Web3 - Expectations for the Decentralized Internet
The development of blockchain technology and the approaching Web3 era has become an increasingly obvious trend.
The decentralized internet is a revolution and the next Web3 era will likely reshape the way we live in every aspect of our finances, social interactions and more.
Internet Revolution
Web3 stands for Web 3.0, the third phase of the Internet. This is the stage where data on the Internet will be decentralized, not influenced by administrators.
Before, Web1, refers to the "static web" era, where users can only receive one-way information from providers. Built in the early 1990s, this was the first version of the Internet, bringing to the world a new concept called the World Wide Web.
Coming to Web2 is the age when the Internet acts as a platform. The world has witnessed the rise of e-commerce sites, social networking sites such as Facebook, Twitter or Instagram… People have the ability to interact online, create personal content to post on the Internet. Smartphones and cloud computing technology have fueled Web2's rapid growth.
However, the data is still controlled by the people behind the e-commerce or social networking sites. Due to using free services of Google, Microsoft or Amazon... Internet users are having their personal information collected and sold to 3rd parties.
The term Web3 was coined in 2014 by Gavin Wood, one of the co-founders of the Ethereum cryptocurrency. Since then, Web3 has become the general term for the next generation of the Internet.
Proponents envision Web3 as an Internet that does not require users to exchange personal information with companies like Facebook, Google, etc. to use their services. The web will be powered by blockchain technology (creative database), AI (artificial intelligence) and give full control into the hands of users.
Similar to how cryptocurrencies work, everything is verified by the Internet before being accepted. Theoretically, online applications allow people to exchange information or currency without a middleman. Anyone using the Web3 Internet does not need to create credentials or consult a provider to access it.
Instead of being stored on servers like today, Web3's data will be stored on the Internet. Any change or movement of data will be recorded on the blockchain. In theory, this prevents the bad guys from misusing the data.
The Future of Web3
In addition to doubts about the new concept, many people have quit their jobs at big technology companies such as Amazon, Facebook to join the team building Web3. They believe that Web3 is the key technology of the blockchain field for many years to come.
Julien Gaillard, head of Twitter Spaces, Ryan Wyatt, Head of Gaming on YouTube, Jack Dorsey, co-founder of Twitter, have both left the tech giants to join Web3. They all think that the current blockchain is still in its infancy, with many interesting things ahead, so Web3 is and will continue to attract tech geniuses.
Meanwhile, Web3 social platforms are making impressive progress. On February 8, 2022, AAVE (decentralized lending consortium) launched the Web3 Lens Protocol social media platform. On the same day, the Web3 SO-COL social platform announced that it had reached $ 1.75 million in the first round of capital raising. On February 15, Chingari, India's social platform with 100 million users, announced its move to develop Web3 social network.
Experts say that many people are attracted to Web3 because of its creativity, innovation and rapid development. Talents also enjoy good remuneration when participating in Web3 projects on large blockchain platforms.
In addition, Web3 promises to bring many outstanding advantages compared to Web1, Web2. The spirit of Web3 is decentralization, allowing users to control their own data. While traditional social platforms require users to provide information to create an account, in Web3, people use digital wallets but not real information.
Another problem with Web2 is censorship. Tech giants can easily censor user-submitted content based on terms of service, but Web3 aims to eliminate this requirement.
On the Web2 platform, users are content producers, and web pages are generally user-generated. The platform also uses big data for precision marketing. This is in contrast to the decentralized, open and transparent vision of web3, where users can earn revenue for their creations and where blockchain technology has largely reduced plagiarism and ownership. The content is not clear.
However, until now, Web3 is still a term with no specific definition. All information related to Web3 are initiatives to build a decentralized version of the Internet based on blockchain.
Many people do not believe that Web3 can meet the current needs of users beyond Web2. Tesla CEO Elon Musk sees Web3 as more of a marketing word than a new concept.
But others see the development of Web3 today as in the early days of Facebook and Google. According to Wyatt, when he started working at YouTube, people were also skeptical of the idea of watching other people online video games. Now, game livestreaming is one of YouTube's hottest areas.
Similarly, Web3 will gradually be accepted as users have a deeper experience. However, this technology still needs a lot of time to develop and make a breakthrough compared to the previous stages of the Internet.
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