September 18, 2022
Web 3, YT Trending - Latest Technology News

What is Web 3 and Why is it Referred to as The Future of the Internet?

If Web 3’s promises come true, we may witness the most dramatic shifts in society’s history.

Let us begin at the beginning. In 1990, the web was founded. Its first version, Web 1, was simple and clear. You launch a web browser, type in a URL, and press enter. You can browse the website once it has loaded on the screen.

Nobody had control over Web 1. You can access web pages to read, browse, and buy things as long as you have an internet connection. Web 1 followed a standard, global, and open protocol: HTTP.

However, the user experience was generally limited. We would go to websites to explore but never create our own content. That privilege was reserved for a select group of people: programmers. In the early days of the internet, most of us were merely consumers of content created by others.

This web version lasted until 2004. Then came the social media revolution, also known as Web 2. Rather than just browsing, Facebook, Twitter, and YouTube enabled anyone to create content. No coding knowledge was required. People can post messages, upload photos, share and like videos, and connect with others. You are both a consumer and a creator in Web 2.

We live in the Web 2 era. And, while it improved our lives in many ways, it also caused a number of issues.

Instead of being a free and open internet, the internet is now completely controlled by a few corporations. As the owners of Web 2 platforms — Zuckerberg and friends — became the big winners, financial inequality grew. The rest of us, on the other hand, are unpaid participants.

We either don’t make any money or only get a fraction of the value we add when we post, like, share, and comment. However, we — the users — are the platforms’ beating heart. They are nothing without us.

Web 3, YT Trending - Latest Technology News
What is Web 3 and Why is it Referred to as The Future of the Internet?

We have no control over our data in Web 2, where it is stored, or with whom it is shared. Platform owners collect and sell our data to third parties, sometimes without our knowledge. What do we get out of this sweet deal? Except for personalized advertisements and recommendations, there is nothing tangible.

The lack of ownership results in a lack of privacy and anonymity. When using Web 2 platforms, users who live under oppressive regimes put themselves in grave danger. To quell unpopular ideas and opinions, governments can track users and block entire websites.

And then there’s the matter of censorship. We’ve seen Web 2 platforms suspend accounts, delete posts, and ban users simply because their opinions don’t align with the platform’s “politics.”

To address these and other issues, some entrepreneurs and engineers are developing Web 3.0, the next generation of the web.

Web 3 is a decentralized system. This means that the network is powered by millions of computers around the world rather than a few company-owned data centers. This decentralized network is inspired by block chain, the technology that integrates Bit coin and other crypto currencies.

Entities, corporations, or governments cannot shut down applications built with Web 3 protocols, known as dapps (decentralized apps). Anyone with a computer can participate in the network’s operation.

In Web 3, both users and builders can make money and lead fulfilling lives. Dapps (decentralized apps) and other Web 3 services are able to do this because they are powered by crypto currency tokens. You gain tokens for each time you use, enhance, and interact. More tokens are earned the more you participate. You’ll gain value from the tokens you earn. Your choice is to either keep your earnings or exchange them for fiat money.

In the modern business world, the majority of us are unable to invest in startups and early ventures either because we lack the necessary funds or because we reside in undesirable nations, such as Tunisia, Pakistan, and so on. Web 3 eliminates this disparity. Decentralization makes it possible for individuals from all classes of society to invest in projects at any stage of development.

Everyone has “skin in the game” because Web 3 is based on the shared ownership idea. Everyone benefits when a Web 3 platform develops and is successful, not just a select few. You have three roles in Web 3: user, creator, and owner.

“Web 3 is an internet owned by users and builders, orchestrated with tokens” — Chris Dixon.

You own your data in Web 3. Even paying you to lease it is an option. Digital private keys make it possible to have this level of control. Your data serve as a virtual safe deposit. The keys to the safe are only in your possession.

Do you want personalized news feeds and ads? Easy. Give advertisers some of your data in exchange for more information about you. Choose who can and cannot access your data. Choose the information you want to share and the information you want to keep private. You have complete authority.

“With Web 3, we finally have private property on the internet.” — Naval Ravikant.

Open-source software is used to create Web 3 applications. Because the source code is open-source, anyone can view, modify, and improve it. This openness contrasts with the software that Web 2 companies create.

Consider the difference between open-source and commercial software as that between fresh vegetables and fast food. While you are completely familiar with one food, the other is loaded with unidentified chemicals.

Companies that don’t use open-source will struggle with problems that other companies have already solved. They will waste time and resources reinventing the wheel.

With open-source software, you solve each problem once. Suppose someone builds a piece of software to solve a specific issue. In that case, another engineer can simply reuse that code, improve it, or tweak it for their personal use case.

