Should You Care About Web3?
Web3 became the talk of the town a couple years back, and has been a hot and controversial topic in tech circles since then. This post tries to take a neutral approach grounded in reality to answer the frequently asked question “Why do we need Web3?”.
A Trip Down Memory Lane
The early web, envisioned by Sir Tim Berners-Lee in 1990, was a simple, read-only platform. Its essence was to circulate static HTML pages through the HTTP protocol, resembling a digital library — vast in information, yet limited in interaction.
Did you know that the first ever website created by Sir Tim Berners-Lee was about the World Wide Web project itself, and its still live today? Have a look!
Fast forward to the early 2000s, we witnessed a transformative leap. Web technologies evolved, bestowing upon us an era of dynamism and user engagement. The Web 2.0 converted users to be active content creators, not just spectators. This is the web as we know it today, a mixed bag of love and frustration, where user-generated content reigns supreme.
The term “Web 2.0” was popularized in 2004 by Tim O’Reilly and Dale Dougherty at an O’Reilly Media conference, although the term was first coined in 1999 by Darcy DiNucci.
The Need for a Third Iteration
But here’s a conundrum: In Web 2.0, users don’t truly “own” their creations. The control of user data has gravitated towards big tech giants, creating a complex, often contentious, landscape.
Web3 is a vision to disrupt this centralization. It’s a movement aspiring to return data ownership to its rightful owners: the users. However, in its current form, its more an aspiration than a full-fledged reality. While there are noteworthy advancements, it remains a work-in-progress, striving to fulfill its promise of a decentralized, user-empowered web.
What Web3 Promises to Be
Web3 promises a shift in how we interact with the digital world. At its heart lies a set of bold promises.
Decentralization: The Core Tenet
The central promise of Web3 is decentralization. Unlike its predecessors, Web3 seeks to dismantle the centralized power structures, distributing control across a network of users. This paradigm shift aims to reduce reliance on central authorities, be they corporate entities or governing bodies, thereby democratizing the web.
Compared to now: Current web is dominated by centralized platforms where a few large companies hold significant control over user data and the flow of information. These central entities make key decisions, often with little input from the everyday user.
Looking at you Google, Facebook, Amazon and Microsoft!
In simpler terms, Web3 is a neighborhood where everyone gets a say in how things are run, rather than having a few big bosses making all the decisions. Today, the big tech heavily influences your decisions from the news you read, to the messages you send, and even the things you buy.
Enhanced Security and Privacy
With decentralization comes a stronger emphasis on security and privacy. Web3 aims to give users more control over their data. This increased security is not just about protecting information; it’s about restoring trust in an internet landscape marred by data breaches and surveillance.
Compared to now: Web is often criticized for its vulnerability to data breaches and its model of collecting and monetizing user data, which can compromise user privacy and security.
Think you’ve been safe? Go see for yourself.
In a more practical sense, Web3’s approach to security and privacy would be like having a personal vault for your online information, where you hold the key. Unlike today’s web, where your data might be stored on servers controlled by companies (think of how social media platforms have access to your personal info), in Web3, your data would be encrypted and distributed across a decentralized network. You decide who gets access. Imagine logging into websites without having to give away personal details, or being able to share content knowing it can’t be accessed or used without your permission. It replaces the current “trust us with your data” model with a “prove you can handle my data” approach.
A New Economic Model
Web3 is poised to introduce a novel economic model where users are not just consumers but active participants. Users have the potential to earn rewards for their contributions, be it through content creation, data sharing, or participating in network governance.
Compared to now: Current web still primarily views users as consumers. The economic benefits are largely reaped by platform owners and advertisers, with little direct economic return to the users who contribute content and data.
Web3 is a bustling digital marketplace where everyone who contributes gets a piece of the pie. Instead of today’s web, where big companies mostly profit from your online activities, Web3 could work more like a co-op. Say you post a photo or write a blog; in Web3, you could earn digital tokens for the likes and shares you get. It’s like being a mini-shareholder in the platforms you use. If you’re part of a platform’s decision-making process, you might get tokens for that too. This way, the more you contribute or participate, the more you potentially earn, turning every user from just a consumer into an active, benefiting participant in the web’s economy.
Interoperability and Open Standards
Interoperability is another key promise of Web3. The vision is to create a web where applications and services can interact seamlessly across different platforms. This would enable a more integrated user experience and nurture innovation through open standards and collaboration.
Compared to now: Web 2.0 is characterized by siloed platforms and services with limited interoperability. Users often face barriers when trying to integrate or transfer data across different services.
Remember how Twitter and Reddit limited access to their APIs last year, killing off hundreds of apps?
User Empowerment and Ownership
Finally, Web3 promises greater user empowerment. This is not just about owning one’s data but having a stake and a voice in the platforms and communities one engages with. In essence, it’s about shifting the dynamics of the web from being user-centric in theory to being user-driven in practice.
Compared to now: While Web 2.0 is theoretically user-centric, in practice, users have limited control and ownership. They are more of passive participants rather than active stakeholders in the digital ecosystems they contribute to.
In a Web3 world, imagine being more than just a user — you’re a part-owner and decision-maker of the online spaces you frequent. Instead of the current web, where big companies hold the reins, Web3 is a community-run neighborhood. Each person has a say in how things are run. For instance, if you’re part of a social network or an online game, you don’t just use it; you help make decisions about its rules or new features. It’s like having a voting right in a virtual world. Your contributions, whether they’re posts, comments, or creative content, don’t just earn likes — they earn you a stake in the platform. This way, Web3 transforms users from being passive viewers to active participants with real influence and ownership over their digital experience.
Grifters and Naysayers
As with any major technological shift, Web3 has attracted its share of skeptics and opportunists.
The emergence of Web3 has inevitably drawn in individuals and entities looking to capitalize on the hype. These ‘grifters’ often exploit the nascent, somewhat speculative nature of Web3 technologies. From half-baked projects to outright scams, they muddy the waters of innovation with promises of quick riches and revolutionary breakthroughs. These actions sully the reputation of Web3 and pose significant risks to uninformed investors and enthusiasts.
On the other end of the spectrum are the naysayers. These skeptics question the viability, necessity, and potential impact of Web3. They point to the current limitations, challenges in scalability, and the unresolved ethical and regulatory concerns. For them, the promises of decentralization and user empowerment are outweighed by the risks and uncertainties. This skepticism, while sometimes bordering on cynicism, is crucial in providing a balanced perspective, ensuring that the hype does not eclipse the substantive issues that need addressing.
In navigating between these two extremes, it is essential to maintain a critical but open-minded approach. Acknowledging the potential of Web3 while being wary of its current pitfalls is key to understanding and shaping what could be the next significant phase in the evolution of the internet.
It’s Not the Name That Matters
In the discourse surrounding Web3, there’s a tendency to get caught up in terminology. However, it’s crucial to recognize that the essence of this movement is not rooted in its name, but in the underlying principles it advocates.
At its core, Web3 is focused around decentralization, transparency, and user empowerment. These principles challenge the status quo of digital ownership and control, advocating for a more equitable internet where users have sovereignty over their data and digital identities. The focus is on building a web ecosystem that is less reliant on centralized authorities and more on peer-to-peer interactions, enabled by blockchain and other emerging technologies.
This shift in principles marks a radical departure from the norms established by Web 2.0. Whether or not the term “Web3” endures, the ideals it represents are pivotal in driving forward a more inclusive, user-centric internet. It’s these principles, rather than the label, that will ultimately define the success and impact of this technological evolution.
