Internet: It has long been an everyday part of our lives. However, the Internet has gone through many developments over the years. Where in the past we could only read some text, the web has now become very interactive.
It seems that we are on the verge of another drastic change in the web. There is a lot of talk about the change from Web2.0 to Web3.0. But what exactly is Web3.0? How does it work? And what will the Internet be like during Web3.0? You will find answers to all those questions and more in this blog!
In the following Whiteboard Crypto video, Web3.0 is clearly explained with various examples.
the history of the web
To quickly understand what Web3.0 is, it’s wise to first look at the history of the Web. Before Web3.0 we had Web1.0 and Web2.0. When you understand exactly what these first 2 Webs are, it’s much easier to understand what Web3.0 is and why it could be the future.
What is Web1.0?
So, first of all, let’s see the beginning of Web: Web1.0. Web1.0 is the early form of the web, the early days of the Internet. Web1.0 didn’t get its name until Web2.0 came along, but that doesn’t matter for now. Web1.0 was born in 1993, when the World Wide Web was opened to everyone, and ended in 1998, when Web2.0 was born.
Web1.0 consisted of simple websites. Think of a web page where you can’t really do anything, just read some information. It wasn’t interactive, but there was a lot of content available. They were basically books, but processed on the web.
The web was still pretty small at the time, but it was a way for people to have a lot of information at their disposal. Here the foundations were laid for what would later become Web2.0 and now Web3.0.
What is Web2.0?
In 1998 we made the switch to Web2.0. During Web2.0, the web was increasingly used as a means of communication. From now on, Internet users could start contributing to the web. The Internet became increasingly interactive.
From now on, he not only had encyclopedia-like web pages, but also social networking sites, blogs, video websites, etc. Web2.0 is basically how we know the Internet today. You can basically do almost anything you can imagine.
You can also add something to the Internet yourself, for example by posting your own website or a comment under a page, but you are not in charge. Major players like Google, Facebook and Amazon still determine what happens, for example through algorithms, but also simply by their influence.
What is Web3.0?
The latter will change in Web3.0. In Web3.0 we are actually all in charge of the web. Open source is an important part of Web3.0, everyone can add something to the web with Web3.0.
In addition, all data will be interconnected in a decentralized way. This is perhaps the biggest change of Web2.0. When the data was first in the hands of a number of big (core) players, it is therefore stored in a decentralized way with Web3.0.
The probability that cryptocurrency and blockchain will contribute a lot to Web3.0 is very high. Blockchain is also decentralized and it is also a ledger in which data can be stored. I would say it fits exactly with Web3.0.
Smart contracts can also greatly contribute to Web3.0. Smart contracts are fully digital contracts, consisting of computer code. Smart contracts can ensure that certain tasks are done automatically, but securely, without the need for an intermediary.
With Web3.0, the web would handle data more intelligently and would often be able to process it decentrally and automatically. Everyone would contribute to the web and there are no real superpowers running the web anymore.
The advantages and disadvantages of Web3.0
Like everything else, Web3.0 has advantages and disadvantages. Now let’s look at these advantages and disadvantages.
First, let’s look at the benefits. The first advantage is, of course, to connect all the data. The Internet is becoming a kind of big network, so to speak, in which all data is stored in a decentralized way.
Another advantage is that the design often looks beautiful, but simple. Browsing the web will also be much more productive and users will collaborate more, for example through open source.
In addition, working through the internet will be more effective and simple, because it is more personalized. You decide what you see, and that is no longer determined by superpowers like Facebook or Google.
This is immediately something that many people see as an advantage. It is decentralized and the big players are no longer in control of your internet activity. If you see this as an advantage, of course, it’s only up to you to determine.
These are the main advantages of Web 3.0, but when Web 3.0 becomes more widely used, of course we can really say what the biggest advantages of the new form of the Internet are.
Of course, there are also drawbacks to Web3.0. For example, slightly older devices probably won’t enjoy Web3.0. These devices are too old and may not be able to connect to the network.
Also, websites dating from the Web1.0 period will look very out of date. As a result, it is likely that they are no longer used and are “buried” somewhere on the web.
Also, Web3.0 will probably be quite difficult for newbies to understand at first. For example, it will not be that difficult for people who have already used different blockchain protocols, but someone who has no experience in this will need guidance at first.
