Web 1, Web 2 ,Web 3: The Much Needed Inventions 

• The WWW is the foundational layer for how the internet services are used, providing infrastructure for websites and web applications.

• Web3 is a revolutionary technology. It operates on the fundamental ideas of decentralization, blockchain, open-source and high network security. 

• Blockchain technology will enable users to communicate with each other directly on the next stage of the internet, Web3.

Web1 – the Past

Tim Berners Lee developed the first protocols that became Web1. His idea was to create a platform that was open source, decentralized and allowed idea sharing across the world. 

Web1 operated between 1990 and 2004. It was a static service. It mainly involved websites owned by companies which produced all the information. There was no interaction between users, and individuals rarely produced content. Web1, for this reason, is also known as Read-Only Web.

Web2 – the Present

The evolution of the web began with the emergence of social media platforms. These platforms allowed users to post their own data and content. Instead of only company owned websites providing information, now users across various platforms were also producing a large amount of content and information. This evolution led to a large amount of peer-to-peer communication, which was previously very difficult. For this reason, Web2 is also known as Read Write Web

The emergence of Web2 also led to creation of virtual communities and a lot of activities taking place in the virtual space.However, as more and more people started coming online, social media websites and applications began controlling a staggering amount of user traffic, data and, at the financial end, profits.

The evolution of Web and the birth of Web2 also led to the rise of advertisement driven models of lots of websites as well as social media websites and applications.

However, with Web2, though users got content ownership, they can’t monetize their content and gain profits from it.

Web3 – the Future

The emergence of Blockchain, which first happened in 1991, had led to thoughts about developing an advanced Web. But those thoughts did not take root until the launch of bitcoin in 2009. While Bitcoin blockchain is used just for crypto exchange, the rise of other blockchain products, such as Ethereum, which offers a cryptocurrency as well as other blockchain projects.

According to the Harvard Business Review, Web3 would be “decentralized, democratic, and facilitate peer-to-peer communication”.

The backbone of Web3 is going to be blockchains and NFTs. A blockchain is also known as a ‘decentralized ledger’, which is a database that is hosted by a network of computers. An NFT stands for a non-fungible token, which is a ‘deed representing ownership of a unique digital object’. They are authenticated on blockchain.

Key features of Web3

Decentralised

In Web2, computers and networks searched for data that was usually kept at a fixed location, on a server, using HTTP as a distinct web address. However, with Web3, information can be stored in different locations and become decentralized. This would give more power to users and individuals and will lead to dismantling of behemoth organizations like Google and Meta. 

Data Ownership

With Web3, users will be able to control who sees, users and interprets their data, thus maintaining data ownership. This data can be presented using our own devices such as mobile phones, PCs, laptops, ets. 

Trustless

Web3 will be decentralized, this means that it will also be trustless. Users will be able to interact and communicate directly without going through a trusted intermediary. Web3 will also be permissionless. This means that users will be able to gain access to a large amount of information without government approval.

Connectivity

With Web3, content and information will be accessible all across the globe across various applications, and with a growing number of computer devices involved in our day-to-day life.

Key Applications of Web3

With blockchain making up its central infrastructure, it is made possible for Web3 to expand into a new range of applications and services. They are:

DeFi

With decentralization at its core, Web3 can also be used for decentralized banking, which is vastly different from conventional centralized markets.

Cross-chain bridges

In Web3, since there are numerous blockchains, cross-chain blockchains provide connectivity between various blockchains.

DAOs

A DAO is a headless corporation that raises and spends money. All the decisions are voted on by members of the board and executed by encoded rules on blockchain. It can be a useful tool in Web 3

The impact on companies

The key difference that Web3 will have from Web2 is that users don’t need to log in to different websites differently. They will just need to log in once, the information which will be stored on their crypto wallet.This will also lead to a higher level of data security, as users can only give their information to companies that they want to.Thus companies will not be able to monitor user data and send them targeted advertisements(Eg., Facebook, now Meta)

The emergence and development of blockchain can also be seen in the form of blockchain based games such as Axie infinity, which also lets users earn money as they play the game.

The backlash

While many companies have successfully integrated  into the ecosystem, many others have faced serious backlash. For Example, when the CEO of Discord suggested a feature that could connect the application to crypto wallets, he was faced with a strong backlash from its users, and had to clarify that Discors had no current plans to move on to launch the feature.A similar backlash was faced when the World Wildlife Fund(WWF) branch of the UK tried to move to blockchain. It was heavily criticized for its massive carbon-footprint and was forced to withdraw the feature.

However, companies must remember that Web3 is a polarizing support. As much support it has, it has much much more backlash in its face. This may be due to the fact that the unpredictable nature of the crypto market is a feature, not a bug, and many users do not want to take any risks with their data, security, and most importantly, money.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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