Web3 seems to be getting a lot of attention lately. Why? Well, Web3 is promising some pretty big changes for the internet and if it takes over, the internet will be a completely different place.
Web3 is the proposed next version of the internet. Web3 is as much a philosophy as it is a new set of software and coding changes. Web3 calls for a decentralized internet and anticipates the return of power and control back to individual end-users.
This may sound a bit crazy or even far-fetched, but the truth is Web3 is picking up steam. Until now, Web3 was technically not possible but many new technologies have recently come online and developers and entrepreneurs now have the tools they need to make Web3 a reality.
So why isn’t Web3 a thing yet? Actually, it is (kind of). At this very moment, there are a ton of companies already creating products and services tailored to Web3. That said, Web3 is not without its enemies, and many larger, more established tech companies have no interest in shifting the current status quo.
The benefits of Web3 are huge, especially for end-users and small developers, and the odds may already be stacked in Web3’s favor.
Web3 In a Nutshell
Web3 is a decentralized internet. Web3 is a catch-all term for a new way of running the internet in a way that doesn’t rely on large data centers.
By implementing new technologies like blockchain, peer-to-peer networks, and tokens (aka cryptocurrency), Web3 aims to create an internet that relies less on large corporations to host websites and services and instead spreads out hosting over the whole user base. Basically, each person who uses the internet will share a part in maintaining its operation.
The Difference Between Web3 and the Internet Now
Web3 is the third version of the internet. The first version, Web1 was considered the “read-only” internet. Almost all content in the age of Web1 was in text format. Information was posted from a small group of developers and the majority of web pages were completely static.
Web2, the second version of the internet, is the web most of us think of as “the internet”. Web2 is referred to as the interactive or “social” web. Users can create, share, and comment on one another’s content. This created content is often hosted by large corporations, think Facebook and Google.
Web3 is the next evolution of the internet and it is called the “decentralized” web. Web3 aims to wrestle control away from larger, centralized companies and give agency back to users and developers.
Basically, users and companies’ content and web services will no longer need to be hosted by Big Tech. By harnessing peer-to-peer networks, blockchain, encryption, token economics, and other emerging technologies, Web3 will cut out the middleman between the user and the web.
What’s So Special About Web3
The real benefits of Web3 boil down to money and power. Web3 as a system removes sole control of the internet from large tech corporations and returns that agency back to users and developers.
On the current internet, in order to post or create a continent, you often need a company to host your services for you. WordPress, Google, AWS all provide the server space and services needed to get your webpage online, but this leads to users and developers becoming heavily reliant and subject to those companies. With Web3, you can start out on your own and grow more organically.
How your website generates revenue changes as well. Nowadays, the goal is to build up a site until it receives enough views or clicks, this exposure is then sold to ad giants who pay you based on the size of the community you generate.
Web3 looks to change this model by implementing tokens that would be traded for services. These tokens would be generated by providing services to others and can be traded or invested (kind of like a barter system) to pay for other services or support developing platforms.
In short, developers can begin generating revenue as soon as they get their website and systems online as opposed to whenever an advertising goliath decides it’s worth enough.
Is Web3 the Future?
Web3 offers a lot of advantages over the internet we know and love today. The pages may look the same but how they operate, who they benefit, and how the people behind them make a living will radically change.
Safer, more transparent, and less open for exploitation, Web3 will put all users on the same level, creating an equitable and sustainable internet for once and for all. Web3 allows for a more ethical and independent internet and has the potential to change the way the virtual world works for the better.
