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WEB3: THE FUTURE INTERNET

Aug 16, 2022 | Talking Points

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« Insights | Web3: The Future Internet
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by Olly Kemp

11 Minutes Read

Web3 opens the door for a safer, more inclusive Internet offering greater
transparency and increased efficiencies.


Web3 (also known as Web 3.0) is the third generation of the Internet and it
represents the forthcoming transition from Web 2.0 toward a much more
decentralized Internet.  This is the result of the advancement of blockchain
technology and other distributed ledger technologies and suspicions surrounding
the control big tech has had with Web 1.0 and Web 2.0.  These technologies are
lowering the level of trust, transparency, and security on the Internet.

The goal of Web3 is to create a more inclusive and accessible internet for
everyone, and whilst Web3 is still in its early stages, there are already a
number of projects working on making it a reality.

In This Article
1 What is the Difference Between Web 1.0, Web 2.0 and Web 3.0?
2 Features of Web3
3 Uses of Web3
4 Benefits of Web3 Technology
5 Disadvantages of Web3
6 Web3 Summary


WHAT IS THE DIFFERENCE BETWEEN WEB 1.0, WEB 2.0 AND WEB 3.0?



The internet has undergone three major evolutions since it was first created in
the early 1990s. Web 1.0 was the first iteration of the internet and it was
mostly used for static content like articles and basic information. Web 2.0
emerged in the early 2000s and it allowed for dynamic content like social media
and blogs. Web 3.0 is the latest evolution of the internet and it focuses on
personalization, data mining, and artificial intelligence.


WHAT IS WEB 1.0?

If we go right back to the beginning, the Internet began with what is now known
as Web 1.0 in 1990.  You might recognise this name, but the early pioneer was
Tim Berners-Lee when he was a researcher at CERN. He wrote the 3 fundamental
technologies which became the foundations of the Internet:

 * HTML (Hypertext mark-up language)
 * URL (uniform resource locator)
 * HTTP (hypertext transfer protocol)

Of course, this included the first web page ever created an Internet browser. 
As the ’90s progressed and we saw services such as AOL (America Online Launch)
and the browser Netscape, the first static websites began to emerge which were
retrieved from remote servers.  Email began to emerge as a communication tool
and really, the Internet was just a novel experience as there was no place for
interactive computing or access to the cloud as we know it today.  Remote
working and working from home was still science fiction at this stage but online
banking and trading actually began to become quite popular.


WHAT IS WEB 2.0?

Web2 is the second generation of the World Wide Web, referring to software
applications that enable users to interact with and collaborate with each other.
Smartphones and mobile internet access along with social networking have been
the key drivers and growth behind Web 2.  It began to emerge in 2004 after
Google floated with their initial public offering (IPO) and the arrival of
Facebook (now Meta).

In essence, Web2 is the result of the changing nature in which the Internet is
used.  Static websites of the early to late ’90s have all been replaced by
interactive, content-hungry, social media connectivity.  Things happen quickly.
Web2 has made it possible for content to be viewed from anywhere in the world.

Without Web2, we’d never have known Uber, Spotify, Twitter, TikTok, Airbnb,
Zoom, Facebook, WhatsApp and YouTube for example.  It’s also made companies such
as Apple, Google, Amazon, Meta and Netflix incredibly wealthy.  It’s also
enabled us to work from home when the world faced a global pandemic.

Web2 has been incredibly disruptive in good and bad ways to people’s lives. 
Businesses that failed to adapt have gone or faced huge decline (think Barnes
and Noble vs Amazon) and the way we get our entertainment now is completely
different.  I wonder how many now watch live TV or just watch what we want when
we want at our convenience on a device of our choosing?  Perhaps, even whilst
sat in the park?  It’s also launched social media into the mainstream of
people’s lives and opened up all sorts of questions about morality, fake news
and mental health issues.  It’s changed the way we live our lives, access
information and get our entertainment.


WHAT IS WEB 3.0?

Web3 is the third generation of the web, referring to a Semantic Web that can be
processed by technology.  It’s the future internet.  In essence, this means that
we will see a more decentralized, and open era of the greater utility of
technologies than we have done previously.  This will include the advancement of
artificial intelligence (AI), machine learning, connectivity and a presence and
connectivity from anywhere.

