What is web3.0?
To fully understand what Web3.0 really is, we need to dig a little deeper and go back into the past to understand web1.0 and web2.0.
Web1.0
Web1.0 came into existence when worldwide web became available to the public. At first, it was only a bunch of information that was read-only, sort of like an encyclopedia. Different companies could publish their content and it was available for the public to read. There was no real interaction between users and the publishers since it was just a cluster of information presented to us that could only be viewed. Web1.0 did allow the general public to send and receive emails which is still very relevant today since it is a formal way of online interaction. During this time, users were the consumers because they consumed the knowledge that was available on the internet.
Web2.0
After 2004, the internet evolved a lot and it was mainly because of the changes made for a better interaction experience for the user. Not only did the webpages provide us with the information, they started collecting information from us such as our personal data. Centralized companies started collecting our data such as, whenever we did a Google search or viewed something on YouTube so they could place personalized ads and make money from us.
These companies kept a track of what we did online and collecting data meant placing targeted ads to make business of us. Companies also collected our data to keep a track of what we watched or interacted with so they could deliver content based on our likes, which meant us staying on their websites for longer, resulting in more money for them. To be fair, we provided them with this data through our likes, comments and views.
Has it ever happened to you that the thing you were just talking about started appearing in the form of an ad? Isn’t it a little scary when that happens? Machine learning algorithm has become so advanced that a guy could see ads for cars because it has figured out that has sold his previous car.
Web3.0
Now we’ll discuss the important part, which is web3.0 and what it stands for. In web2.0, you were the product as you browsed social networks, but in 3.0 you will be the owner of the content that you post. Once something is uploaded on the internet, it usually stays there forever. If you have uploaded a post on web3.0, it is said that you will have a greater control over it. Web3.0 is a network based on a blockchain technology that will give user better control over their data and since it is decentralized, it means that it will be on thousands on computers so it cannot be censored. Theoretically speaking, this means the user could post anything illegal or hateful in the name of freedom of speech. In web3.0 there will be no censorship and DAOs (Decentralized Autonomous Organization) will be able to control the company, no longer needing CEOs or presidents of the company. Users with the most tokens get to control how the company changes, not limited by the government or a higher authority.
Revolution or a scam?
If you are someone who is tech-savvy, then you probably already know about NFTs and cryptocurrency. Web3.0 has not yet been implemented but the technology is on the way that will support this kind of change such as the introduction of 5G to mobile technology. The concept sounds astonishing and the idea of users having better control over the internet does appeal to some but in reality we cannot know unless we experience it first-hand.
Users will be able to use token system to exchange material online such as companies paying users with rewards for viewing their material but keep in mind, this is just a concept and the tokens do not hold real value yet. They are a way of getting users interested in web3.0 and eventually they could be worth something.
There is no definitive answer to what web3.0 is and how it works since it is still all theoretical. When web2.0 was introduced to the world in 2004, it had everyone impressed by the way technology had taken over. It changed the way everyone lived in this world since it was incorporated into anything and everything we did in real life.
Pros and cons of any new device are discovered once it is implemented. In theory, it could be a game-changer for everyone but so was web2.0 until they began ad targeting and using our personal data to make money. There are many other threats such as hackers and security issues when it comes to web2.0 but because it is centralized, it helps keep community guidelines in check.
Users being allowed to post anything without being traced back to their real identity could cause a lot of problems. There would be no difference between the dark web and web3.0 if no restrictions are applied and if a third party has to review the content for it to be appropriate, it defeats the whole purpose of web3.0 unless users are the ones who get to decide appropriateness.
Calling web3.0 a revolution would mean that we are biased towards it. We need to keep a couple of things in mind before we can come to this conclusion:
- It has not been fully implemented
- It is still under progress
- Pros and cons cannot be assessed unless it is executed fully
- It is decentralized but we do not know to what extent yet
We cannot be sure of what to call this as of now but considering how web2.0 changed the game for many when it was introduced, we have high hopes for web3.0
Author Bio: Hooriya Tanveer works at Blockchain Coders as a technical writer. She did her bachelor’s degree in English Literature from Forman Christian College University (FCCU), Lahore. She is an inquisitive learner who plans to portray the insaneness of the tech world through her writing skills. Having lived in both, Pakistan and America, she understands the best of both worlds and hopes to use her experience for the betterment of future.