Web 3.0!!! What is it?? Why should we learn about it??
Hey There,
Welcome again to my blog! 😊
In this blog, we will try to
learn about this buzzword called …yeah, you guessed it right, “Web 3.0”! 😂
Simply put "Web 3.0 is
internet decentralized!"
You might say,
"Sanket, last time you wrote
something about decentralized data architecture...amm what was
that...yeah...Data Mesh!
(Check: https://paradiseofanintrovert.blogspot.com/2022/02/data-mesh-is-it-here-to-kill-data.html)
Is it like these days we need to
apply this 'decentralized' term everywhere....like literally everywhere??"😅
Well..your question is apt and we
shall try to understand more on this new term for sure!
So, what exactly is Web 3.0??? 🤔🤔
So..there is no clear explanation
for this!!!?? How do we understand about it then???
“Wait…what??? You did a Brave
search???
Don’t we normally do a Google/Bing/Yahoo/whatever
else search??” You might ask!
Yeah..Brave is another search
engine which I’ve been using for some time on Brave browser!
Co-incidentally, this tool is
helping me get somewhat experience of Web 3.0!!
“This is all confusing …. can you
explain this??”
Yeah..sure! That’s why we are
here, aren’t we?? 😉
Okay..so I did a few more Brave
searches(yeah!) to understand more on this! Let’s try to see what is
that makes this concept so unique!
Web 3.0
In order to understand what is it, we
need to go back in time and understand what its previous versions were.
When internet gained major traction in
90s, there were static webpages on any site which one used to visit. Here the
role of user was limited to reading the information available and not much to
contribute! This is referred to as Web 1.0.
Now, after that the time came around 2005
for next generation, so to say, for the internet! Here, different web
technologies (like HTML5, Javascript, etc.) enabled users to interact with the
web via different methods be it commenting or creating user pages! Famous examples
of this could be Wikipedia, Facebook, YouTube, etc. where we, as users, not
only consumed the content but got chance to contribute in any form. This, we
can call as, Web 2.0.
Okay..so we get it! All the social
media platforms then come under Web 2.0. We interact heavily on daily basis
with this!
So, then what is Web 3.0???
Since users gained interest in these
platforms, companies like Google, Facebook (Now Meta!), Amazon used it
tactfully to generate business out of it! Advertisement business grew many many
fold and people became to product despite people thinking they were using these
platforms as product!!😯
Yeah, those ads you see while scrolling
Insta feed, on YouTube videos or Google search pages are the result of so many operations
combined mainly profiling based on your activity using Data Analytics and
Machine Learning! These helped these companies become so big that they now, in
a sense, own the internet and can influence people to act in a manner! (You
might have heard of Cambridge Analytica scene!)🙄
So, in order to have an alternate
solution to this, this new term has been coined…which is Web 3.0.
Here, decentralization is at the core
so no one owns anything and the users are the actual rulers! Although, there
are certain challenges against it, but we have to accept that it is emerging field
and would go through lot of iteration in its development!
In traditional web – Web 2.0 (well,
soon it will be 😉), the users didn’t get much back if we look
at it..like what benefit did you get from that ad that you saw, of course other
than ending up buying non-required item in most cases!?
So here in Web 3.0, they are trying to
give back to the users who come, interact with the web and the users have the
choice if they want to see any ads or not! So, let’s say I agreed to see ads, first
point is these ads will not be target based on my activity and second point is,
I’d get fraction of the revenue made by the web platform through advertiser!
“Wait …. what???”
I know..I know sounds a bit difficult to
digest! So, let me try to explain with an example. Remember, the Brave search I
showed in the beginning?? Yeah, that is a perfect example of this. So, I’ve
installed Brave browser on my Desktop and have enabled ads, so whenever I see
ads in any form, I get something called as BAT which is Basic Attention Token!
Yeah, we’re being paid for our attention! :P
As you can see in the snapshot, so far,
I’ve earned 0.25 BATs and in current month, so far, I’ve earned 0.103 BATs and
counting! 😬 This I can have in my wallet here and then
spend on things!
Oh..yes, here we’ve an option to give
back to the content creators as well via the same method! This is what giving
users the control means in its true sense!
Another definition:
“Web 3.0 is the upcoming third
generation of the internet where websites and apps will be able to process
information in a smart human-like way through technologies like machine
learning (ML), Big Data, decentralized ledger technology (DLT), etc. Web 3.0
was originally called the Semantic Web by World Wide Web inventor Tim
Berners-Lee, and was aimed at being a more autonomous, intelligent, and open
internet.”
Source: Coinmarketcap (https://coinmarketcap.com/alexandria/article/what-is-web-3-0)
Okay..so now that we know something
about this, let’s try to learn how can one benefit from this!
Well, for starters, we need to be
educated in order to benefit from any new technology! For which, we have taken
the first step today! 😊
Then, we should try to utilize the
same in any way to generate parallel source of income! As, it is the future of
the internet, we could utilize DeFi (another decentralized term for Finance..which
I’ve tried to cover in one my previous blogs) Check that out if you haven’t
already!
Another small step is to start using
browsers like Brave where you have control over your data and you’re getting paid
for your attention!
There are certain challenges for this
tech as any emerging tech this world has seen. Will try to list down briefly
and if one wants to know more about it, will have all the reference links at
the end!
The
challenges facing Web 3.0
Cost
-
The cost of Blockchain, which is underneath platform to support this, is
increasing! But there are developments happening in this space to reduce the
cost.
Scalability
-
Since every transaction on any decentralized network has to be put on the
entire peer-to-peer network, the more the number of transactions, the slower the
network might get due to congestion! A good example of this can be increased ‘gas
fees’ on Ethereum network! Again, Solana is trying to overcome by building fast
network and the work is in progress!
User
experience - We are so used to of the Chrome interface,
that this new platform might feel overwhelming in terms of learning to someone.
The wallet setup in order to have the tokens and all might feel too much! But I
believe, with time, this will evolve to a better level!
Accessibility – The final
one is internet accessibility itself! There are still certain areas in the
world, where traditional web hasn’t got full penetration and we’re talking
about next generation of the Web which will come with whole lot of changes with
it!
So,
in summary, we tried to learn about this buzzword and also talked about
challenges and applications!
In
order to not have this blog too much lengthy, I want to keep this discussion
till this only.
Will
definitely try to learn more and share in my next blogs!! 😊
Till then, chao 🖐 and thanks for stopping by!!😁
Oh…yes!!! If we are not already connected on LinkedIn, do hola
at me! 😄
Reference
Links:
https://www.entrepreneur.com/article/415525
https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b
https://www.npr.org/2021/11/21/1056988346/web3-internet-jargon-or-future-vision
https://search.brave.com/search?q=how+do+you+define+web+3.0&source=web
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