According to Wikipedia ~ Web3 is an idea for a new iteration of the World Wide Web-based on blockchain technology, which incorporates concepts including decentralization and token-based economics The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.

Well, that's correct but let's understand it better.

If you are reading this article, you're a pioneer, the web we're experiencing today is changing. It has evolved a lot since 1989, experiencing 3 main phases:

1. Web 1.0
2. Web 2.0
3. Web 3.0

Let's go through their key principles.

Web 1.0

The Read-Only Web This refers to the first stage of WWW. Only a few content creators, mostly developers, and the majority of users were mere consumers. Web1.0 consisted of sites serving static files through a file system rather than a database.

4 design essentials of Web1.0

1. Static pages
2. Content is served from the server's file-system
3. Content creators were mainly developers
4. Frames and tables used to position and align elements An example for you to understand is all the basic sites made ~ personal portfolio type websites.

Definitely different from Web2.0 - let's see why.

Web2.0

The Participative Social Web

This is the web we're experiencing every day. It's user-friendly and everyone can create and share its content without any kind of technical knowledge. It's dynamic and built upon the collaboration and interactions among users. So why there is a need for web3.0 when we are already doing soo good There is a need and here is how.

Web2.0 Steals Your Data While you're not watching.

3 Web2.0 Significant Features

1. Dynamic content that is responsive to user input.
2. Information flows between the site owner and site users by different means
3. Monetization is usually dependent on user data.

Web2.0 though has one huge flaw -> Centralization of Data. Although Web2.0 it's been huge advancement compared to what Web1.0 was, there are 2 things we should tremendously improve:

• Privacy and Security
• Ownership

Let's see the reasons.

Companies Selling Your Data

• Web2.0 Users do not have any kind of control over their data.
• Web2.0 apps suffer from data breaches. Companies tack and save users' data without their consent, and eventually sell it. Better? Ownership.

You don't own your stuff. Ever

• Creating videos on YouTube? Google owns them.
• Creating content on Facebook? Meta owns it.
• Posting pictures of cats on Reddit? Guess this.

Web 3.0 solves many of these problems.

What is Web3.0?

It disrupts the web, giving it the ability to exchange value, granting full transparency. Decentralized Applications have no central authorities or intermediaries, giving full control to users. Web3.0 also brings new sustainable monetization opportunities.

5 Web3.0 main principles:

Web3 is:

• Censorship resistant
• Self-governing
• Trustless/anonymous
• Verifiable
• Stateful

These principles are granted thanks to blockchain and decentralized applications.

What Is a Decentralized Application?

Web3.0 applications or DApps are not hosted on centralized servers but on a network of computers connected to the blockchain. The code is completely open-source and their data is fully transparent while granting anonymity. Use It Without Telling Your Name. Using Dapps and the Blockchain doesn't require overly complex verification systems or handling sensitive information.

We only have a wallet, and a couple of keys to verify transactions. This wallet is your universal access to the Web3 world.

What? Monetization Without Selling User Data?

When you hear about web3, cryptocurrency is often part of the equation. This is because cryptos provide a financial incentive for anyone who wants to participate in creating, contributing to, and interacting with a Web3.0 Project.

Pay Me Without A Bank!

Crypto tokens aren't only an incentive, but also a frictionless payment system free from any intermediary. Content creators can get paid directly for their products and services, making goods exchange, a 1 to 1 relationship between seller and buyer.

Thank you for reading!

I'm Prashant Singh(ano1herengineer)👋 Helping developers monetize their skills!

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Quote of the day ~ > Engineering is not only a study of 45 subjects but it is moral study of intellectual life.

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