Just like Web2, it could also turn out to be incredibly disruptive to businesses
and people’s lives.  Ironically, it falls back on Tim Berners-Lee’s initial view
of the Internet that it should be:

 * Decentralized: That permission should not be needed from a central authority
   to publish anything on the Internet.  It should also have no point of failure
   nor a controlling node and should be controlled such that it can be
   terminated without warning.
 * Open Source: That instead of small groups of individuals controlling the
   network that it was developed and evolved in an open source manner with
   everyone encouraged to participate.

Web3 aims to bring meaning and context to web pages, and content and enable
software to complete complicated workflows and tasks for users.  It has already
moved well beyond the ideas of a semantic Internet mentioned above and is
already incorporating blockchain technology and token based economics.  The
phrase Web3 was first mentioned in 2014 by Gavin Wood, the founder of Ethereum,
which is a decentralised, open-source blockchain with its own cryptocurrency.

Many see Web3 providing increased data security and privacy for Internet users
as well as being able to scale platforms much faster into mainstream use, but
many worries that decentralizing the Internet will further radicalise
individuals due to low moderation and scale up the proliferation of harmful and
illegal content due to lack of ownership.  There are also concerns that it may
make the rich richer, and the poor poorer as small groups bind together
collecting greater data and acting upon it.  It’s interesting though that Elon
Musk (founder of Tesla and SpaceX) and Jack Dorsey (founder of Twitter and
Square), both think that Web3 is just another buzzword just like the word Cloud
was and is.


FEATURES OF WEB3



Web3 will greatly improve our current Internet.  With features like data
privacy, decentralization, and security, web3 is being developed with the aim of
making the internet a more secure and user-friendly place.

Let’s take a look at some of the key features that make web3 different from its
predecessors.


DECENTRALIZATION

This is a core feature and it’s where no central organisation is in charge of
the network.  It is a decentralized network.  Everyone will use it because
everyone will trust it as it adheres to the same open standards (known as
consensus protocols).  Due to its semantic nature, it will help make humans
smarter as it will be able to add meaning when processing data. 
Decentralization will increase privacy to a level beyond Web2.  Many believe
that Web 1.0 and Web 2.0 are controlled by big tech companies and Web3 will
remove this reliance and controlling factor.


PERMISSIONLESS

What this means, is that as people develop Web3 applications and platforms they
will be able to do so from resources within the user-owned networks or what will
be known as “work protocols” creating a permissionless platform.  Instead of for
example a cloud network, individuals will contribute their resources in exchange
for fees or “network equity” in the form of blockchain tokens. As workers
compete for work capability becomes cheaper than anything we’ve known from
Web2.  Web3 will allow for direct ownership through non0fungible tokens (NFTs)
and no one will have the power to take this away from you.


BLOCKCHAIN

Blockchain is just a decentralised ledger of transactions across a peer-to-peer
network.  This means transactions can be confirmed without the need for a
central or clearing authority.  Use cases include financial transactions,
voting, trading and fund transfers.  Web3 apps will be built in blockchain and
these new apps are known as DApps (which stands for decentralized apps).  It
will encourage equitable ownership.


SEMANTIC WEB

Users can create, share, and link data via search and analysis based on the
capability to understand the meaning of words rather than keywords or numbers. 
Application sharing, purchases, and censorship-resistant peer-to-peer file
storage will all be made possible by smart contract technology. The modification
to business practices compels consumers and producers as it represents a huge
paradigm shift.


ARTIFICIAL INTELLIGENCE

By unleashing natural language processing Web3 will be able to differentiate
information the way that we can.  It will just be able to do it faster and
produce more relevant results.  An example of this from today, is online
platforms allow people currently to speak about any product or service they’ve
used, but it is hard to eliminate the effects of unfair or misleading reviews. 
AI can train itself to remove fake reviews.


CONNECTIVITY

Web3 will remove a number of the downfalls that we currently experience on the
Internet.  It will help make us better connected by deeply integrating with IoT
(the Internet of Things) meaning devices will become ever more connected to our
lives.  It will provide ubiquity, meaning we will have the ability to be
everywhere at the same time.  We will no longer be limited to just our PC,
smartphone or tablet, but be able to interact with a new generation of smart
gadgets.  This will have ramifications for our identity (so it’s likely goodbye
Passports), items we purchase and any software we own will integrate across the
platform and become even more useful and powerful.


