The World Wide Web, commonly known as the Web, is a collection of websites or web pages stored in web servers. These pages are linked and accessible through local computers via the internet. The content found on these websites includes text pages, digital images, audios, videos, and more. Users from any part of the world can access these sites over the internet using devices such as computers, laptops, mobile phones, etc.
Web 3.0: A New Era of The Internet
The concept of Web 3.0, also referred to as Web3, sparked significant interest in 2021. Unlike its predecessors, Web 1.0 and Web 2.0, Web 3.0 offers a decentralized internet platform run on blockchain technology. This innovation empowers users through ownership stakes in platforms and applications, contrasting the current dominance by tech giants. Gavin Wood, the founder of Ethereum, a blockchain technology company, first coined the term Web3 in 2014. Since then, the idea of Web3 has steadily grown in popularity.
Past Versions: Web 1.0 and Web 2.0
Web 1.0, also known as the worldwide web, was invented in 1989 and gained popularity from 1993 onwards until around 1999. Web 1.0 was marked by static web pages where users interacted with fixed information. While e-commerce websites existed in this era, it was a relatively closed environment, with the users unable to create content or post reviews.
Web 2.0 was launched in the late 1990s, although the features fully emerged around 2004, marking the start of the current internet age. The defining characteristic of Web 2.0 is user-generated content, facilitating interaction in the form of comments, likes, and content sharing. The social media type interaction is a key trait of Web 2.0.
The Need for Web 3.0
Web 2.0 is currently dominated by a handful of companies such as Google, controlling most of the internet traffic and data. This monopoly has led to issues relating to data privacy, data security, and potential misuse of such data. Many feel that the originating purpose of the internet has been distorted, necessitating the evolution into Web 3.0.
Significance of Web 3.0: Decentralization and Fairness
Web 3.0 aims to deliver a decentralized and fair internet environment where users control their own data. Leveraging blockchain technology, Web3 permanently records the time and place of each transaction, eliminating the need for intermediaries. This idea introduces a new structure of business operations known as Decentralized Autonomous Organization (DAO). DAO promotes transparency as all transaction rules are freely accessible, and software conforms to these rules, eliminating the need for a centralized authority.
Challenges and Way Forward for Web 3.0
Web 3.0 is in its early days, and there’s no consensus whether it will become as widely accepted as Web 1.0 or Web 2.0. Critics argue that Web3 does not solve the problems it sets out to, and its implementation would require significant deviation from the current architecture. Web 3.0’s architecture would need back-end solutions for handling blockchain, persisting and indexing data in blockchain, peer-to-peer communications, and more. Consequently, the middle layer, also known as the business rules layer, will also require adjustments to handle a blockchain-based back-end.
