Web3 is a concept that is gradually gaining prominence yet is not fully grasped by many. An understanding of Web1.0 and Web2.0 will give us a better understanding of Web3.0.
The term Web2.0 was forged by Darcy DiNucci in 1999 and later popularized by Tim O’Reilly and Dale Dougherty at the first O’Reilly Media Web 2.0 Conference in late 2004. Web2.0 also known as participatory or participative technology, is characterised by the growth and infiltration of websites and social media virtual communities which runs on user-generated content with varying abilities to manage, edit and create content.
Unlike Web1.0 which spanned between 1991 to 2014 ushered in an era of websites where people were restricted to just passively viewing content with little or nothing to contribute. Web2.0 is a more collaborative medium where we (could) all meet and read and write content.
We are currently in Web2.0 and hastily diving into Web3.0. Web2.0 features social networking platforms (e.g Facebook, Twitter, Instagram, Whatsapp, Tiktok, blogs etc) Search engines (e.g Wikipedia, Google, Yahoo etc) video sharing sites (e.g. YouTube, Vimeo, Dailymotion etc), image sharing sites (e.g. Flicker etc), hosted services, Web and mobile applications.
Web3 or Web3.0 is an idea for a new World Wide Web based on blockchain technology, which incorporates concepts such as decentralization of the internet.
Web3 is about the decentralisation of big-tech platforms like Alphabet (Google), Meta (Facebook, WhatsApp, Instagram), and Amazon, and the traditional financial system. By placing power in the hands of individuals instead.
Web3 is opening up a new paradigm of technological development where individuals will be able to run their own servers, control how their data is used and shared by third parties, own digital property, and have access to a seamless and borderless payment system based entirely on the internet. Web3 is about capitalism in technology and the democratisation of the internet.
The Future Of Web3
Web3 aims at disrupting the norm of internet-based businesses, through decentralised autonomous organisations (DAOs)— creating a social community of like-minded people with unhindered abilities to formulate rules, and guiding regulations embedded in programming code called a smart contract. Juxtaposed with traditional tech companies, DAOs tend to democratise the Internet market thereby opening it up to a capitalist business model. The governance of DAOs will be based on a community in which each member will be required to vote before any change can be implemented.
In September 2021, the Blockchain developers and user group created one of Africa’s first DAOs, called BNUGDao.
Decentralised applications (dApps),
like OpenSea, Metamusk, Audius, Rarible are powered by smart contracts. A dApp is just like a normal app only that it uses the Ethereum blockchain for data storage and a smart contract for its app logic.
Implications Of Web3
Here are some implications Web3 will have on some autocracies in tech.
>Facebook: A Web3 version of Facebook will allow users to make money from their own data, or even earn crypto tokens from other users for posting interesting content.
>Twitter: A Web3 version of Twitter could make users earn from trending tweets and viral content posted on the platform; policies will have to be voted for before implementation.
>Spotify: A Web3 version of Spotify could allow fans to buy “stakes” in up-and-coming artists, effectively becoming their patrons in exchange for a percentage of their streaming royalties.
>Uber, Bolt: In Web3, these transport companies could be owned by the drivers on the network.
Pros/Cons Of Web3
Some of the benefits Web3 will be bringing to the table includes data security, privacy for users and decentralized internet ownership, a Capitalist internet business model and reduced influence of large tech giants.
Some of the concerns the emergence of Web3 raises are the possible loss of restraint due to a decentralized web, proliferation of harmful content, possible centralization of wealth to a small group of investors and individuals and loss of privacy due to more vast data collection. Another consequence of Web3.0 is that blockchain technology will require special knowledge and expertise to manage and use effectively.
As I conclude, it is important to remember that the whole idea of Web3.0 is to improve user experience, engagement and ownership of the world wide web. Web3.0 aims to Empower small businesses and individuals with a decentralised web that will run on blockchain technology which will democratise the Internet.