What is web3?
There's been a lot of buzz and hype around Web3. It's tipped to be the next big thing in the world of decentralization. As much as there's been hype about it, only a few know what Web3 really is. Some mistake it for an amalgamation of buildings in a virtual system, NFTs, coins, and much more. While this is true, Web3 is more than just that.
In this article, we’ll take a look into what web3 is and why it is the next big thing.
What is Web 3?
Before proceeding to Web 3, it is important to recall what existed before, which is Web 1 and Web 2.
Web1 refers to the earliest phase of the World Wide Web, typically from the late 1980s to the early 2000s. It was about reading static pages and was highly centralized. Web1 is regarded as the foundational phase of the Internet, but it was limited in user participation compared to what came with Web 2 and beyond.
Web 2, on the other hand, offers you more user-generated content and dynamic web pages. While it remains largely centralized, it introduces more interactive features such as likes, shares, and comments with the aim of creating a more engaging and participatory online experience.
Web3 is a leap into a decentralized internet. It is often regarded as the next evolution of the internet, built on decentralized technologies like blockchain and focused on giving users more control over their data, privacy, and online interactions.Web3 aims to address some of the key limitations of Web2, such as centralization and lack of user autonomy.
Below is a table showing the difference between web1, web2 and web3
| Aspect | Web1 (Static Web) | Web2 (Interactive Web) | Web3 (Decentralized Web) |
| Time Period | 1990s to early 2000s | Early 2000s to Present | Emerging (Current and Future) |
| Core Functionality | Static content (read-only web) | Dynamic content (read-write web) | Decentralized content (read-write-own web) |
| Architecture | Centralized servers | Centralized platforms | Decentralized networks (blockchain and others) |
| User Interaction | Minimal (view and navigate) | Interactive (likes, comments, uploads) | User-centric (control over data, ownership) |
| Ownership | Limited to content publishers | Controlled by centralized corporations | Owned by users (data, assets, digital identity) |
| Data Storage | Stored on central servers | Stored on platform-owned servers | Stored on decentralized networks |
| Censorship | High (controlled by website owners) | Moderate (platform policies dictate rules) | Low (censorship-resistant through decentralization) |
| Monetization | Limited to website owners through ads or sales | Ads, subscriptions, and data monetization | Direct monetization via tokens, NFTs, DeFi |
| Privacy | Limited (basic website logs) | Low (data collected and monetized by companies) | High (user-controlled, privacy-focused) |
| Identity | Anonymity or platform-specific accounts | Platform-dependent accounts | Decentralized identities (DIDs, wallets) |
| Technology | HTML, basic CSS, static servers | HTML, CSS, JavaScript, databases | Blockchain, smart contracts, dApps, cryptography |
Why is Web 3 so important?
Web3 is becoming increasingly important today because it has been deemed to address many of the problems with the current internet (Web2). Web3 aims to offer a more user-focused, secure, and decentralized experience. Below are some reasons why web3 matters:
User Ownership and Control: Imagine having the rights and legal ownership of your own data or assets.Web3 gives you that as it allows individuals to own their data and digital assets rather than having them controlled and monetized by centralized corporations. For instance, with Web3, you can store your identity, personal data, and digital content in decentralized systems while also retaining full control.
Decentralization: Web3 embraces decentralization. It eliminates reliance on central authorities, which prevents single points of failure, reduces censorship, and increases resilience. Web3 shifts power from tech giants to users and communities.
Enhanced Privacy: Web3 prevents invasive data practices by allowing anonymous or pseudonymous interactions. It allows users to utilize decentralized identities and zero-knowledge proofs to validate information without disclosing sensitive data.
Censorship Resistance: When a platform is decentralized, it becomes very hard to censor. Web3 makes users less vulnerable to bans, restrictions, or even political interference, whether they're making a transaction, creating content, using social media, or doing anything else.
Interoperability and Open Standards: Web3 systems are often built using open-source protocols, which enables interoperability between applications and networks. This results in a more collaborative and adaptable environment than isolated Web2 systems.
Empowers Creators: If you’re a creator, this is good news for you! You can benefit from web3 through NFTs and decentralized marketplaces by directly monetizing their work without middlemen taking a significant cut.
Everything is on the Blockchain
At the core of Web3 lies the blockchain, which is a decentralized, transparent, and immutable ledger that is foundational to the vision of a decentralized internet. Every interaction, transaction, or piece of data in the Web3 ecosystem is recorded on the blockchain and this makes it the backbone of this revolutionary technology.
Although people are already exploring Directed Acyclic Graphs (DAXs) as an alternative decentralized infrastructure, blockchain continues to hold a significant advantage in the Web3 space. DAXs, such as ones utilized in projects like IOTA, have potential characteristics such as high-speed transactions and energy economy. However, blockchain's maturity, security, and widespread use make it the preferred technology for powering Web 3.
Conclusion
In this article, we explored the web's journey from the static and centralized Web1, where it all began, through the dynamic and interactive Web2, to the decentralized and user-focused Web3. We also looked into key differences between these stages of internet evolution.
Web3 represents a significant leap forward. It addresses so many of the challenges posed by its predecessor. Web3 offers a vision of a decentralized internet where users have true ownership of their data, assets, and digital identity, fostering greater privacy, security, and autonomy.