▌ What is Web3?

Web3 is a concept for the future of the Internet that is powered by decentralized technologies such as blockchain. In Web 3.0, data and applications are stored on different computers and servers, making the Internet more secure and private for users. With Web 3.0, users will be able to store their data and their own digital assets on the blockchain, which guarantees their security and protection against theft.

▌Web1 and Web2

Web 1.0 and Web 2.0 are two different generations of the Internet, each with its own distinctive features. In this article, we will take a look at what Web1 and Web2 are and what is the difference between them.

Web1: Static sites with limited interaction

Web 1.0 is the first version of the World Wide Web that became popular in the early 90s after the introduction of the HTTP communication protocol. Websites of this generation consisted of static pages with text, links, and images. According to Tim Berners-Lee, who is called the author of the Web, Web 1.0 sites were available “only“. Interaction with the sites was limited to simple forms of communication, such as forums.

Since Web 1.0 was static and had limited interaction, it did not provide many opportunities for users and businesses. This generation of websites was primarily a costly advertising platform.

Web2: Interactive sites with a lot of features

Web 2.0 is the second generation of the Internet, which began to spread in the early 2000s. Web 2.0 consists of interactive platforms and services that are connected to the World Wide Web. The difference from the first generation is that websites have become web applications that users can use independently. Later, social networks such as Facebook (now META), Twitter, YouTube, and others were added to this.

▌ What advantages does Web3 offer?

Web 3.0 offers many benefits for users and developers. Here are a few of them:

• Decentralization: Web 3.0 is based on decentralized technology that allows data and applications to be stored on different computers and servers, making the Internet more secure and resistant to attack by intruders.
• Privacy: Web 3.0 allows users to store their data and their own digital assets on the blockchain, which ensures their privacy and protection against theft.
• Efficiency: Web 3.0 allows developers to create applications that work more efficiently and quickly through the use of decentralized technologies.
• Independence from intermediaries: Web 3.0 allows users and developers to avoid dependence on intermediaries, such as social networks, banks, and other middlemen, through the use of decentralized technologies.
• Openness and transparency: Web 3.0 offers an open and transparent system where anyone can verify and validate transactions, which ensures a high level of trust on the Internet.

▌Web 3.0 Products: Examples and List

Web3 is the next generation of the Internet that offers many opportunities and innovations. Thanks to Web3, we get a wide range of products and services that change the way we perceive and use the web. In this article, we will look at examples and a list of some interesting Web3 products that are currently available to users.

1. Decentralized financial (DeFi) platforms:

DeFi is one of the hottest trends on the Web3 . These platforms allow users to conduct financial transactions without intermediaries such as banks or crypto exchanges. On such platforms, you can take and give out loans, exchange cryptocurrencies, staking various financial instruments, and receive rewards for participating in the system. Some popular DeFi platforms are Compound, Uniswap and Aave.

2. Distributed data warehouses:

Web3 also offers a new approach to data storage. Instead of centralized storages controlled by individual companies, Web 3.0 uses distributed storages based on blockchain technology. Such storages provide greater security, reliability, and confidentiality of data. Examples of distributed storages are IPFS (InterPlanetary File System) and Filecoin.

3. Blockchain-based content:

Blockchain technology can also be used to create Web 3.0 content. This opens up new opportunities for content creators, performers, and consumers. For example, unique digital content such as music, drawings, photos, or even textual materials can be created and sold on blockchain platforms. This approach provides authors with greater ownership of their creative content, and consumers with greater trust and transparency about the origin of content.

4. Smart contracts:

Smart contracts are another interesting feature of Web 3.0. They are self-executing programs that are based on blockchain technology. Smart contracts can automate and coordinate various transactions, avoiding the need for intermediaries. For example, they can be used to securely make payments, automatically execute transactions, or even create decentralized organizations (DAOs). A popular platform for creating smart contracts is Ethereum.

5. Virtual reality (VR) and augmented reality (AR):

Web 3.0 opens up new opportunities for the use of virtual reality and augmented reality. These technologies allow you to create immersive and engaging virtual environments that can be used in a variety of fields, including education, entertainment, medicine, and business. Thanks to Web 3.0, you can explore new worlds, interact with virtual objects, and transform your environment with augmented reality. Since productivity outside the office is falling, large companies are developing their own virtual copies of their spaces to maximize team immersion in work.

6. Machine learning and artificial intelligence:

Web 3.0 also uses machine learning and artificial intelligence to create smart and autonomous systems. These technologies allow computers to analyze large amounts of data, identify patterns, and make predictions. They can be applied in such areas as automated manufacturing, medicine, finance, and transportation. A striking example is ChatGPT from OpenAI and Midjourney.

▌How does Web 3.0 affect the future of the Internet?

Web 3.0 opens up new possibilities for the Internet, where users and developers can interact with each other directly and without intermediaries. This provides a higher level of security and privacy, which is extremely important in today’s world.

In addition, Web 3.0 allows developers to create applications that work more efficiently and quickly, making the Internet more accessible and convenient for users.

Many ideas boil down to the fact that Web3 will allow you to have one account to auto-enroll in different services and provide them with access to your information according to your desired criteria. That is, you will not need to enter your data every time you register for a new service, but only confirm access using the blockchain. Google, Apple, and Meta are currently implementing this well: knowing all the information about you, they offer you relevant ads, music, movies, and provide banking services such as Google Pay and Apple Pay. The closest is the Ukrainian state project “State in the Phone” Diya, which allows you to get most of the state services in a few clicks on your phone or on the website, even to pass verification on exchanges such as Binance and Ukrainian Whitebit, but this is a state project and no one has yet managed to implement this in the decentralized space.

▌Критика стосовно Web 3

A number of influential people have expressed their opinions on the Web3 concept. For example, Twitter founder Jack Dorsey criticized the Web3 concept because of the excessive influence of venture capitalists in this area, believing that it will never become fully decentralized.

However, Jack Dorsey’s company also made its own contribution to the “new Internet” and introduced a project called Web5. This platform allows developers to implement a decentralized system of data storage and digital user identity in their applications.

Cryptographer and Signal messenger founder Moxie Marlinspike pointed out that applications claiming to be decentralized still depend on centralized services, including servers and APIs.

In an interview at the end of 2021, entrepreneur Elon Musk said that Web 3.0 is “more of a promotion tool than anything real.”

▌Conclusions

Web 3.0 is the future of the Internet, offering security, privacy, and decentralization on the web. It is a new era that opens up new opportunities for users and developers, where everyone can interact with each other directly and without intermediaries. With Web 3.0, the Internet can become a safer, more private and more efficient place to interact.