Web3 – Explained with the history or World Wide Web with Pros and Cons

Web3 AKA Web 3.0 is seen like a future of world wide web. Web3 technology companies incorporates concepts such as “Blockchain”, “Decentralization”, “freedom”, and safer and more transparent token based economy. Earlier with Web 2.0 data and content used to be centralized in small group of companies mostly the big tech giants where as Web3 is going to change that. But there are other critics who say that it might shift in the hands of small startups VC’s. For sure this can be debated but for now we are yet to see this technology evolve and it has already gained momentum since in 2014 Ethereum co-founder Gavin Wood, introduced the term Web3. The idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies and VC’s firms.

Elon musk and Jack Dorcy called Web3 a buzz word. Even though anyone can not argue that Web3 provides increased data security, scalability and privacy. In todays time when misinformation has been witnessed at its peeks and truth sometimes is suppressed, those who would like to keep going this way may question decentralized web component of Web3 citing the potential for low moderation and the proliferation of harmful content. There are also concerns of centralization of wealth to a small group of investors and individuals, which is the hard reality of any business currently, however there is a twist that here customers are also growing with the business in some cases when the currency hits its peek individuals get huge profiles. However there are uncertain drops and due to government policies sometimes certain currencies face low times as well.

To understand Web3 we may have to understand history of entire world wide web, which will include Web 1.0, Web 2.0 and Web3 or Web 3.0. Web 1.0 refers to the period around 1991 to 2004 when most sites consists of static pages and the vast majority of users were consumers not producers, of content. Web 2.0 is based around the idea of “the web as platform” and centers on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services. Web 2.0 is generally considered to have begun around 2004 and continues to the current day. Web3 term has been described by Bloomberg as “hazy”, but they revolve around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFT). Some visions are based around the concept of decentralized autonomous organizations (DAOs), Decentralized finance (Defi) is another key concept; in it, users exchange currency without bank or government involvement. Self Sovereign identity allows users to identify themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in order to assess identity. Technology scholars have argued that Web 2.0 sites likely adopting Web3 technologies in order to keep their services relevant.

Content retrieved from:

https://en.wikipedia.org/wiki/Web3

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