Web3 has the power to uplift society and provide equitable opportunity for all. Read more:
Let's do a bit of time travel and go back to 1990 to perform a retrospective.
This is the time when web1 was evolving. Web1 was all about web protocols (HTTP or URI).
This is the time when web1 was evolving. Web1 was all about web protocols (HTTP or URI).
Web1 was read-only.
Anyone can consume information through written content and static websites.
Anyone can consume information through written content and static websites.
From 2000 onwards, we got Web2.
It is centralized and mainly governed by tech giants such as Google, Facebook, Amazon
It is centralized and mainly governed by tech giants such as Google, Facebook, Amazon
Web2 is a read-write.
Web2 introduced user-generated content such as images and videos which we generally post on social media. Hence sometimes we refer Web2 as a social web.
Web2 introduced user-generated content such as images and videos which we generally post on social media. Hence sometimes we refer Web2 as a social web.
But what exactly does "read and write" mean?
You are currently READING this thread that I have WRITTEN.
Anyone with access to the internet can create and publish information that will eventually be read by someone else online. Web2 is this.
You are currently READING this thread that I have WRITTEN.
Anyone with access to the internet can create and publish information that will eventually be read by someone else online. Web2 is this.
Web2 is centralized.
All web applications are governed by a centralized authority.
Means, the content we are producing is not owned by us, we lease it.
All web applications are governed by a centralized authority.
Means, the content we are producing is not owned by us, we lease it.
The era of Web1 and Web2 was not completely separated, they overlapped.
For example,
Web1 websites might have had a guestbook where visitors could leave comments.
For example,
Web1 websites might have had a guestbook where visitors could leave comments.
We are currently entering Web3 territory.
We can argue that it combines elements of the first and second webs with some advanced technology.
We can argue that it combines elements of the first and second webs with some advanced technology.
But why Web2 is a matter of concern?
• Personal data is commercialized
• Lack of ownership (for example, Twitter owns this thread, not me)
• Lack of transparency
• Personal data is commercialized
• Lack of ownership (for example, Twitter owns this thread, not me)
• Lack of transparency
Take into consideration all of the funds you have in your bank account.
Interestingly enough, you do not entirely own it.
Without your consent, a bank (a centralized entity) may lend some of your money to a third party.
Interestingly enough, you do not entirely own it.
Without your consent, a bank (a centralized entity) may lend some of your money to a third party.
Let's talk about Web3 and see if it can provide us with a better medium.
Web3 allows us to consume, create, and own.
Understanding this in a layman's example,
The thread you're reading right now is technically owned by Twitter, not by me, which makes web2 centralized.
Understanding this in a layman's example,
The thread you're reading right now is technically owned by Twitter, not by me, which makes web2 centralized.
Web3 is entirely based on decentralization.
Everything (data) is kept on the public ledger, which is owned by no one but accessible to everybody.
Everything (data) is kept on the public ledger, which is owned by no one but accessible to everybody.
We can own anything on the internet: money, assets, images, videos, medical stuff, real estate, and literally anything you can think about.
In the Web3 era, tokens allow us to buy things on the Internet and the transaction of which remains on the blockchain.
Multiple such transactions (records) are kept on the blocks making a chain called Blockchain.
Blockchains are shared and available to everyone on the network. As a result, changing anything on the blockchain is practically impossible.
Consider a ride-sharing company operating fully on blockchains.
Users will get what they actually deserve. With complete transparency.
Users will get what they actually deserve. With complete transparency.
Web3 is still in its infancy. But it's unquestionably a thing that we (consumers and creators) should consider.
By offering openness, ownership, and meritorious rewards, Web3 will foster strong public trust.
I'll end this thread now having said that.
Do let me know what you think about evolving web and tech.
Keep up with web development content by following @Prathkum. 😁
Do let me know what you think about evolving web and tech.
Keep up with web development content by following @Prathkum. 😁
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