Earlier this week, I joined the "What's up DBuzz" Twitter Space, and one of the concerns raised in onboarding newbies to the platform was about explaining to them what Web3 is. The discussion was so vibrant and stimulating that it urge me to write this post about the technology. So, let's start.
INTRODUCTION
The evolution of the internet has advanced significantly from its inception, and from then, the development has been exponential and was creating massive disruption in most industries. Furthermore, with the advent of blockchain technology, this progression has taken another level of maturity bringing a new wave of narratives into the web space. Internet is now classified into three major phases: Web1, Web2, and Web3. Every stage in the history of the internet symbolizes a different era, and each era brought about substantial changes in how we use and interact online.
WEB1 and WEB2
Web1 refers to the early years of the internet when static websites could only display information and were referred to as the "read-only" web. There was no method for users to connect with or contribute to the website; they could only view the content. Simple HTML websites with little to no multimedia content typified this era. A quick example of this is you reading this post but you cannot leave a comment, repost, or even hit a like button.
Web2, on the other hand, is referred to as the "read-write" web. It is not necessarily a technological upgrade but rather a solution to the limitations of Web1. This fix created a shift in the way the internet is utilized.
One of the biggest benefits of Web2 is enhanced communication through web apps that foster interaction, teamwork, and knowledge exchange. This allows anybody with a Web2 connection to post material, share ideas, gather information, and subscribe to different news feeds. Latest updates and news may also be available to more people because information may be transmitted more quickly under Web2 compared to prior methods of information sharing. This prompts businesses and institutions to build more feasible marketing strategies and optimization. Web2 also brings about a certain level of fairness as most individuals have an equal chance of posting their views and comments, and each individual may build a network of contacts.
However, the internet opening up to a wide range of interactions poses a lot of disadvantages. Granting people access to social media created increased risks of online crimes such as online stalking, doxing, cyberbullying, and identity theft. Furthermore, since almost anyone can post anything via various blogs, social media, or any Web 2.0 outlets, misinformation and unreliable sources are spreading like wildfire producing confusion on what is real and what sources to trust. As Web2 doesn't always and can't verify information, there is a heightened risk for bad actors like fake accounts, spammers, forgers, or hackers to steal information, imitate personas, or trick unsuspecting users.
In addition to that, there is also the threat of your personal information being sold out to big companies and industries for data analysis. Your likes and shares on social media, your searches on the web, and even your conversations with your peers are being monitored and sent to data centers which were then sorted and made available for purchase to businesses that fit your interests. No wonder why the advertisement popping up on your social media are the related results of what you searched on the web. There is even one time when I was talking with someone about the latest iPhone when minutes later my Facebook feeds were filled with promotions of iPhones from different sites. Be careful with your gadgets, they are always listening.
WHAT IS WEB3
With the posing risk in Web2, the internet should evolve into a secure, transparent, and immutable decentralized platform where you can safely build your identity with complete ownership and full control. Blockchain, in the most opportune time, transpired and made its debut bringing new frontiers for the internet to evolve. The blockchain technology give rise to the emergence of what we now called "Web3".
Web3 is generally referred to as the "decentralized web" or "semantic web," and but to put it simply (and for the sake of posterity), we will call it here as the "read-write-own" web. This new era is focused on creating a more transparent, secure, and private internet that aims to change the way we interact with it by enabling peer-to-peer transactions, decentralizing data storage, and creating new digital economies.
Now, to understand better what Web3 is, we will discuss the some of the capabilities it has and compare them to that of Web2.
- DECENTRALIZATION. Applications running on web2 are being govern by centralized entities. Google, Facebook, and Amazon are few of the vast number of institutions that have the access to control and store user's data. As I've mentioned above, data are being gathered by these platforms making them vulnerable to data breaches, censorship, and surveillance. Not to mention that they obtain these information with our consent. Familiar with "I have read the terms and conditions" check box? Well, we are compelled to accept what are laid in the fine prints because it is a requirement for us to use the platforms.
In Web3, these risks can be mitigated. Web3 aims to create a decentralized web where users own their data and have control over their digital identities. It is in your utmost discretion whether you want to reveal your identity online or stay unanimous in your activities.
- BLOCKCHAIN TECHNOLOGY. Another distinguishing difference between Web2 and Web3 is the Blockchain technology. This new emergence in information security enables secure, transparent, and tamper-proof transactions and record-keeping, making it a crucial component in the development of Web3. With its abilities of establishing immutable "digital footprints", building of applications that are decentralized (dApps) (meaning applications without the need of centralized entities) becomes a possibility. This creates potentialities for web3 to be disrupted and to usher significant paradigm shift in various industries, including finance, gaming, and social media.
- MONETIZATION OF CONTENT. Since users have full ownership of your online data, content creators and entrepreneurs will have opportunities to monetized their content directly, without relying on advertising revenue or intermediaries. For example, a musicians can sell their music directly to fans using blockchain-powered platforms like Sound.xyz, Muverse, and Bitsong . Writers can also monetize their content using decentralized blogging platforms like PeakD and DBuzz.
These are just few of the enormous possibilities that Web3 and blockchain brings. The industry is currently at its early stage and there are still a lot to learn and to develop. Web3 will expedite the fair and transparent use of the internet, ranging from personalized search results to cross-platform development tools, and 3D graphics. The internet will become more immersive and engaging than ever before. It's exciting to see what the future holds for the web3 space.
CALL TO ACTION
It's important to understand that the internet has significantly advanced since its inception as a "read-only" platform. The introduction of Web2 brought immense changes on how we use the internet allowing for more effective information exchange, collaboration, and communication. However, this enhanced connectivity also create some hazards to user. Through Web3, these risks are being addressed.
Web3 aims to provide a more open, private, and secure internet concentrating on decentralization, blockchain technology, and data ownership. This is an exciting prospect but it will require a lot of commitment and community effort to realize the possibilities it proposes. It demands help from us, early adapters, to bring it mainstream.
So what can we do to help promote the adoption of Web3? Here are a few ideas:
Educate yourself on blockchain technology and Web3. Take the time to study more about how these ideas operate and how they may be used to build a better internet. There are many misunderstandings and myths surrounding the Web3 space, and you can only see through them if you immerse yourself in learning the subject.
Support companies and businesses that are building in Web3. There are already startups and organizations working to create new applications and projects to foster a more secure and decentralized internet, and they need our help to grow and succeed. You may want to join Web3 communities dedicated to this cause.
Advocate for greater privacy and data protection. As more people become aware of the risks associated with the current state of the internet, there is likely to be an increased demand for greater privacy and control over personal data. Let your voice be heard around promoting online privacy and data protection.
Be mindful of the what you create and share online. With the potential for monetization in Web3, there will be greater incentive for creators to produce high-quality, valuable content. Take pride in what you create and be mindful of how it may impact others.
Behave responsibly when online. Even while Web3 claims to provide a more private and secure internet, it's critical to understand that there will always be dangers connected to using the internet. Be responsible and considerate while interacting with people online, and take precautions to safeguard your data and personal information.
By taking these steps, we might be able to create an impact in the Web3 industries and bring this evolution of the internet towards a secure, transparent and decentralized environment where everybody can thrive and excel.
Aim for an equitable space for everyone.