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Web 3

Updated: Sep 13, 2022

Web3, short for web 3.0, is a vision of the future of the Internet in which people operate on decentralized, quasi-anonymous platforms, rather than depend on tech giants like Google, Facebook and Twitter. The Web3 movement has been helped along by the rise of NFTs, or non-fungible tokens, which are digital collectibles and other online files that can be bought and sold with cryptocurrency. Then there are the publicity stunts. Recently, a group of crypto enthusiasts banded together to attempt to purchase a copy of the U.S. Constitution with digital currency. They organized under the name ConstitutionDAO. (A DAO stands for a decentralized autonomous organization, the name for an online collective of crypto supporters who assemble together collectively in a group governed by blockchains and tokens. It's very Web3.) Some Web 2.0 companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms.[5][32] On November 8, 2021, CEO Jason Citron tweeted a screenshot suggesting Discord might be exploring integrating cryptocurrency wallets into their platform. Two days later, and after heavy user backlash,[32][33] Discord announced they had no plans to integrate such technologies and that it was an internal-only concept that had been developed in a company-wide hackathon.[33] In this phase, users created most of the content on platforms such as YouTube, Facebook, or Twitter. This Internet was more social and collaborative, but that usually came at a price. The downside of this more participatory Internet was that by creating content, users were also providing personal information and data to the companies that controlled these platforms. With Web 2.0, the network assumes control for information storage, causing access issues and concerns about the anonymity and protection of online data. Web 3.0 solves this problem by letting data be exchanged in several locations simultaneously. Web 3.0 may be constructed with AI, semantic web and ubiquitous properties in mind. The idea behind using AI comes from the goal of providing faster, more relevant data to end users. A website using AI should be able to filter through and provide the data it thinks a specific user will find appropriate. Social bookmarking as a search engine can provide better results than Google since the results are websites that have been voted on by users. However, these results can also be manipulated by humans. AI could be used to separate the legitimate results from the falsified, therefore producing results similar to social bookmarking and social media but without bad feedback. Instead, web3 applications either run on blockchains, decentralized networks of many peer to peer nodes (servers), or a combination of the two that forms a cryptoeconomic protocol. These apps are often referred to as dapps (decentralized apps), and you will see that term used often in the web3 space. The term Web3 was popularized by Gavin Wood, co-founder of Ethereum, who argues that centralization is not socially tenable long-term. Also called Web 3 and Web 3.0, Web3 eliminates the need for, and functions of, Web 2.0 central authorities and “gatekeepers,” such as major search engines and social media platforms. It refers to the evolution of web utilization and interaction which includes altering the Web into a database, with the integration of DLT (Distributed Ledger Technology blockchain is an example) and that data can help to make Smart Contracts based on the needs of the individual. It enables the up-gradation of the back-end of the web, after a long time of focusing on the front-end (Web 2.0 has mainly been about AJAX, tagging, and other front-end user-experience innovation). Web 3.0 is a term that is used to describe many evolutions of web usage and interaction among several paths. In this, data isn’t owned but instead shared but still be, where services show different views for the same web / the same data.


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