As the landscape of web has been ever changing, in Web1, which spanned about 1990 to 2005, open, decentralized, and community-governed protocols were the norm. Users and builders at the network’s periphery reaped the majority of the benefits.
Web2 (approximately 2005–2020) was about centralized, segregated services provided by businesses. A small number of businesses, including Google, Apple, Amazon, and Facebook, reaped the majority of the value.
Web 3.0, on the other hand, aims to return ownership and control to the person. to preserve people’s privacy via cryptography and pseudonymity and to establish an economy that is more centered on sharing.
It is quite challenging to put it in standard definition as the web 3.0 is constantly evolving and is the latest internet iteration.
Blockchain technology has no possibility of providing value to the general public with the Web2 architecture as it currently exists, with Silicon Valley controlling the majority of the data and infrastructure. Due to the fact that blockchains are open and permissionless, Web2 is unable to grasp the potential of the technology because these business models are designed to attract users’ attention without providing them with financial rewards.
In Web2, centralized entities control every server and rely on users as a source of income. In Web3, people interact with the web while the decentralized blockchain acts as the back end.
Web 3.0 is making the existing infrastructure and architecture obsolete. A bank is not necessary for Web3 to meet its financial demands. Web 3.0 has a lot of potential to enhance the banking industry and others too.
What’s real and what’s hype?
Emerging blockchain technologies are still the topic of a lot of buzz. Three major technologies in particular — the metaverse, Web3, and cryptocurrency — promise to bring special power and control to its users.
As Web 3.0 is constantly evolving and several technologies that supports this innovation are in different innovation phases. This Hype Cycle framework graph illustrates in which stage of maturity each technologies are in as per year 2022.
Some technological advancements, including blockchain wallets and smart contracts, are anticipated to mature in under five years. The adoption of additional applications, like as decentralized identification and non-fungible tokens (NFTs), is hindering it’s growth by technical, legislative, and compatibility issues.
What fuels the web3 growth?
Hype and failure are part of the path towards disruption. People require evidence to support why Web 3.0 is preferable to Web2. Given all the issues with the current social media platforms, a decentralized solution might be revolutionary.
We must go above social media’s negative aspects and big tech’s elitism. We must investigate how communities and internet users may own and democratize data. Through wallets, vibrant communities, we must provide consumers a new level of liberty. We must work to create a society that is more just, sustainable, and inclusive.