METAVERSE

Many see Web3 as the foundation to what will be the Metaverse and a whole new
Internet realm.  It will help blur the line between the virtual and the
reality.  3D worlds (or Web3 Space) will become a way of life for some and this
opens up new doors to how we communicate, interact and go about our daily lives.
This new level of immersion opens up more realistic and immersive gaming,
supports better healthcare, supports house buying, eCommerce and more in virtual
realities.


ADVANCED SOFTWARE

At the moment, most of us access the Internet via a web browser.  We might even
install some additional plugins to enhance our experience.  This will become
much more sophisticated and be able to do much more advanced tasks. For example,
we will see an increase in bots which will be able to better serve our needs. 
We might not even need a browser, as it may become a fully immersive operating
system reliant on AI to provide us the information we seek.  Thanks to the
semantic web, the way we retrieve our information may look very different to
what it does today.


USES OF WEB3



There is a wide and varying use case for Web3 which is still only emerging. 
Typical use cases of Web3 to date are:


DECENTRALIZED FINANCE

Also known as DefFi this is allowing financial services to cut out the middle
man and relies on the automated protocols and nodes of Web3 instead.  This is
opening up a new, unregulated banking system which has got Governments in a
spin.

It is a financial eco-system based on blockchain technology and lets users buy
and sell assets almost instantaneously, often in the form of cryptocurrency
(native token), an alternative form of payment created using encryption
algorithms and often stored in what is known as crypto wallets.  You might have
heard of some such as Bitcoin, Ripple XRP and Ethereum.

All of this will bring about lower transaction fees, greater globalisation and
cohesion and greater automated governance.  It has the potential to eradicate
fraud, money laundering and organised crime.


ADVANCED IMMERSIVE GAMING AND THE METAVERSE

Web3 will open up immersive 3D spaces which feel as though you are actually
there.  The arrival of the Metaverse has already been seen to be popular and
many are now living out their lives in realistic homes that exist only in
virtual reality.  The Oculus headset proved the top Christmas present of 2021
and the company Meta made a loss just to get the product out to the market.

Not only can you play games in the Metaverse but you can socialise, attend live
virtual 360 events, watch TV, and learn and experience content in a whole new
way.  You can even work within the Metaverse and many see this as a potential
solution to reducing global travel.  You also get to experience your own digital
self in the form of an avatar.  The technology is only set to grow and Web3 is
at the forefront of this transition.

The emergence of eSports has left many wondering whether there is now a career
in gaming or play to earn gaming.  This means you can earn money playing games
either for entertainment, research or direct competition.  Part of the allure is
that others can join in and be fully immersive with you.  This is why companies
are racing to set up their own Web3 space in the Metaverse.


NEXT GENERATION DAPPS

These decentralized applications that use blockchain technology won’t be managed
by any particular organisation.  This is because Web3 supports development with
advanced features that match or exceed usability meaning Web3 dApps will vary in
type from video games, DeFi, NFT, and social networks. Strangely, any DeFi dApps
designed for Web3 projects will be independent and compatible and you do begin
to wonder what this means for how businesses operate and conduct business.

If you’re confused, Web3 will likely work the way the International Space
Station did where countries came together with a singular goal for the greater
good.  This collaborative work each with its own specialisation is a little bit
how dApps would come together and integrate.


PRIVACY AND SECURITY

Nevertheless, blockchain is the biggest technology with the idea to decentralize
the future. Yet, complete transparency raises worries about privacy among users.

Web3 allows blockchain infrastructures to utilize features like cryptography and
zero-knowledge proof to go beyond digital privacy for enhanced confidentiality
in decentralized web environments.

It makes the web safer, but also potentially easier for people to hide and will
be a difficult balancing act that developers will need to consider.


REMOTE WORKING

3D technology is being used to produce WEB3, which is being used to develop
high-end metaverse projects. As a result, companies are developing realistic
(workplace) environments which mirror their physical workplaces, provide avatars
for employees to work and interact in, and hold meetings and conferences just
like real offices.


