In this article, we’ll unpack all you need to know about Web 3.0, defining exactly what it is, how it differs from Web 1.0 and Web 2.0, examples of real world applications and more.
What Is Web 3.0?
Web 3.0 (or simply Web 3) can be understood as a connected stack of technologies that all work together within a unified network to provide a more personalized and immersive web experience.
This iteration of the web incorporates technologies such as decentralisation, token-based economics, blockchain and artificial intelligence to enable machines to understand and respond to human requests.
Web 1.0 Versus Web 2.0 Versus Web 3.0
Web 1.0, the “Read-Only” web, stretched from roughly 1990 to 1995 and was the first iteration of the internet. It was primarily static and consisted of basic HTML pages that users could only view and not interact with. Web 1.0 democratised information.
Web 2.0, the “Read-&-Write” web, stretched from roughly 2006 to 2020 and was the second iteration of the internet. It was primarily interactive and consisted of user-generated content and the birth of social media. Web 2.0 democratised publishing.
Web 3.0, the “Read-Write-Own” web, is the third iteration of the internet. It promises a more seamless and integrated online experience where anyone can become a network stakeholder and benefit from economic upside. Web 3.0 democratises ownership.
Additionally, in Web 2.0, you log in to an account that is centralized and owned by the platform. However, in Web 3.0, you connect your wallet to an account that is decentralized and owned by the user.
Web Comparison Chat Summary
| Web 1.0 | Web 2.0 | Web 3.0 | |
|---|---|---|---|
| Iteration | First | Second | Third |
| Function | Read | Right | Own |
| Control | Decentralised | Centralised | Decentralised |
| Blockchain | No Blockchain | Private Blockchain | Public Blockchain |
| Democratised | Information | Publishing |
Networks
Network design determines outcomes.
Networks are protocols and protocols are analogous to natural languages, like English. They enable computers to communicate with one another. Both protocols and languages require consensus.
There are 5 main protocols that layer on top of each another in what is referred to as the “internet stack.”
The first protocol is the physical layer. This protocol is the foundational layer responsible for the physical transmission of raw data over a network medium.
The second protocol is the data link layer. This protocol is responsible for handling the direct network-to-network connections as well as data transfer between adjacent network nodes.
The third protocol is the networking layer which is defined primarily by the Internet Protocol (IP). This protocol is responsible for determining how to format, address and route packets of information between the first layer’s machines.
The fourth protocol is the transport layer which is defined primarily by the Transmission Control Protocol (TCP) and the User Datagram Protocol (UDP). This protocol is responsible for the delivery of messages between hosts.
The fifth protocol is the application layer which is defined primarily by email, also known as Simple Mail Transfer Protocol (SMTP) and the web, also known as Hypertext Transfer Protocol (HTTP). This protocol is responsible for enabling users to access and participate in underlying protocols. It is where user-facing applications (also known as clients) plug in. People interact with protocols through apps.
Although people often use “internet” and “web” interchangeably, they are different networks. The internet connects devices. The web links web pages.
Both email and the web succeeded because of their simplicity, generality and openness. After these protocols were created, programmers codified them into email apps (clients) and web browsers, many of which were open source. Anyone could download an app to join a network.
The 2 Types Of Networks
Until recently, networks came in two competing types.
The first type of network is a protocol network. Protocol networks are open systems controlled and governed by network participants. They are therefore decentralised and permissionless. In protocol networks, money and power flow outwards to those that contribute to the network. An example of a protocol network is thus email. Advantages of a protocol network include decentralisation, increased innovation and increased privacy. Disadvantages of a protocol network include decreased scalability, fragmentation and decreased user experience.
The second type of network is a corporate network. Corporate networks are closed systems which are controlled and governed by network owners. They are therefore centralised and permissioned. In corporate networks, money and power flow inwards to those that own the network. An example of a corporate network is thus Google. Advantages of a corporate network include increased scalability, consolidation and increased user experience. Disadvantages of a corporate network include centralisation, decreased innovation and decreased privacy.
Naming
Naming is a requirement in every network. Names are the most basic kinds of avatars and are essential components for building communities.
Names make it easy for other people to identify and reach … . People need directories, like contact lists on phones, to aid memory.
Machines have names too. On the internet, computers identify one another by what are called internet protocol addresses, sets of numbers that are difficult for humans to remember but easy for machines.
The genius of DNS is that users, no a central authority, own and control their names in the same way they own things in the physical world, providing the online equivalent of property rights.
Real-World Applications
Real-world application for Web 3.0 include:
- Decentralized Finance (DeFi) Platforms: These are platforms that use blockchain technology to recreate traditional financial systems in a decentralised manner. This therefore ensures it is more secure, transparent and tamper-proof.
- Decentralized Social Networks: These are platforms that use blockchain technology to create social media networks in a decentralised manner. This therefore ensures users have more control over their data and content.
- Non-Fungible Token (NFT) Marketplaces: These are marketplaces that allow users to buy, sell and trade unique digital assets and therefore build wealth through fractional ownership of assets that appreciate with time.
Summary (TL;DR)
Web 3.0 can be thought of as a connected stack of technologies that all work together within a unified network.
Web 3 leverages technologies such as decentralisation, token-based economics, blockchain and AI to provide a more personalized and immersive internet experience.
Real-world applications include decentralised finance platforms, decentralised social networks and finally non-fungible token marketplaces.
