Web3 is the latest evolutionary stage of the Internet. It is also called “the semantic web” and the term was created by Tim Berners-Lee – the inventor of the World Wide Web. Here is what you need to know about Web3.
Web 3.0 (also Web3) is basically an idea for the next level of the internet. In Web 3.0 it is necessary that the information which people spread on the internet is evaluated by machines. Whereas in Web 2.0 it was important for users to generate their own content, in Web 3 the emphasis lies on providing the information generated by users with a description that is unambiguous in its meaning. This semantics should be able to be processed by computers. If the machine can use the information of Web 3.0, it is possible to make it available in the form of a query to interested users who are looking for the information in question.
Web 3.0 can for example then be used to relate information about countries, people or things. Example: a query on the topic “antique building in Rome” could lead to the answer “Colosseum”.
Web3 links meanings and information
The term Web 3.0 was created by the inventor of the World Wide Web, Tim Berners-Lee. Web 2.0 is called Web 3.0 when Web 3.0 concepts (linking of meanings) are also added to the user-generated content of Web 2.0 (generation of user content).
However, there is one thing that can easily confuse an individual about Web 3.0 philosophy. Basicially, this means that people can have different ideas about what the next phase of the internet will look like. Many Web 3.0 enthusiasts want to decentralize the web.
However, Web3 generally refers to groups like the Web3 foundation as well as the Web3 community. Web3 enthusiasts believe that blockchain and crypto will shape the next age of the internet.
Why do we need Web3?
Since the dawn of the internet, technological advances have been monumental. As Juan Benet, Founder of Protocol Labs, said at the Web3 summit in 2018:
“People have been able to communicate with one another at instantaneous speeds. And it is very diffucult to grasp what it must have been
like for ancestors one thousand years ago. So, this is a tremendous thing that’s happening to our species. […] All of these advances in computing have taken place in the past eighty years.”
However, Benet then stated:
“Can you imagine what the internet will be thirty years from now? We still don’t have most of the people on the planet with access to computing, but it’s getting there. Increasingly everything we humans do, involves computing and the internet in some way. Old systems are being radically transformed and new systems empower us to do things we couldn’t do before. In each new wave of technology we gain super powers.”
And blockchain technology is one of the major components of Web3. The encrypted blockchain allows for a revolution in finance that puts the power away from big tech monopolies and banks, and gives control back to humanity.
Juan Benet makes another fascinating point in his Web3 summit speech in 2018. He warned the conference full of programmers and developers that they needed to think cautiously of what they decide to build. Because people around the world who do not yet have access to computers have no power in this movement right now.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.