What is Web3 and Why Should I Care?

Web3 is a term that has been gaining momentum in the blockchain space, but what does it mean? We’ll explain.


Web3 is a term that has been gaining momentum in the blockchain space, but what does it mean? We’ll explain. 

Web3 is an emerging technology that aims to decentralize the internet with an ecosystem of public blockchains and client-side apps known as dapps (decentralized applications). The main goal of web3: to provide users with complete control over their digital lives by removing intermediaries from transactions. This makes web3 different than web2, which we use today because it takes power away from large companies like Facebook and Google who own your data and puts it back into your hands. 

We’ve broken down the key differences between Web 1.0, 2.0 3 so you can better understand how this trend is changing the Internet. 

Web 3.0: A Quick Overview

What is web 1.0? Web 1.0, also known as the first generation of the internet, was developed in the 60s and 70s through IT giants like IBM and Microsoft who created centralized platforms on top of which people could build websites. These sites were controlled by the companies' servers and code, which meant that users couldn't directly access them—a problem known as the "double-click effect."

Web 2.0: A Quick Overview

What is web 2.0? Web2 is the next generation of the World Wide Web, which emerged in the early 2000s thanks to the rise of social media platforms like Facebook and Twitter. These sites were more accessible than their 1.0 counterparts because users could create an account on them to interact with other people (i.e., "log in"). Users could also directly access these sites without having to go through a third-party intermediary like AOL every time they wanted to view a page.

Web 2.0 sites are controlled by users, because the content is created on the platform itself (i.e., "user-generated content"). This means that an email on Gmail, for example, ultimately exists on Google's servers—the same goes for Instagram photos or Facebook statuses.

What is web3? Web3 is the next step in the web's evolution. It's a decentralized platform that takes power away from large companies like Facebook and Google, and puts it back into users' hands by removing intermediaries from transactions (much like how blockchain works).

So, what does this mean for you?

Websites on web 3.0 are not controlled by companies or servers, but rather directly through the users who access them. It's about giving individuals control over their own data and money by eliminating third-party intermediaries.

This means that web3 sites are peer-to-peer, meaning they can be accessed directly by anyone on Earth with an internet connection without having to go through a third-party intermediary. It also means that users can interact with these sites without having to log in, because their identity is tied to their public key and not a username or email address.

Along the same line of thought, web 3.0 sites cannot unilaterally change or delete user data after it's been created because there are no servers to control. This means that if you post a status on Steemit, for instance, it will always be accessible via the Steem blockchain even if the company goes out of business—similarly, your data cannot be sold to third parties because there is no way for them to access it without your private key.

In this decentralized system, applications are open source and consensus-driven, which means that they're governed by users who contribute to the platform's upkeep.

For example, if you want to update a status on Steemit, you can submit a transaction to the Steem blockchain via your wallet with the desired changes. Then, other users on the network vote on whether or not to accept your proposed changes, which are either rejected or accepted.

The Future of Web 3.0

With this new structure, companies no longer control users' data and can't arbitrarily change it after it's created (e.g., Facebook changing its terms of service to allow for user surveillance). It also gives power back to individuals by allowing them to monetize their content without forcing them to hand it over to "the man" in the process.

At Steemit, for instance, users can post original content (e.g., stories like this one) and get paid directly by other people for providing value. This means that if someone reads your article and decides they like it, they can send you money by upvoting your post.

So if you've ever wanted to quit your day job and be financially independent while doing what you love, all this requires is putting in the time and effort to create great content online. The future of web 3.0 may not be here yet, but there are already plenty of companies making strides in this direction.