Getting on the Third Web…Web 3.0 explained and why it matters

The world is moving at a fast pace towards Blockchain technology and the technology adoption in the other industries will lead to a more decentralized network – Web 3.0

World Wide Web

Before moving ahead let us discuss the earlier versions of the web and the idea of the third web.

Web 1.0

Commonly known as Web or Web 1.0, it paved way for the information age where the browsers became the primary tool to gather information through the Internet.  Earlier internet was just a couple of connected computers and the need for information accessibility led to the birth of the web.

Getting information became easy however it was still a very slow process and takes minutes to finish small tasks. The web grew eventually into a giant, faster, and more ubiquitous network powered by big server houses and data centers.

Web 2.0

Then the technology developed and in early 2000, the digital age began. There was a massive shift in how we share information, post content, and connect with others. Social Media giants capitalized on this shift and Web 2.0 came into effect.

The development of technologies such as Mobile, Mobile Apps, Social Media, and Cloud shaped the web we are using today.

There was one major difference too – the shift from decentralized (Web 1) to centralized (Web 2) internet.

Web 3.0 explained

The third web represents the next phase of technological evolution in the digital era. The need for the internet to be open, with more human quotient and decentralized networking is slowly paving way for the third web. Technologies such as Blockchain and token-based transaction systems resulted in the development of Web 3.0.

Web 3.0 was originally coined as Semantic Web by Tim-Berners Lee, the Web’s original inventor. It is the ultimate development for an open, trustless, and permissionless network.

Websites and apps built on AI with better information processing appealed to the developers and advocates of internet freedom. There was the demand to create a level of transparency where users control data, publish without the interference of centralized organizations. Also, there would be no indiscriminate censorship and surveillance. This whole idealistic digital world is still in the beginning stages and the journey from the current model to that is going to take years.

Why Web 3.0 Matters

In a nutshell, the main aim is that users gain more control over their web content and this is the reason the third web matters. To explain in layman terms –

Currently, users need an account for every app or platform, however with Web 3.0 users can move between different platforms, browse and shop from multiple e-stores, with one single account

The current internet model is largely privatized and monetized and one of the main concerns was Data Privacy. So the move to decentralized storage, Blockchain-based data sharing, and inputs without surveillance are some of the central basis for the third web.

• No central authority – Users will have complete control over their data and information sharing would be easier. Data is very valuable in this age and Web 3.0 gives the control of the data to the users only.
• Blockchain – Blockchain has already revolutionized the way we transact, send money across borders. It would also reform information sharing and content creation. Other advanced technologies which impacted the development of the third web are –

1. DeFi
2. Cryptoassets / Tokens
3. Blockchain Gaming
4. NFTs

At present, decentralized apps, wallets, platforms are some of the few advancements towards the third web. Few innovative souls are trying to work towards technical development and consolidation of everything under one umbrella. Cryptoassets and tokens have already paved the way for an improved exchange system. However, we are still a long way from the world where data monetization would not be exploited by big giants and users would be free from limitations to their content.

Stay tuned to our blog for more on Web 3.0, Cryptoassets, Tokens, NFTs, and more…