What is Web3?
Web 1.0 only provides user information in one direction, kind of Geocities. your basic message boards, things like that that you did in the early internet. During this period, static pages are more common, which are basically websites that cannot be truly interactive and do not need to be updated regularly.
Web 2.0 is what we have now, majorly controlled by technology behemoths. The second generation of social networks monopolized by technology giants such as Meta (ticker: META), Amazon (ticker: AMZN), Alphabet (ticker:s GOOGL and GOOG), Twitter (ticker: TWTR). YouTubes, Ubers, Venmos are all Web 2.0.
Web 2.0 covers the period from the beginning of the 21st century to today, when the Internet has become a place of active participation rather than passive consumption. Another sign of this era is the rise of user-generated content on large platforms, such as YouTube videos or Facebook posts, which power social media.
Now there is the idea of Web3, based on Ethereum, Solana, and blockchain. The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms mainly used to describe the network type of decentralization and blockchain.
According to his original intention: It can be simply considered: Web 1.o is a read-only network, Web 2.o is a read-write network, and Web3 promises to provide an intermediary read-write network, that is, a decentralized internet.
In short, Web3.0 is:
- The next version of the internet
- Decentralized and free from the control of big tech companies or any singles entiry
- User would be able to use their data and accounts across service
- The underlying systems would rely on blockchain technology
The advantages of Web3
The idea is for the internet to not be held in the hands of these big conglomerates or corporations, users take back your ownership control of data and privacy. It would be held in the hands of individual users. And there would be a decentralized way where you could use services or websites, participate in communities that would be spread out amongst different networks and all be validated through the blockchain. And as a result, users rather than the companies would take ownership of these sites and services.
In the future, users can no longer rely on centralized giants with data or censorship such as Meta and Twitter, and they can say goodbye to the Web 2.0 business model of advertising and technology giants, including virtual currency, NFT (non-homogeneous token) and DeFi (decentralized finance) are all in the application category.
Currently just an ideas
At the most basic level, Web3 refers to a decentralized online ecosystem based on blockchain. As far as the general direction is concerned, Web3 represents the next stage of the internet, and may also represent the next stage of human society. Web3 represents a vision to break the monopoly of Web 2.0, which is controlled by a few technology giants, that is, to build Web3 platforms and applications based on blockchain technology will not be owned by the giants, but by each end user. After all this is too ideal, and related technologies and supporting facilities are not yet mature; it can be said that they are all ideas at present.
In particular, decentralization is another focus of Web3, which is also the core of the spirit of the internet, but currently it only stays at the technical and protocol level. Just imagine that the interests formed by the monopoly of a few technology giants are not easy to negotiate to give up thier interest they have, and these few technology giants will certainly not obediently submit. To put it bluntly, they will use their power and resources to resist. This is definitely foreseeable, unless they participate in and formulate a blueprint.
Since Web3 is still a vague term, it has aroused many doubts. First of all, Web3’s precise definition and mechanics of the concept remain somewhat unclear. Proponents say that such a system would allow power to be decentralized and democratized.
However, due to the lack of central control over this concept (technology), fraud, cybercrime, and money laundering have emerged one after another. In addition, under the condition that each user is independent, the supervision is more complicated, which raises doubts about excessive speculation.
There are also advocates who believe that the goal of Web3 technology is to be decentralized without being subject to supervision. But once the elements of “decentralization” and “anonymity” are 100% ensured, just like the current dark web, it becomes very difficult to track the people behind it, and it will also deepen the existing crime and fraud problems on the Internet.
Encryption currency is an energy-intensive technology. Mining unions dig out more bitcoins based on mathematical problems and find ways to get more electricity and computing power. Web3 based on blockchain and P2P technology has many inefficiencies, slow speeds, and high cost and energy consumption. However, Web3 does not have a “standard body” so far, and many things cannot be interoperable.
Web3 related companies
|Company name||ticker:||Related business|
|TWTR||Bitcoin, DeFi, NFT|
|Visa||V||CryptoCurrency, Blockchain, NFT|
|American Express||AXP||CryptoCurrency, Blockchain, NFT|
|Meta Platforms||META||CryptoCurrency, NFT|
|Game Stop||GME||CryptoCurrency, NFT|
Web3 and Metaverse and NFT?
The metaverse essentially refers to the future internet, which is composed of three-dimensional spaces in virtual reality, where users can communicate with each other. With no doubt, Web3 will incubate a metaverse built with blockchain systems and open standards, and run by computer networks around the world instead of a few large companies. NFT will promote commercial activities involving virtual reality items, and traditional gatekeepers (here, is Alphabet or Meta companies) will not be able to decide what can or cannot be entered into the metaverse.
Regarding the Metaverse, I suggest you refer to my other blog post “What is the metaverse? any related companies?? Are there any related companies? “
Views of technology leaders
Twitter (ticker: TWTR) and Block (ticker: SQ) founders Jack Dorsey and Tesla (ticker: TSLA) CEO Elon Musk both questioned the concept of Metaverse and Web3. Musk bluntly said, “I can’t see the future yet. It’s just a marketing buzzword. I don’t mean that Web3 is real. At present, Web3 is more like a marketing buzzword than reality. I only know 10 What the future will look like in 20, 20 or 30 years, 2051 is a crazy futurism.”
Dorsey believes that Metaverse and Web3 are toys for venture capital companies. Dorsey said: “You are not the owner of Web3, those venture capital companies and his partners are.” Dorsey also hinted that Web3 is controlled by venture capital Andreessen Horowitz, Andreessen Horowitz has been high-profile support for Web3. This is why Web3 technology can get a lot of funds and get attention.
Dorsey criticizing Web3 as being a tool of venture capital firms and their investors drew plenty of pushback from fans of the next-generation internet concept, including, well, venture capitalists. Marc Andreessen even blocked Dorsey on Twitter.
Dorsey later proposed Web5 because he opposed Andreessen Horowitz’s monopoly on Web3. About Web5, please see my other post “What is Web 5?“.
The next step in Web3
Web3 ideas and concepts are new, and the basic technologies described already exist now (but not matured enough). Based on past experience, any technology and concepts that have an impact on future generations will add new conceptual elements and blueprint revisions over time. The business world is very sensitive to whether it can be commercialized (please note that it is not a branding new technology).
If a company find that any newly proposed concept is profitable, the company will start to invest in development, launch products, and integrate the concept into the required technology (if the existing technology is not possible, it is possible as long as it is not a fantasy or too leapfrog. The technology will be developed eventually) and transformed into a usage scenario that is generally acceptable to the general public. Only then can the dream come true, and the company can be profitable and willing to invest.
Web3 is no exception. Compared with the illusory nature of the metaverse, Web3 has inherently occupied a better position-that is now the ubiquitous Web 2.0, plus more and more digital assets such as cryptocurrency that are accepted by the public, and Blockchain technology that has been affirmed by enterprises.
It is a concept that can be implemented, and there is no doubt about this part. As for the future, whether it can continue to launch the applications that ordinary users need every day, and it must be able to combine with the necessary life scenarios to be able to grow. After all, there is no business investment, no commercialization, no integration into the life scene of ordinary people; or dog food that even dogs do not eat, it will not succeed.
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