Welcome to the future, fren.
Web3 or Web 3.0 is the next version of the internet.
It’s a fairly new term, so if you’re wondering what is web3 and what some of its basics are, we could say it consists of token-based economics and blockchain technology.
These features work on decentralizing the web and giving power back to the users i.e. us!
To expand on that a bit more, in this version of the internet people have full ownership of their content, data and assets.
There are also no middlemen involved, which is presently the case with large corporations and governments controlling and regulating whatever goes on the internet.
Why is Web3 important?
Web3 is characterized by the use of blockchain technology, which allows for a decentralized and distributed network of computers to come to consensus about the state of a database without the need for a central authority.
This has the potential to revolutionize many industries by enabling secure and transparent record-keeping, creating new opportunities for collaboration, and giving individuals more control over their own data.
Web3 technologies also have the potential to enable more equitable access to information and opportunities, as they can bypass traditional gatekeepers and intermediaries.
What’s the difference between Web1, Web3 and Web3?
Web1, web2, and web3 are terms that refer to different stages or phases in the development of the World Wide Web or the internet, as we mostly call it. 🌏
To understand the evolution of the web, let’s look at these illustrative examples:
Web1, also known as the “static web,” refers to the earliest phase of the web, where the majority of websites were simple, static pages that contained mostly text and images. It was the original version of the web that was created in the late 1980s and early 1990s and is considered the foundation for the internet as we know it today.
The origins of Web1 can be traced back to the late 1980s, when Tim Berners-Lee, a computer scientist at CERN (the European Organization for Nuclear Research), developed the first web browser called WorldWideWeb (later renamed Nexus). He also created the hypertext markup language (HTML) and other web-related technologies such as URLs and HTTP.
The main function of Web1 was to allow users to access content on the internet using a web browser. It was a revolutionary concept that allowed people to access information from all over the world in a matter of minutes.
In the early days of Web1, the web was still relatively limited in terms of functionality and content. There were only a handful of websites and most of them were text-based. As technology improved, more websites began to appear, along with more multimedia content such as images, audio, and video.
An example of Web 1 = Yahoo.com
Today, Web1 is largely obsolete, replaced by more advanced web technologies such as Web 2, Web 3, and beyond.
Web2, also known as the “dynamic web,” refers to the phase of the web where websites became more interactive and user-friendly, with the introduction of technologies such as social media, blogs, and online shopping.
Web2 began in the early 2000s. This term was coined by Darcy DiNucci in 1999, when she described the transition of the web into a more interactive, user-oriented platform.
Web2 was a dramatic shift from the first generation of the web. It featured an increased emphasis on user interaction, interactivity, and collaboration. This was made possible through the introduction of technologies such as AJAX, RSS, and social networking sites such as Facebook and Twitter.
The origins of Web2 can be traced back to the growth of the internet in the late 1990s. This period saw the rise of content management systems such as WordPress, Drupal, and Joomla, as well as the emergence of blogging and podcasting. These technologies allowed users to create and share content in a much more user-friendly and interactive way than the static HTML pages of the past.
Web2 also saw the introduction of user-generated content. Sites such as YouTube, Flickr, and Wikipedia allowed users to upload and share content, creating a more interactive and participatory web experience.
Web2 also saw the emergence of Web 2.0 applications. These applications like Google Docs, Slack, Trello are web-based applications that allow users to interact with each other and collaborate in real-time.
Today, web2 is an integral part of the web experience. It has allowed for the growth of more interactive and user-friendly websites, as well as the emergence of new technologies and applications that are transforming how we interact with the web.
Lastly, the last one of the Web1, Web2, Web3 saga is Web3.0.
Also known as the “semantic web”, it is the third generation of web technology, a term used to describe the set of emerging technologies used to create a fully decentralized web. It is the successor to the Web 2.0, which is the current version of the web. Web3 builds upon the success of Web 2.0 by introducing new protocols and technologies that allow for a more open, secure, and efficient internet.
Web3 originated from the blockchain technology developed by Satoshi Nakamoto in 2008. It was created as a way to facilitate secure and trustless digital transactions. Since then, blockchain technology has been adopted by a variety of industries, including finance, healthcare, and energy.
Web3 is a suite of decentralized technologies and protocols which allow users to interact with each other directly and securely, without the need for a central authority. This includes technologies such as distributed ledgers, smart contracts, and decentralized applications (dApps).
The main goal of Web3 is to create a more decentralized and secure internet than what is currently available. This will be achieved through the use of distributed ledgers and smart contracts that can facilitate secure and trustless transactions. Furthermore, Web3 technologies will provide users with more control over their data and privacy.
In addition to these core technologies, Web3 is also focused on creating an infrastructure that enables developers to create dApps. These dApps will be open source, allowing anyone to contribute and build upon them.
An example of Web3: Mirror.xyz
Web3 is still in its early stages but is gaining traction as more developers and companies begin to experiment with its potential. In the coming years, Web3 is expected to have a major impact on the way we use the internet and the way we interact with each other.
So here’s the difference between Web1 Web2 and Web3 – each revolutions in their own right. We can’t imagine explaining all this to you if it weren’t for how the internet has changed in all these years. 😌
There are several misconceptions about the term, for example, that it’s just crypto. But there’s a lot more to it than that which you can start by learning, both theoretically and practically.
Key components of the Web3 ecosystem
The web3 space consists of a wide range of decentralized technologies and applications that are built on top of blockchain and other distributed ledger technologies. Some examples of web3 technologies include:
These are digital assets that use cryptography and a decentralized network to facilitate secure financial transactions. Examples include Bitcoin, Ethereum, and Litecoin.
2. Decentralized finance (DeFi)
These are financial applications that are built on blockchain technology and operate in a decentralized manner, without the need for traditional financial intermediaries. Examples include decentralized exchanges (DEXs), which allow for peer-to-peer trading of cryptocurrencies, and decentralized lending and borrowing platforms.
3. Decentralized applications (DApps)
These are applications that are built on decentralized platforms such as Ethereum and run on a decentralized network, rather than a single server or computer. Examples include decentralized marketplaces, prediction markets, and social networks.
4. Decentralized identity (DID)
These are systems that allow individuals to own and control their own digital identity, rather than relying on a centralized authority to manage and verify their identity. This can enable greater privacy and control over personal data.
5. Interoperability protocols
These are protocols that allow different blockchain networks to communicate with each other and exchange data and assets. An example is the Cosmos network, which aims to allow for interoperability between different blockchain networks.
6. Protocols for decentralized storage
These are protocols that allow for the decentralized storage of data, such as Filecoin, which is a decentralized storage network that uses a blockchain to track and verify the storage and retrieval of data.
These are just a few examples of the technologies and applications that make up the web3 space. The web3 ecosystem is still in its early stages of development and is constantly evolving, so there are likely to be many more innovations and developments in the future.