I did a quick google search, what is web 3.0? After a few comments on the previous blog, posts were asking me to cover it and someone in our social media account suggested it but I didn’t really get an answer.
In fact, I got a few answers that didn’t really match up. So if you’re reading this post, get ready to learn exactly what web 3.0 is and what it means for cryptocurrencies.
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In this article, I’m going to explain what web 3.0 is, how cryptocurrency ideas tie into the evolution of our current internet, and what it means for you as a user.
Before we officially start, I just want to say that there’s not some internet encyclopedia that’s verified by the institute of global technology that has a strict definition of what web 3.0 is.
Instead, I’m going to give you a rough definition of what the internet says web 1.0 is, what a lot of people are saying web 2.0 is, and then I’ll explain this new phenomenon that many people call web 3.0.
What is Web 3.0?
Let’s start with web 1.0. An initial overview of what the internet was between the years of 1991 and 2004. The internet was mostly a bunch of static pages. Meaning that whenever you loaded them, they just showed some stuff and that was it.
Some called it read-only. There wasn’t any logging in or interacting with posts or viewing analytics. Most of the early internet wasn’t even profitable by ads, it was mostly just like one big Wikipedia all hyperlinked together.
Next, we have web 2.0 from around 2004 until now. During this time the web evolved a lot but one of the biggest changes was the interactivity of the internet.
This meant that not only did we get information from pages, but the web pages started getting information from us as we viewed Facebook and youtube and performed Google searches.
These centralized companies started collecting data about us so that they could serve us better content which in turn would make us stay on their websites longer.
This meant more money for them but eventually, they realized they could package up all the data they had collected on us and sell it to advertisers.
Web 2.0 is the age of targeted advertising and the lack of privacy for its users. Now, to be fair we willingly gave up this privacy too for cool apps like Facebook and Twitter in web 2.0.
You and I could both view facebook.com and see two very different news feeds because the page depended on who was viewing it which is an important note for a difference in web 3 that we’ll talk about in a minute.
The content on your feed is the company sorting data by information that you gave them and how much you watched a video.
But if you look at the ads that they show you, that is them sorting data by the information you didn’t know you gave them when you went to eat tacos last night.
They knew that when you dropped your kids off at school every day at 8 a.m except for Fridays. They knew that, and there was even that one article that said machine learning started showing a guy some parenting ads because they knew he would be a father before he did.
If it wasn’t machine learning, it was probably because his girlfriend used their public IP address to search for her symptoms. The machine learning algorithm probably already knew when she was ovulating anyways.
Whatever the case is, how they predicted this one centralized company controlling all of this data, whether we want to or not, is scary.
Next up is web 3.0, and this is what you came to learn about. Web 3.0 is the next evolution of the internet. It is probably utilizing blockchain technology and the tools of decentralization.
In web 2.0, you were the product as you were browsing social networks, but in web 3.0, some believe that you will be the owner of your content, the stuff that you post online.
Now, this is kind of true. If you want a post to stay up, it’ll stay up. But if you want to take it down, they say in web 3.0 you can control that because, as we all know, usually when something is on the internet, it’s always on the internet.
Here’s one example that’s already real odyssey is a blockchain alternative to youtube where videos can be posted. Creators can earn library tokens which are basically a reward for enticing viewers to watch their videos.
The thing about odyssey, though, is that they can’t really stop a video from being posted. If someone uploads it and someone else in the network wants to share it, they technically download that video and then let others watch that video and download it as well.
Kind of an extensive torrent network, if you know what that is.
To expand on this, your post couldn’t get taken down because your post wouldn’t just be on one of Facebook servers. It would theoretically be on thousands of computers worldwide, ensuring that the blockchain social network you’re on is not attacked or censored.
Theoretically, this means there would be many illegal and hateful things posted, but it would be in the name of freedom of which the users of the networks could probably decide on a system to reduce that harmful content, but that’s for another article.
In web 3.0, experts say that we will reach the point of the internet where every company is ran by a decentralized group called a DAO, which stands for decentralized autonomous organization.
DAOs mean that there are no CEOs or presidents to impress. Those with the most tokens get to vote on how the company changes, not limited by a government or some family tradition.
In web 3.0, there will be no censorship of social networks like Facebook or Twitter. One controlling authority cannot shut it down.
Lastly, one of the biggest things in web 3.0 is that your digital identity is not 100% connected to your real-world identity.
This means I can view pages, download things, make purchases, and do any other activity on the internet without being traced to the real me.
Now, there are many ways we can anonymize ourselves online, but bingo, I think that might be a future blog post idea.
Wrapping it up, these may be long-term ideas of those who think about web 3.0. What web 3.0 really means for us is that in the next decade, you might be able to buy amazon gift cards using Metamask and pay with Ethereum.
You could also anonymously leave a like on one of your friend’s posts using one of your hidden wallets. It’s not going to be a bunch of life-changing stuff all at once.
It’ll likely be a series of ideas that grow together until centralized companies like Facebook and Google are disassembled by the legislature while decentralized unregulated DAOs grow to replace them.
Web 3.0 foundation
I also want to talk a bit about the web 3.0 foundation. Now there is a company called the web3 foundation that supports projects for increasing decentralization on the internet.
Their three big projects are the Polkadot blockchain, Polkadot’s test chain, and the web3 summit, which isn’t a good overview of what web 3.0 actually is.
But they also offer some grants, which a lot of them have to do with supporting and using the Polkadot blockchain.
It seems to me the Polkadot team used the web3 name as a brand to push their agenda, but that’s not what this site is about.
To give you an understanding of what I mean by this. This would be like the company facebook buying a foundation for web 2.0 and saying they are the ones who initiated it.
Facebook is a company, while web 2.0 is an idea. The same way that Polkadot is a blockchain and web 3.0 is an idea. One doesn’t own the other.
I actually also watched another fascinating video called why web 3.0 is a scam, where trader university talks about how Solana is also taking advantage of the novelty of web 3.0.
I just want you guys to understand that web 3.0 is a big concept with a bunch of tiny ideas, not one idea run by a foundation to get you hyped up for the next step of the internet or to buy their token.
As we end this article, if you want to support the education of web 3.0, consider checking out our free, decentralized finance for beginners guide along with our newsletter.
Thank you guys so much for reading this post. I hope that you enjoyed it. I really hope that you’ve learned something, and most of all, I hope to see you in our next blog post.