There’s a lot of talk about Web3 or Web3.0 as being the future of the Internet, especially when it comes to cryptocurrency. Here we explore the link between Web3 and crypto and what we can expect to see in the Internet’s future.
What is Web1 and Web2?
Web1, Web2, and Web3 are simply different ways to refer to the history of the Internet. Web1 is what’s referred to as the Internet in its initial, primitive form. Web1 is the era of dial-up, where the Internet was very much in its infancy, where only the tip of the iceberg of its possibilities had been explored. Web2 is when the Internet evolved into the broadband and cable networks, and suddenly network speeds and webpage loading times were much, much faster. Web2 allowed for the next iteration of web development which included advertising and the advancement of what is now collectively known as social media. Web2 is largely considered that shift from where the Web1 Internet grew into becoming more interactive.
Current issues with Web2
At a certain point—one that coincided with the emergence of big tech companies—Web1 migrated to Web2, and now with advancements in cryptocurrency, there’s a new shift to the land of Web3.
Plaguing Web2 are issues of privacy and centralized authority as they pertain to data collection and data and security breaches. As tech companies grow, the more user data become a tool for that growth, which in turn helps to manipulate the user experience. The data thus becomes both a positive and a negative element to the Web2 ecosystem because it’s the data that helps fuel the tech companies’ growth and also the data that can lead to breaches in security and privacy, which ultimately helps contribute to the negative aspects of tech companies and—at times—their demise. With Web3, there’s yet again advancements in Internet technology that are powering the next generation of web, which is why Web3 is intimately linked to the advancement of cryptocurrency.
What is Web3?
Born out of advancements in blockchain technology, Web3 is the next version of the Internet as we know it. Web3 embodies some of the same progressive elements as cryptocurrency in the sense of decentralization and not storing data in a centralized location or on a centralized server. Web3 puts the power of monetization back into the hands of “the people”—creators, developers and others who wish to profit off of their own content. The data ownership of Web3 is flipping the script on how web monetization functions and who stands to profit the most, which now—more than ever before—it’s the creators who stand to earn a stronger quantity of capital over businesses.
The Future of Web3
Moving forward with Web3 is going to require a strong overhaul of the web operations that we’re currently familiari with. As mentioned above, owning and controlling your own data sits at the center of the overhaul, and the positive ramifications that come with ownership. That ownership—in its current form—comes predominantly as being stored in digital wallets with two-factor identification to access, which is definitely not the current status quo. As we move closer to a Web3 future, digital wallets will become more popular as more and more people take ownership of their data. As more and more people take ownership of their data, large companies like Facebook and Google—companies that rely on data—will be losing data, and thus losing profits, which will help contribute to the rise of a decentralized Web3 future.
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