What is web3.0?

In 1989, CERN’s Tim Berners Lee submitted a white paper to the director of the laboratory that proposed a new way to manage information. It discussed the need for a universal system of sharing data on the then-unconnected internet.

The first iteration of the web (web1.0) stemmed from CERN’s first paper with a vague response: “exciting, but vague.”

Sir Tim Berners Lee was the inventor of the World Wide Web, and developed these three critical technologies to enable the giant internet to evolve and become a foundation for every aspect of our lives. He ensured that these technologies were royalty-free so anyone could use them as they pleased and make improvements if need be.

Uniform resource locators (URLs) are website addresses.

Http: Hypertext transfer protocol – a protocol for connecting web resources.

Html: Hypertext markup language – a programming language used to create web content.

Browsers were developed that enabled users to navigate content, and in this way the web really took off.

Websites were very rudimentary in the past and necessary to have a modem plugged into your phone socket for hours on end whilst it tried to establish a connection.

The early history of the internet

Web 2.0 describes the vast improvements to web experience over the next two decades, during which tech giants such as Facebook and Google emerged and recognised the importance of user generated content.

It was found that taxi companies could create billion dollar companies that do not own any taxis, instead collecting user data and powering algorithms to retain customer preferences.

Cambridge Analytica came to the public eye when a whistleblower revealed that an app targeted Facebook users by collecting their data. The company then used this information in political campaigns, such as the 2016 US Presidential Campaign and the Vote Leave Brexit Campaign in Britain.

Eventually, everyone found out about how their data was being used. This wasn’t limited to one case, but it was business as usual. Now it is even more apparent that the new web will be based on AI.

What does web3.0 look like?

Web3.0 reverses the old way of doing things online, where people trade their personal information in exchange for a customized experience. This has become a very bad bargain, so web 3.0 gives users control and options to monetize their own data as they see fit.

It’s become more common for websites to request consent from people through a cookie notice before taking their data. This is a step towards making our digital lives more fair and could help to define the future of our data rights.

The three cornerstones of web 3.0

Decentralisation

Being License-Free/Open Source

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If you are a regular reader of Learn Crypto, you should already know that the first two cornerstone principles of blockchains are Bitcoin and Satoshi Nakamoto.

Decentralisation and permissionlessness are interdependent traits. If a group holds control of an idea or technology, they may choose its path, who has access to it, and who benefits from it.

In order to maintain control of transaction speed, bitcoin sacrifices elements of usability. This technology offers an ultimate act of altruism because Satoshi relinquished an undue influence.

Web3.0 utilizes the decentralized values of Bitcoin and leverages crypto economies to give users utility and rewards for their data. Token economies will practically provide the structure for web3.0, which will require a Meta Mask – a web3.0 wallet that handles transactions in these token economies.

Your content is stored in web3 wallets. The new technology protects privacy and may replace social sign on.

The future of the web is about enabling players to earn by playing.

Instantly, your hours spent with Playstation or XBox will belong to you. Through NFTs, the hours you spent playing can be turned into tradable tokens.

The rise of in-game economies and player skins led to web3.0, a new way to access content on the internet. Web3.0 brings players into the mix with the help of their in-game items and virtual worlds.

There won’t be one Metaverse experience, as a key feature of web3.0 is composability, which allows code and components of an application to easily be shared.

When the Metaverse is fully operational, it will be where you work. This is possible with NFTs (Non-Fungible Tokens), which can be traded for any number of things.

But, before we get carried away with web3.0’s utopian goals, there are some reasons to pause for thinking.