Web3: The Future Internet

Talking ‘bout the future seems crazy. But how about changing the future internet? Crazier, right?

It has been a topic of discussion on the internet about the rebirth of the World Wide Web, dubbed as, Web 3.0. This future Web is a decentralized environment that is based on blockchain and crypto-technology. A vision that realizes the goal to not only change the world of money but to reimagine the internet in support of it.

What’s wrong with the early webs? Way back in 1990s, Web 1.0 took off where users can only read contents. Editing articles, creating user pages and leaving comments cannot yet be done which only offer limited user interaction.

Then came 2005 where Web 2.0 seeks to resolve the issues surrounding Web 1.0. During this time, the internet has become more interactive which paved the way for web platforms such as Facebook, YouTube and Google to flourish. Through these platforms, data can already be edited and shared. Leaving comments and creating contents have become common activities among users.

While it seems that Web 2.0 already has it all, data privacy has been a great concern by users. Big Tech Companies often collect large volumes of data and utilize these for value in a way where users haven’t agreed to. This motivated the innovators especially crypto-enthusiasts to revolutionize the internet, resulting in the idea of Web 3.0.

What is Web 3.0? What’s in it for me? Web 3.0 is the third generation of the internet that seeks to revolutionize Web 2.0. It is built upon a decentralized system known as blockchain that underpins Bitcoin and other cryptocurrencies. It is a system where the data is stored on multiple computers simultaneously and is searchable by everyone. It is taken control by a group of users rather than corporations. People can have ownership on the network in the form of tokens where they can vote on decisions and potentially gain real value.

Furthermore, this future internet applies semantics in the web which enables computers to analyze data and decode meaning and emotions. This enhances the connectivity among the users which facilitates direct relationship among them. As users come together, they can develop anything from new apps to new social networks, search engines and marketplaces. This actually means taking the power back from the Big Tech Companies which presently control all the users’ data and use this in making ads for profit.

What are the downsides? Web 3.0 doesn’t offer customer-service to its users in times of glitches. Ownership and responsibility are hard to identify in this realm. When it comes to harmful or illicit activities, it’s difficult to point out who’s to blame. As cited by Allyn (2021) in his article, Jack Dorsey, Twitter’s former chief executive, even argued that resisting to give up personal data to Big Tech Companies and putting it in a blockchain will make the data even more public. If the problem is that there are too many centralized intermediaries, putting everything in a blockchain means putting it all in one place.

What are the actions made toward Web 3.0? But despite all its shortcomings, many investments and developments are moving into the direction of Web 3.0. According to PitchBook, venture capitalists spent $30 billion in crypto-related ventures including Web3 in 2021 as mentioned by Kharif and Lanxon (2022).?Even Facebook’s top digital currency engineers left the company to join Andreessen Horowitz's crypto team as reported by CNBC.?Moreover, Twitter has been exploring options to allow users to tweet from a crypto account. Facebook recently changed its company name to Meta to reflect their vision of bringing metaverse into life in its social platforms. Opera has also announced its beta launch of “Crypto Browser Project” which is equipped with Web 3.0 features.

Well, this is only the tip of the iceberg when it comes to Web 3.0. As this revolution eventually unfolds, there will be many more. We could thus anticipate a future in which the internet is much more embedded into our daily lives.