The universe of networking and web pages has seen multiple phases, wherein the next phase is usually transitioned from the previous phase gradually, thus making it hard always to give clear-cut differences. Few experts say that we are now slowly transitioning into the third phase – Web 3.0, while others are still of the opinion that it’ll be a few years more until Web 3.0 is normalized in our daily online lives.
Web 1.0 is termed to describe the earliest form of the internet and was mainly static. Also called the “Read-Only Web,” it lacked the necessary forms, controls, visuals, and interactivity we enjoy on today’s Internet. Here, the users were only consumers.
Web 2.0 mainly focuses on “User Generated Content” (UGC), where web pages dynamically personalize to their user’s preferences. In layman’s terms, users need not code out something for it to be a part of a (/their) web page. This heavily depends on collecting data from its users to give them a more personalized experience, which in turn increases the time spent on the website, which generates more money. The same website/URL could show you and your friend completely different content, based on your and their past interactions with the website. The higher-ups have also realized that the data collected from us could be packaged and sold to third-party companies for more money. This era is said to be the age of targeted advertising and the lack of privacy for users. In Web 2.0, users turned into products.
Before we move on to Web 3.0, let’s understand what blockchain really means. A blockchain is basically a dynamic ledger, a list of records, or blocks. All the blocks are linked with each other using cryptographic hashes. Each block connects to the previous block using one of these hashes and contains information/data and the timestamp of the transaction. These blocks, in turn, form a chain, hence the term – blockchain. Here, there’s no centralized body governing all these transactions. Every user has a copy of the blockchain, and all the communication done is peer-to-peer only, without any middlemen. Usually, every user has to accept a new block of the transaction (an update to the chain), and only then will every user update their copies of the chain. Otherwise, the update is disregarded and not considered. Here, every user is the owner.
The upcoming era, Web 3.0, is said to make the Internet smart by using human-like intelligent systems through artificial intelligence and machine learning algorithms. Web 3.0 and Web3 are often used interchangeably. Web3 is basically an open and decentralized system of networks based on blockchain technology. Users will be able to exchange information, data, and even money without any middlemen – banks or big companies. There is no single governing body or authority managing any of the contracts – it’s all decentralized. One token or account could enable a user to join this blockchain network, and hold a copy of all the transactions being made, for every platform. A user’s online identity could be kept completely hidden from their real identity.
Zuckerberg’s idea of the virtual future, the Metaverse, is highly dependent on Web 3.0. Another feature that we could see here is DeFi, or Decentralized Finance. This includes peer-to-peer financial transactions, smart contracts, and, most importantly, cryptocurrencies. This also promises connectivity between various devices using the Internet of Things (IoT). With more visual 3D graphics and NFTs, this web is often termed as permissionless – any user can join the network without any permission from a central body. Web 3.0 will ideally convert users into content owners.
As we can see, Web 3.0 is still in the making. A few of its components are already in use, but it’s not all connected with each other as it claims will be in the future. There have also been discussions about how secure the Web 3.0 network will be without any central governing body, and only users. Another point to note is that Web 3.0 is not equivalent to blockchain; it will be heavily based on blockchain technology, but will also include multiple other elements like AI, ML, etc. As users and developers, all we can do is hope to see a future of Web 3.0 networks that promises advanced technology and move on to the metaverse.
~ Poorna Hegde, Third Year of Department of Information Technology