Web3 | The NEXT BIG THING in Internet Evolution
This is part one of a two part series designed to present, in simplified terms, an examination of the evolution of the internet from 1990 – present day. Part one discusses the chronology. Part two will offer related currency and token definitions and how this bundles into the future – the next big thing.
In preparation to build a layperson’s knowledge base about the “next big thing” in INTERNET EVOLUTION, which also translates to finance, let’s simply define Web3 and the previous phases of the evolution:
Web3 is the name being given to this new, Next Big Thing. It is a new iteration [or further evolution] of the Internet, being built on blockchains like Ethereum, IBM, Corda and others.
[Blockchain is a shared, distributed, and unchangeable record of a history of transactions starting with transaction number one]
To better understand the internet evolution it’s helpful to break the Web’s short history into loose periods—Web 1, Web 2 and now, Web 3.
Web 1 – Read Only [1990-2004]
This period created open, decentralized protocols that allowed information-sharing from anywhere on Earth. During this time there were mainly static websites owned by companies, and there was little to no interaction between users. Individuals seldom produced content. That’s why it was known as the read-only web.
Web 2 – Read-Write [2004-now]
The Web 2.0 period began in 2004 with the emergence of social media platforms. During this time the web evolved to be read-write. Instead of companies only providing content to users, they also began to provide platforms to share user-generated content. Users began to interact with each other.
As more people came online, a few top companies began to control a disproportionate amount of the traffic and value generated on the web. The advertising-driven revenue model also started during this period. But, while users could create content, they didn’t own it or benefit from its monetization, hence the adage, “If you are not paying, then YOU are the product.”
Web 3 – Read-Write-Own [emerging NOW and going forward]
Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs [more about this in Part Two] to give power back to the users in the form of ownership.
Most of the Web we know and use today relies on trusting a handful of private companies to act in the public’s best interests. This handful of centralized entities have a stronghold on large portions of the World Wide Web, unilaterally deciding what should and should not be allowed. Web3 is the answer to this dilemma.
Instead of the future Web being monopolized by large technology companies, Web3 embraces decentralization and is being built, operated, and owned by its users, giving users the reigns instead of only corporations. NOW the users [you and I] can join the fray to compete and prosper!
Stay tuned for Part Two!! In the follow up Post we’ll talk about Non-Fungible Tokens or NFTs and Currency. OK, I know it sounds like a lot but a little simplification goes along way.
Until next time…..
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