What is Web 3.0? Break through the new era of the internet

Web 2.0 is a concrete example of the influence of the Internet on humanity, many creations create life and change the laws of the land, human life, many new industries are created, many changes of property have come into the world. However, Web 2.0 does not have many limitations, Web 3.0 was born with the aim of removing these limitations and constantly making leaps across the five continents, just like Web 2.0.

Fast absorption:

  • Web 3.0 was born to overcome the limits of Web 2.0 and bring new improvements.
  • In Web 3.0, users really own their information and are the ideal environment in which to convey values.
  • Web 3.0 is still in its infancy, but has the potential to change humanity in the same way as Web 2.0 and will cause a massive shift in prosperity for the changing generations.

What is Web 3.0?

Before we dive deeper into Web 3.0, let’s get to know its most basic concept, the web.

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What is the web

Internet (or website) is a collection of information that can be accessed over the Internet. This collection of information is developed and published on the web, from articles, social networks, entertainment pages, etc.

There are many people who often confuse the web with the internet, the internet is the infrastructure and the web is the things that were developed on top of that infrastructure. A simple example you can think of is:

  • The internet is like a bookstore.
  • The web is the book collection in this bookstore.
  • The main collection of information is the books in the book collections.

⇒ Everyone has contributed to shaping the cyberspace that we access today.

Internet and web
Internet and web

To get to Web 3.0, did the web go through incremental steps and how is it affecting humanity? To understand what Web 3.0 is, let’s go back in time to better understand the Web a long time ago.

Web 1.0 – information display

Born in 1989, Web 1.0 created a place where users can more easily access information. However, Web 1.0 at the time was basically just text with links to other articles. Users are mostly only consumers of information (consumers) and cannot interact with the content they have read. The creation of content for publication on the web was also very limited at the time.

What is Web 3.0?  Break the New Era of the Internet 10
First website – shortcut

⇒ At this point the web only stops displaying information and most of the users are consumers.

Web 2.0 – information transfer

And as is the nature of development, future versions will be progressively improved and help remove the limitations of the previous version. There are more and more tools to improve the web like Javascript, CSS, etc.

These tools are the prerequisite for the development of platforms such as Youtube, Facebook, Wikipedia,…. Thanks to these platforms, users can gradually interact with the content they have read, and even better, they can now create content (creators) and share it publicly.

With Web 2.0, users can interact and create content
With Web 2.0, users can interact and create content

It can be argued that the big things Internet platforms do for everyone, thanks to Web 2.0, the five continents have become much flatter. People in many countries have the ability to communicate with each other and have access to more data. However, the more power is later focused on the few giants, the slower Web 2.0 will deviate from its original goal.

Tech giants overtly collect private data from customers for their own profit. In order to be able to use a Web 2.0 basic solution, we often have to deliver a certain amount of data, and that is often an obstacle for anyone who wants to get closer to the internal functions. The information and data are created by the customer, but are not owned by him on social networks, social networks, etc. The ability to conveniently delete a person’s information or lock an account.

⇒ The web has now made it possible to transmit information and users can become creators, but there are many limitations that make it difficult for them to go further.

Web 3.0 – transfer values

Web 3.0 is the version of Web that was born to solve the problems of Web 2.0. With Web 3.0, power is placed in the hands of the user, the user is the owner of his information and cannot be interfered by anyone.

The lack of restrictions of Web 2.0 is also a premise to usher in a new era in which users can freely transmit values ​​on the web without too many elements of trust.

For example: In order to transfer money to someone else, in Web 2.0 we rely on banking applications and have to provide the necessary information, the bank can track and block your transactions. With Web 3.0 we can transfer money freely to anyone with just one wallet not keptial as with Coin98 Wallet, these transactions cannot be prevented.

Another example is with Web 3.0, you can have a wide variety of assets in Loan log like Compound or Aave free without having to trust the lender. Everything in the chain is transparent and verifiable.

