What is Web 3.0 and How Is it Different from Other Versions

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What is Web 3.0 and How Is it Different from Other Versions

To answer this question, let's think about telecommunications for a second. Most of us are familiar with the current 5G technology, which is the fifth generation of telecom evolution. Similarly, Web 3.0 (Web3) can be constituted as the 3rd generation of internet technology. However, Web 3.0 may cause a fundamental shift on how internet functions. To understand this, let's take a step back in time.

What is Web 1.0 & Web 2.0?

It's the early 1990's and the first version of internet was introduced to the public, as the world wide web (WWW). The WWW of that time constituted of static web pages that were connected through hyperlinks. Consumers didn't know what to with do it and businesses thought it was an alternative to yellow pages. 

Then came Web 2.0. This is where the internet became a platform, both for consumers and enterprises. E-Commerce suddenly was every where and Web 2.0 also birthed social media. Web 2.0 influenced almost every aspect of consumer behavior and business, from connecting with each other, consumption of content (video or otherwise) and buying/selling. As smart phones put a computer in almost everyone's palms, internet and social interaction become ubiquitous.  

Web 2.0 also came with a big problem - Privacy!

More 'n more users have to surrender their personal data to use "free" services provided by tech giants like Google, Microsoft, or Amazon. Almost, everything on Web 2.0  collects information about user preferences, the way we use these services and then sold to third parties. In short, with all the benefits of Web 2.0, user Privacy became the "gold rush", which tech giants bought and sold for their gains.

What is Web 3.0 and How is different than Previous Versions?

Gavin Wood, one of the co-founders of the Ethereum, coined the term Web 3.0 in 2014. Before we go to deep into the technology that is envisaged to power Web 3.0, the main premise from prospects of Web 3.0 is that Web 3.0 does not require users to hand over personal information to tech giants or any other business, offering their services on the web.

The technology that powers cryptocurrencies, blockchain, which are considered immutable and de-centralized, would underpin the Web 3.0 architecture. As such, the data, instead of being stored on servers, would be stored on the blockchain network, making it harder to manipulate and control. An example of a Web 3.0 application might be a peer-to-peer (P2P) payment app, where users could pay for a good or service using a decentralized app (DApp), instead of using a bank. This allows for more flexibility, lower cost and faster transactions times.

While many technologies that will utilize the Web 3.0 are still being developed, there are alternatives available, even in Web 2.0. Browsers like Brave and search engines like Duck Duck Go, are promoting themselves as privacy conscious. Brave also offers coins, which can be cashed in for real money, if the users allow Brave to show ad notifications. With VPN and VPN Proxies, tech savy customers can also anonymize themselves from Web 2.0. 

To summarize, as Web 3.0 matures, it will also lead to another consumer behavior shift. Businesses will conform to the new norm and life will go on. It's too early to tell what gaps will Web 3.0 lead to, so stay tuned as we keep on exploring this new world.

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