Is Web 3.0 nothing more than a marketing term? This is the belief of many. We hear a lot about it but even Elon Musk is claiming he can't find it. So what is the deal with this?
One has to wonder when intelligent people with a technology background start to question what is taking place. This is not akin to Bryant Gumbel asking what is the internet? Musk, after all, is one of the leading technological minds of this era.
It is easy, however, for many to miss what is taking place. Those who are not fully immersed in what is going on will likely discount the foundation being laid. Essentially, the groundwork for a completely new Internet is put forth. Maybe the reason for people missing it is the simplicity.
So what is Web 3.0?
Source
Databases
The Internet is run by databases. This is what allows the mega-technology behemoths such as Facebook and Google to control what they do.
We all know the Internet is open. Anyone can post to it. From this perspective, the original vision of the Internet is alive and well. The challenge arises in accessing the data. This is not open. Instead, it is siloed and controlled by a few major corporations.
Web 2.0 becomes one of database control. Facebook and Twitter have total power over their platforms. When an account is cancelled, access to the database is revoked. Not only is the individual barred from adding to it, all legacy data is inaccessible. To the user, it is basically "lost".
This is not marketing and certainly is not sexy. Yet what Web 3.0 does is provide open database access. This simple concept is revolutionary. Here is a point that many overlook.
Web 3.0, at its core, has nothing to do with tokenization. It is not an economic transition that is going to change the world. Instead, it is a simple change to permissionless databases. From there, we can develop a completely new digital world.
Breaking Up Monopolies
The reason why Facebook, Google, and Apple are so powerful is they have monopolies over the data. When so much is done on their platforms, it is all fed into their databases. Since they are never going to open them up, they operate effectively as monopolies in their realms.
Here is a point that most can understand.
Web 3.0 seeks to kick that idea in the teeth. The introduction of Ethereum really altered the potential with the ability to create completely open databases while utilizing smart contracts. Combining these elements together provides the ability to develop applications that can rival Web 2.0. Since it requires no permission, anyone is free to build upon it.
Essentially, we are seeing a breakdown of the existing power distribution. For the last 20 years our online activity was tracked and fed into the databases of some of Silicon Valley's most valuable companies. This only helped to enhance the value of those entities while cementing their power.
Blockchains alter that reality completely. Since not only is publishing to the database open to all, the data itself can be integrated by anyone. This means the applications are backed by something that is open, not closed. Consider for a moment how much that changes things. What if Facebook, as an example, was really nothing more than a front end since a dozen applications could access the same data. Would that company have the same amount of power? The answer is obvious.
That is Web 3.0.
It is also why Web 2.0 companies can never transition to Web 3.0. Their business model simply will not allow the opening up of their databases. As long as that remains closed, they will silo themselves from the digital revolution that is taking place.
Innovation Explosion
Another aspect is the explosion we are going to see with innovation. Presently, technological breakthroughs are in the hands of the mega-tech companies. Since they control the databases, as well as the platforms, there is little anyone can do outside of that. Without access to the data, it is hard to build an application to integrate in.
Of course, if something novel does come along, these entities have a way of stealing it, opting to tie up the developer in court for years. Many will not pursue new venture knowing full well the likes of Facebook will simply pirate the code and adapt it to fit their needs.
Web 3.0 does not have this issue. For that reason, we can expect a wave of innovation to take place. Developers are free to create whatever they want. Since they have access to the databases, tying in is rather simple. Thus, the success of the project is relegated to the appeal it has with users. Develop something that people want and it will be successful. Through the tokenization process, we see how the newer characteristics can enhance the user experience.
It also adds to the profitability of the venture.
No longer is this development of the digital world solely in the hands of major corporations. Instead, coders and entrepreneurs can innovate and bring new ideas to market. Users are going to benefit with a wider range of choices over time. We are starting to see the foundation of that be put in place.
We can also see how powerful each individual becomes. Anything we do in the digital realm is recorded. In other words, it is fed into a database somewhere. When one is operating on a blockchain, the activity is contained in a permissionless database. This is providing the fuel needs to power a multitude of applications. No longer do developers have to start from scratch. Instead, they can simply tap into years worth of data that is already in place.
Thus, each user is actually providing the food which will become future innovation. The same data will end up being a part of hundreds of different applications.
So when people ask, what is Web 3.0, a new version of the Internet being built on top of permissionless databases. That is it.
Web 3.0 is not sexy, not market, but it is revolutionary.
It is also so simply the likes of Elon Musk are overlooking it.
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