What Is Web3 And How It Relates to Crypto ?

Internet and World Wide Web has witnessed a complete metamorphosis in the last three decades from Web 1.0 to Web 2.0 and now Web 3.0.

Web3 And How It Relates to Crypto

The Birth of Internet

Though the internet was invented in 1970s but the web witnessed a complete metamorphosis in the last three decades only from Web 1.0 to Web 2.0. More transformation is yet to be seen in the form of Web 3.0. The original web i.e., Web 1.0 entered our lives in 1990s and became more prominent by the year 2000. Since then the penetration of internet has been growing day by day.

WEB 1.0

Tim Berners-Lee was the mastermind behind the concept of web which was created in the form of “hyperlinked information system”, in 1990. Web 1 was thus a colossal resource of data from all over the network, which could be accessed by users by clicking few keys on their computers. This was the era when it took hours to download a photo and web designing was a farfetched idea.

Tim Berners-Lee also takes the credit for introducing the term World Wide Web (www) which is not only internet’s information retrieval system but also a prefix to a web address used for searching something on internet.

Web 1.0 was decentralized in its functionality, and allowed anyone to create content on the web. But the consumption of resource was much more than the production of resource. Due to this reason the era is also referred to as Read- only era as the technicalities associated with the production and publication of the content was not widely known. People just downloaded the soft copies of newspapers, books, articles, etc.

WEB 2.0

30 years down the line, internet has now more than three billion users. It is now more powerful, faster and as the term ‘world wide’ suggests, omnipresent. Introduction of Web browser giants like Google, Internet Explorer, Mozilla Firefox had further added to its magnanimity. The web browsers had for sure helped in expanding the user base.

Web 2.0 is the second stage in the developmental history of internet. It needs no introduction as this is the version which is in use today. Web 2.0 has become an integral part of our lives. It is the read/ write stage of the digital world. Now we were not only downloading the content but we’re also uploading at the same pace. Now the producers of content are at par with consumers of the content.

We all are connected to one or more social media platforms like WhatsApp, Facebook (now Meta), Twitter, YouTube, and many more. The content on these platforms is an evidence of the power these platforms have provided to a common man. Now there is no dearth of content creators. Various apps, user friendly smart phones have made it all the easier to create and post content. Now the internet offers something for everyone.

The three backbones of Web 2.0 generation are smart phones, social media and cloud computing. Smartphones have taken over the tasks to keep us updated with the help of various apps. Now we need not sit on our desktops for the same. The whole social media, banking, entertainment, shopping (and the list is unending) has been placed on our palm in the form of a mobile phone.

With an easy access to social media, an ordinary person has not only taken the opportunity to become a celebrity but also earn money. Apart from this, people share their thoughts, ideas, pictures and videos via social media platforms.

This is supported by cheap infrastructure access by cloud giants like Google, Microsoft and Amazon. Google, Apple, Facebook, Amazon (together abbreviated as GAFA) have taken control over our lives and dictate our conversations, searches, content, media and data.

WEB 3.0

Whatever we know about Web 3.0 is through the knowledge shared by the cryptocurrency and NFT world. As it is based on the core concept of decentralization which is the heart and soul of cryptocurrencies like Bitcoin and Ethereum. This can be the foremost application of Web 3.0 in the form of Distributed Ledger Technology.

Web 3.0 has more in store and has already started invading our lives. This next leap from Web 2.0 to Web 3.0 will take us to a world of limitless possibilities. Web 3.0 will be comprehended with an altogether new frame of mind with blockchain technology.

Artificial intelligence, Machine learning and Semantic Web will support its use case. Machines (Computers and Robot) will learn about human behavior and reactions in different situations and will make the life all the easier. It will appear that the machine is able to read our thoughts and ideas. Web 3.0 will thus merge the best of Web 1.0 and Web 2.0 i.e. open infrastructure and creation of content by users.

The users will exercise more control over their data. This also indicates the taking away of power from the few internet giants that drive the internet world today and placing it in the hands of content creators. Web 3.0 will be thus a step towards egalitarianism.

Although it is expected that web 3.0 being decentralized will help in restriction of the collection of users’ information without taking consent. But the reality can be far separated from this notion. It will also bring legal and regulatory problems along with.

On a decentralized platform, it will be difficult to place the liability on any one particular nation. Law enforcement will be difficult to follow unless the whole world follows one law book which is next to impossible. In order to regulate the Web 3.0 services, the world will need the services of centralized agencies on top of them and the whole concept may take a back seat. Thus, only time will show whether the advocates of cryptocurrencies and NFTs will win this argument or lose it under the rules and regulations.

How the switch over to Web 3.0 technology will change the shape of the world is yet to be witnessed? We have few more years to understand Web 3.0 till it actually takeovers Web 2.0 completely.