If you are here, reading this guide article, you are likely a member of the contemporary digital community formed by the world wide web in this day and age. The worldwide Web that we know and use now is much distinct from what it was even only ten years ago. How has this form of Web progressed throughout the years, and more significantly, where does it plan to go from here?
Furthermore, why does any of this really matter in the first place? If there is one thing that we have learned from history, it is that these adjustments will matter a great deal. In the following guide article, I will explain how the Internet has progressed over the years and where it is headed in the future.
For now, take a brief moment and ponder on the numerous ways in which your life is changed by the world wide web. Think about the ways in which the world wide web has altered the way society functions- networks for social networking sites use, mobile applications, online food delivery, shopping, and schooling are some of the many things revolutionized by the Web.
And there’s even more to come. Nevertheless, what should be noted is that, at this moment, technology is in the midst of experiencing yet another paradigm upheaval. Indeed, the Internet passes through its own intergenerational phases, too, just like any other scientific tool, and now is its time to modify itself again.
Web1 mutated into Web2, and today, we can see the same thing taking place with the transition to Web3. However, it is possible for this period to cause confusion among many users of the Internet but do not worry. The apprehension is just for the time being, and you’ll very soon get the perfect grip on the new Web or the Web3.
Keep reading this post to know more about this new technology, the advantages it has to offer, and to unpin what the future has to offer!
A Brief History of the Web
The large majority of individuals have the impression that the Internet has always been an integral part of contemporary culture, despite the fact that it was only created recently. Nevertheless, the World Wide Web that the majority of us know and use presently is significantly distinct from what was first envisioned.
To have a clearer understanding of this topic, it is important to divide the historical background of the Internet into two distinct time intervals: Web 1.0 and Web 2.0.
Read-Only Access in Web 1.0 (1990-2004)
Tim Berners-Lee worked hard in 1989 at the CERN facility in Geneva, designing the technologies which eventually then became the World Wide Web. His inspiration was to develop a system based on open and decentralized protocols that may enable the communication of data from whatever location on the planet.
The first conception of Berners-innovation, which is commonly referred to as “Web 1.0,” took place sometime between the years 1990 and 2004. Web 1.0 originally characterized a predominant state of static content websites that were only controlled by large corporations and businesses and so resulted in almost little communication between customers.
Because consumers generated so little material, the Internet gained a reputation for being a “read-only” resource.
Read-Write Access on Web 2.0 (2004-now)
2004 marked the start of the Web 2.0 era, which was ushered in by the launch of many social media sites. Read-and-write process replaced the Web’s original read-only mode. So rather than keeping content to themselves, corporations began to provide actual forums where consumers may exchange user-generated material and link with one another regardless of the physical geographical location.
Previously, corporations just provided personalized content and had exclusive control over the flowing data. However, Web 2.0 changed these mechanics and gave users the opportunity to have a greater say when it pertains to data management and control.
However, because more folks started to utilize the Internet, a portion of the renowned organizations proceeded to dominate an increasingly substantial component of the medium’s traffic and, indeed, the revenue it likewise created- a major flipside of Web 2.0.
Web 3.0: Read-Write-Own Web
Immediately after the first introduction of Ethereum in 2014, Gavin Wood, one of the co-founders of Ethereum, came up with the concept of “Web 3.0.” Gavin articulated a remedy for a dilemma that was perceived by many potential pioneers of cryptography, namely that the Web needed an excessive degree of trust.
That is to say, the vast majority of people who use the Internet depend on giant corporations to govern data and even trust these corporations too much to believe that they would act in a way that would be to the benefit of the general population.
In order to eliminate this excessive amount of trust, web 3.0 was created as a highly decentralized framework where the user rules, owns, and possesses his own system, and no one but himself has a say in it.
Refutable, trustless, permissionless, native built-in payout frameworks, resilient, and self-governing are just a few of the features of Web3 that set it apart from other webs that came before it.
