In the beginning, there was something called web1. This is now more often referred to as the internet, and is something that we all cherish. Following that, there was what is commonly referred to as web2, also known as the user-generated web. This new web was made possible through the creation of social media. People are talking about web3 (or web 3.0) now, which is the supposed next major step forward in the purportedly long-term evolutionary trajectory of the internet. But if you want a more detailed answer, what exactly is web3?
Regarding this topic, there is a degree of disagreement between different people. Web3 is currently going through the creation process, and is very new. As such, its exact parameters have not yet been determined. The idea that web3 will be decentralised – as opposed to being controlled by governments and corporations, as is the case with the internet as we know it now – and that it will be tied, at least in part, to the concept of a "metaverse," is the core concept that underpins it.
Before we begin, for the sake of clarity, it is important to point out that the term "web 3.0" was widely used to describe what was known as the "semantic web" until just a few years ago. It is important to point out because the fact is important that the term "web 3.0" was widely used until just a few years ago. This was changed in an effort to clear up any misunderstandings that may have arisen from this name. Sir Tim Berners-Lee, who is commonly referred to and acknowledged as the "father of the internet," was the first person to suggest the idea of an internet that functions from machine-to-machine. This aspect of the internet allows computers to communicate with one another. The way in which a language is used is what gives it its meaning, and in modern times, the phrase is most frequently used to allude to something else. However, what we refer to as web3 today is generally considered to comprise both Berners' and Lee's concepts, despite the fact that those ideas do not make up the entire web3.
What is meant by "the decentralised web or web3"?
First, let's take a look at the decentralised system. These days, the infrastructure that supports the popular websites and hangouts where we spend time online is typically owned by corporations and, to some extent, is controlled by regulations that are outlined by the various countries across the world. This is due to the fact that this was the simplest way to build network infrastructure – someone pays to install servers and set up software on them that people want to access online, and then either charges people to use it or lets them use it for free as long as they comply with their rules. The reason for this is that this was the simplest way to build network infrastructure.
In today's world, we have access to a variety of alternatives, one of which is the blockchain technology. The blockchain is a relatively new technique of storing data online, and it is based on the two fundamental ideas of distributed computing and encryption. Blockchain was developed in 2009.
The data stored on a blockchain can only be accessed by those who have been granted permission to do so due to encryption. This is true even if the data is stored on another party's computer, such as that of a government or a corporation.
Additionally, the process of sharing a single file across multiple computers or servers is referred to as distributed computing. If there is even one copy that does not match all of the other copies, the data contained in that file will be invalid. This adds a new layer of security by ensuring that no one other than the person in control of the data can access or change it without the permission of the person who owns it, or the entire distributed network.
When these ideas are combined, they imply that data can be stored in such a way that it is always under the control of the person who owns it, even if it is stored on a server owned by a corporation or under the control of a local government.
This is possible even if the data is stored on a server controlled by a local government. The data owner or the government will never be able to access or modify the information unless they have the keys to the encryption that verifies their ownership of the data. Even if they delete or disable their server, the data will still be accessible from any of the hundreds of other computers where it is stored. Isn't that an ingenious idea?
Other key concepts that are frequently mentioned in relation to web3's technical infrastructure include open, which means that it is primarily built on open-source software, trust less, and permissionless. All of these terms are characterised by the fact that they do not impose any restrictions on users.
There is no requirement for the participation of a reliable third party in order for two parties to engage in interactions and transactions with one another. This was not always the case on Web2 or below, as you had to make sure that the owner of the channel you were using to engage in conversation or conduct business was not altering the messages you sent through that channel.
One example of a web3 trust-less transaction is the process of sending bitcoins directly to another individual (as opposed to doing it through an online exchange or wallet that is maintained on a centralised server). This entire transaction process is managed by the blockchain's algorithm, and there is very little chance that anyone can intervene and disrupt it due to the encryption that is used.
"Permission-less" means neither side in a transaction or interaction must ask a third party (such a service provider or government) for permission.
If you think avoiding government intrusion sounds anarchistic or libertarian, you're not alone in that. This lack of oversight or management frequently raises safety and legality problems. Governments have tried to pass laws to control web communications and interactions. This includes the UK government and its desire to regulate end-to-end encrypted messages.
DAO, Web3
Decentralized Autonomous Organization (DAO) is a web3 term for a group, company, or collective bound by blockchain-coded rules. In a DAO-based shop, all item prices and payout data would be stored on a blockchain. DAO shareholders can vote on prices and who gets money.
Changing regulations requires consent. No one who owns the actual infrastructure, such as the server owners or the profits' storage facilities, could intervene or steal from it.
DAOs reduce the need for many "middlemen," such as bankers, attorneys, accountants, and landlords.
Artificial intelligence and web 3.0
Most think AI will be important in web3. Many web3 applications will require machine-to-machine communication and decision-making.
How does web3 fit metaverse?
Metaverse is the last key web3 concept. "Metaverse" refers to web3's next generation of the internet's front end, which is the user interface through which we interact with the online world, communicate with other users, and alter data.
The metaverse is a more immersive, social, and enduring version of the internet we all love and use. It will employ VR and AR to draw us in, allowing us to interact with the virtual digital world in more natural and engaging ways, such as using virtual hands to pick up and handle objects and our voices to give directions to machines or converse with others. Metaverse is an interface for web3 tools and apps.
It's feasible to construct web3 applications without a Metaverse (Bitcoin is an example), but Metaverse technology and experiences will play a key role in how many of these apps interact with our lives.
Everyone must love this, right?
Nope. Web3 has received prominent criticism. Elon Musk said it "seems more like a marketing buzzword than a reality. Has anyone seen web3? It's gone."
Ex-Twitter CEO Jack Dorsey questions whether web3 will be free and open. He is reported to have said, "Web3 isn't yours. Investors do. Their incentives prevent it. It's a centralised organisation with just a new name.
Many current web3 proposals are built on blockchain technology, which can be energy-intensive and contribute to carbon emissions and climate change. Bitcoin's blockchain consumes as much energy as Finland. Proof-of-stake blockchains are less energy-intensive than proof-of-work blockchains.
Several examples of applications built with Web 3.0
Let's look at some real-world instances of web3 in action, shall we?
Bitcoin, the first cryptocurrency, has been in existence for more than 10 years. Although the Bitcoin protocol in and of itself is decentralised, the Bitcoin ecosystem as a whole is not decentralised.
Diaspora is a social network that is decentralised and not for profit.
Steemit is a social networking and blogging website powered by blockchain technology.
Decentralized exchange trading market referred to as Augur.
OpenSea is a market for buying and selling non-fungible tokens (NFTs) that was constructed on top of the Ethereum network.
Uniswap is a cryptocurrency exchange that is not centralised.
Sapien is yet another blockchain-based, decentralised social network that was developed on Ethereum.
Everledger is a platform for supply chain, provenance, and authenticity that is built on blockchain technology.
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