Everything You Need to Know About Web 3.0: Understanding The Future of the Internet
Web 3.0 is the new hot trend. Twitter is buzzing about it, hundreds of DAOs (decentralized autonomous organizations) are getting created each day, bringing people closer together and redefining governance. But what does this shift from the old, ad-filled internet called Web 2.0 bring to businesses?
Web 2.0 and Web 3.0
Before we jump into the new possibilities of web 3.0, we need to step back into our 20 year past.
Web 2.0, which was started in the early 2000s, was the peak of the internet. A digital-dominated, content-based version of social networking called Myspace emerged and became a mainstream social media site. Sites like Flickr and Facebook played host to everything from family photos to politics.
Web 2.0 was born on the back of the internet, which had its origins in the “first-wave” internet in the early 90s, with the invention of the World Wide Web, and was initiated by Tim Berners-Lee, a British computer scientist and cognitive scientist, who is now the Director of the World Wide Web Consortium. Web 2.
What is Web 3?
“Web 3.0 is the next iteration of the web. Web 3.0 focuses on decentralized applications and marketplaces. Web 3.0 utilizes smart contracts for economic and legal collaboration. The web we have seen so far was powered by centralized systems that rendered the distributed web useless. Today, we are witnessing an emerging shift that encourages decentralized autonomous organizations to form.” — The Web 3.0 Alliance
Web 3.0 encompasses many technologies and protocols. The technology behind decentralized marketplaces and Twitter’s own protocol are what make Web 3.0 possible, and I will cover all of these below. But first, let’s get caught up on what you need to know.
What is Web 2?
Web 2.0 – which began in the late 1990s – is what has people calling the “old internet.
How will this affect businesses in the future?
For businesses, it means a whole new world where access to customers, partners, and markets is more efficient, transparent and easier. Online business intelligence is as crucial as ever to reach the highest level of business success and the web3.0 trends will help businesses to deliver cutting-edge solutions for customer acquisition, risk reduction, collaboration and more.
“People are out of jobs because of their ignorance, not their capability.” –Oxfam’s Richard Kastelein
How does Web 3 give us?
By removing intermediaries and adding transparency, decentralization brings new possibilities.
With so many communities forming and more people taking on advisory roles, there are a number of things to consider before making a decision about joining one of these communities. It is important to understand where these communities are coming from and whether they align with your company values.
Members enjoy access to relevant communities, tools, data, content, services, events, and conferences in which their specific interests are being addressed. This experience allows people to deliver more meaningful insights that allow businesses to make better decisions.