- decentralization
- user ownership
- Blockchain technology
The Internet of the 1990s and early 2000s was a utopian vision: a global network of interconnected computers would be available to everyone worldwide. In the beginning, there were only static websites that displayed information. This is Web1. Users were not just passive receivers of content but also active participants in building the web itself. Users absorbed content from the web and actively contributed to blogs and other content-sharing sites. However, the content never really belonged to the user because most websites were owned by large corporations that made their money from advertising and selling user data. This is Web2. Then came NFTs and blockchain, where the data and info belong to the user, not the corporations. This is Web3. The original vision of Web3 was based on decentralization, user ownership, and blockchain technology.
Decentralization
Decentralization refers to a system in which no single entity is in control. For example, decentralization as a feature of blockchain technology means that no single data center or network of computers stores the entire database. Instead, every node in the network has access to all recorded transactions; therefore, everyone can verify any transaction made on the network. Although there have been many attempts to define Web3, there is no consensus on its meaning because the term embodies such diverse concepts. I have, however, concluded that digital user ownership is of the greatest significance to users.
This technology refers specifically to an algorithm that allows data to be shared without compromising privacy by providing reliable cryptographic tools for authentication purposes, enabling trustless transactions. Decentralization means no single entity controls the computer network, including companies, governments, and individuals. The removal of central authority is a key feature of blockchain technology. It is demonstrated in many ways. For example, peer-to-peer (P2P) networks use decentralization as their primary method to distribute resources and decentralized autonomous organizations (DAOs), OR self-governed bodies. Both mechanisms operate without reliance on major corporations like Google and Amazon.
Digital User Ownership
Every day users can connect Web3 to IoT. The Internet of Things (IoT) refers to all objects connected via networked devices for communication purposes - This includes everything from refrigerators and washing machines, phones and computers, televisions and DVD players, automobiles, and even buildings! These networked devices have different programs for different functions, and these functions can be user-generated, shared, or owned by an individual. Thus, digital ownership incentives users to improve IoT device programming and functionality.
Blockchain Technology
Blockchain technology is perhaps one of the most important topics of discussion in the field. It refers specifically to an algorithm that allows data to be shared without compromising privacy (thus enabling trustless transactions) by providing reliable cryptographic tools for authentication purposes.
Trustless and Permissionless interaction
Trustless: You don't have to trust anyone to use Web3. No gatekeepers, intermediaries, centralized servers, or banks will refuse to process any transaction or government that can freeze your assets.
Permissionless interaction: You can interact with any piece of content or other people without needing their permission in advance. So, nothing will restrict your access to any part of the information or any software. (supposedly, unless they had in a front-end protocol, you probably need that permission, but blockchain-wise, all interaction should be permissionless.
However, more than just being about decentralizing things like a monetary exchange or maintaining integrity among autonomous agents without any central authority (like Bitcoin and Ethereum), Web3 has much broader implications. For instance, decentralized web applications allow people to interact without needing a middleman's involvement.
At a high level, the core ideal behind Web3 is that it's an open-source web that any person or organization doesn't control. The idea is that anyone can access and contribute to this decentralized web, and a community of users will govern it. This means no censorship from governments or companies - and no single point of failure if something goes wrong with your internet provider. Smart contracts are a type of program that executes automatically; developers write them with the intent of running on top of a distributed trustless network. The name comes from their ability to self-execute when certain conditions are met, much like traditional legal contracts. Blockchain is the most secure and reliable way to store data and make transactions. As a result, many experts see blockchain as a new technological revolution with the potential to change society as we know it. Metaverse can be one of the many new marvels that utilize the blockchain to run a smooth and free world.
Many people do not understand the value of non-governed Internet very well, nor do they want to spend much time thinking about why some sites suddenly disappear for no reason. Even Twitter / Zoom / Tik Tok has complied with government requests to shut down many user accounts. (These websites, accounts, and data never belonged to the user but belonged to the corporations. And the corporations must comply with the laws that they are located in)
Web3 is a phenomenon that uses blockchain technology and smart contracts to enable decentralization, giving users control over their data. A decentralized web or Web3 would be safer for everyone, especially those who are vulnerable to marginalization and disenfranchisement. In the future, Web3 will be a network that gives users more control over their digital lives. This includes everything from finances to data storage and identity management. The best part about all of this? It's already starting to happen!
Thank you. I look forward to hearing your own insights and comments
Cheers,
Eric F
If you want to get in touch about interesting NFT ideas or projects or want to hear about a specific topic, I'm @ericclfung on Twitter.
Thanks to @gg & @DemiCrow & @CISBROS & @All-ETH for reviewing this post.