The modern web has completely reiterated the perspectives of people. We have encountered a dramatic shift in people’s interest in Web3. All the endorsers of decentralized systems, cryptocurrencies, and blockchain technology, are trying to explore the prospects of Web3 as it dictates as the new version of the internet; built to offer decentralized web services, powered by blockchain technology.
Our internet ecosystem was initially controlled by a handful of tech giants, but Web3 allows every user to be an equal participant and recipient of content and services rendered on the Internet. While many of us deem Web3 as the future of the Internet and some of us believe Web3 is a mere overstatement. The reason why Web3 is raising many eyebrows is that it promises to give the power of the internet back to people.
The Historical Transition of Web
The term “Internet” was initially known as “Web,” The developers built pathways for users to share data (colloquially known as content these days) with each other. The data was transferred over a network of computers deployed in close proximity to one another. The growth of the internet started manifesting from that movement. The applications of the internet upscaled tremendously and assessing them is almost impossible.
Web 1.0: The first version of the internet consisted of two major entities – creators and consumers. Creators were website developers who created websites as a platform for sharing content, and consumers used these websites for acquiring services and content. The functionalities were limited to static content comprising images and texts only. It was the adolescent stage of the Internet.
Web 2.0: The internet that most of us know today is Web 2.0 which offered better interactivity with optimized functionalities, and allowed the users to upload and share content by themselves. The added functionalities, simplicity, and user-friendly interface drove many users to explore the prospects of the internet.
- The developers soon started contemplating the possibilities of running data-driven applications on the web, giving rise to web-based applications. Web-based applications made online monetary transactions possible with complete security.
- Furthermore, the monetization of applications took place as developers started building apps for different purposes (specially built to cater to users’ requirements).
- Although Web 2.0 applications provided absolute security, many of the applications infiltrated users’ personal data in order to be used by enterprises for sending personalized advertisements and marketing pitches to users.
- Eventually, the companies enlisted as Big Tech – namely Google, Facebook, Twitter, etc., monopolized the whole internet by collecting and sharing users’ personal data with product-based companies.
- These product-based companies filtered their potential customers using the data of millions of users on the internet and modified their marketing and sales strategies according to the users’ persona.
- Web 2.0 applications run on centralized systems which are often subject to data breaches and it allows government entities to sneak into our personal details and control the thoughts and behavior of people by sharing/inciting thoughts matching their propaganda or shutting down the entire server in case of contingencies.
Web 3.0 or Web3: The adventage of Distributed Hyperledger Systems; also known as decentralized systems is gaining popularity among users because it offers complete immunity from centralized authoritative entities acting as the judge, jury, and executioners. Web3 and cryptocurrencies are both derived from blockchain technology.
Web3 caters to all the functions of Web 1.0 and Web 2.0 but at its core, it is not under the jurisdiction of a centralized governing authority. Web3’s core functionality is powered by blockchain technology that offers top-level data encryption methods for keeping the data completely immune from cyber-related threats.
The concepts of Web3 and cryptocurrency are often tossed together because, at the core, their security methodology is based on cryptographic asymmetric-key algorithms and hash functions – currently the most impactful security protocols are impervious to online threats like data breaches or unauthorized access.
The technology behind cryptocurrency and Web3 is a blockchain that helps develop financial incentives for all the users striving to be equal participants in making, governing, and enhancement of distributed ledger systems for different projects. Blockchain technology allows the users to avail of the services and contributes to these services at the same time.
Is there a Correlation Between Web 3 and Metaverse?
The new augmented reality concept and advanced version of decentralized internet are becoming the talk of the town; no surprise that both of these concepts are often misinterpreted to be similar, however, both of them are very different from each other. They have quite distinctive purposes; but yes, they are interconnected.
The fact is, Metaverse and Web3 are based on distributed-decentralized methods, and that is the only thing that is common between them. They are not intrinsic to one another, but developers are trying to explore the prospects of Metaverse with Web3 using other cutting-edge technologies like NFTs, IoTs, Artificial Intelligence, and Machine Learning.
Conclusion: Ever since Mark Zuckerberg coined the concept of Meta, the whole world is scrambling to know more about Metaverse, Web3, and all the other crypto-powered technologies. Web3 is definitely the future of the Internet, but we are yet to discover the future possibilities of Web3, as it is quite riddling as of now.