Web 3 is the New Version of the Internet
In the gap between money and technology, lies a new momentum called Web 3.0 or the new internet. This concept is more popular among crypto owners. Web 3 decentralizes the internet with the help of blockchain and cryptocurrencies. “Open” platforms will support Web 3. This means everyone has equal footing on everything. The aim of Web 3 is to replace the current Web. Because the current Web is dominated by BigTech companies. They leave little revenue or ownership for retailers to claim.
But Jack Dorsey, co-founder of Twitter, have criticized the concept of Web3. Dorsey said, Web 3 is a marketing hype that Venture Capitalists are cashing on. But Web 3 “offers the possibility, not guarantee, of something better”- Balaji Srinivasan, entrepreneur. It has also found critics like Tesla CEO Elon Musk, who said, “sounds like more marketing than reality.”
Before discussing the benefits and pitfalls of Web3, let’s see what is Web3. The name came from Web1 or Web 1.0. This is the name of the original version of the internet with which we browse GeoCities sites and play silly Flash-based browser games.
Web2 is known as Web 2.0. It has evolved from Web1. It features the growth of social media platforms like Facebook and services like Uber. It features more or less everything that exists online today.
Web3 is the next evolution of the internet. It is an outgrowth of Web 2.0. It is based on the idea that blockchain tech and digital tokens can foster a decentralized internet.
Web3 advocates said concept will be dominant form of the internet going forward. Big Tech companies have invested in Web3.
Web 3.0 is already here. FundingDAOs and SocialDAOs are decentralized networks and they are trying to improve governance and funding. At the same time others are demanding retailer’s right to own government artifacts. Brave is a popular web browser among crypto investors. It runs on its own blockchain and BAT serves as the main token. Opera has a partnership with Solana blockchain and accessing decentralized apps based on Solana. More such collaborations between crypto and Web 3 are expected.
More people own crypto now. More people have some interaction with digital assets. Crypto owners well-researched people who will find Web 3 more comfortable as it encompasses tokens and NFTs. Web 3 platforms are permissionless. It is free from government authority. These networks are trust less. These do not have third parties and they draw their strength from social consensus. The idea of Web 3 is to empower the community. This is a concept Bitcoin introduced us to.
Web 3 regulation can stem from the need to protect retailers. Web 3 will also inspire governments to launch their own platforms.
But it is too early to say how Web 3 will evolve. The only certain thing is the platforms that put ownership in the hands of the community will win. As without community ownership involvement, it is not Web3.
The internet will soon change as it is changing the whole time.
