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What is Web 3.0?

What is Web 3.0? Web3’s Potential to Change Humanity

Web 3 is a keyword that has attracted a lot of attention lately. So what is Web 3 and does Web 3 really have the potential to change the kernel in the future?

Quick Take

Web 3.0 was born to address the limitations of Web 2.0 and bring new improvements.

In Web 3.0, users truly own their information and are the ideal environment to transfer value.

Web 3.0 is still in its infancy but has the potential to change humanity in the same way that Web 2.0 did and will create a massive shift in prosperity for the changing generations.

What is Web 3.0?

Before diving deeper into Web 3.0, let’s learn about the most basic concept – the Web.

What is the Web?

The Web (or website) is a collection of information that can be accessed through the Internet. This collection of information is what is developed and posted on the Web, from articles, social networks, entertainment sites, …

There are quite a lot of people who often confuse the Web with the Internet, the Internet is the infrastructure, and the Web is the things developed on that infrastructure.

A simple example you can think of:

  • The Internet is like a bookstore.
  • And The Web is the book collections in that bookstore.
  • The main collection of information is the books in the book collections.

All helped shape the cyberspace we are accessing today.

So to come to Web 3.0, the Web has gone through development steps and how has it impacted humanity? To understand what Web 3.0 is, let’s go back in time to better understand previous Web generations.

Web 1.0 – Information Display

Born in 1989, Web 1.0 created a place to help users access information more easily. However, Web 1.0 at that time was basically just text lines with links to other articles.

Users are mostly just consumers of information (consumers) and cannot interact with the content they read. The creation of content to post on the web was also very limited at that time.

First website

⇒ At this time, the Web only stops at displaying information and most users are Consumers.

Web 2.0 – Information Transfer

And as is the nature of development, the following versions will gradually improve and help solve the limitations of the previous version. There are more and more tools to help improve the Web such as Javascript, CSS, …

These tools are the premise for platforms like Youtube, Facebook, Wikipedia,… to develop. Thanks to these platforms users can gradually interact with the content they read and even better, they can now create content (Creators) and share it publicly.

With Web 2.0, users can interact and create content

There is no denying the wonderful things that online platforms give us, thanks to Web 2.0, the world has become much flatter. People in many countries can interact with each other and access more information.

However, later on, power is concentrated in a few big guys, Web 2.0 is gradually deviating from their original purpose.

Tech giants blatantly exploit personal information from users for their own profit. To use a service of Web 2.0 platforms, we often have to provide a certain amount of information and that is sometimes a barrier for those who want to access the features inside.

The content and information created by users but are not owned by them when Facebook, Twitter, … can easily delete posts or lock an individual’s account.

⇒ The Web now helps to transfer information and users can become Creators, but there are many limitations that make it difficult for them to go any further.

Web 3.0 – Delivering Value

Web 3.0 is a version born to solve the problems of Web 2.0. With Web 3.0, power is transferred to the user, the user himself is the owner of his information and cannot be interfered with by anyone.

Not being subject to the limitations of Web 2.0 is also a premise to open a new era when users can transfer value on the Web freely and without too many elements of trust.

For example: With Web 2.0 to transfer money to another person, we have to depend on banking applications and need to provide the necessary information, the bank can track and block your transaction.

With Web 3.0 we can freely transfer money to anyone with just a non-custodial wallet like Coin98 Wallet, these transactions cannot be prevented.

Another example is that with Web 3.0 we can borrow many types of assets in Lending protocols like Compound or Aave freely without having to trust the lender. Everything is transparent and verifiable on-chain.

This can become a reality thanks to breakthroughs in many aspects such as:

  • Hardware advancements help develop the above technologies like Blockchain and AI.
  • Blockchain network helps to increase Decentralized, Trustless and does not depend on third parties.
  • Advances in AI and Machine Learning, while still new, if developed on decentralized networks will help create applications far beyond the present time.

Web Development Stages

It is clear that Web 3.0 has ushered in a new era that will help break down the barriers from Web 2.0 and move towards a flatter world than ever where information and above all value can be transferred freely. .

⇒ In Web 3.0, users are the Owners of their information and create the right environment to deliver value.

Web 3.0 breakthroughs

Web 3.0 inherits the good features of Web 2.0 and has additional elements to help solve Web 2.0’s limitations, including:

  • Verifiable: Everything is transparent and verifiable on-chain.
  • Trustless & Permissionless: Minimize trust-related factors and anyone can participate.
  • Self-Governing: User-centered, the user himself has full rights to his information and assets.
  • Distributed: Power is distributed among users and decisions are made and implemented by decentralized autonomous organizations (DAOs). All of which cannot be controlled by some centralized organization.
  • Native built-in payments: Web 3.0 applications do not require users to provide personal information and cannot prevent user payments and transactions.

Looking at the above characteristics, do you see similarities between the things that Web 3.0 brings and the blockchain brings?

It’s no coincidence that blockchains have grown so powerful, they were an integral part of the birth of Web 3.0. It can be said that thanks to blockchain, there is Web 3.0 and thanks to Web 3.0, blockchain can develop.

Learn more: What is Blockchain Technology?

The Potential of Web 3.0

The breakthroughs of Web 3.0 have opened huge portals to create business models and industries that were previously hard to imagine.

