Seems confusing? don’t worry, let’s discuss web 3.0 what is it? You can consider it like a pro version of web 2.0 for now. Basically, it’s an internet service using decentralized blockchain just like cryptocurrencies.
The term is web 30 which is not something quite new as it has been used for many years but came into vogue this year or so, Packy McCormick has played an important role to make it popular as he wants to make every user owner of its own internet. You must have heard about web 1.0 and we 2.0. if not, don’t worry, we need to look into a backup to make the concept clear.
This is a new idea that is set to happen. It will be a world that is totally decentralized. All transactions will be made with services, like Amazon and Facebook, instead of people. This world would be similar to the one we live in today but with some changes. I think web 30 is a very important concept and this article will explain the different factors that made it popular.
Web 3.0 is mainly about using decentralizing blockchain technology but we have to be careful about its implementation. With Web 3.0 and the increasing popularity of mobile devices and services, it is clear that blockchain technology is going to be the next big thing in the world. The idea behind web 3.
Blockchain technology is a system where digital information is encrypted and stored on the blockchain, which is a record of transactions. It is different from the old Internet because of its decentralized nature. cryptocurrency is a digital currency where information is stored on the blockchain. There are many different types of cryptocurrency, such as bitcoin, Ethereum, and name coin. There are many different cryptocurrencies, the most popular of which is bitcoin. Sounds complicated? well, it’s not actually. Right now there are more than 100 different types of blockchain currency, each with a different purpose or value.
This is an article about the history of cryptocurrency, its introduction, and some of the new features in the blockchain. The blockchain is a way of storing data on a ledger called a block. Blockchain is a digital ledger originally created to operate as a database, but it can also be used to run a currency, like bitcoin. It also doesn’t mean that the blockchain is something new.
It’s actually been around since the early part of the 20th century, but it was only in the latter half of that century that it became popular. Some people may say that the blockchain is an unreliable technology and that it has been used for anything from fraud to money laundering. However, this isn’t true from a technical point of view. So, let’s start…
Comparison of Web 1.0 and 2.0
If you are about 30 or more, you must have remembered before 2000, that we only had static pages connected with hyperlinks. we can even comment only on any web page, we cant upload images. I simple words we only could see text with hyperlinks and that is it. we only could read the page and nothing else. So that was web 1.0.
Let’s move 1 step up, after 2000, we were able to exchange messages, it could be filling out a form, it could be adding a comment on the web page, it could be download and upload images and videos easily. This technology called web 2.0, Did not get?
Let me make it more clear for you with a couple of examples. If we talk about Facebook, You know we can create an account, can send a message, can receive or make an audio and video call. Now let’s discuss web 3.0, its decentralization of the internet means no one is the owner of the internet or none of any is the owner.
Let me make it easier to understand, Actually, Facebook, google, youtube, or any other major plate form is being owned by owners. but now, the amazing part is… all these platforms going to be owned by AI. So none of these platforms no more able to make their own rules and regulation. No one is able to delete or disable your Facebook account. yes, you got correct, you are on the right page.
Decentralized social networks, “play-to-earn” video games that reward players with crypto tokens, and NFT platforms that allow users to buy and trade chunks of digital culture are among the various forms web3 supporters anticipate. Web3 is expected to alter the internet as we know it, upending conventional gatekeepers and ushering in a new, middleman-free digital economy, according to the more idealistic.
However, other opponents feel that web3 is merely a rebranding campaign for cryptocurrency, with the goal of removing some of the industry’s cultural and political baggage and persuading people that blockchains are the natural next phase of computing. Others see it as a dystopian picture of a pay-to-play internet in which every activity and social connection is turned into a financial instrument that can be purchased and sold.
Why Web 3.0 is being discussed all of sudden?
It’s a combination of hype, marketing, and the fear of losing out on the next big thing.
But, on the heels of a years-long crypto bull market, the web3 growth also reflects the amount of capital, talent, and enthusiasm pouring into crypto start-ups. VC firms have invested more than $27 billion in crypto-related projects in 2021 alone, more than in the previous ten years combined, with a large portion of that money going to web3 initiatives.
