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The third generation of the Internet is known as web3 or web 3.0. What began as a collection of connected computers has evolved into the 'world wide web,' which, in its third iteration, aims to accommodate all of the world's electronics.
Web3 is not a new concept. It's based on the notion of edge computing and employs blockchain, bitcoin, non-fungible tokens (NFTs), and other technologies as platforms.
Edge computing enables businesses to bring computing as near as feasible to the user's device or another end-point. As a result, new use cases emerge, such as self-driving cars that must make split-second decisions concerning traffic conditions.
Its main concept is "decentralization," and it is in many respects the polar opposite of Web 2.0, which centralizes data and content through servers and data centers, generally referred to as the cloud.
A small group of companies known as "Big Tech" (Googles, Facebook, Twitters, Microsofts, and so on) has effectively monopolized the Internet and its different industries.
Gavin Wood, Ethereum's co-founder, coined the term Web 3.0 in 2014, however, John Markoff of the New York Times is sometimes credited with coining the word in 2006.
Web 1.0 refers to the period between 1991 and 2004 when the majority of internet users were consumers rather than creators of the material. The second phase, known as Web 2.0, began in 2004 when people began generating and uploading material online and began using the internet as a "platform" for their work. We're still on Web 2.0, and Web 3.0 is simply an idea for now.
This approach is based on decentralization, with blockchain technology such as cryptocurrencies and NFTs being used in the process.
DAOs (decentralized autonomous organizations) and DeFi (decentralized finance) are two concepts that are part of the larger Web 3.0 concept.
Instead of having boardrooms and corporate powerhouses at the end of critical decisions about how the internet operates, it gives control of key decisions to algorithms.
Is Web 3.0 a good thing?
Web 3.0 appears to be a fine idea on paper, but it is not without flaws. Web 3.0 has been dubbed a solution to Big Tech dominance since it improves privacy, data security, and scalability.
Web 3.0 is difficult to monopolize, at least on paper, due to its emphasis on decentralization. While Big Tech companies like Google, Facebook, and others have been able to obtain control of the Internet due to their deep integration with the data ecosystem, Web 3.0 advocates for no single entity to hold data.
People, not businesses, will own the data because the required computer power comes from the edge. This data will also be stored decentrally, similar to how services like Filecoin now operate. This offers many people hope that incidents like Cambridge Analytics, Facebook's massive election blunder, won't happen as frequently in the future.
And there are already a lot of people interested. According to a report in The New York Times, investors have already staked $27 billion on Web 3.0 as the "future of the Internet."
Because the majority of Web 3.0 will be based on blockchains, it will undoubtedly be more secure. In this universe where everything is supposed to function in a metaverse, all exchanges will be in crypto, making the process substantially tamper-proof and transparent, at least partially. NFTs will have a role to play with users' ownership.
Some organizations, such as Reddit and Discord, have already looked into adopting Web 3.0 technology into their platforms. After receiving a lot of negative feedback from users, Discord took a step back.
One of the main objections leveled towards Web 3.0 is that its decentralization will make it harder to regulate the Internet. As a result, preventing cybercrime, hate speech, online harassment, the dissemination of child abuse photos, and everything else that afflicts today's internet will be more difficult.
The concept of a decentralized network, on the other hand, represents prior 'cyber-libertarian' views and hopes that the Internet could empower ordinary people by breaking down current power structures." Many people perceive it as the web's entire circle.
Web 3.0 has also been called a component of the bitcoin bubble, as an extension of "overhyped" and "harmful" blockchain-based developments. Others have expressed concern about the impact of cryptocurrencies and NFTs on the environment.
We'll have to wait and see what happens when we finally cross the bridge. But one thing is certain: Web 3.0 is on its way. Big indications include Facebook's rebranding to Meta and Microsoft's Satya Nadella's concentration on the metaverse.
Web 3.0 appears to be either owned by venture capitalists and huge IT businesses, as ex-Twitter CEO Jack Dorsey claims, or by no one at all, as Web 3.0 supporters wish to think. What are the chances that a concept that has yet to come to fruition will actually be able to give a free, decentralized Internet as it promises and overcomes all of the problems that today's Internet has? Is this just another concept that will blow up in our faces and make things even worse?
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