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Yeah, I know. You are probably thinking: “web3 again!! Today it’s either web3, cryptocurrency, or NTF and I still don’t get what this web3 is all about and how it’s supposed to be the future of the internet “. I get it but stay with me through this article as I will be explaining the whole concept of web3 it’s benefits and limitations in the simplest terms.
THE EVOLUTION OF THE WEB.
Before we get into the evolution of the web and how web3 came about, let’s understand what the web is.
The World Wide Web otherwise known as the Web is one of the ways information is shared over the Internet (others include email and instant messaging). The web is a subset of the internet and not the same as the internet. A lot of people use the web and the internet interchangeably and think they are the same but they are not the same.
The Internet is simply a network of servers that facilitate worldwide communication and access to data. You can get resources to work on your school project, shop online from the comfort of your home, and be on the social media platforms you like because of the internet. Now, let’s draw back a bit and explain what this server that comprises the internet means. A server as the name implies “serves”. Its primary aim is to provide service. It’s a computer program that provides service to another computer and its user. For example, You get on the browser on your phone to search for a school topic, and the web server using the HTTP protocol will send web pages explaining the topic you want to know more about to your phone.
Now we have properly explained what the internet and servers that we keep hearing mean, let’s go back to talking about the web.
The web is the public website or pages users can access from their local devices through the internet. Simply put, the web is like a big electronic book whose Pages are stored on different servers all around the world. The web as we know it today hasn’t always been so, it has evolved over the years. To understand this better, let’s take a look at what Web 1.0 and Web 2.0 is about.
Web 1.0 This version of the web is known as the “read-only”. The users of this version of the web were just consumers. They consumed content and no form of interaction was done on this version of the web. At this time, there was no search engine available. Accessing the web was difficult. For any website you wanted to visit, you are required to know the URL.
Web 2.0 Web 2.0 which we use now. This is known as the “read-write” web(It’s Web 2.0 that enables me to write this article and you can read it). Web 2.0 made the internet more interactive because of the development of web technologies like JavaScript, HTML, and others which allowed companies to create interactive web platforms like Facebook, Wikipedia YouTube, and many more.
Here, the Web allowed users to engage in user-to-user interactions rather than simply providing content to them, make suggestions in active conversations online, upload their resources and post their content and allow online transactions. But here comes the big But, this web not only gave us information but also got information from us. With Web 2.0, there is a complete lack of privacy.
Web 2.0 gave birth to the revenue model based on advertising. The advertisement was how centralized companies like Facebook, and YouTube made money. They capitalized on Advertisements and show you things relating to the data you didn’t know you gave out. Ever wondered why right after checking out kitchen utensils on Google, you suddenly get on Instagram or Facebook and kitchen utensils are all over your feed? Yeah, that’s Web 2.0 at play.
On this web, there is no room for competition. The top companies like Microsoft, Google, and Facebook control the internet and are still topping, they have the most money, and the best resources. For new companies to start up and competition to arise, Decentralization has to come into play and that’s what Web 3.0 is known for.
What then is Web 3.0? Web 3.0 has no definite definition. It is still evolving but what is clear about Web 3 is that it places emphasis on decentralized applications and makes use of blockchain technologies. In a decentralized system, the delegation of authority is to all levels and not just top management. You might not know but you certainly have come across something related to web3.0. Cryptocurrency, Non-fungible Tokens(NFTs), and DeFi( decentralized finance) are all terms associated with Web 3.0.
Web 3.0 is a decentralized system and uses a peer-to-peer (P2P) network. A P2P network is used for file sharing. It allows users to share files without the use of a centralized server which means users can share files n not worry about bandwidth.
In a peer-to-peer network, groups of computers are connected and they perform the same functions. They are linked together with equal responsibilities for processing data. Unlike in traditional client-server networks, no device in P2P is solely to receive and Store data. Each has the same rights as its “peers” and can be used for the same purpose. In a traditional client-server, if a server goes down, it can take the whole network with it. But in p2p, if a single server goes down, the others on the network can help pick up the slack.
How does Web 3.0 work? In Web 2, many websites and applications relied on some form of a centralized database to give information and enable functions in the applications.
In Web 3.0, a decentralized database is used where there is no central authority and gives users control over how their data is used.
