Web3 101: A Primer

Since my LinkedIn post announcing I've left Global App Testing, I've had many well-wishers, as well as a few questions about what I'll be doing next.

I wrote in the post that I want to write more - ideally around topics like 'web3', startups, business strategy, and much more. I've already been doing this for 12+ months as part of my Substack newsletter (under the same moniker).

Starting a LinkedIn newsletter will allow me to create 101 guides, write valuable content and connect with others in a way a Substack newsletter can't. I hope many of you subscribe to my Substack :)

While I've started my journey to explore what's next, I've had many questions asking - "What even is web3?".

This will be my first 101 guide on What Web3 actually is.

What is Web3?

To understand this, it helps to put it in the context of the overall evolution of the web.

Web 1.0

Web 1.0 was the earliest version of the world wide web that lasted from roughly 1991 to 2004.

This early version of the web is often described as “read-only.” Most of what people did on Web 1.0 was read static web pages that were manually coded with HTML. It was mainly used around making information accessible. Documents and pages were linked together, with companies like Google and Yahoo! making the world’s information easily discoverable.

You can think of Web 1.0 as a giant, "slightly-interactive" brochure or digital encyclopedia.

Examples of Web 1.0 include initial versions of blogs, message boards, and read-only websites.

Summary of Web 1.0:

• Read-only
• Majority of users using the internet in the ‘90s were consumers on static web pages and seldom produced content
• The internet opened up anyone to create static web pages

Web 2.0

Web 2.0, also known as the “read-write” or social web, is characterized by software applications like Gmail and Google Docs, and social media platforms such as Facebook and Twitter.

It emerged due to the lack of interactivity between creators and users of Web 1.0, and it’s the version of the web that most people experience today.

With Web 2.0, the focus is mass participation and interactivity, with people creating and posting their own content instead of passively reading. It also saw the advent of Software as a Service (SaaS) models and dynamic programming technologies.

However, one of the drawbacks of this version of the web is the centralization of user data and information by big tech companies.

Summary of Web 2.0:

• Read-write
• Web2 was prompted by accelerated progress in technology - server upgrades, upskilling developers and faster internet speeds
• Everyone can be a content creator & consumer
• Value accrues to larger tech companies to extract valuable data and profit
• Centralized companies have ownership over user data and all user-generated content
• Platforms are siloed in Web2, with the user needing to create an identity across each one to interact as platforms do not “talk” to each other.
• Privacy is a huge concern as intermediaries are responsible for protecting ours.
• Web2 has been about: social connection & content creation

Web 3.0:

The defining aspect of Web 3.0, or Web3, is decentralization.

With Web3, users own, monetize, and use their data for their own benefit.

Web3’s focus on decentralization means that users can interact in a secure way, exchanging everything from money to information, without the need for intermediaries such as banks and large tech companies.?

Creatives will thrive in web3 - from innovative ownership and monetization mechanisms, to new digital worlds and communities, the creators will own

Three key technologies that will power web3:

• Blockchain - providing a public, permanent, and universal single source of truth
• Digital Assets?- issued on a blockchain, allowing us to move our assets around and be tracked correctly using a blockchain (e.g. if I have an asset in X location, the same exact asset can't also be in Y location)
• Smart Contracts?that contain conditional programming code that create utility by facilitating self-executing applications?('if-this-then-that' happens)

Web3 principles:

• openness - the ability to traverse different platforms and exchange data seamlessly (e.g. moving my Twitter followers to a new social media platform)
• decentralized - not controlled by a centralised entity, instead relies on nodes (e.g. computers or devices) from individual users to maintain the network (this is important so that a single institution can't manipulate or control your data or funds)
• censorship-resistant - anyone can access the entire platform vs being restricted by governments or certain institutions
• immutable - once a change has been made or transaction has been published, it can't be undone
• trustless - removes the middleman / reduces third-party involvement
• permissionless - platforms are governed by code based on a standard set of rules ('smart contracts')

There's a lot more I could write about such as DAO's, NFT's, the Metaverse and more - but I'll save those for future 101 posts.

Feel free to post any questions in the comments & anything you want me to break down next :)