Some major tech businesses, such as Twitter and Reddit, have begun to experiment with web3 initiatives of their own. And the web3 business has become a magnet for tech expertise, with many employees of large computer companies leaving secure careers to pursue their fortunes in web3.
Examples of Web 3.0
You can consider “Axie Infinity” as an example, It’s a video game developed by the Vietnamese game studio Sky Mavis using NFTs Ethereum-based cryptocurrencies. This currency is being awarded to players as a reward who achieving their targets.
The interesting part of this game is to ” breed” characters and use them against other players. If you won you will have digital currency as a reward called Smooth Love Potion, or SLP, and can be used for cryptocurrency trading. Looks exciting? yes…. It looks
The interesting part is… Million of players started to be financially dependent on Axie Infinity. but, you can lose money that you have earned when the value of crypto token goes down, as it happened at with Philippines players.
Strong words! Objections to web3?
According to Some skeptics, Web 3.0 does not make any sense from a technical perspective, they believe that blockchain (The technology web 3.0 is based on ) would not be able to handle due to its slowness, and Youtube, Facebook, Twitter, and Google use a lot of data on daily bases that could not be handle by blockchain. once again we will be dependent on web 2.0 which is the defeat of web 3.0.
Some argue that web3 is an attempt by affluent investors to pay lip service to decentralization while establishing new, centralized services that they control – thus making themselves the new intermediaries.
Web 3.0 and the Metaverse
The unpleasant truth is that no one truly understands what Web 30 and the metaverse are, and that’s because they’re still in their infancy. Decentralized cryptocurrencies, as well as the Blockchain technologies that they are built on, are revolutionizing finance.
The NFT (Non-Fungible Token) economy is also implicated, as it is closely tied to the crypto world and grants ownership to easily replicated digital items that can now be formalized thanks to the Blockchain. As a handy reference on the specialty of NFTs, Expensive provides a useful infographic that breaks down the entire NFT market and what to look for.
Analyst Jeremiah Owyang describes metaverse Web 30 as a “power shift to the people,” where “the people are in charge of their data, identity, and monetization.
” As Owyang’s categorization covers much of what is happening in a Web 3.0 environment, influencers who built enormous followings on platforms like YouTube have grown dependent and reliant on these platforms in order to generate money from them. Cathy Hackl, the “Godmother of the Metaverse,” characterizes it as “a shared virtual space where people are represented by digital avatars (think Ready Player One),” among other things. She describes the metaverse as being in a state of flux at all times.
“The virtual world constantly grows and evolves based on the decisions and actions of the society within it. Eventually, people will be able to enter the metaverse, completely virtually (i.e. with virtual reality) or interact with parts of it in their physical space with the help of augmented and mixed reality.”
In their assessments and goals for Web 3.0 and the metaverse, Owyang and Hackl emphasize the good prospects, which are undeniably exciting. Our contemporary digital realities, however, such as internet addiction, hate speech, political subversion, and even incitement to violence, arose during the heady years of the “Web 2.0” revolution, which I personally witnessed and lived near.
“Beyond the Bitcoin Bubble” This New York Times Magazine article from 2018 examines the case for web3 (before it was called “web3”) as “a way of getting back to the internet’s roots.”
“My First Impressions of Web3” Moxie Marlinspike, the creator of Signal and a well-known cryptography expert, takes a skeptical look at web3 and its technical underpinnings in this 2022 blog post, concluding that “decentralization itself is not actually of immediate practical or pressing importance to the majority of people.”
“The Web3 Renaissance: A Golden Age for Content” In this 2021 blog post, Li Jin and Katie Parrott make the case for web3 as a boon to artists, musicians, and creators of internet media, saying that technologies like NFTs and DAOs could unlock a “true creative Golden Age.”
“Notes on Web3” In this essay, the author Robin Sloan declares himself a “full-fledged enemy of Web3” because of its hyper financialization and technical limits.