What is Web 3.0? — A Detailed Guide to the Next Generation of the Internet
Everybody knows that the internet revolutionized how the world functions. With the internet, people can connect with each other using all sorts of devices. However, most were against the internet when this concept first came up. James Brook and Iain Boal collected several essays and articles that explain the drawbacks of a world wide web in their book Resisting the Virtual Life. People were saying that the so-called “internet” concept just did not make sense. Moreover, this collection includes essays explaining how the internet will benefit big corporations more than anyone else. Well, they were partially correct. Without the internet, you wouldn’t be able to read this article, nor would you be able to send instant messages to your loved ones. The internet is such a big thing that, back then, people had difficulty grasping it. First off, Web 1.0 made its debut. This version provided people with a platform to build web pages, chat rooms, private domains, and e-mail services. Then, some years later, Web 2.0 came around, improving the internet drastically. People began creating more dynamic websites and published videos, photos, and 3D art. In addition, podcasting, networking, and worldwide communication got a groundbreaking upgrade. This is the internet that we use today, the one that includes Youtube, Google, and Zoom. But again, this version of the internet is dominated by huge corporations. Although the internet is extremely developed today, it still hasn’t reached its fullest potential. The upcoming upgrade will introduce Web 3.0 or Web3, which will get us one step closer to “perfection.” But what is Web 3.0, and how does it correlate with blockchain technology?
What is Web 3.0?
In simple words, Web 3.0 is the next upgrade for the internet. Web 3.0 is coming to revolutionize the world once again. This next generation of the internet aims to be fully decentralized. This means that Web 3.0 represents the shifting power from corporations to individuals by decreasing dependency on centralized platforms for different services such as streaming and communication. While Web 2.0 essentially allows people to read/write on the internet, Web 3.0 also allows people to own on the internet. Although the internet belongs to no one, international corporations have huge control over it. They control what you consume on the internet, and Web3 aims to change that. This evolution of the internet will most likely affect every industry. However, the gaming industry has seen the most advancements to this day. In one way or the other, Web 3.0 is trying to connect the real world with the virtual world more than ever. If this connection results in success, nothing will ever be the same. Some Web 3.0 characteristics include:
- User-based services
- Increased Artificial Intelligence (AI) usage
Web3 is yet to be implemented, of course. Since we are still in the preparation phase of the next generation of the internet, researching it is the least we can do. Nevertheless, we know that one of the core elements of the next generation internet is the usage of decentralized wallets such as MetaMask. Such wallets require no third-party involvement. Additionally, your transactions will not need to undergo a bureaucratic verification process. This makes transactions faster, cheaper, and safer.
Web 3.0 & Blockchain
Experts believe that blockchain technology is necessary for creating the next generation of the internet. Blockchain was first conceptualized in 1991, but it became a reality with the launch of Bitcoin in 2009. This technology has some crucial features necessary for the development of Web3. For example, blockchain can maintain maximum transparency in transactions through distributed ledger technology (DLT). Moreover, blockchain is virtually hackproof, subsequently making Web3 safer than the current generation of the internet. What makes Web 3.0 even more interesting is that it includes payment methods that do not require fiat currency. Web3 can be independent of any government or bank through the use of cryptocurrencies and tokens. This paves the way for the next generation of the internet to be truly decentralized. With such features, Web3 could create a self-sustainable ecosystem free from the influence of any government, corporation, or any other institution. So, Web 3.0 could really make the internet fully community-driven. Furthermore, cryptocurrencies are seen as programmable money. This comes after the groundbreaking innovation from Ethereum and the debut of smart contracts. Nevertheless, the term programmable money is not limited only to cryptocurrencies that support smart contracts. For example, Bitcoin is also part of the “programmable money” group but does not support smart contracts. In essence, smart contracts just hugely increase the scope of programmability for cryptocurrencies.
Web 3.0 Crypto Projects
Currently, there are several Web 3.0 crypto projects out there, with the main one being Ethereum. Don’t get us wrong here; every major cryptocurrency has the elements for helping in the creation of Web3, however, Ethereum leads the pack. This cryptocurrency made its debut years after Bitcoin. The founders of Ethereum state that Ethereum’s goal is to open new levels of programmability for the cryptocurrency space. Until today, they have successfully helped Bitcoin build the cryptocurrency industry from the ground up. Nowadays, several years after Ethereum joined the market, there are tens of cryptocurrency projects that support smart contracts. Including:
However, one does not necessarily need to provide smart contracts to be part of the next generation of the internet. There are several projects operating on Ethereum that are helping Web3 implementation by simply operating in that blockchain. Projects such as Decentraland and The Sandbox are currently building the biggest metaverses to ever exist. Some projects such as Gala are creating a decentralized gaming platform to compete with companies such as Steam. Other projects such as Dogecoin aim to become the next generation’s internet currency, and so forth. Until today, blockchain technology has had a major influence on the gaming industry. Several Play-to-Earn (P2E) games have come into existence through blockchain technology. These games reward you for playing and usually have a player-controlled, built-in economy of their own.
How to Invest in Web 3.0?
Investing in Web 3.0 is easy. All you have to do is invest in any serious cryptocurrency project in the market. However, this does not limit anyone only to cryptocurrencies. You can also contribute by joining the non-fungible token (NFT) space and purchasing an NFT. Nevertheless, please do your own research before investing in anything crypto-related since the market is very volatile. Web 3.0 is coming, and none of us can do anything to stop it. People were against the internet when it first began its journey, and there are people against Web3 as well. Such innovative upgrades are not always welcomed by the majority but strive more often than not.
- There were always people who were opposed to change because change scares them.
- When the internet first rolled out, people continuously doubted its future. Today, however, everyone uses it.
- Until today, we have undergone Web 1.0, and we are currently on Web 2.0. However, it is time to begin the implementation of the next generation of the internet, Web 3.0.
- Web3 is likely to be the upgrade that connects real-life and virtual life like never before. Web 3.0 has the potential to host metaverses, cryptocurrencies, and remote office meetings.
- The leader of the Web3 crypto projects is Ethereum, as you may know. This cryptocurrency changed how we saw everything related to the internet through smart contracts.