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What is Web 3.0 and how will it shape the crypto future?

We humans, have been actively building the future with our actions, whether it is Blockchain, Cryptocurrencies, Metaverse, AI, IoT or any other technology, or perhaps something that has not even been invented yet.

If history has taught us anything, it is that these changes will have a significant impact. In this new piece, I explain how the web has evolved, where it's headed, and why it matters.

The worldwide web is used by billions of people everyday, we use it from our computers, phones and now cars etc. Please note that the world wide web is not the internet even though the terms are often used interchangeably.

The INTERNET was basically a vague idea that started 60 years ago. It all started in 1957 with the mission of connecting computers around the world together in other to share information.

Consider how the internet influences your life daily. Consider how the internet has influenced society, platforms for social media, apps for mobile devices and now as we speak, the internet is undergoing yet another fundamental change via the web.

The evolution of the web is now divided into three stages which are: Web 1.0, Web 2.0 and Web 3.0.

WEB 1.0

The first generation of the web is known as Web 1.0. Websites were only built during this period, the web was mostly text-based, there were no images or videos on the web and internet speeds were extremely slow in comparison to today.

This version of the web existed from 1989 to 2005 and was commonly referred to as a read-only web. Website owners or web developers then only publish their content online, and users receive information passively. Most of the early internet companies weren’t even profitable by ads.

There was no way to react, comment or give feedback just like what we have today. Liking posts, using social media like YouTube, Facebook, Instagram etc. was not a feature yet during the web 1.0 era. It was mostly just like one big Wikipedia all hyperlinked together.

WEB 2.0

Our generation is very familiar with web 2.0 which is the second phase of web development. The first generation of internet sites primarily gave information, but with the rise of sites like Google, Amazon and Facebook, the web has become increasingly interactive.

I like calling web 2.0 the social media web. This era of the web facilitated the sharing of content, during this period, the worldwide web was flooded with almost any type of content on any subject.

It was a huge explosion and it was during this era we saw most people using the web. There are 4.95 billion internet users in the world today. The total number of internet users around the world grew by 192 million in the past 12 months – more than 500,000 new users each day.

Almost all websites we see today on the internet are products of web 2.0, users are now more involved on the information being published on the internet. You can share texts, images and even large files such as videos are now easily shared and circulated worldwide.

N.B: There is no specific time or period when each of this web era started or ended.

Getting Started in Web 3.0 as a UX Designer | by Nicolas Candelaria | Jan, 2022 | UX Planet

WEB 3.0

At the moment, there is no official definition for web 3.0 but this era of the web is the next evolution of the internet services for websites and applications. This is the web that will be powered by AI, Blockchain, IoT, 5G, Metaverse, NFTs, Cryptocurrencies all combined.

There are lots of opinions about this, some are in support, while some are against the idea. There are a few fundamental differences between web 2.0 and web 3.0, but decentralization at the core of web 3.0 stands it out.

Web 3.0 will be a decentralized web that will process data and information based on users’ needs but it is still in its early stages. One of the biggest areas where blockchain technology will be fully applied is Web 3.0 because it serves as its foundation.

It will be a new version of the web that enables a decentralized economy, as it removes the dependency on a central authority for managing the network, instead, replacing it with a distributed consensus managed by many. Let’s think of it, currently, all our data on the internet is stored on a computer that is owned by a private body, which poses a serious threat to our privacy.

Web 3.0 will bring the era of decentralized apps (DApps) that run on peer-to-peer networks, they are free to use and can be improved by anyone in the community. This space is still new and improving.

However, new DApps are being built every day. There isn’t one correct definition for them, but they share these major characteristics. They;

Are Open source
Are Incentivized (Tokens)
Run-on Blockchain
Are Decentralized
Use Smart Contracts

Popular DApps are; Uniswap, CryptoMines, MakerDAO, OpenSea, AAVE, Sorare, Wink etc.

This is from Wikipedia about decentralizing the Internet;

“The idea proposes the reorganization of the Internet in order to remove centralized data hosting services, using instead a peer-to-peer infrastructure. Interest in the decentralized web arose due to the lack of trust in network maintenance organizations, due to scandals involving widespread espionage and content control.”

The idea and the concept of decentralization is at the heart of blockchain.

Conclusion

As a race on this planet with our abilities to question things and explore our mind for answers, leading us to challenge the status quo thereby creating paths to do things differently has always led us to make this world a better place.

The transition to a truly decentralized web will take time. We must put the pieces of the decentralized internet together and allow our perceptions to shift like the early days of the PC. Before the PC revolution, the general perception was “computers are only meant to be used in industries and cooperate organizations and not for personal usage”. Look at where we are today? Lol.

This decade perhaps will be one of the most incredible times we have ever seen because of the amount of change that has happened over the last 30 years and that potentially will happen over the next two decades I believe should redefine our generation as change-makers and dreamers.

I am 100% expecting this article to be obsolete or lacking information because of how much more new things will come out in the near future, and to me, that’s one of the most exciting things about web 3.0 and this new technology called Blockchain and how it will impact everyone’s future.

Face Of The Week

Asa Gray

Asa Gray (1810-1888) was an American botanist that pioneered the study of plant geography and he embraced Darwinian concepts of evolution despite his religious beliefs (history record that he was a devout Christian).

It was reading about him that I got to know the concept of theistic evolution also known as God-guided evolution. Theistic evolution is not in itself a scientific theory, but rather a range of scientists' perspectives on how the theory of general evolution relates to religious belief.

Theistic evolutionists accept scientists’ widespread belief on the Earth's age, the age of the universe, the Big Bang, the origin of the Solar System, the origin of life, and evolution.

I hope you enjoyed learning.

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MAP's Tech Newsletter.

VOL 28: The WEB Evolution: WEB 1.0-2.0-3.0…