What is Web3 & how does it relate to DLT?
As the internet has evolved, so too have our experiences of it. From the static, read-only Web 1.0 of the 1990s to the user-generated content and data-driven Web 2.0 of the 2000s, we are now on the cusp of a new paradigm shift: the decentralised Web3.
Web 1.0 was the brainchild of Tim Berners Lee, who proposed a distributed hypertext system in 1989 that became the foundation for the first iteration of the internet as we know it today. This framework provided the foundation for exponential growth in both website content and users, paving the way for the explosive growth of the World Wide Web.
Web 2.0 was marked by the emergence of behemoths such as Google, Facebook, Apple, and Amazon, who leveraged increasing amounts of data that users generated to provide personalised and engaging online experiences. However, indiscriminate data harvesting sparked a backlash, leading to a new era of web services that put users in control of their data.
Enter Web3, which is characterised by decentralising the power of the internet and putting power into your hands. The key to this paradigm shift is distributed ledger technology (DLT), also known as blockchain. DLT allows anyone to build decentralised applications without needing approval from centralised authorities such as Apple or Google. Open-source DLT is an effective way to realise the potential of Web3 because it enables users to own and monetise the value they create online.
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Web3 is still in its early stages, but its potential is enormous. The decentralised web removes the power of gatekeepers to decide what services get deployed, putting control back in the hands of users. The Web3 movement is driven by organisations such as the Decentralised Systems Foundation, which exists to promote the use of DLT for the common good.
As we look to the future, it is clear that the internet will continue to evolve, and Web3 represents an exciting new chapter in its story. By putting power back in the hands of users, we can create a more equitable and democratic online world.