Web 3.0 and Crypto

What is the Web 3.0 revolution?

The internet has come such a long way in just a few decades.

When America Online was first introduced, the internet was a closed network that corporations could control.

Today, the internet is more open than it was in the 1990s.

But corporations still control most.

The content, distribution, and ownership of internet systems and applications.

With a transition to Web 3.0, many advocates - like myself- feel it’s time for the internet to break free from corporate greed, and control

Explaining Web 3.0

This is how you own stuff (inc. your data) online using passwords instead of g̶r̶e̶e̶d̶y̶ ̶s̶k̶e̶t̶c̶h̶y̶ middle men, right?

Web 3.0 describes the next evolution of the internet which is supposed to be more open, inclusive, and free than our current iterations.

While the term Web 3.0 has become used in popular culture, the term for this new internet is actually Semantic Web, dubbed by the World Wide Web Consortium (W3C).

The hope is that machines connected to this new web will not only be able to read data but semantics as well - allowing machines to understand your intent and meaning.

At the same time, a key factor in Web 3.0 is decentralization, or, moving data (value) away from powerful centralized services that depend on a single company or entity to operate. 

This concept can be explained well by a general partner at Andreessen Horowitz, here's Chris Dixon..

“Web 1 (roughly 1990-2005) was about open protocols that were decentralized and community-governed. Most of the value accrued to the edges of the network — users and builders.
Web 2 (roughly 2005-2020) was about siloed, centralized services run by corporations. Most of the value accrued to a handful of companies like Google, Apple, Amazon, and Facebook.
We are now at the beginning of the Web 3 era, which combines the decentralized, community-governed ethos of Web 1 with the advanced, modern functionality of Web 2.
Web 3 is the internet owned by the builders and users, orchestrated with tokens.”

According to many, Web 3.0 will have several properties that make it a better, more advanced internet for everyone:

  • Compostability - Information can be stored, transferred, and accessed across any application, network, or system
  • Connectivity - Using the internet-of-things (IoT), millions of devices will connect and share data with one another
  • AI - Artificial intelligence will support the network to grow and operate more efficiently
  • Open-sourced - Applications and software will be constantly iterated and improved through open-sourcing
  • Decentralization - No single entity has control over data on Web 3.0, and instead, the network is secured by a vast network of participants 

Where Crypto Fits Into Web 3.0

Moving money online via trustless tokens.

Because Web 3.0 proposes a vast decentralized network on which freedom is paramount, it also needs economic incentives for users to act in good faith and to break free from the control of traditional economic structures. This is exactly where cryptocurrencies come into the picture.

Imagine a decentralized web where users were still attempting to process payments using traditional fiat currency. This would involve bringing in centralized entities like banks, payment processors, and even federal governments.

Cryptocurrencies are peer-to-peer digital assets, meaning, they fit into the decentralized ethos of Web 3.0. Cryptocurrencies can be self-custodied — without the need of a centralized financial institution — and when someone makes a payment using a cryptocurrency it does not need to be routed through a payment processor, as the underlying blockchain network secures the transaction.

The Next Evolution Of The Web

The internet with ownership rights from sign up, everywhere.

Web 3.0 is born, out of contempt, for the way that money and greed have infiltrated what was supposed to be the information superhighway.

Large corporations like Facebook and Google control and sell user data, act maliciously toward their communities, and manipulate federal governments into creating conducive environments for their services.

Former co-founder of Ethereum and founder of Polkadot Gavin Wood highlights why we need Web 3.0 so badly:

“What precisely is wrong with the web today? In short, it’s a big baby. It has grown old without growing up. While connecting the far corners of the globe with a packet-switching network and hypertext platform is an incredible achievement, the web has become corrupted from its own success.”

If Wood is right, the developments in blockchain technology and cryptocurrencies couldn’t have come soon enough. Let’s just hope the rest of the world catches on.

Now that we have gotten through the web and into where it has met it's love language in blockchain.. we can talk about Bitcoin finally.

If you wanna go over the deep dive on it to get a better understanding of what it is, start here.

If you wanna skip past that, and go into the current health of Bitcoin, then go here.

Much Respect,

#4111 "If you stick around long enough.."

P.s.. Before you go into the crypto-verse, be sure that you've taken the steps to secure your social media and devices by reading our first blog piece, the security one.

Next Article: Bitcoin | The Deep Dive

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