What exactly is this Web3 and why should YOU care about it?

By akohad Jun8,2023


Once upon a time, in the era of Web2.0 — the current digital landscape, we became avid spectators in the digital realm. We eagerly consumed the content presented to us, shared our thoughts, and connected with others through designated “centralized” platforms.

It was an era of convenience and connectivity, but also one where we had limited control over our online experiences. However, the tides are turning, and a new chapter is unfolding before our eyes.

Web3.0, the third iteration of the world wide web, is here to pioneer decentralized platforms as well as grant full ownership to creators in the digital space. In this article, we’d be talking about Web3.0, briefly discussing the generational transition and why should you get acquainted with Web3.

It all started with Web1.0 which is the first generation of the World Wide Web (WWW). Also known as the mostly Read-only Web, Web1.0 is a one-way broadcasting, meaning only the owner of the site can publish information.

Some of the features (also shortcomings) of Web1.0 include: read-only, developer authorship, static, restricted collaboration, text-based only, HD as storage platform, impersonal, commercial/proprietary, and individual intelligence, among others.

Example of companies that operated under these information economy include Apple (1993), MSN, Microsoft (1994), IBM (1994), Cisco, AOL, Yahoo (1994), Amazon (1994), Craiglist (1995), IMDb (1993), Pizza Hut (19914) and Hewlett-Packard.

On the other hand, Web2.0, also known as the vividly Read-Write Web, has dominated or online world for the past decades. It has given rise to social media giants, which in one way or the other, have influenced millions of lives.

Also, Web2.0 has produced millions of websites and collaborative platforms that have become an integral part of our lives. We are now living in a world where a day never pass without checking out the latest gist on Facebook, Twitter, LinkedIn, or YouTube.

None of those is bad in their real sense as it avails us the privilege to connect with friends, share our thoughts, and consume vast amounts of information — or disinformation and misinformation.

Some of the features (and shortcomings) of these public authorship, web as software platform, open source/shared, dynamic, collaborative, web as storage platform, conversational, collective intelligence, and multimodal.

Since that’s the web we’re all currently familiar with, there are over 1 billion global users (against the 45 million global users of Web1) as of 2006. Example of companies that operates under this economy are numerous and infinite as they are as many as the number of websites we have on the web today.

For example, these companies collect, process, utilize, and even monetize our personal data without our full consent or understanding. That’s the problem with centralization.

It has an autonomous power which it conferred on centralized platforms to make decisions that impact our online experiences and even influencing the information we consume.

That’s why a simple click on a product or news, even by mistake, will bring forth hundreds of other similar news or products. Like, who exactly asked them? And that’s not the end! You also don’t completely own anything you put out there in the previous version of web.

For example, a centralized platform like Facebook, LinkedIn, or Twitter can decide to remove your post from their platform. As much as that’s not bad in its real sense, it’s a violation of human’s intelligent right. At least, you suffered to put up that post.

Exciting, isn’t it?

After exploring all the previous versions of the web and seeing how they are flawed, let’s see how Web3 will make all of the changes we desired to see as an improvements from the previous version.

Web3.0 is simply an advancement in the current web we have. In fact, on a technical level, the frontend remains the same but the data structures in the backend change. It is a Read-Write-Execute ecosystem for creators and users of the internet.

Web3 incorporates several ground-breaking technologies and concepts like Blockchain Technologies, Token-based Economics, 3D graphics, Artificial Intelligence and Machine Learning, Cryptocurrency, Ubiquity, and lots more.

The uniqueness of this web version lies in its decentralized nature which shifts the control of the internet ecosystem away from big tech companies to individual users. By making its component open source, users can contribute to the network and get rewarded with network tokens.

Furthermore, with the help of the pseudonymity feature of blockchain, users can now decide what details about themselves they’d provide to any platform. Zero-knowledge proof systems also make it possible for verification of personality without disclosing any information.

Above all, you can read, write, own, and engage with as much content as you’d like to in Web3 ecosystem without the fear of your thoughts being removed, your account being blocked or your activities being restricted.

Interestingly, some Web2 companies and social media platforms are already embracing the new world of the internet. Some of these include Facebook (now Meta), Nike (Swoosh), Alphabet, Amazon, Shopify, Twitter, Tesla, Microsoft, Spotify, etc.

Web3 companies can see a new future ~ BeInCrypto.

And of course, the future is now here with us.

Now that you know a bit about Web3.0 and why you should care about it and also tell others to do the same

Is Web3.0 the definition of a “perfect web”? No!

Is it without flaws, unlike its progenitors? No!

In fact, it has security concerns it posed at pioneers and advocates.

It is just the next “big thing” in the internet realm for enthusiast to enjoy the true value of creation, engagement, ownership, and enjoy the token economics.

Moving forward we’d be exploring the various components of Web3 like Cryptocurrency, Decentralized Finance and Applications (DeFi & DApps), Trustless and Permissionless, Artificial Intelligence and Machine Learning, Connectivity, etc.

Also, we’d be talking about many projects and companies that have successfully brought this development to over 8 billion of people across the globe and still counting.

Follow me and Hit the Notification bell to get updated once I drop new posts.

I’m Abdulmumin Solihu and I specialize in writing engaging and educational articles that explain the complex terminologies in Web3, Blockchain, or Cryptocurrency to the larger audience in a bid to drive massive adoption that we all envisioned.


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By akohad

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