Moreover, in Web 3, designers often do not construct and install programs that are maintained on a central platform or that keep their contents in a centralized, safe repository. Instead, Web 3.0 apps are hosted by blockchains, decentralized ecosystems of a couple of peer-to-peer nodes (servers), or a hybrid of the two that constitutes a crypto-economic framework.
These applications are frequently referred to as dapps, which is an abbreviation that stands for “decentralized applications,” and you’re going to hear that word has been used a lot in the web3 sector.
Network contributors, also known as programmers, are motivated to work here and, therefore, often compete with one another to deliver the greatest quality service to anybody who uses the network. This helps to ensure that a decentralized network is both reliable and safe.
Web 3.0 and Cryptocurrencies
Whenever you see individuals talking about web3, you may note that they often bring up cryptocurrencies as a topic of discussion. This is due to the fact that virtual currencies play a significant part in the majority of the protocols that make up the new Web.
It does this by offering an economic reward in the shape of tokens to everyone who wants to become involved in the process of forming, administering, subscribing to, or enhancing the particular venture itself. This way, incentives are employed to lure administrators and users to work on the system and also keep it safe.
It is not uncommon for these interfaces to deliver a wide range of services, including computation, high-power bandwidth, identification, hosting, and several other internet platforms that were only offered by cloud service suppliers in the former.
All thanks to Web 3.0, individuals now have the opportunity to access all these services alongside earning a livelihood by contributing to the procedure involved in a variety of different ways. One of the greatest parts of Web 3.0 is that it gives away payments at the very same time as the respective task is executed.
The funds are distributed instantly to the network members, and this way, you’ll notice those superfluous and often wasteful middlemen are eliminated in all this, just as you would find in many other types of decentralized applications such as cryptocurrency.
In addition, Web 3.0 places a significant emphasis on gift cards, nonfungible tokens (NFTs), cryptocurrencies, and many other digital network organizations. The idea is that members will make use of “community points,” which is something they would get by contributing to a particular sub in whatever way they prefer.
This contribution could be by voting, making an investment, or maybe just selling your product or bidding on others. The individual will then accumulate points and use them for his own benefit. For example, users with substantially more coins than others have a bigger voice in decisions such as bidding on an asset.
The fact that those credits are recorded on the network gives the people who possess them a greater sense of ownership around them, too; since there is a careful, consistent record on the blockchain, these scores cannot be easily revoked, duplicated, or fabricated meanwhile acting as an identity for their respective owners.
To be truthful, this is merely one application of Web 3.0 that revolves around the concept of decentralized autonomous organizations, often abbreviated as DAOs. There’s so much more Web 3.0 is capable of doing.
WEB 3.0 Technologies: What Are They?
The following is a list of the technologies that, when combined, make Web 3 a reality:
Blockchain
Blockchain has become one of the primary technologies that govern the third iteration of the Web. Blockchain may be thought of as a big storage tank that keeps all of the information that is traded within the ecosystem in a transparent and decentralized manner.
Each piece of information is saved on a block, and each block, in turn, stores a reference to the component that came before it, continuing in this manner until the sequence of pieces is complete. Individual blocks typically have their own identifier, which is denoted by the term “hashes.” The hash value of a piece is updated whenever it is altered in any way.
In order to initiate a transfer involving a sender and a receiver, it is necessary to first generate a block that stores the information pertaining to the operation. A consensus algorithm is responsible for the generation of blocks. This consensus can be considered as a protocol that makes it possible to create a block without the participation of a centralized authority.
Cryptocurrency
The phrase “cryptocurrency” refers to a kind of electronic currency that is protected by the use of encryption. Some people refer to it as a virtual currency or digital asset too. It is permanently recorded on the server and serves as the engine behind all of its exchanges. This money is not produced by any agency body or organization but rather is created as a byproduct of the mining process itself.
Therefore, in principle, it is impervious to any kind of meddling from the authorities and very safe. Bitcoin and Ethereum are some of the most well-known cryptocurrencies currently available, amongst others.
Dapp
“Decentralized application” is what people refer to when they talk about “Dapp.” These are quite identical to the conventional applications that we use on a daily basis, with the exception that they are executed on the network through the use of smart contracts, which are computer programs that are stored on a database and only executed when specific circumstances are met.
