De
Team Thoughts
The web we know today is significantly different from what it was ten years ago. How has the internet grown, and more importantly, where will it go next?
The evolution of the web is divided into three stages: Web 1.0, Web 2.0, and Web 3.0.
Web 1.0
Web 1.0 was the original version of the internet. Most participants were content consumers, whereas the creators were developers who built websites that delivered material mostly in text or graphic format. Web 1.0 existed from around 1991 until 2004.
Web 1.0 sites served static material rather than dynamic HTML. Data and content were supplied through a static file system rather than a database, and there was little interactivity on the web pages.
Web 2.0
With the introduction of social media platforms in 2004, the Web 2.0 era began. Instead of being read-only, the web evolved into a read-write medium. Companies began to give venues for users to contribute user-generated content and engage in user-to-user interactions rather than simply giving material to users.
Web 2.0 also gave rise to the business model based on advertising. Users could generate material, but they couldn’t own it or profit from it.
You don’t have to be a developer to participate in the creative process in the Web 2.0 universe. Many applications are designed so that anybody may simply become a maker. You may also post a video and let millions of others to see it, engage with it, and comment on it. The web is fantastic in many respects, but there are certain areas where we can improve significantly.
You have no control over your personal information or how it is kept on Web 2.0. Businesses frequently track and save user data without their users’ permission. The firms in charge of these platforms then possess and manage all of this data.
There are a few key distinctions between web2 and web3, but autonomy is at the heart of both.
Web 3.0
Web3 refers to decentralized programs that operate on the blockchain in the context of Ethereum. These are applications that allow anyone to join without having to sell their personal information.
When you read about Web 3.0, you’ll notice that bitcoin is frequently mentioned. This is due to the fact that bitcoin plays a significant role in many of these systems. It offers a financial incentive (tokens) to anyone who wishes to help create, control, contribute to, or improve one of the projects itself.
Web 3.0 developers often do not create and deploy apps that run on a single server or keep their data in just one database.
Despite providing a formal definition of Web3 is difficult, a few basic concepts influence its development.
- Instead of significant swaths of the internet being managed and owned by centralized companies, ownership of Web3 is divided among its architects and users.
- Web3 is permissionless, which means that everyone has equal access to it and no one is excluded.
- Web3 offers native payments: instead of depending on the outmoded infrastructure of banks and payment processors, it spends and sends money online using cryptocurrencies.
- Instead of relying on trusted third parties, Web 3.0 runs through incentives and economic systems.
Web 3.0’s disruptive premise is built on three fundamentals: the blockchain, which stores all data on asset ownership and transaction history; “smart” contracts, which depict application logic and can autonomously execute particular things; and digital assets, which can reflect anything of value and interact with smart contracts.
As with every new disruptive technology, it remains to be seen how revolutionary blockchain, smart contracts, and digital assets will prove to be.
Nonetheless, before Web 3.0 can completely establish itself, it must overcome ongoing problems, barriers, and hazards for both consumers and institutional participants.
Web3 currently has the following limitations:
- Because Web 3.0 transactions are decentralized, they are slower in terms of scalability. All changes must be handled by a node and disseminated throughout the network.
- Interacting with Web 3.0 apps may need additional procedures, software, and knowledge. This can be a barrier to adoption.
- Web 3.0 is less accessible to most people due to its lack of integration with contemporary web browsers.
- Because blockchain is costly, most successful apps only put a tiny percentage of their code on it.
Web 3.0 is still an essential internet trend to keep an eye on, and C-suite executives in a variety of industries may want to keep it on their radar, if only for the potential for quick disruption it represents. Executives may devise a strategic approach by considering how Web 3.0 native startups can disrupt their market and the obstacles and opportunities that this would provide.