The most typical example at the moment is Crypto. The application of blockchain technology with the removal of the trust factor, eliminating the need for a third party in the transaction has created really great experiences and products.

With just a Non-Custodial wallet, one can send money to anyone anywhere in the world.

  • Thanks to DeFi we can deposit money in the bank without going to the bank while the interest rate is better, we can borrow without seeing the creditor’s face, we can maximize profit by rotating capital or farming .
  • Thanks to Play to Earn and NFT games, a player’s in-game property is player’s property and indestructible, and also generates a source of game income.
  • There are also many other breakthroughs waiting to be discovered.

In just one year from November 2020 to November 2021, the market capitalization increased from $450 billion to over $3 trillion, an amazing growth rate.

Crypto Market Cap – Source: Coinecko

But remember, Crypto is just the first of many discovered applications that Web 3.0 could make in the future.

Looking at the actual growth figures that Crypto has achieved, I am very optimistic that Web 3.0 will have the same impact on humanity as Web 2.0 did and even more.

See also: What is Crypto?

Limitations of Web 3.0

Despite its huge potential, it must be admitted that Web 3.0 is still in its infancy.

Some of the limitations include:

  • Scalability: There is still a big gap between Web 2.0 and Web 3.0 in terms of scalability, processing speed, cost,…
  • UX: User experience is still not really good because to participate in Web 3.0 products like Crypto, users need to learn new knowledge, download new software and manipulate many different steps. This is a barrier to mass-adoption.
  • Accessibility: Applications are mostly built independently rather than integrated with popular and familiar Web 2.0 applications, reducing accessibility to users.
  • Cost: The cost of developing a project is very expensive, dapps often have difficulty putting code on the blockchain because of Ethereum’s gas fees or the cost of auditing.

Although there are limitations, they are all being gradually overcome. The fact that it is still at an early stage and there are still many problems to solve also means that many opportunities are opened for people who believe in the future of Web 3.0 and develop related products.

Notable Web 3.0 Projects

Surely with the information above, you can also see the width of Web 3.0. It can be said that blockchain is part of Web 3.0 and projects developed on blockchain are all part of Web 3.0.

Web 3.0 Stack is referenced from Multicoin Capital’s research showing the width of Web 3.0

Below I will list a few outstanding Web 3 projects compiled from Web 3 Index.org. In the initial stage, Web3 Index only aggregates projects in the service segment and evaluates the website based on revenue from selling protocol products.

I quite like this approach, because in the gold rush the people who benefit the most are the shovel sellers, not the gold diggers, and the revenue-based assessment clearly shows the effectiveness of the project rather than the indicators. numbers like TVL or capitalization.

Revenue from service projects in Web 3.0 – source: Messari

Featured projects

Arweave

Arweave (AR) is a Blockchain Data Storage Protocol based on a new generation of Proof of Access consensus algorithm to create the world’s first truly permanent data store.

In December 2020 Solana developed a SOLAR bridge that allows data to be transferred from Solana to storage in Arweave and also to query data back from Arweave to Solana. Since then, marking the outstanding growth of Arweave’s revenue.

Livepeer

Livepeer (LPT) is the supporting infrastructure for decentralized video streaming. Livepeer takes advantage of Blockchain’s decentralization, allowing users to be in control of the content they create and can freely share content more effectively.

Filecoin 

Filecoin (FIL), like Arweave, is a project in the Decentralized Storage array. Filecoin is known as one of the first names in the field of storage and is most prominent thanks to the application of the open source distribution protocol (IPFS).

The Graph

The Graph (GRT) is a protocol that allows indexing and querying of data from the Blockchain. The Graph allows anyone to build and publish APIs called Subgraph. Subgraph makes it easier to access Data from Blockchain.

Helium

Helium (HNT) is a decentralized peer to peer wireless network (Decentralized Wireless Network) built on the blockchain platform. It works on Proof of Coverage and a new consensus algorithm based on HoneyBadger BFT.

Helium is used to route data for low-power long-range IoT (Internet of Things) devices.

Closing thoughts

Web 3.0 is a very broad topic, only one of their applications such as Crypto needs us to spend a lot of time to learn and understand. And in the same way that Crypto has changed and will change lives, other uses of Web 3.0 will create a huge shift in prosperity for the changing generations.

Previous generations of Web took decades to develop and are gradually being applied more in life and this is similar with Web 3.0, everything will be developed and applied slowly so that one day we will use it. them naturally as we use social networking platforms like Facebook, Twitter,…

The advantages that Web 3.0 brings will gradually be linked together, helping to create a more seamless and effective experience where people are at the center.

Besides, there are breakthroughs on a global scale when all physical limits are broken and we are truly moving towards a flatter world than ever before.

Epilogue

Hope the above article has helped you to understand better about Web 3.0, I often say “Web 3.0 is everything”, because the more I dig deeper, the more I see the giants and what they can bring. Different from the early stage when everything was ideal, at the present time Web 3.0 applications have gradually come to life and have a very fast development speed.

What will our future look like in the next 5 to 10 years? I don’t know but I believe Web 3.0 will play a very important role in that future. If you have any questions or comments, please comment below to discuss with idolmeta.net !

 

 

 

 

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