So, what is web3?
“We’ve got a long way to go, upgrade computer” as Gwen Stefani and Andre 3000 would say.
The internet has come a long way since its humble beginnings as a military tool for sharing information. These days, it's hard to imagine life without the world wide web. But what many people don't realize is that we are currently in the midst of a major shift from what has been dubbed "web 2.0" to "web 3.0." So what exactly is web3, and why is it considered the future of the internet?
In the early days of the web, which we know look back and refer to as “web1”, the focus was on creating a network of computers that could share information quickly and easily. This led to the development of the world wide web, which made it possible for people to access information from anywhere in the world. While web1 was an important milestone, it was only the beginning.
The next phase of the internet, known as web2, saw the birth of social media and the rise of centralized data storage. This allowed people to connect with each other like never before, but it also created new challenges. For example, centralization made it easier for companies like Facebook (now Meta) and Google to collect data on users and sell it to advertisers. And if you’ve heard of the Cambridge Analytica scandal you know why centralized data presents a long term ethical dilemma.
In response to these concerns, a new era of the internet is emerging, known as web3. Powered by blockchain technology, web3 is designed to give users more control over their data and digital assets. With web3, there is no need for central intermediaries like Facebook or Google. Instead, users can interact directly with each other, and they can own their data outright.
In essence, web3 is powered by blockchain technology and is based on the principle of decentralized data. It is based on the idea of distributed ledger technology, or DLT. Transactions on a blockchain are verified and processed by a network of computers, rather than being centrally controlled by a single entity. This makes blockchain-based systems much more secure and resilient to attack than traditional centralized systems.
While web3 is still in its infancy, there are already a number of exciting projects that are building decentralized applications (dapps) on top of blockchain platforms such as Ethereum. These dapps have the potential to revolutionize a wide range of industries, from finance and healthcare to social media and gaming.
This new paradigm shift has the potential to revolutionize the internet as we know it, and that's why web3 education is so important. By understanding the basics of this new technology, we can prepare for a future in which we are more empowered and in control of our online lives.