Web3 – The Story So Far and Predictions for the Near and Far Future
Web3. It’s a term that is being passed around a lot when you begin to ask questions about the future of the internet, but what actually is Web3, and what effect will it have on the future of the internet?
Webvolution: How the Web Has Evolved Over Time
Since it was initially created, the web has evolved a significant amount and the ways in which it is used vary a great deal as well. If you were to compare the initial version of the internet to the version that we use today, the two are almost incomparable. That evolution can be split up into 3 different stages, which consist of the following:
This was the very first iteration of the web. The majority of people who used it tended to consume content and those who created said content were normally developers with the necessary skills to build websites which contained the content. These websites would consist mainly of text and sometimes an image format. The content was always static and never dynamic. This version of the web lasted just over 10 years (from 1991 to 2004).
This is the web in its current form and the version that most of us are familiar with using. If you are to consider web 1.0 as a ‘read only’ web, then 2.0 is the ‘social web’. No longer do people need to be skilled developers in order to create content in web 2.0, as the majority of apps that we use are built so anyone can be a creator. This version of the web is great for a number of reasons, but it also has its problems in relation to monetisation and security, which has led to the need for web 3.0.
Though there are a number of differences between web 2.0 and web 3.0, at the heart of everything is decentralisation. Any issues surrounding security and monetisation would no longer be a problem due to the fact that web 3.0 is verifiable, self-governing and permissionless. Developers in web3 would not usually build apps that run on a single server or store information in a single database, instead, everything would become decentralised.
Essentially, apps on web 3.0 would normally run using blockchain technology. This is the same kind of tech that helps to create cryptocurrency and as such, is completely decentralised. Cryptocurrency will also play a large role in these protocols as it will provide financial incentive to those who create decentralised apps and those who govern and improve them.
Thanks to the decentralised nature of web3, it would mean that organisations would no longer be able to retain data about what you do on the internet. Instead, once you log off, you would take your data with you. It means that web3 is not prone to the same security risks that come with the internet we are currently using.
How Will It Affect the Internet in the Future?
Web3 is not in place as of yet and remains, to this day, just a concept. That being said, there are a number of potential impacts that it could have on the internet moving forward if it were to be widely implemented. These include:
NFTs Will Mature Making a New Means of Transaction
NFTs are non-fungible tokens and are likely something that you will have heard being mentioned recently. There is a good reason for this, as they are becoming more popular amongst the tech community. As web3 develops, it’s likely this popularity will continue and the wider public will begin to trust them as a transaction more. The fact is, they are currently still stuck in their infancy and as such, a lot of people are yet to engage with them. This is likely going to change moving forward as they evolve and the speculative hype that currently surrounds them begins to fade.
Traditional Models of Our Working Lives Will Change
Following the pandemic, there is no getting away from the fact that long days working 9-5 in an office space are becoming less and less common. There are a lot of people who have started to work from home and in general, the modern work life is a lot more flexible than it used to be. This will likely become the case even more following the implementation of web3. It is being discussed as the pathway towards a much more inclusive work life, which will make it possible to employ people across time zones, whether this is in freelance or full-time positions with a company.
The Establishing of Virtual Worlds
If we have learned anything since 2020 and 2021 in the pandemic, it’s that we, as a species, are incredibly adaptable. Taking such adaptation a step further are the virtual worlds that will likely be made following the introduction of web3. The likes of Metaverse are only the beginning as this new version of the internet will make the development and participation in these decentralised worlds all the more accessible.
Democratisation of Wealth
When it comes to economy and finance, these are areas that have always predominantly been controlled by a small selection of people. This is usually because these subjects are quite complicated in their nature. Everyone will have much more involvement in the participation of digital economics as web3 is implemented. This will again likely be because of the increased popularity of digital assets such as NFTs being owned by the public at large.
What to Expect from Web3
Generally speaking, the internet that we use today is of good quality and does the job that we ask it to. That being said, there are other problems that come with it surrounding both security and money. As such, it is not surprising that the development of a more decentralised and secure web is underway. With web3, the future of the internet could look very different, as explained above.
To keep up with developments on Web3 be sure to follow tech blogs such as YouYaa, which will provide greater insight into these topics as they progress.