To help you better understand what web is 3.0, let me first take you back in time to Web 1.0.
First came Web 1.0
Web 1.0 was the first version of the World Wide Web - filled with static web pages, flashing headers and a lot of annoying pop-up ads.
It was a new way of getting information, and while exciting at the time, it wasn’t very interactive and pretty bland by today’s standards!
Next came Web 2.0
The climb from Web 1.0 into Web 2.0 saw steady disruption in social interaction, economies, business transactions, politics, news and even financing.
Interactive social media like Twitter, Facebook (now Meta), and Instagram have built their entire platforms around user-generated content. New economies have been created, and jobs unimagined until now have come with them.
Web 2.0 was boosted by mobile internet access, social networks, and the adoption of smart devices like iPhones, Android phones, and tablets. The spread of this technology enabled projects like Airbnb, Netflix, Skype, Zoom, Reddit, Twitter, Discord, and even trading platforms like Robinhood to turn over billions in revenue.
Web 2.0 Changed the Internet
As well as driving the rise of these household names, Web 2.0 also helped create a global gig economy. The gig economy now includes part-time, full-time, and temporary jobs for people who work both in-person, like an uber driver, and remotely, as freelancers.
The most impressive aspect of the gig economy is that it has allowed people to use their personal assets, like their cars and computers, and free time to start earning extra money. Some have even become full-time independent contractors and said goodbye to the office forever!
The growth in software technology and development has led to the creation of thousands of virtual job positions, and in some ways helped push the growth of artificial intelligence. Remote workers and digital services are creating marketing campaigns, blogs, articles, and press releases, even as you watch this video.
So, what are the drawbacks of Web 2.0?
The main issue is - having all the eggs in one basket. Basically, if you get to use a company’s services (website or otherwise) at zero cost - it means that you are forfeiting your data in return. Companies collect users’ data, analyze it, predict trends from it and even sell it to others for profit.
Big technology companies like Google and Amazon are constantly mapping their user's tastes and spending habits. This data is then used to predict needs and create services or customized marketing which targets specific groups who are most likely to purchase goods and services.
Is it really that bad?
While this may be great for companies, a lot of people feel pretty weird that corporations know so much about their lives, interests, and hobbies - maybe even more than their friends, family, and neighbours know about them!
This loss of privacy and sharing of personal information has caused a lot of controversies, unhappiness, and concern among the public - and it’s easy to understand why.
In short, Web 2.0 led to the creation of new economies, ways of doing business, and increased connections between people all over the world. The trade-off was pretty rough though - a massive loss of privacy, with companies treating data like goods to be sold and traded for profit.
OK, so how does web 3.0 solve the problems created by Web 2.0?
Web 3.0 is the next evolution of the World Wide Web.
It aims to fix the problems created by Web 2.0 - focusing on privacy for users and giving back more control of their information. It also wants to even out the relationships users have with the online services they give their data to.
Alright, what exactly is Web 3.0?
At the moment, there aren’t any Web 3.0 definitions out there that satisfy everyone just yet.
Web 3.0 is still in the making, so no one can tell you exactly what it will become in the future.
From what we’ve learned so far, it will focus on a mix of different decentralized applications, called dApps for short. These dApps are going to offer their services to users via blockchains.
Cryptocurrencies will start to play a bigger role too, representing wealth behind blockchain transactions. By using blockchain technology in these ways, users will be able to retain more control over their personal information, track how it's used, and choose who they choose to share it with.
Sound pretty good so far? Here are some benefits of Web 3.0
With Web 3.0 giving back commercial power and control to its users, there are some interesting benefits on the horizon.
Some of the notable benefits of Web 3.0 include:
Financing
Webs 3.0 will give both traditional and non-traditional businesses more options for financing. By using blockchain financing options - barriers between lenders and borrowers can be more easily lowered.
Lengths of loans can range from hours to days to months and terms can be individually tailored. In short, the ease of access to financing and less strict requirements mark this as a promising area of growth in Web 3.0.
Next, you have NFTS…
NFTs refer to Non-Fungible Tokens. Created by linking digital code to artistic creations, such as pictures, videos, and music - NFTs are a market brimming with cash and speculators.
As the NFT markets continue to grow and develop, Web 3.0 looks set to play a key role - helping develop markets and make them more accessible to artists, investors, speculators, and laypeople.
Another benefit is gaming…
Play-to-earn gaming, also known as P2E, is another booming growth area. Not only are players able to trade non-fungible tokens, created or purchased in-game, but they are also able to earn cryptocurrency simply from playing.
Web 3.0 aims to help P2E gamers to buy, sell, and trade their gaming NFTs and tokens both in the game and on external third-party platforms.
Now, this all sounds great but, aren’t there any problems with Web 3.0?
There are a few issues which may come up as Web 3.0 finds its footing.
For one, users won't have as much control over their information as they think.
For example, if you post something online, and then decide to remove the post, your post will probably still be available between users of a Web 3.0 platform - by design.
This is different from Web 2.0, in which companies can be forced - usually through central regulation - to remove all the postings from any websites and apps on their platforms and servers.
The autonomy of users on Web 3.0 looks much better than Web 2.0, but it could still fall short of giving users 100% control over their data and what's done with it. At least until someone figures out a way to do it.
Next, we have the potential loss of cryptocurrencies…
In order to access a cryptocurrency, the user must have a private key - a kind of secret password that lets the blockchain know they have the right to use it. If the owner of the crypto token loses the private key, the crypto is essentially lost forever!
In addition, if private keys are stolen, whoever has them can spend, sell, trade, or redeem the cryptocurrency however they want. Without banks or governments backing currency on Web 3.0, it’s a bit of a wild west out there!
And lastly, smart contracts might cause trouble down the line…
Smart contracts are code designed to take the place of middlemen when making transactions. The aim is to make government agencies, lawyers, notaries, and accountants unnecessary when facilitating a legal transaction, for example.
The problem is that computer coding languages are inflexible, complex, prone to bugs, and in the case of smart contracts - they are not easily adjusted.
So, when you enter into a smart contract, you are entering into an agreement that is strict, inflexible, and unchangeable after it's activated - which could cause serious issues if things went wrong and funds became locked!
Conclusion
To recap, Web 3.0 is shaping up to become the next phase of the Internet. It should hopefully fix a lot of the problems which have been plaguing Web 2.0 lately, as well as give its users more power and autonomy.
It is unknown just now if Web 3.0 will be as disruptive to society, economies, politics, and institutions as Web 2.0 was. However, it’s going to be an exciting ride, watching Web 3.0 apps change the way people do business, collaborate with each other, get financing, and make investments.
