Understanding Web3

In this article I talk about :

• Different versions of the Web.
• Issues with Web 2.0
• What is Web3 and how is it different from others?
• Problems that Web3 solves.

What is Web 1.0?

The first inception of Berners-Lee's creation, now known as 'Web 1.0', occurred roughly between 1990 to 2004. Web 1.0 was mainly static websites owned by companies, and there was close to zero interaction between users - individuals rarely produced content - leading to it being known as the read-only web.

What is Web 2.0?

The Web 2.0 period began in 2004 with the emergence of social media platforms. Instead of a read-only, the web evolved to be read-write. Instead of companies providing content to users, they also began to provide platforms to share user-generated content and engage in user-to-user interactions. As more people came online, a handful of top companies began to control a disproportionate amount of the traffic and value generated on the web. While users could create content, they didn't own it or benefit from its monetization.

Themes of Centralization and Decentralization

In a Centralized form of environment, data is stored at a single location, meaning, there exists some sort of authority that has access to such type of data. This authority has significant rights and powers to access and modify data. Web 2.0 is Centralized.

In a Decentralized form of environment, data is distributed across the network. It can be thought of as a firm structure in which multiple levels of the organization make choices. No authority exists in such type of environment. Web 3.0 is Decentralized.

Issues with Web 2.0

• Being Centralized in nature, the user does not have control over the data or how it is stored. Companies often track user data and save their information without user permission.
• Since it is stored at a single location, data is not safe. Data stored at a single location is a gold mine for hackers and data is more prone to vulnerability.
• Because you don't have any control over your data, you are often forced to trust and believe that your data is in safe hands, which could be a myth.

How did Web3 come into the picture?

Computer Scientist, Gavin Wood coined the term "Web 3.0" in 2014 while describing his vision for the future of the internet. He goes on to describe it as :

A truly decentralized and a more democratic version of the current internet.

What is Web3?

Web3 is the next gradual step from the kind of network that exists right now. Web3 moves from the idea of centralization to decentralization, where no single authority has complete control over user data. Data breach in Web3 is less likely because of the way data is distributed over the network and is not present at a single storage place.

How does Web3 deal with the drawbacks of Web 2.0?

• ‘Open’ as it would be open-sourced software built by an open and accessible community of developers and executed in full view of the world.
• ‘Trustless’ in that the network itself allows participants to interact publicly or privately without a trusted third party.
• ‘Permissionless’ in that anyone, both users and suppliers, can participate without authorisation from a governing body.

Benefits of Web3

• Decentralization – Rather than trusting a single authority, using Web3 we are trying to establish a network where every activity is displayed to the whole world.
• Data Ownership – With web3, users are the owners of the system and not its product.
• Immutability – The ledger can be a permanent, transparent, and unalterable history of all transactions made.

Blockchain and Web3

Blockchain is a key technology behind Web3. It can be described as the brains that are behind the existence of peer-to-peer networks and digital forms of currencies, especially Cryptocurrency.

In formal terms, a Blockchain is a distributed and permanent database that is shared among multiple nodes in a computer network. They record data in such a way that it makes it almost impossible to modify or hack the system.

Summary

Web1: Read 📖

Web2: Read-Write 📖 🖊️

Web3: Read-Write-Own 📖 🖊️ 🔑

Conclusion

As far as Web2 is concerned, I believe that it will remain relevant in the present, as well as the future, but I also believe that more and more companies will consider switching to Web3 form of network in the future. There are several arguments offered by Web3 that are relevant to the time and should be discussed by people to gain a better understanding of them. I believe that Web3 will play an important role in the future.