allowing developers to distribute apps more freely.
These Web 3.0 features can be a good thing or a bad thing, depending on who you ask. On the plus side, people are free to say whatever they want and do whatever they want, but as a result, harmful content can go unchecked.
However, there may be a workaround here. Web 3.0 will likely implement a reward system that encourages good behavior while punishing the bad guys.
For example, talented developers who submit top apps will be rewarded with crypto in their wallets, while malicious actors may lose money.
Another potential downside of Web 3.0 is that good protocols may be weeded out and bad ones retained through community voting.
We are already seeing the embryo of Web 3.0. Currently, there are protocols that allow users who hold cryptocurrencies to vote on decisions that have a significant impact on the community.
The downside of this Web 3.0 governance is that, in many cases, users with the most NFTs have more weight in the voting process.
In other words, the wealthiest users will have the most influence on the company’s trajectory, while the less wealthy users won’t have much say.
Web 3.0 is still in its infancy, so my vision of the next generation of the Internet may be very different from what I predict.
What I do know is that if blockchain technology is to revolutionize the internet, it has to do one thing first: make it easier to use.
Web 2.0 emerged because ordinary people no longer need technical skills to output content, platforms allow users to upload and share ideas, videos, photos, GIFs, emojis, etc. easily and seamlessly, sparking laughter with easy posts, Or spark outrage among aggrieved fans.
Conversely, at the time of writing, many blockchain-based applications are not intuitive enough to be confusing for the elderly to use. Even the world’s most popular Web 3.0 digital wallet, MetaMask, has a UI that requires a lot of work.
For example, adding a network like Binance Smart Chain to MetaMask should be just a click of a button, but currently requires manual entry of urls and numeric codes. Who has the time to do these things?
The potential benefits of Web 3.0 are exciting, promising that users will have more control over their data and privacy. Of course, doing so has flaws, but to be fair, there is no such thing as a “perfect internet.”
All iterations of the internet, whether Web 1.0 or 2.0, have their pros and cons, and Web 3.0 won’t be any different. We can only hope that Web 3.0 is a major upgrade from its data-hungry, privacy-violating predecessor.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/web-3-0-this-is-what-the-internet-of-the-future-will-look-like/
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