This can become a reality thanks to breakthroughs in many aspects, such as:

  1. Hardware advances are helping in the development of the aforementioned technologies like blockchain and AI.
  2. Blockchain network helps to increase decentralized, trustless and independent of third parties.
  3. Advances in AI and machine learning, even if new, will, if developed in decentralized networks, help develop applications well beyond the present day.
Web Development Phases - Source: Fabric Ventures
Web Development Phases – Source: Fabric Ventures

Especially with Web 3.0, a new era has been ushered in, which helps to remove obstacles from Web 2.0 and to strive for the flattest world in which news and better value can be transmitted independently of one another.

⇒ In Web 3.0, customers own their own data and create the right environment for value conversion.

5 Hop Properties of Web 3.0

Web 3.0 inherits the good features of Web 2.0 and offers additional things to help deal with the limitations of Web 2.0, including:

Verifiable: Many things are clear and can be validated in the chain.
Trustless & without permission: Minimize trust-related issues that everyone is likely to participate in.

Self-administration: Customer-centric, customers themselves have full rights to their own information and assets.

Distributed: While authority is distributed to consumers, decisions are made and made by decentralized autonomous units (knives). Overall, they cannot be controlled by a single institutional investor.

Native integrated payments: Some Web 3.0 applications do not require customers to distribute private information and cannot prevent user payments and transactions.

If you look at the above features, do you see any similarities between what Web 3.0 offers and what blockchain offers? It is no coincidence that blockchains have such great growth potential, they are a must for the establishment of Web 3.0. It is impossible not to confirm that, thanks to blockchain, there is Web 3.0 and, thanks to Web 3.0, it is likely to increase.

The potential of Web 3.0

The breakthroughs of Web 3.0 have opened huge doors and helped create business models and industries that were previously difficult to imagine.

The most typical example at the moment is crypto. Applying blockchain technology with the elimination of the trust factor and the elimination of the need for a third party in the transaction has created really great experiences and products.

  • With just one unprotected wallet, you can send money to anyone anywhere in the world.
  • Ask for a favor DeFi, We can deposit money in the bank without going to the bank while the interest rate is better, we can borrow without seeing the creditor’s face, we can maximize profit through capital rotation or agriculture.
  • Thanks to the games Play to earn and NFT where the player’s property in the game is owned by the player and is indestructible and also generates a source of game revenue.
  • There are plenty of other breakthroughs waiting to be discovered as well.

In just one year from November 2020 to November 2021, its market capitalization jumped from $ 450 billion to over $ 3 trillion, an astonishing growth rate.

Crypto Market Cap - Source: Coinecko
Crypto Market Cap – Source: Coinecko

And remember, brothers Crypto is only the first of many discovered applications that Web 3.0 could develop in the future. Given the actual growth numbers that Crypto has achieved, I am very optimistic that Web 3.0 will have the same impact on humanity as Web 2.0 and even more.

Limitations of Web 3.0

Despite its enormous potential, it must be admitted that Web 3.0 is still in its infancy. Some limitations include:

  • Expandability: There is still a big gap between Web 2.0 and Web 3.0 in terms of scalability, processing speed, costs, etc.
  • UX: The user experience is still not really good because to participate in Web 3.0 products like Crypto, users have to learn new knowledge, download new software and manipulate many different steps. This is an obstacle to mass adoption.
  • Accessibility: Applications are mostly created independently and not integrated into common and familiar Web 2.0 applications, which limits user accessibility.
  • costs: The costs of developing a project are very high, Dapps often find it difficult to get the code onto the blockchain because Gas fee of Ethereum or the cost of the audit are also very high.

Although there are limitations, they are all gradually being overcome. The fact that it is still in its infancy and that there are still many problems to be solved also means that many opportunities are opening up for people who believe in the future of Web 3.0 and develop corresponding products.

Web 3.0 projects presented in Crypto

Surely, with the information above, you can see the breadth of Web 3.0 as well. Can speak Blockchain is part of Web 3.0 and projects developed on blockchain are part of Web 3.0.

What is Web 3.0?  Break the New Era of the Internet 15
The Web 3.0 stack referenced from research by Multicoin Capital shows the breadth of the …

According to Cointelegraph

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