Exploring the Evolution of the Internet: A Closer Look at Web3 and Its Advancements
Web3 and how it compares to previous web iterations
The internet has come a long way since it was first introduced to the world. From the read-only Web 1.0 to the read and write Web 2.0, the internet has seen a lot of changes over the years. However, the latest iteration of the internet, Web3, is perhaps the most revolutionary of them all. In this article, we will explore Web3 and how it compares to previous web iterations.
The evolution of the web
The World Wide Web was first introduced to the world by Tim Berners-Lee in 1990. At that time, the internet technology existed, but it was not accessible to the general public without websites. This version of the web is known as Web 1.0, and it consisted of read-only text and pixelated images. There was no interaction with websites, and users could only consume information.
Web 2.0 was introduced in the early 2000s and brought with it interactive websites that utilized programming languages like JavaScript and HTML. Search engines such as Google, Yahoo!, and Ask Jeeves became popular, and social media sites like Facebook, MySpace, and Friendster started to emerge. Web2 was a combination of read and write, where interaction became more prominent.
The third web
Web3, also known as the third web, takes user interaction to the next level. In the previous versions of the web, users were in the passenger seat, where they could interact with the website but had no control over it. Web3 puts users in the driver’s seat, giving them control over the websites they use.
One of the significant problems with previous versions of the web was that users had no control over their money or data. Sending cash online required the use of a third-party intermediary like PayPal or Venmo. Web3 changes that with the introduction of cryptocurrencies and the ability to send value directly from one wallet to another.
Web3 uses open protocols that developers can build upon, creating decentralized applications and networks. In these networks, users can be involved in the value creation and governance of that dApp or network. Privacy and ownership are top qualities that define the third web.
Blockchain and NFTs
Web3 uses several technologies to make it possible, such as blockchain, cryptocurrency, virtual reality, augmented reality, NFTs, and AI. Blockchain networks are built as a secure, privacy-focused data network that is essentially impenetrable. NFTs, or non-fungible tokens, are unique identifiers that rest on-chain, placing ownership into the user’s hand.
Blockchain wallets keep that NFT, and various other tokens, private and secure. Hackers may steal tokens, but that only occurs when a private key is accidentally released to the wrong person.
Decentralized Finance (DeFi)
One of the most prominent features of Web3 is decentralized finance or DeFi. DeFi is a collection of financial services such as trading, lending, and borrowing without depending on third-party intermediaries. Networks such as AAVE and Compound offer DeFi services within their dApps.
Automatic trading using crypto trading bots
Another important feature of Web3 is the ability to perform automatic trading using crypto trading bots. These bots connect to exchanges and trade on behalf of the user 24/7 without the need for manual trading.
Conclusion
Web3 represents a significant evolution in the world of the internet. It gives users control over their data and money and enables the creation of decentralized applications and networks. Web3 is still in its early stages, but it has the potential to change the way we use the internet forever.