If web1 and web2 create an Encyclopedia, then web 3 will turn everything on the web into one giant database, with more autonomy, intelligence and especially towards decentralization – future development trends of the web. To achieve this, web3 cannot be separated from the blockchain.
The inevitable development trend of web3
The 2008 global financial crisis showed the limitations of centralized power, thereby setting the stage for decentralization and web3 was born.
The decentralized architecture of Web 3.0 is built on Blockchain technology to solve the problems arising from centralized power and control, improving the trust, transparency and privacy of users. With web3, the power is in the hands of the user, the user himself is the owner of his information and cannot be interfered with by anyone.
According to the evolution of web generations, web1 was built in the 90s of the last century, is a “read-only web”, with data and content provided from a static file system. Users are almost exclusively consumers of information and cannot interact with the content they read. The creation of content to post on the web was also limited at that time. This prompted web2 to be born.
Web2 appeared at the beginning of the 21st century, as “reading – writing, interactive web”. Many tools were born to help improve the web2 generation such as Javascript, CSS … creating a premise for platforms like Youtube, Facebook, Wikipedia … to develop.
Thanks to these platforms, users can interact with the content they read and even better, they can create content and share it publicly. However, web2 faces a number of challenges in terms of privacy, security, and decentralization. This promotes the formation and development of the web3 generation.
Web 3.0 is called the intelligent Web generation, Semantic Web, such as natural language search services, data mining, machine learning and artificial intelligence technology. According to Tim Berner-Lee, the inventor of web1, the term web3 means a web based on data that not only humans but also machines can process.
The web3 generation ushers in a new era, removing barriers from web2 where power is vested in users with the ability to support independent value transfer.
Blockchain and crypto-currencies fit the ethos of web3
Decentralization: One of the central issues of web2 is that power and data are often held by the “big guys”. However, to web3 is different. Power and data will be distributed to all users thanks to blockchain technology. This makes things more transparent and avoids data monopolization for malicious purposes.
No permissions required: Thanks to publicly available code, web3 projects running on blockchain allow anyone around the world to access and interact with the project.
No need for intermediaries: Because users can interact directly through blockchain technology.
Payment Platform: Cryptocurrencies serve as web3’s digital payment infrastructure. Digital assets can improve web2’s cumbersome and expensive payment infrastructure because they are borderless and require no intermediaries.
Censorship resistant: Blockchains are designed to be censorship resistant. This means that neither party can unilaterally change the record of transactions. Once data is added to the blockchain, it is virtually impossible to change or remove.
Are Blockchain and Cryptocurrencies Necessary for Web3?
Web3 may also rely on technologies unrelated to blockchain or cryptocurrency, such as augmented reality (AR), virtual reality (VR), Internet of Things (IoT), and Metaverse. While blockchain may be more useful in terms of Web3’s infrastructure, the above technologies and solutions will make the internet richer.
Specifically, IoT connects different devices through the internet, while AR embeds digital visual elements into the real world. VR, on the other hand, builds a digital asset environment. Ultimately, scaling and bringing these technologies together could create a unified Metaverse of Web3.
Besides, the cryptocurrency will provide a digital payment platform. Utility tokens can unlock a wide range of use cases essential for Web3. In addition, NFT helps verify identity and ownership in the digital realm without compromising user control over personal data.
What will the combination of web3 with cryptocurrency and blockchain look like?
Blockchain technology can become one of the cornerstones of web3. If applications built on blockchain were user-friendly and intuitive, people wouldn’t think of the underlying infrastructure. This is like we don’t need to care about the data servers and internet protocols of the social network we use every day.
NFT can allow users to display collectible items digitally, helping to create and maintain their unique digital identity. They can also serve other purposes, such as consolidating many key processes in online games.
Blockchain and cryptocurrency can transform the way web3 users coordinate and enforce collective action through decentralized autonomous organizations (DAOs). The DAO empowers the community to organize. Token holders will vote to jointly determine the best course of action. In addition, all activity and votes are visible on the blockchain. Thus, DAOs can push Web3 to become more decentralized, transparent, and community-centric.
Conclude
Web3 can solve the big problems of today’s internet and reduce the power of the technology “giants”. All of that, however, remains largely an aspirational vision rather than a tangible reality. However, blockchain technology will likely be the foundation for the next evolution of web3. At the same time, ushering in the Internet revolution for the whole world.