Initially, the internet was being used by people to communicate with each other,
explore the innovations taking place all over the world, and share experiences. The
internet evolved over time and the web we know today emerged in 1991 when the
use of HTML and URLs made the navigation between static pages possible which
can be considered as Web1.0. In the early 2000s, an integral feature being used in
Web2.0 was social media allowing the public to watch, comment, learn, post,
search, and communicate It also created new opportunities for the public to earn
and make money. The most recent development is Web3 which emerged to encrypt
the personal data of the users. Web3 idea was generated back in 1991 when the
first blockchain was launched however, in 2009 the idea became clear when the
Bitcoin was launched. In 2014 the term Web3 was introduced by Gavin Wood, and
was defined as a decentralized version of the internet that is going to dominate
Web2.0 in the future.
Web3 was introduced to get the users in confidence by protecting their data and
giving control to the users over their data. The intended outcome of introducing
this version is to give a sense of ownership of personal data to the users through
the use of blockchain technology. Web3 is designed by combining the
decentralization of Web1.0 with the user-friendly interface of Web2.0.
The decentralization used in Web 3 and the user-friendly environment together result in the following benefits for the users:
Users in this version of the internet have more opportunities to interact and engage with the content of other users as compared to the previous versions i.e. Web 2 and Web 1.
The development of the internet in the form of Web 3 has given the ownership to the users of their data who receive incentives for participation instead of being asked to trade their personal data to access the websites.
The users on all the networks are given access to the data stored on networks, and to use the services.
In this version, the identity of the user is attached to the digital wallet where the public can see the activity of the user but the identity remains confidential.
Through the use of artificial intelligence, machine learning, and blockchain the user gets the relevant data in less time.
However, the new version of the internet seems beneficial for the users but it also has some disadvantages which include:
Blockchain technology used to provide a better experience to the user is expensive and requires a considerable amount of energy to operate and since it is used in Web 3 the cost of the new version of the internet becomes costly.
The environment in which the Web 3 applications may provide the full benefits may differ from what users may have. So, to get the full benefits of the applications the users might need to invest in new pieces of equipment.
The regulation of the content and user actions becomes the responsibility of the users which can create a question on the content that appears on the applications.
IThe use of blockchain technology to process transactions in a peer-to- peer network requires more computing power which needs to be more scalable to allow the participation of more users.
As in Web 3 the activity of the user can be monitored the information provided by the user becomes accessible to the public.
1- Harvard Business Review, 2022. What Is Web3?
2- Coursera, 2023. What Is Web3?
