Web3: A New Frontier

The internet has been on a pilgrimage since its inception. From the days of basic web pages to the interactivity we’re experiencing today, every iteration has proved that this “World Wide Web” is full of promise. It hasn’t been all sunshine and rainbows though–as tech companies have expanded in size so has their collection of our personal data. That's where Web3 comes into the picture, promising to stir the pot by making the internet more decentralized, trustworthy, and user-friendly.

The World Wide Whirlwind

To understand Web3, we have to first understand how the internet evolved. It started as Web 1.0, where websites were like digital brochures–read-only. There was very little user interaction, which is why this iteration is known as the read-only web. Then, Web 2.0 came onto the scene, bringing us social media, user-generated content, and best of all, it gave you the opportunity to slide into your crush’s DMs. But more interaction on the user’s end means the companies who own the websites we interact with can learn a lot about us by collecting our data. In some cases this can be beneficial–our information can be used to improve user experiences on both a collective and individual basis–but trusting private companies to act in the best interest of the public is a gamble. This is where Web3 comes along.

Web3: The Black Sheep

If you think of Web1 and Web2 as siblings, Web3 is like the black sheep of the family. Web3 builds upon the foundations established by its predecessors but also utilizes blockchain technology (that thing they mention when speaking of Bitcoin and NFTs) to improve things for the user. Blockchain means private companies can’t lord our data; everything is decentralized. That's great for security–it gives the power back to users and enables them to call the shots with their data.

In Web3, you get to own your digital identity. Instead of regular apps, there are decentralized apps (dApps), and smart contracts make agreements without the need for middlemen. No middlemen means lower costs, more transparency, and more inclusivity. It also widens the doors for interoperability, a user is not restricted in exchanging information between different services. Web3 also operates on a trustless system, meaning the user is not dependent on the trustworthiness of individuals and institutions. Smart contracts automate the process when certain conditions are met, keeping transactions open and honest. 

All in all, Web3 restores the power of the internet back to the people. With its decentralized, user-centered approach, it has the potential to create a more open and user-friendly online world. As with its predecessors, there will be challenges, but Web3 has the potential to transform the internet for the better.