What is Web3?

Web1 (1980 - 2000): Known as the first era of the internet, Web1 began in the 1980s and lasted until 2000. This period was characterized by the internet being primarily used for basic information transmission, with websites being mostly static and lacking interaction between users and content. These websites were often described as "read-only," where users could access and read information but could not interact or participate. Key technologies of this era included protocols such as SMTP (email), HTTP (web), and FTP (file transfer).

“Web1 = The Internet of Information; i.e., the HTML CSS websites you cannot interact with. Web1 represents the era of the internet of information. It includes HTML and CSS and is not interactive, unable to offer a user experience.”

Web2 (2000 - present): This phase marks the transition from static websites to interactive platforms, where users can contribute and generate content. Web2 focuses on interactivity and social networking, with the emergence of platforms like Facebook, Twitter, and YouTube, allowing users to share, comment, and connect with each other. In simple terms, while Web1.0 allowed users to browse and view products, Web2.0 introduced features such as commenting and liking on social media platforms. However, Web2.0 is dominated by tech giants who control most aspects of it. When making a purchase, people often search through platforms like Google, Amazon, Taobao, or Shopee. While these platforms facilitate and regulate interactions between users, the Web2.0 mechanism still poses certain challenges:

• Service providers may struggle to transfer their data to other platforms without losing reputation and customer base.

• Users have limited control over how their data is used and managed.

• Centralized platforms can make decisions that significantly impact end-users, such as filtering user-generated content or restricting access to certain features.

“Web2 = The Internet of Interactions; i.e., modern platforms like Facebook, Twitter, etc., that allow you to be connected end-to-end with others.”

Web3: This phase is currently under development and is expected to bring about a decentralized internet, where power is not concentrated in the hands of a few large tech companies but is distributed widely among users and participants. Web3 leverages blockchain technology to create an open, transparent, and secure environment where users can interact without intermediaries, ensuring privacy and ownership of personal data and enabling them to derive value from their data. In the Web3 environment, value is often exchanged in the form of tokens. This is seen as the next step in the evolution of the internet, opening up new possibilities for the future.

“Web3 is centered on an ecosystem of technology products that are decentralized, trustless, permissionless, and interoperable.”

What are the Core Ideas of Web 3.0?

Web 3.0 represents the next evolution of the internet, emphasizing decentralization, trustlessness, semantic understanding, and enhanced interactivity. This section explores the core ideas that define Web 3.0, highlighting its transformative potential.

Decentralization

At the heart of Web 3.0 is the shift from centralized digital ecosystems to a decentralized web architecture. This model distributes data storage and processing across multiple nodes in a network, reducing reliance on central authorities. Users gain unprecedented control over their data, including where it's stored and how it's monetized, fostering a more democratic and equitable internet.

Key Features:

• Data Distribution: Storage is decentralized across networks owned by various entities.

• User Empowerment: Individuals control their data storage and can monetize their own information.

• Data Redundancy: Information is duplicated in multiple locations to ensure consistency and security.

Trustlessness

Web 3.0 introduces the concept of trustlessness, allowing users to interact directly without placing trust in a third party. This is a significant departure from traditional web services, where central authorities manage data and transactions, often leading to concerns about security and misuse.

Benefits:

• Security: Reduces the risk of data breaches and improper management.

• User Autonomy: Empowers users with control over their transactions and interactions.

Semantic Web

The Semantic Web is a key component of Web 3.0, enabling machines to understand the meaning—or semantics—of information on the web. By leveraging metadata and artificial intelligence, the Semantic Web allows for more accurate interpretations of user-generated content, enhancing the relevance and efficiency of web services.

Advancements:

• Intelligent Search: Provides more accurate and contextually relevant search results.

• Automated Assistance: Empowers intelligent agents to assist users more effectively.

Interactiveness

Web 3.0 aims to increase the connectivity between diverse technologies, facilitating seamless data mobility across platforms without intermediaries. This level of interactivity enhances user experiences, allowing for fluid transitions between services while maintaining personalized settings and preferences.

Innovations:

• Data Mobility: Enables seamless service transitions for users.

• IoT Integration: Expands the web's reach beyond traditional devices, supporting a wide range of Internet of Things applications.

The Importance of Web 3.0

Web 3.0 is set to redefine the internet landscape through its core ideas, emphasizing user control, data privacy, and a more interconnected digital experience. Its commitment to decentralization, trustlessness, semantic understanding, and enhanced interactivity addresses many of the limitations of previous web generations, paving the way for a more open, transparent, and user-centric web.

Key Impact Areas:

• ESG Alignment: Promotes sustainability, ethical practices, and governance models that emphasize fairness and accountability.

• User-centric E-commerce: Facilitates direct interactions between producers and consumers, supported by blockchain technology.

• Local and Global Connectivity: Strengthens local economies while enabling global interactions through decentralized applications and cryptocurrency technologies.

• Digital Ownership and Creativity: Empowers creators with new forms of monetization and ownership, and introduces novel platforms like the Metaverse for digital interactions.