Web 1.0 is the internet period from the early 90s to around 2004. Most websites were just static web pages for reading purposes only, and consumers in those days were ingesting more content rather than produce. Web 2.0, on the other hand, is the internet version we have today. Data and user-generated content are centralized in a small group of substantial tech firms controlled by Google, Apple, Amazon, Meta, and Microsoft.
“There’s a small group of companies that own all this stuff, and then there’s us who use it, and even though we contribute to the success of these platforms, we don’t have anything to show for it,” said researcher Mat Dryhurst.
Meanwhile, the emergence of Web 3 will provide personalized insights based on individuals’ browsing and search contexts wherein users can control their data. Centralized servers in Web2 will be replaced with information present on other multiple devices, thus acting as a peer-to-peer net space with no single authority. Web3, which is tagged as the “new internet,” offers several benefits. It is believed that this advancement can avoid internet hacks and leaks, for it acts as a system of specific users therefore supporting and pioneering data privacy and security. If Web3 comes to reality, the virtual world will be transformed where content, application, and resources will be accessible to everyone on the web.
Future of cryptocurrencies looking bright?
Ethereum is one of the known blockchains of Web3 because of its capacity to develop decentralized applications, which reveals that investors purchasing crypto are doing it for long-term benefits. The blockchain behind the development of Web3 is also the technology that supports many cryptocurrencies and non-fungible tokens (NFTs.) NFTs are crypto-assets that allow collectors to authenticate, own and trade original versions of digital goods using blockchain technology. Once an NFT is bought, the owner will have a certificate in blockchain technology, thus making them the owner of that specific digital asset. NFTs are usually held under the Ethereum blockchain, but other blockchains support them. NFTs cannot be replicated or distributed, and such assets can also only have one owner. Meanwhile, Web3 is linked to the metaverse, an extensive online world where people interact like digital avatars. Some companies, mainly social media and gaming companies already announced their plans to create metaverse experiences for their customers.
Metaverse experience is already present in the gaming world like Pokemon Go, Epic Games’ Fortnite, and Roblox. However, metaverse’s link to Web3 has been criticized by many, saying that it will soon be controlled by giant tech companies like Meta and Microsoft, which is opposite to how Web3 is envisioned.