Why is Web 3.0 important? In Web 2.0, big giants like Facebook, Amazon, and Google grew quickly by collecting and monetizing customers' data. Web 3.0 peer-to-peer networks could be a great leveler that makes it hard for such companies to hoard data. Individuals will have more control over web content and who can access and profit from their personal data. The greater transparency provided by immutable blockchain ledgers could improve customer service, as both parties have access to the record of their transactions. Businesses could more easily monitor their supply chains by using decentralized apps to break down data silos and see suppliers' activities. Sharing real-time information among supply chain participants could reduce shortages and speed up deliveries.
Web 3.0 is semantically organized, the idea behind the semantic web is to store information in a way that teaches AI what the data means. Websites will be able to understand the word in search queries the same way a human would. The web will be able to help you find what you want faster. Web 3.0 is also important as the infrastructure for the metaverse, a proposed 3D virtual world in which digital representations of people, called avatars, interact and conduct business. The metaverse will likely rely on the blockchain or a comparable decentralized technology for its data infrastructure and finances, as well as on AI to make it more responsive to the wishes of users.
Benefits of Web 3.0
- Censorship resistance: The power dynamics between platform owners and content creators are massively imbalanced. Let me make this clearer with an example, imagine You are a lifestyle content creator on Instagram and for the past three years you have put in hard work, creating content and growing your brand online and that is your source of income. One night you wake up only to discover your page has been suspended for no reason whatsoever ( I’m certain you have heard of this happening to someone) your source of income is gone. This can be so depressing because it is your source of livelihood that has been taken from you just like that.
On Web3, your data lives on the blockchain. When you decide to leave a platform, you can take your reputation with you, plugging it into another interface that more clearly aligns with your values. Web 2.0 requires content creators to trust platforms not to change the rules, but censorship resistance is a native feature of a Web3 platform.
- Ownership of data: Web 3.0 gives you ownership of your data. When you use applications like Facebook, Instagram, or YouTube, your data is collected, owned, and monetized by these companies. However, in Web 3.0, users have ownership of their data. You will engage with apps and communities on web3 and take your data along when you log off.
For example, say you're playing a web2 game. If you purchase an in-game item, it is tied directly to your account. If the game creators delete your account, you will lose these items. Or, if you stop playing the game, you lose the value you invested into your in-game items. Web3 allows for direct ownership through non-fungible tokens (NFTs). No one, not even the game's creators, has the power to take away your ownership. And, if you stop playing, you can sell or trade your in-game items on open markets and recoup their value.
Identity: In Web 3.0 your privacy is guaranteed. Traditionally, you would create an account for every platform you use. Are you on Twitter or Facebook? You will have to create a separate account for each and many of these platforms require personal information to create an account. Web3 solves these problems by allowing you to control your digital identity with an Ethereum address and ENS profile. Using an Ethereum address provides a single login across platforms that are secure, censorship-resistant, and anonymous.
Native payments: Decentralized finance, also known as DeFi is used for carrying out financial transactions on the public blockchain primarily Ethereum. Web 2 payments infrastructures relied on a third party like banks or payment processors, while Web 3 uses tokens like ETH(Ethereum) to send money directly and requires no third party. Unlike Web 2.0 payment services that can decide not to allow payments for a certain type of work, Web3 payment apps require no personal data and can’t prevent payments. Web3 is the true definition of cross-border payment. You would be able to conduct transactions including buying and selling products and services, as well as securing loans without needing approval from intermediaries(a third party).
Democracy: In web3, apps will be run by decentralized autonomous organizations (DAOs). This means that instead of a central administration that makes all the decisions, decisions are made by users who possess governance tokens, which can be obtained by participating in these decentralized apps' upkeep or by purchasing them.
Limitations of Web 3
With all the numerous benefits Web 3 has to offer, there are still some limitations it has, some of which are presently being worked on to make it a seamless web. These limitations include;
Complexity: Web 3 currently struggles with the lack of industry-wide standards and regulations, making it hard to create a uniform and simple experience for users. They can be complex and difficult to use, often designed by small teams of developers who focus on the product first but neglect other aspects like user-friendly design in the process. This can be a hurdle to adoption.
Centralized infrastructure: The Web3 ecosystem is young and quickly evolving. As a result, it currently depends mainly on centralized infrastructure (GitHub, Twitter, Discord, etc.). Many Web3 companies are rushing to fill these gaps, but building high-quality, reliable infrastructure takes time.
Cost: web 3 is less likely to be utilized in less-wealthy developing countries due to the high transaction fee. Putting code on the blockchain is very expensive so must successful DAPP put only a small portion of their code on the blockchain.
Accessibility: The capabilities of devices have to be expanded to make web3 accessible to everyone as less powerful computers will be unable to deliver web3 benefits.