Web 3.0: Overhyped or A New Revolution?

tl;drWeb 3.0 is the next era of the Internet that focuses on decentralisation by utilising blockchain technology. Instead of giant corporations, smart contracts will control user data, and it will be much harder for third parties to track user data and profit from it. Keep on reading to find out what the Web 3.0 hype is all about!
Web 3.0: Overhyped or A New Revolution?
Web 3.0: Overhyped or A New Revolution?
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Web 3.0 Simply Put

Web 3.0 is the third generation of the Internet, which is primarily an improvement of Web 2.0, where the Internet has become more social. Web 3.0 will have transparency, and the content will be much more accessible to all without censorship from centralised authorities. Definitions of web 3.0 are, more or less, ideologies and what we think they will be. There is no official definition recognised by the globe yet. It is speculated that cryptocurrencies will be the flagmen of the web 3.0 age. To know what the hype of web 3.0 is all about, we first must know about the other two ages of the Internet.

Web 1.0: A Digital Library

The first era started in 1991 and lasted until around 2004. During this time, the Internet was mostly a collection of read-only pages, with no interaction between users or the Internet getting data from them. Interaction with posts and viewing analytics were meaningless terms. Web 1.0 was similar to a gigantic library, but the users couldn’t even write notes on the side of the book or publish their own books. They were merely consumers; they viewed the Internet only to consume information.

Web 2.0: Signing In

The second era started around 2004 and is currently still here. The web evolved a lot during this time, and the Internet became interactive. It means not only do we get information from the web, but the web also gets information from us! An example of this is how advertisement AIs work, you Google ‘dog toys’, and the next time you view Daily Mail, you see ads about dog toys. It is also how social media bubbles work. Let’s say you have recently watched a series and became a fan. You look up content from the fandom of the series on Instagram, and the next thing you see is that your Instagram feed is bursting with content the fandom has been creating, fine-tuned for your taste. It incentivises users to stay on the website since the more they stay, the more profit they can bring to the platform. As much as this all is incredibly smart, it also doesn’t feel right.

Targeted Advertising and Lack of Privacy

Currently, you and your friend can view your Twitter and see two completely different types of content on your feed. Even the trending hashtags shown to you might be different. This content is the data sorted by the company; it is the information you gave them with likes, shares, saves, comments, and how much you’ve interacted with the content. The thing is, if you look at the ads, the data is sorted by the things you didn’t know you gave them!

Web 3.0: Connect Your Wallet

Web 3.0 was first introduced back in 1999 by the creator of the World Wide Web Tim Bernes-Lee

“What we’re today referring to as Web3 would be known as the “Semantic Web”, which would involve AI solving problems like unclear search queries using linguistic context.”

Web 3.0 is the next evolution of the Internet, utilising blockchain technology and other decentralised tools.

Web 3.0 and Decentralisation

In web 3.0, you will actually be the owner of your content. Also, in web 3.0, there will be no censorship of social networks, meaning one central authority cannot shut down a political post anymore. We currently have almost no control over the data we give to the websites. In Web 3.0, platforms will have a much harder time tracking how users interact with their platforms.

Web 3.0 and Privacy

Selling user data to third parties wouldn't necessarily be impossible but very difficult without first getting the user’s permission. It means our entire digital identity would be under our own control, and we choose which pieces of information we’re willing to share. Some platforms might even offer to pay for your data in crypto. 

Platforms and protocols will become interoperable, and information will be much more accessible. It is speculated that we’ll reach the point of the Internet that each company is run by a decentralised group known as DAO.

What is a DAO?

In a DAO (Decentralised Autonomous Organisation), there are no CEOs or presidents, but shareholders with the most tokens get to vote on how the company changes. In a DAO, codes run everything a human needs to run in a typical organisation. Smart contracts are in charge of doing those tasks, making the organisation self-sustainable and autonomous. 

DAOs can continuously improve and grow because the shareholders can vote even on changes to happen on DAOs themselves.

Since there are no CEOs in a DAO, once a decision is made, the code of the platform gets changed. DAOs are usually launched with a few million of an asset, with every asset being equal to one vote. It means whoever with the largest amount of assets will have the most votes. This action will be carried out to give the asset price and utility. The changes in a DAO can be hiring, voting on salary, or even the direction of the project, similar to what happened to Ethereum’s hard fork.

Web 3.0 Summary

Keep in mind that these are long-term ideas of what we think what Web 3.0 is going to be like. It all can mean being able to make online purchases on regular sites by connecting your crypto wallet and paying with tokens. These are likely a series of ideas that have grown together, and there’s still room for growth and new ideas or utilities. At Cryptologi.st, we have gathered everything you need to stay updated and fine-tune your investment decisions. 

To quickly compare available options and make the best investment decision, check out our website.

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