What the Heck is Web3 Anyways?
I’ve been continuously hearing about web3 for a month now and I thought to do a little research on it.
Here is my view on web3
First, there was web1 — Aka the internet we all know and love.
Then there was web2 — the user-generated web, heralded by the arrival of social media.
Now, wherever we look, people are talking about web3 (or sometimes, web 3.0), the supposed next big evolutionary leap forward of the internet. But what is it, exactly?
Well, opinions on this differ somewhat.
Web3 is currently a work-in-progress and isn’t exactly defined yet.
However, the main principle is that it will be decentralized rather than controlled by governments and corporations, as is the case with today’s internet….. and to some extent, connected to the concept of the #metaverse
Web3 is not just one simple idea.
It is a series of ideas. It was arguably first coined in a blog post from Ethereum co-founder Gavin Wood in 2014.
According to him, Web3 could foreseeably bypass the geopolitical data boundaries and his definition included “trustless transactions” as part of its tech stack.
Wood went on to create the Web3 Foundation and the #polkadot network, which trades on being a Web3 alternative future.
The 2013 Ethereum white paper had earlier given devotees a chance to imagine what a DAO, for example, might look like.
Web3 is now peppered with various concepts:
📍Sovereign digital identity,
📍Censorship-free data storage,
📍Data split among numerous servers and other concepts necessitating a theological interpretation such as decentralized autonomous organizations (DAOs).
These various concepts and ideas interlace discussions about the “Web3” movement and its viability.
Having discussed what Web3 is all about.
There are few speculations of Web3 being centralized and not decentralized.
Is Web3 the future? Or just controlled by a bunch of centralized power?
Join me soon as I do my research on this next phase.