WTF is Web3.0?
An overview of the next iteration of the internet.
4 / 5 doctors recommend subscribing to this blog! The 5th one refused to comment. Maybe she’s on vacation or something.
*Disclaimer: this blog is a bit more techy / nerdy than my usual. I got a couple of requests to talk more about Web3.0 after I mentioned it in my last blog, so I felt the need to write this piece.
Greetings, and welcome to Web3.0! If you haven’t already, you will likely start to hear more about this concept called Web3.0 in the coming months and years. But what is Web3.0 you may ask? Is it a new Apple product? Is it similar to a McRib? Is it what Facebook, sorry Meta, is working on? Let’s dive in and explore.
The Next Iteration
At its core, Web3.0 is the next iteration of the internet that is being built around a new set of values and technologies.
These values include but are not limited to:
Decentralization, meaning not any single person or authority has control.
Composability, meaning technologies will easily be able to work with one another.
Ubiquity, meaning you can access the internet everywhere and at any time.
Permissionless, meaning you will not need permission to access the internet.
In addition to these values, there is also a new set of technologies that are allowing Web3.0 to be built. These technologies include, but are not limited to:
Decentralized networks & blockchains which help form the infrastructure for trustless decentralized networks.
Non-fungible tokens (NFTs) which allow for digital scarcity and digital ownership
Digital currency which allows for value to be created, stored, and transferred globally over the internet in a digitally-native way.
All of these technologies and many more are coming together to form what we are calling Web3.0.
Let’s take a stroll down memory lane
Web1.0 was the first version of what we know as the internet today. Started in the early 1990s and webpages were primarily static and information based. No games. No interaction. No likes and comments.
Then, we migrated to Web2.0 In the early to mid 2000s. Certain technologies helped us get there. The smartphone. Social media. The ability to store data in the cloud. This is the internet we are used to now.
Finally, we have Web3.0. As described before, Web3.0 is bringing together a slew of different technologies to create the next iteration of the web.
Why you should care?
If you are non-technical and enjoy the status quo, then you likely will not have to worry about Web3.0 for a while. You will start to hear more and more about it but we are still a little ways off until it is ubiquitous. The early adopters and developers will get all the kinks out and then once it makes its way up the adoption curve you will be able to interact with it in a smooth and seamless fashion.
However, if you are looking for an opportunity to get involved in an exciting, emerging field, look no further. For the 20-somethings out there, we were too young to get involved during the dot-com boom and bust in the early 2000s. We were too young when Facebook and Instagram got started in 2004 and 2010. But this time around we are the perfect age to get involved.
Wrap Up
How many of you could explain to me the inner workings of the internet? How the different protocols work? Who are the regulators and the internet authorities? Likely not many, including myself, know all of these things. The good thing is we don't really have to.
Adoption is based on belief, and the early adopters will be the people that understand and believe in the underlying values and technologies of Web3.0. Once it goes mainstream, the infrastructure will have been built and consumers will then engage with applications built on top of that infrastructure that have clean user interfaces and are easy to use.
There is far too much going on in Web3.0 than could be covered in a single blog, but I just wanted to mention some of the basic principles so that you all could be exposed to what the future may look like. If you are interested in learning more about Web3.0 please shoot me an email or check out some of the reference links below!
Thanks again for reading!
Until next time,
Flickman
*You should share this with your friend that loves Bitcoin! They would love it.