What is Web 3.0?

If you’re new to cryptocurrency and blockchain technology you’ve probably heard the term “Web 3.0” thrown around a lot. It’s a term that’s easily thrown out, but is sometimes used just like "WAGMI" or "to the moon". It has become part of the culture and an easy signal that you’re in the know. Let’s just take a few steps back and really dive into what in the world Web 3.0 is and why it’s so important to understand how disruptive blockchain technology can be to our daily lives. While definitions of the different stages of development of the Web can be argued, keep this next bit in your mind and come back to it frequently for reference:

Web 1.0, the early 90s:

Web of Documents — Read-only. You did not interact with the webpage as we now do today. Encyclopedias are commonly referred to as an example of Web 1.0. You could read the information on the webpage and maybe utilize a search function but that was about it. No doubt this kid was looking at an encyclopedia. Just look at him.

Web 2.0, the early 2000s:

Web of People — Cloud computing and mobile. There are clearly very significant shortcomings that we will dive into later; however, Web 2.0 isn’t all bad and I think we can agree on this. To extend the analogy, Wikipedia is the next evolution. People can edit Wiki pages and although these may be edited, you are able to interact with the website taking you to some interesting corners of the internet. User-friendly, interactive and rich. This was the fascinating development of Web 2.0. However, the few large tech companies have kept their own interests at the forefront. Some may argue justifiably so. However, this greed has been at the expense of the many. Think of all the privacy issues we have come to know far too well. Twitter, Facebook, Google, etc. In all, Web 2.0 is what some love and some…well…

Web 3.0, around 2016:

Web of Data — It’s about the data you control. You’re no longer the product. It’s about removing power from the few and returning it to you. Web 3.0 or Web3, as it is now known, was coined by the Parity Technologies visionary Dr. Gavin Wood who is best known for spearheading the creation of Polkadot and co-founding Ethereum. If you’re new to cryptocurrency and blockchain technology, you have probably heard the words I’m going to use next have been like our good friend Michael Scott.

The important thing to remember is that Web 3.0 aims to take the aspects of Web 2.0 that are centralized out of the hands of big tech. Some straightforward examples include governance, changes in branding, direction of the company and even simply the rules of the game. Much of these processes are written in to code so that it is trustless aka you don’t have to trust that whoever runs or owns the server is a good actor and will guarantee your privacy or even has your best interest at heart. Here, there is no question if the funds are available or if you are a good or bad actor. The proof is written into the public ledger - the block chain - for everyone to see. This is something to really take some time on. Trust is inherent to Web3. Traditionally, we had large “big tech” Web 2.0 companies with bradning to create a sense of trust in the platforms we interact with. However, this trust has been broken. Think of a relationship where the trust is broken. It takes a ton of time, effort and consistency to gain this trust back. Not just a change in the name of the company or a simple promise as what happened with Meta. With guaranteed trust, you are able to operate freely with much more space for creativity and development. This is one of the fundamental benefits of Web 3.0.

Of course, there is much more nuance to understand and I’ll provide you with some good resources for further digestion of content at the end.

So what does this mean?

Why is this important in today’s world and how does it effect each and every person on this earth? Let me give you a few example of how this type of technology is completely game changing. Take internet browsing. Every day we open up our computers and inevitably google something to help us out with everyday life. In fact, my dive into cryptocurrency started with “What is an NFT?” since that time I've searched articles, YouTube, Google and more trying to learn as much as I can about this new world and robust culture. Funny how ads about Ledger or Coinbase show up more often. This is because Google (and most other large tech companies) take your searches, browsing history, purchases, articles read, videos watched, etc. and sell this information to companies for profit so they can have targeted advertising. That’s not cool dude. It’s also ethically questionable as we are essentially being monitored and tracker automatically. You have to opt-out of many of these functions. YouTubers want you to click the like button, subscribe and watch to the end because the “algorithm” will bring more ads to their videos and put their videos in front of more eyes. This benefits the creator but benefits the platform and the advertiser much more.

Let me give you another example; this one is a bit more cringeworthy for me. There are dedicated companies to compiling data about hospital admissions, pharmacy data, health issues (diabetes, heart disease) primary care visits, and consumer behavior. They then package it up to sell to pharmaceutical companies so they can understand their targets better. This is no longer about the ethos of providing good healthcare, it is about making money. Now don’t get me wrong, I’m a capitalist just like the next guy. However, this is exploitation of people for profit. We are not products to be bartered. Web 3.0 flips the idea on its head. Now take another look at browsing. Brave Browser was the first platform that really solidified the idea of Web 3.0 for me. Instead of Google taking control of your data, you can select whether or not you see ads. You opt-in to ads and you get paid for looking at them. They take 30% of the profit from the advertiser buying the space and we get 70%. Trackers and third-party apps on web pages are automatically blocked. This saves battery, bandwidth and time. The idea is that it’s your attention and your data and you should have the choice of where and when to share it.

Blockchain technology at its core is about transparency and free-market and Web 3.0 is an offshoot of this idea. Cryptography, decentralized ledger systems and smart contracts provide trust and allow us to maintain privacy and ownership of our data and assets while also allowing us to profit from the revenues these assets create. There is much more to this topic, but I intend this article to be a quick read and look at what this Web 3.0 stuff is about. For further reading, watching and listening just look down the rabbit hole.

Watch out, you may fall

Things to google: Polkadot, Web 3 Foundation, Defi, Bitcoin, Blockchain
A few books to start you off: The Age of Cryptocurrency, The Cryptopians, The Truth Machine
Podcasts that are a must: Parachain Auctions, Speaking of Bitcoin, Pomp Podcast, Unchained
Some YouTubers to follow (no shill here): Jay Chrawnna, CoinBureau, Hashoshi, Max Maher, Whiteboard Crypto
Great videos to feed that curiosity:

Special thanks to WAG Media and Polka Häus.

Tips are appreciated

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Metamask: 0x66b9f30B38Cb6d61374D15D8A9D220561E715995

What is Web 3.0?

Web 1.0, the early 90s:

Web 2.0, the early 2000s:

Web 3.0, around 2016:

So what does this mean?

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