If you've entered the crypto realm recently, you may have heard of the term Web3 (or Web 3.0). If not, that's ok. When I first heard about it, I thought to myself, "who needs a third version of the web when the current version of the 'web' that I'm working on is totally fine already"? One person who was a fan of the Windows 2000 and XP eras, once mentioned "Can't you guys just stop making things all new and confusing for goodness sake!"
Ehem. That's why Web3 has entered the building. In order to understand the power and potential of Web3, we must look at a brief history of the world wide web. Over the past twenty years, there have been so many significant developments that have been seamlessly integrated into our online experiences. Once upon a time, the world wide web started out with basic text websites that were more like non-interactive bulletin boards with pieces of information here and there. If you wanted to create a blog website, you would need to have some knowledge of HTML coding as well as a handy list of companies that would be willing to host your site.
Over time, the web accepted more forms of larger multimedia files (and file types) such as audio, video, and interactive applications for productivity and entertainment. Then came the social media applications like Facebook, G-Mail, Twitter, and Instagram. Most of us are familiar with those applications and probably have come across them at some point in our lives. In fact, these apps are integrated into the communication fabric of schools, offices, and businesses. It's nearly impossible to avoid looking at your socials for a week and not be questioned by someone (e.g. why you weren't posting on Twitter or why you didn't respond to this e-mail, etc...).
There was also another dimension of the web that developed at a rapid pace - retail. Sites like Amazon and eBay have offered us a wide selection of products that we could purchase online from the comfort of our own homes. There have even been some new startups that offer food delivery right to your door by simply ordering online. It's starting to look like the future, but that's still nowhere near where Web3 could take us.
Web3 opens the door to a whole new set of experiences that we simply couldn't experience in Web2. The main principles behind Web3 are anonymity, peer-to-peer marketplaces, and permissionless systems. In short, it has the potential to make your online life simpler and easier. Here is one example. If you were trying to use an online app to view content from another country, you might have seen the message "Sorry, the service you are using to view this content is not available in your country". You might have been so dejected because that link could have led you to a tutorial on how to bake your favorite recipe, read your favorite article, watch your favorite movie, or access the download to your favorite game. Web3 is meant to be accessible to everyone. No barriers, period.
Here is another example. You might be visiting your favorite website every single day when all of a sudden, you get the message "website is down". With Web3, you can say goodbye to those types of messages because websites in that realm are supported by many computers in the blockchain network. Speaking of which, the information on Web3 sites cannot just be censored by random dudes. That's because the control has been decentralized (i.e., meaning, control is distributed across multiple entities rather than one dude).
Another concern regarding Web2 has been the issue of security. With the introduction of blockchain anonymity and the inspiration from the ZK SNARKS concept, we can probably push the worry of security aside for good because paying for something won't require you to reveal any personal data. Payments for products or services in Web3 also can't be denied.
Now, you might be wondering what is one of the blockchains that will probably be the main 'star' of Web3. That's right! ETHEREUM (ETH). Web3 servers are currently based on the ETH blockchain and payments are done in the native ETH cryptocurrency. Does this mean that Web3 will only be ETH-dominated? Maybe, maybe not. Will there be other Web3 alternatives featuring other great cryptos that are BTC or BSC based? Probably. Do I need to login to some quantum, space-age internet provider to get to Web3? There's absolutely no need for that. It's out there for everyone to join.
At the moment, Web3 is still in its infancy compared to the veterans (i.e., Web1 and Web2). There are currently some challenges being faced by developers who are on the frontier of Web3 application development, accessibility, and scalability. However, as with all software technologies, it's not really a question of "if it can be solved". It's more a question of - "when Web3 will become more seamlessly integrated into our online experiences".
All in all, there may be lingering uncertainties and limitations with Web3 tech, but one thing is certain. Web3 is here. And, it's happening.
What are your thoughts on Web3 and how it will reshape the online space?
