Web 3.0 - A Detailed Account of the Revolution of the Internet

We see the term Web 3.0 surfacing in numerous tech articles. It is frequently talked about everywhere, from financial newspapers to political historians’ discussions. Lest we forget, it is the subject of an obsession of data scientists. So, what is it about Web 3.0 that is fetching attention from such a wide range of audiences?

To understand this, we will systematically dissect the internet journey and closely examine the elements that led us to web 3.0. By anthropologically exploring the rise of the internet, by the end of the article, we will understand how web 3.0 challenges the limitations of current internet space.

Web 1.0 – The Era of Slow Internet

We go decades back and remember, with a tinge of nostalgia, the days when our modem would take forever to connect to the internet. Our anticipation intertwined with the weird noises of the modem made us feel that we were in some sci-fi movie. These were the days of Yahoo, Orkut, and MySpace.

Back in the day, the virtual space consisted of static web pages laden with texts and images. Yes, we rarely came across any videos. Of course, we all remember how long it took to download our favorite movie.? The download window showing “Estimated time left…..Forever” surely did not bring a smile to our faces.

Towards the end of the first decade of the 21st century, we gradually started heading towards the world of smartphones. The rise of Android and iOS platforms coinciding with advancements in Broadband technology played a crucial role in paving Web 2.0.

Web 2.0 - The Rise of Social Media & eCommerce

The developments of smartphones and the internet catalyzed the rise of social media. Platforms such as Facebook, Twitter, Youtube, Instagram, and Linkedin breathed a new life in the realm of virtual space. These social media platforms proved to be an excellent instrument for uniting people from different cultural backgrounds.

People began to develop genuine bonds and form communities on the foundation of common interests. This investment of trust and a strong feeling of communality was instrumental in transforming a previously dead virtual platform into a lively space with intimate human engagement. And this emotional involvement subsequently seeded the expansion of social trust into the realm of online business.

Indeed, the first half of the decade witnessed a wild skepticism towards eCommerce. However, the increasing sophistication of smartphones and internet technologies such as AI, ML, and Cloud Space was instrumental in digitally transforming the business operations.

In the latter half of the decade, online businesses began to deliver services that, unlike traditional commerce, were highly customer-centric. Eventually, the pandemic exposed the limitation of traditional enterprises and attested that online commerce is the only way to the future.

Web 3.0 –Revolutionizing the Internet with Blockchain’s Democratizing Architecture

The origins of web 3.0 can be traced back to 2006. Van Jacobsen developed information-centric network architecture and presented it at a Google conference. The architecture placed information at the heart of the network instead of the host to ensure thorough regulation of the data flow.

Back then, a small portion of internet users employed peer-to-peer network systems as an alternative to the worldwide web monopoly. However, this idea could not establish a successful business implementation.

Three years later, a group of people aliased as Satoshi Nakamoto published a white paper introducing the revolutionary idea of Bitcoin. It added considerable depth to the nascent peer-to-peer network concept with Blockchain’s Distributed Ledger Technology (DLT).

DLT disrupts the existing data models with its hard-core decentralized system that offers complete security and information to its proprietors. Today, for us end-users, it seems that we are still in the Web 2.0 era. This is mainly so because web 3.0 has not fundamentally affected the end-user experience yet. However, the internet is going through a fundamental evolution in the back end.

The use of DLT and Blockchain is revolutionizing supply chain management systems. It is helping online businesses in pushing the boundaries of eCommerce tremendously. They are finding applications scaling up data security of diamond and bank industries. For now, their direct impact on our daily lives surpasses our visceral experience.

Where Do We Go From Here?

Web 3.0 is driven by Blockchain. A growing number of companies are developing an interest in adopting the Blockchain model. Why not? After all, it delivers decentralized data control, seamless services, and thoroughly secured networks.

Alongside, cryptocurrency has already caused a massive stir in the global markets. As per January 2021 reports, it surpassed 700 billion $. It is getting increasingly apparent that Blockchain is going well beyond crypto-enthusiasm and broadly impacting the very fabric of virtual space. Considering its deep-rooted democratic nature of decentralized data access, thorough security, and interruption-less services, Web 3.0 will turn the leaf not only of the history of the internet but also of the history of Mankind.