GREATER USE OF NFTS

Blockchain NFTs (Non-Fungible Tokens) are a vital component of the system. NFTs
have many applications on the Web3 ecosystem, including incentivizing
participants, providing individuals digital ownership, and recording immutable
information on the blockchain.

Businesses have started accepting loans by tokenizing their companies, offering
exclusivity and ownership of the blockchain technology, or starting what is
known as a DAOC (an online U.S.-based decentralized autonomous organization
community).


A NEW SOCIAL MEDIA WORLD

Web3 represents a new era of social media platforms focused on empowering users
to generate and distribute content on their own. Web 3 applications will
introduce new social media apps like Facebook, Instagram, and Snapchat,
requiring users to submit their data to an authorized entity. As a significant
change, Web3 applications allow anonymous access to the users via wallet address
and private key.


BENEFITS OF WEB3 TECHNOLOGY



As the internet continues to evolve, so does the way we use it. Web 3.0 is the
latest stage in the internet’s development, and it promises a more user-friendly
and interactive experience.

Here are some of the benefits of Web3:


INCREASED SECURITY

With Web 3.0, users will be able to surf the web with increased security thanks
to improved encryption methods.


GREATER DATA PRIVACY

Another benefit of this new technology is that it will offer users greater
privacy protection by allowing them to control how their personal data is used. 
We will also achieve greater transparency too.


ENHANCED USABILITY

One of the most appealing aspects of Web 3.0 is its enhanced usability. This
includes features such as easier navigation, better search functions, and more
personalized content.


INCREASED EFFICIENCIES

In Web3, you can narrow down your search information more precisely. Once you
start searching a search engine for something, it will provide you with more
specific results than will a search engine with the most popular pages.


UNINTERRUPTED SERVICE

On Web3, data will be stored on distributed nodes, so users won’t have to worry
about any account or service disruptions that may occur due to technical issues
or other reasons.


DISADVANTAGES OF WEB3



The rising popularity of Web3 has led many to believe that this is the future of
the internet. However, there are several disadvantages of Web3 that should be
considered:


INVESTMENT

Due to the sheer power of Web3, current technology devices will need to be
upgraded and improved.  This might slow the adoption of the technology and may
be too costly for many.


TOO COMPLICATED

Given that technology is complicated and technical, it might be that Web3 is
just a step too far for some.  This might mean they get left behind or that Web3
gets left behind until it is simplified for the general public.


EXISTING WEBSITES WILL NEED UPGRADING

Existing websites will all need either redeveloping or upgrading which will
require investment from businesses and a general consensus of adoption.  Many
may just choose to keep their existing websites in place.  Owners will
eventually need to modernise however and it might be difficult to know when
especially as Web3 is only just arriving.


INFORMATION MAY BE EASIER TO ACCESS

Despite being more secure, the interconnected nature of blockchain and lack of
decentralization may mean that your information falls into the wrong hands and
there will be no fall back no morality surrounding it.  Personal and political
data might be much easier to access and the borders of who has access to what
will be greatly blurred and from where the information is being accessed from. 
This will make regulation across the industry difficult.


IT’S NEW AND EMERGING


Web3 is still emerging and there are no clear guidelines or direction that the
technology might take.  Early investors could end up either on the right path or
the wrong one.  We might all upgrade our gadgets in the near future only to find
it’s moved in a new direction.


WEB3 SUMMARY



In conclusion, Web 3.0 is the next step in the evolution of the internet. It
will be more user-friendly and allow for greater connection between users and
devices. This will lead to more efficient and effective use of the internet by
everyone. It is a futuristic concept at the moment but it is developing fast.
There are already examples in the finance and healthcare industries where Web3
is making a huge difference.

 * Web3 is still emerging and has a long way to go.
 * It will increase data security and privacy.
 * Blockchain technology will help remove the middle man increasing greater
   efficiencies across the business.
 * The technology will make applications more powerful and our digital world
   ever more immersive.
 * It will change the way we access information.

Whatever form Web3 takes and evolves into, it’s not going away anytime soon and
is one to watch and adapt with.  The future Internet is developing right now.





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