What Is Web 3.0 - Understanding The New Internet Iteration

As an internet user, you must have been coming across or hearing about web 3.0 as the new internet iteration. This buzzword is mostly popular in the cryptocurrency space.

However, you may have been wondering what this new internet iteration has come to deliver that is not already existing in the current iteration of the internet. Or you want to know the major concept of web 3.0.

So I will be explaining in detail the concept of web 3.0 and most especially how it tends to alter the current phase of the Internet - Web 2.0.

But before then, it's crucial to know and grasp the foundation of the internet starting from Web 1.0 to Web 2.0.

You should have a better understanding of the first and second generations of the internet before you can fully understand the concept of the third generation of the internet - Web 3.0.

So what's Web 1.0 & Web 2.0?

Web 1.0 can be described as the beginning of the internet, where users can get information and read anything online because at the initial stage before Web 1.0 came into existence, people cannot read information online.

What's now the difference between Web 1.0 and Web 2.0?

Why Web 2.0 was formed is because of the limitation barrier in Web 1.0. How? What's this limitation?

This limitation is that Web 1.0 only allows users to read online but doesn't allow users to interact I.e dropping their opinion on the internet, socializing on the internet.

It can be referred to as "Read Only" internet, which means every piece of information also contains only text.

But everything changed when Web 2.0 came into existence because users are now able to drop comments on what they read online, interact, watch videos and socialize with friends & family.

Companies that own and created platforms to facilitate these Web 2.0 features are Meta (previously Facebook), Twitter, and co.

Now we're in the phase of Web 3.0, where the narrative of the internet would change and make the internet a decentralized space because in the current phase of internet - Web 2.0, user's data are held in the custody of tech giant companies which make users rely on this company and can only do a limited thing that this company allows.

In Web 3.0, instead of the internet being controlled by a company or tech giants, it's controlled by the users.

It will seize users reliance on tech giants by making users surf the internet and interact with any platforms with just a single identity, so instead of providing your sensitive information before you can access different platforms, you will only need a single identity like something similar to a non-custodial wallet address that's used to connect with different DEX and NFTs marketplace.

Even though Web 3.0 is still in the imminent stage, the platform that delivers something similar to the concept of Web 3.0 is already being launched and they include Decentralized finance (DeFi) and Play2Earn platform.

The idea of Web 3.0 can be gotten from DeFi, the GameFi model.

The internet is evolving, users contribute to the success of the Web 2.0 platform but little to no users were able to earn or make a daily living from this success.

As in the case of the P2E game whereby users earn the platform utility token for playing games on the platform, there's nothing more exciting than getting a reward for what you love doing for fun.

However, Web 3.0 will also give power to every internet user. So probably in Web 3.0.