What is Web 3.0, and how it affects you
Today, I will introduce you to the world of Web 3.0. If the internet touches your life in any way, it is important to know what is on the horizon and how Web 3.0 will change your life. Knowledge is Power!
Now, let’s dive in.
There is no official definition of Web 3.0
You may Google ‘Web 3.0’ and the results may leave you more confused than you were before. While I am no expert, let me compile what I have learned.
When did we cross Web 1.0 and Web 2.0?
Before we understand Web 3.0, let’s try to understand what Web 1.0 and Web 2.0 mean.
A majority of people believe that the Internet, during 1991–2004, was what is now known as Web 1.0. There were only a bunch of static pages where information was displayed, like say, a giant Encyclopedia or Wikipedia. There was no provision to login and all users were consumers.
Web 2.0 is believed to be the evolution of the Internet from 2004 till today. The Internet evolved to be interactive. Along with us getting information from web pages, the web pages started getting information from us. As we started to use Facebook and do Google searches, these companies started getting data from us. Eventually, this data was sold to advertisers so that we could be hit with targeted ads.
The idea of Web 3.0
Let’s move on to Web 3.0 now. Web 3.0 is the next evolution of the Internet, based on blockchain technology and decentralization. In Web 2.0, you are the product when you browse through social media. In Web 3.0, you become the owner of your content. If the central authority, say Youtube, wanted to take down a video you uploaded, they can go ahead and delete your video. But in something like blockchain-based Odysee, theoretically, you own the video and since it is not centrally located on a server, it cannot be censored.
DAO is the future
Eventually, every company will be run by a Decentralized Autonomous Organization or DAO. In simple words, there will not be CEOs or Presidents running the company. Those with the most tokens will get to vote on the company policies. One authority cannot control the fate of the company.
One more thing different from today’s internet will be that it will be possible to completely hide your identity online. You will be able to use Cryptocurrency instead of money in your bank account to purchase something on an Amazon-like online marketplace. You will be able to like your friend’s post through a randomized identity.
You can be a part of Web 3.0
It is still not too late to be a part of Web 3.0. Start by reading up on concepts that interest you and you will be able to participate. It may not be a single life-changing event where the new Internet will suddenly transform but a series of small ideas that will grow as a whole to maybe disassemble huge corporations like Meta and Alphabet, and new DAOs will replace them. Web 3.0 is not a product or service but a concept made of many ideas.