Another disadvantage is that it can be easy to find information about other users. Since everything is stored in a large information network and is public, you can also find a lot of information about other users here.
People may also see it as a disadvantage that there is no longer a superpower that controls what is happening. Although it is of course not ideal to have to see an ad every 3 posts on Facebook, Facebook makes sure that everything runs smoothly. They make sure that the posts are checked and that everything is kept safe. They remove scammers from the platform and protect you from things you might not want to see. None of this would be the case when Web3.0 was fully adopted. There are no longer any superpowers that control everything, so you could, for example, more easily expose yourself to scammers or other parties you don’t want to deal with.
Of course, you only really get a good idea of what Web3.0 can be when you have concrete examples of Web3.0. In fact, you can better compare it to dApps, as we already know them.
dApp stands for decentralized application. In fact, you can think of dApps as blockchain software.
The software we currently use, such as Microsoft Word, Google and GTA V, is decentralized. Users can’t just see how exactly it works, nor can they just participate in it.
With dApps, and as we explained earlier about Web3.0, this is possible, because it is open source. This means that the code of the software is public and anyone can access it and therefore can copy and use it.
Examples of dApps at the moment are DEXs (decentralized exchanges). A decentralized exchange is an exchange that no one has control of except a central exchange. Therefore, the liquidity here is provided by the users and the entire exchange can exist thanks to the efforts of the users.
A concrete example of a dApp is Augur. Augur is a dApp on the Ethereum network and you can compare it to Unibet. You can use Augur to bet on the outcome of certain events. Think, for example, of sports competitions, such as MMA fights or MLB baseball games, but also of the outcome of the crypto market. For example, you can bet if the price of a certain crypto currency is above a certain target on a certain date. Therefore, Augur is completely decentralized and open source.
Another concrete example of a dApp is Everipedia. Everipedia is a dApp on the blockchain network and you can better compare Everipedia with Wikipedia. Everipedia contains information and news about basically everything that has to do with blockchain. Anyone can add articles to Everipedia and it is completely decentralized. For example, no one determines what is and is not allowed on the platform, because no one has power over the platform.
Invest in Web3.0
Reading this blog, you may have thought: how can I invest in Web3.0? This is not a far-fetched question at all, because the popularity of Web3.0 has increased rapidly in recent months. The most obvious way to invest in Web3.0 would be to invest in Web3.0 protocols, such as one of the aforementioned dApps.
For example, you can invest in a DEX token. Think of the Uniswap token, UNI, or the PancakeSwap token, CAKE. When you invest in a DEX token, you are basically investing in the success of a DEX. The token often serves as, for example, a governance token. This means that the owners of the token can vote on the future of the platform. So the more people use the platform, the more people will want to participate in the decision-making process, the more people will buy the coin and this will drive the price up.
Another concrete example of investing in Web3.0 is Filecoin. Filecoin is a decentralized protocol that makes it possible for anyone to “lend” storage space on their computer. Therefore, everyone can ‘buy’ space on the network. It’s actually similar to Google Cloud or Amazon Web Services as we know it today, except that the space is provided by the users themselves, rather than by the superpowers, in this case Google and Amazon.
This way you have a Web3.0 blueprint for almost everything we see on the internet right now. With a bit of research, you will often have quickly found a Web3.0 project that offers a solution to a given problem, and therefore you could invest in it.
Web3.0 could simply be the new Internet. It seems more and more that after Web 1.0 and Web 2.0 we are now moving towards Web 3.0.
Web3.0 is a new form of the Internet, where power is no longer in the hands of a series of superpowers. Not only is power no longer in the hands of a few superpowers, but everyone who uses it also contributes to it at the same time. In addition, it fits perfectly as everyone wants for himself.
That of course sounds ideal! However, of course there are advantages and disadvantages. For example, you can see it as an advantage, but also as a disadvantage that there are no superpowers in the game anymore and everything is decentralized.
Although what you can see is no longer determined for you, what you can see is no longer controlled. For example, you can more easily expose yourself to scammers.
There’s certainly a chance that Web 3.0 will be everywhere in a few years, so you might as well invest in it. However, nothing you have read on this blog is financial advice, so you should always do your own research and only invest based on your own findings.
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