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Web 3.0

Web 3.0

Web 3.0 is the third iteration of the World Wide Web, the core internet system for storing and exchanging information.

Overview

Some experts argue that web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies. Others have raised concerns about a decentralized web, citing the potential for low moderation and the proliferation of harmful content, the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that web3 only currently serves as a buzzword.

Background

Web 1.0 and Web 2.0 refer to eras in the history of the World Wide Web as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, where most websites were static webpages, and the vast majority of users were consumers, not producers, of content. Web 2.0 is based around the idea of "the web as platform" and centers on user-created content uploaded to social media and networking services, blogs, and wikis, among other services. Web 2.0 is generally considered to have begun around 2004 and continues to the current day.

Terminology

Web3 is distinct from Tim Berners-Lee's 1999 concept for a semantic web. In 2006, Berners-Lee described the semantic web as a component of Web 3.0, which is different than the term Web3 in crypto context.

The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain." In 2021, the idea of Web3 gained popularity. Particular interest spiked toward the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies. Executives from venture capital firm Andreessen Horowitz traveled to Washington, D.C. in October 2021 to lobby for the idea as a potential solution to questions about regulation of the web, with which policymakers have been grappling.

Some writers referring to the decentralized concept usually known as "Web3" have used the term "Web 3.0", leading to some confusion between the two concepts. Furthermore, some visions of Web3 also incorporate ideas relating to the semantic web

Concept

Specific visions for Web3 differ, and the term has been described by Bloomberg as "hazy", but they revolve around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs). Bloomberg has described Web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online". Some visions are based around the concept of decentralized autonomous organizations (DAOs). Decentralized finance (DeFi) is another key concept; in it, users exchange currency without bank or government involvement.[6] Self-sovereign identity allows users to identify themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in order to assess identity. Technology scholars have argued that Web3 would likely run in tandem with Web 2.0 sites, with Web 2.0 sites likely adopting Web3 technologies in order to keep their services relevant.

Timeline

Further Resources

Title
Author
Link
Type
Date

Web 3.0 Will Make Millionaires in 2022

Web

January 28, 2022

What Is Web 3.0 & Why It Matters - Fabric Ventures - Medium

Fabric Ventures

Web

December 31, 2019

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