In this article, we will discuss Web 3.0 (Brief Overview). So, let’s get started.
- Web 3.0 is a decentralized internet to be run on blockchain technology, which would be different from the versions in use, Web 1.0 and Web 2.0.
- Web 1.0 is the world wide web or the internet that was invented in 1989, became popular from 1993 and lasted until 1999.
- The internet in the Web 1.0 days was mostly static web pages where users would go to a website and then read and interact with the static information.
- Web 2.0 started in some form in the late 1990s and it is still the age of Web 2.0.
- The differentiating characteristic of Web 2.0 compared to Web 1.0 is that users can create content – primarily, a social media kind of interaction.
- In Web3, users will have ownership stakes in platforms and applications unlike now where tech giants control the platforms.
Significance of Web 3.0
- The large mass of creators and builders will leverage next-generation tools, co-opt themselves into self-governing organizations and participate in this new economy.
- The spirit of Web3 is Decentralized Autonomous Organization (DAO). Web3 will deliver a decentralized and fair internet where users control their own data.
- This will eliminate excessive rents levied by the large platforms and move the masses away from an obviously flawed business model of ad-based monetization of user-generated data that has become the hallmark of the modern digital economy.
- In Web 2.0, most of the data in the internet and the internet traffic are owned or handled by very few behemoth companies which created issues related to data privacy, data security and abuse of such data.
- There is a sense of disappointment that the original purpose of the internet has been distorted. It is in this context that the buzz around Web3 is significant.