If a community grows unhappy with a Web 3 platform, they can simply clone the entire software then build the features they want using their new copy. In software jargon, this is known as forking. Open-source software gets forked all the time.

There is yet another powerful feature of open-source: composability. Entrepreneurs and programmers won’t need to build applications from scratch. Instead, they can combine various pieces of open-source code to create custom software that matches their goals. Applications plug into each other like lego blocks. Because of their composability, Web 3 projects move forward dramatically fast.

“Composability is to software what compound interest is to finance.” — Chris Dixon.

Composability is a powerful concept not only in open-source but in all sorts of creative endeavors. Web 3 communities can write books, movie scripts, or create art collectively instead of working solo.

Imagine if the next Star Wars movies are owned and managed by die-hard fans on a Web 3 platform. They get to vote and decide how to move the story forward. I bet the result would be more exciting than the sequels we’ve seen so far.

We know how difficult it is for talented people to monetize their passions. Scientists lack funding. Artists don’t sell. Web 3 will change that. People would monetize their passions, whatever that passion is. Thanks to non-fungible tokens (NFTs), painters, poets, scientists, and musicians can sell digital rights to their creations or share ownership with a dedicated community.

Web 3, YT Trending - Latest Technology News
Web 1, Web 2, Web 3

When we build markets that truly reward creative people, two things happen. First, creative people are paid what they deserve. Second, many people are inspired to follow their passion instead of abandoning their dreams. As a result, there will be an explosion of smart people doing creative things. And society as a whole will prosper like never before.

Products built with Web 3 protocols won’t need any marketing. Users, who are owners, do the marketing. When people own part of a venture, when they have skin in the game and participate, they will speak about it, spread the word, and motivate others to join.

The most powerful feature of Web 3 is the DAO (decentralized autonomous organizations). A DAO is like a government built on top of Web 3 protocols. DAOs don’t have a central authority, or a prime minister, or a president. Instead of restricting power to a few, everybody can vote on decisions. DAOs let people govern, work, hire, design, and allocate resources collectively.

DAOs are more transparent than traditional organizations since all the funding, decision-making, and transactions live in open and public databases. Yes, publicly traded companies issue financial statements every quarter. But, a DAO’s balance sheet is accessible at any time — down to every single transaction. These features make DAOs corruption-proof.

An Uber-like DAO is owned by drivers and riders, not some corporate magnates. As a DAO member, you have a saying in the governance and decisions. You can cast your votes on what features to add and how to improve services. Whereas in Web 2, you and I have no say on running the platforms we use. Web 3 gives you the chance to own a piece of every platform you use because decisions and governance are community-driven.

“Instead of putting taxi drivers out of a job, Web 3 puts Uber out of a job and lets taxi drivers work with the customer directly.” — Vitalik Buterin.

The best thing about DAOs is they offer a playground to test different types of governance and decision making. We get to experiment, permutated and improve the way we lead quickly. As a leader, you’ll have the chance to observe and study DAOs. Then, steal the best decision-making protocols and implement them in your organization. Whether you work in the military, NGOs or run an entire government, DAOs will help you lead better.

Of course, a transition to Web 3 will have its challenges. Some people think that community-driven governance is great in some situations but not so great in others. Could a big community be as forward-looking and risk-taking as a person or a small group of people? Would a DAO give rise to risky and bold ideas such as the iPhone, SpaceX, or psychedelics research? We must address these questions and challenges to move forward with a Web 3 that works for everyone.

For the majority to join the Web 3 revolution, pioneers must offer far more compelling products and services than existing ones. At the moment, Web 2 companies have too big of an advantage. With their vast earnings, billions of users, and cutting-edge infrastructures, they still outpace any competition. Also, don’t expect corporations to sit idle while Web 3 destroys their centralised empires. They will fight back and in sneaky ways.

“Pushing against Web 3 is basically pushing against a future that is collectively owned by everyone instead of a select few.” — Naval Ravikant.

On paper, Web 3 is a winner by design. But for a Web 3 future to happen, leaders and builders seeking a just and equal society must take the first steps. I’m talking programmers, entrepreneurs, investors, scientists, and politicians. Only then will the masses follow.

Web 3 is decentralized, community-driven, secure, and private. It is built with software that is open and compostable. Its products and services will be of quality and reach like anything we’ve seen in Web 2. Web 3 promotes democracy at all levels of society. In Web 3, we cease to be exploited; everybody wins. Whether you’re an employee busting long hours, or an underpaid artist, or a leader struggling to make the right decisions, Web 3 will improve your life. That’s why, sooner or later, you and I, and everybody else, will naturally forsake today’s web for a better web.

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