What makes Web3 distinct?

Tracing Back: Web 1.0 to Web 3.0

Today we hear a lot about Web3 & it’s being touted as the future of the internet.

But have you ever thought about the Web’s history?

Let’s have a look at it.

Web 1.0: Read Only

The first inception of Berners-Lee’s creation, now known as ‘Web 1.0’, happened between 1990 to 2004.

In this era, Web 1.0 was mainly static websites owned by companies & the role of the user was limited to reading the information provided by the content producers.
There was no interaction between users & it came to be known as the read-only web.

Then came the era of Web 2.0 which continues till now.

Web 2.0: Read, Write

The emergence of social media platforms paved the way for Web 2.0 in 2004. The web had evolved from being read-only to read-write. Users are not only readers but also content producers and content is distributed and shared between sites.

Youtube, Twitter, Facebook, etc are some famous Web 2.0 applications.

Though we use Web 2.0, we find that Web3 is a buzzword these days.

What’s Web 3.0?

Web 3.0 : Read, write & execute

This term was first coined by Ethereum co-founder Gavin Wood in 2014 and the idea eventually gained interest. A new & better internet is visualized through Web3. It incorporates concepts like decentralization, blockchain technologies, etc.

What makes Web3 distinct?

1. Decentralization

Large swathes of the internet would no longer be controlled or owned by centralized entities as the ownership rights will be distributed amongst the builders & users.

2. Permissionless Internet

Web3 is based on the idea that everyone can make use of the internet and nobody can be excluded.

3. Native Payment System

Web3 will aid monetary transactions across the internet without the use of banks or other third parties. It will use cryptocurrency for sending and spending money online.

4. Refined Ownership

Web3 will provide ownership of your digital assets in an unprecedented way.
For example, you purchase an in-game item that is directly tied to your account. If the game creators delete the account, you will lose the items purchased.

But Web3 will give direct ownership through non-fungible tokens & even the game creators will not be able to take away your ownership.

5. Rise in the use of Artificial Intelligence

The inception of Web3 will lead to the extensive usage of artificial intelligence due to the decentralized nature of Web3.

Do businesses have to make a shift to Web3?

Let’s have a look to find the answer.

How is Web3 important for business?

1. Streamlined business processes

Businesses would be able to easily establish & oversee their distribution networks. Smart contracts would enable the automation of all contracts & will simplify the company processes.

2. Efficient Collaboration

The main goal of Web 3.0 is to promote economic transparency in business dealings.
It will maintain a permanent record of all transactions accessible to all users on the blockchain network.

3. Reduced Risks

Businesses would be able to establish a safe accounting network or platform in Web 3.0, where all things are decentralized and payments are accessible. Organizations could prevent the loss of client or business data.

4. Improved access to information

Businesses will be able to gain valuable insights from the vast amount of data available with Web 3.0. The new internet generation will provide better access to information in less time.

5. No third party is required

Web 3.0 technology will enable each sole proprietor to be in charge of all internal processes & communicate directly with the clients without the involvement of third parties.

Wrap up

Technology is an inevitable part of the lives of humans. It has infiltrated every aspect of our lives, changing how we work, learn, & shop.

Web3 could completely revolutionize the ways in which businesses operate and will unlock a more valuable internet for everyone.
Much like the other web evolutions, Web3 will also take time to be adopted, and the organizations that could quickly adapt to the changes will be successful in the long run.