Web 3.0 represents a significant shift in how we use and interact with the Internet.
Ok, I remember a funny story when my first website build was all done as big JPG, and with the dial-up modem loading the page on Netscape Navigator, it took nearly 15min to show – this was back in 1995, and I was fresh out of high school, so I could be forgiven as the client loved the design (when it finally loaded)
That was web 1.0, and then came web 2.0, which started in late 2004 and combined with the launch of YouTube in 2005; smartphones soon followed, with the first iPhone released in 2007. Basically, it is what we know as the Internet today and its heavy use of social media, user-generated content, and interactive web applications.
Overall, Web 2.0 is a more dynamic, interactive, and user-driven web experience compared to the static, one-way communication of the early days of web 1.0.
Ok, so where are we now – there are a lot of discussions, but the buzzword of the moment is Web 3.0
When people say Web 3.0, these are the main points to think about
- Token-based economies
One of the key features of Web 3.0 is decentralization, which refers to the distribution of data and processing power across a network of computers rather than relying on a single central authority. This means that no one entity controls the web, and data is spread out across multiple nodes in a peer-to-peer network.
Token-based economies, also known as token economies or crypto-economies, are economic systems that use digital tokens to exchange. These tokens are typically created and managed using blockchain technology and can be traded, bought, or sold on digital marketplaces.
Token-based economies can be used in various ways, such as incentivizing behaviour or providing access to goods and services. For example, some online platforms use tokens to reward users for contributing content or completing tasks, while others use them to grant access to premium features or services.
Token-based economies can also be used to create new business models and revenue streams. For example, a company could create a token-based loyalty program where users earn tokens for purchasing or completing other actions. These tokens could then be used to purchase goods or services from the company or other partners in the ecosystem.
It was originally created as the underlying technology for cryptocurrencies like Bitcoin, but it has since found many other applications. The blockchain ledger is maintained by a network of computers that work together to validate and record transactions. Each block in the chain contains a cryptographic hash of the previous block, creating an unbreakable chain of records that cannot be altered without consensus from the network.
An essential feature of blockchain technology is its security. Because the ledger is distributed across a network of computers, there is no single point of failure or vulnerability. In addition, using cryptography and consensus algorithms ensures that transactions are more tamper-proof and resistant to hacking or fraud.
Blockchain technology has many potential applications beyond cryptocurrencies. It can be used to create digital identities, manage supply chains, store medical records, and much more. As blockchain technology continues to evolve, it has the potential to transform many industries and create new opportunities for innovation and growth.
It’s a quick read, so you don’t miss the boat once it is built. I remember the discussions around the kitchen table in the early 90s when the Internet was just starting, and those savvy business people that got on board are thriving today.
Web 3.0 creates a more decentralized, open, and user-centric web and has the potential to empower individuals, increase innovation, and create new economic opportunities.