People pay attention to developments in blockchain technology because they feel that Web 3.0 will enable the internet to exist in the way it originally intended to exist, as a genuinely open avenue that provides virtually unlimited access to information. Moreover, it will be a more advanced version of the internet people already use.
In that regard, most individuals think people should all be excited about what it will offer since the internet has become an essential aspect of all humans’ lives. Furthermore, decentralization, in general, will take control away from centralized authorities and provide that control to everyone, ultimately furthering equality.
What is Web 3.0?
To better understand Web 3.0, it makes much sense to understand what came before. The first version of the internet, known as Web 1.0 – arrived in the late 1990s and comprised a collection of homepages and links. Websites were not particularly interactive. You could not do much apart from reading things and publish basic content for others to read.
Web 2.0 came next. Some people call this version the “read/write” internet, concerning a computer code that lets you both open and edit files instead of just viewing them. This version of the internet-enabled people to consume content, create their own, and publish it on blogs such as Tumblr, Internet forums, and marketplaces such as Craigslist. Later, the emergence of SM (social media) platforms, including Twitter, Facebook, and Instagram, took content sharing to new heights.
So the Web 3.0 is now the upcoming 3rd generation of the internet where apps and websites will be able to process information in a smart human-like way via technologies like decentralized ledger technology (DLT), machine learning (ML), Big Data, etc. Web 3.0, however, was originally called the Semantic Web by Tim Berners-Lee, the World Wide Web inventor, and was aimed at being a more autonomous, intelligent, and open internet.
Why Does Web 3.0 Matter
Web 3.0 is such an essential concept because it gives individuals ownership and total control over the content they develop.
Today’s online sites are built on the backs of individual content creators, like artists on Spotify, YouTubers, and writers on Medium.
Even though these platforms have become extremely wealthy from this content – the creators themselves are not rewarded proportionally. They are forced to depend on the platforms to reach their audiences – but they do not receive fair compensation for the value they create. Web3 allows for much fairer rewarding for content creators.
Another issue is the centralization of data. When individuals’ data is controlled by a few centralized organizations like social media platforms, it’s difficult for innovation to occur because it is incredibly hard for new startups to rival or compete with these incumbent forces.
Furthermore, these tech giants may abuse users’ data, violating privacy expectations. Peoples’ data should belong to them, and they should get to decide who uses it and makes money from it.
Also, many corners of the internet are widely used and beloved by all but not well monetized. These are well-known as “internet treasures” and include Stack Overflow, Reddit, and Wikipedia. Cryptocurrency and Web 3.0 open up many new avenues to monetize these platforms and ensure individuals benefit from them for a long time to come.