These are very similar to web server computing; the main difference is that they operate in a decentralized manner rather than on a computer.
DAO
Decentralized Autonomous Organizations are what is meant by the term “DAO.” These are organizations that are led by the communities or systems but don’t have a governing body that is centralized over them.
Imagine a contemporary take on a company in which there is no one in charge of you! Organizational members have the power to make choices via the use of group voting methods and the filing of ideas, which are all done using tokens.
The acronym DeFi stands for “decentralized finance.” It is created on the basis of a public blockchain, and its long-term goal is to establish a monetary order that is independent of traditional banking institutions like banks. This is practically identical to decentralized autonomous organizations (DAOs), and it depends on its numerous programmable principles to achieve accountability and confidence.
Major Challenges Associated with Web3
Proponents of Web3 have the goal of developing a browsing experience that is much more just and equal by placing emphasis on decentralization, as well as trustless and permissionless communication.
Numerous people believe that a more just and equitable Web would be beneficial to civilization. On the other hand, Web3 is up against a number of obstacles that, over the course of time, will determine whether or not this truly is the “new Internet.”
Problems Presented by New Technologies
When it comes to Web3 apps themselves, technical issues are more prevalent than everywhere else. When it comes to entertainment, blockchain games are notorious for having outmoded visuals but what most people regard to be a sluggish and clumsy user experience. Moreover, blockchain games are very difficult to play.
Since of this, it may even be challenging for blockchain entertainment firms to entice gamers aside from the aesthetically attractive games which they have been playing all this time. In addition, in order to participate in a blockchain tournament, participants are required to first acquire and then deposit bitcoin into their accounts.
The fact that really 14% of Americans never hold any cryptocurrency is a significant hurdle to the widespread implementation of this new technology.
DeFi Struggles
There is no doubt in the fact that members of DeFi are capable of earning significant interest costs on investment dollars and cryptocurrency that is significantly greater than those they would get at a banking institution; nevertheless, customers are also required to pay a premium price in order to enjoy these extravagances that obviously not everyone can afford.
Expensive trading fees and excruciatingly long waits are additional major hurdles. Web 3.0 users may face. As a result of this, it is very improbable that DeFi would not attain general acceptance unless there are enhancements made to the customer experiences as a whole.
Scaling Up Issues
In addition to this, the blockchains inherently are experiencing difficulties as a result of a large number of new customers.
In the very same way that computers may become inaccessible if an excessive population of citizens tries to access them at about the same moment, blockchain networks can get very clogged up if an excessive number of users attempt to execute transactions simultaneously at one point in time.
Outrageous Charges
When there is a lot of overcrowding on infrastructure, the costs associated with accessing that connectivity might increase because consumers are forced to bid further and further to have their operations and purchases processed. As an illustration, service charges on Bitcoin have risen to as high as $60 for a single purchase.
Moreover, now that free payment processing solutions such as Venmo are widely accessible, the commitment that using cryptocurrency can facilitate quick and simple financial transactions has ended up losing much of its allure.
Therefore, despite the fact that blockchain may be able to address a number of bottlenecks, it is very doubtful that it will achieve widespread adoption until the problem of sustainability and scalability is resolved.
Con Artists
For obvious reasons, bitcoin is a prime target for fraudsters and hackers. This is because the business is so young, with few written regulations and controls and a buggy, unproven infrastructure. A small number of democrats have spoken out against cryptocurrencies as a conduit for criminality due to the obvious difficulty in linking a bitcoin wallet to its actual proprietor.
Nevertheless, in practice, investigations have shown that only 1%–3% of the movement on the Blockchain network is due to unlawful or dishonest operations. However, it doesn’t mean there are no con artists that can haunt you.
Future of Web 3.0
The notion of web3 has immense opportunity for completely revolutionizing the website as it is now experienced by consumers all over the globe. Nevertheless, the critiques leveled at web3 have produced some uncertainties about web3’s future, with talks on web3’s replacements that are considered to be more effective in the form of web 4.0 and 5.0.
