Originally published on April 13, 2022
Web 3.0 is a fluid concept without a singular definition. It represents the next evolution of the internet into a decentralized system powered by blockchain technology.
But is this transition realistic? Is it already happening? Is Web 3.0 truly the next online utopia, or is it a repackaged version of the current web, designed to maintain control by Big Tech and venture capitalists?
To understand the future, we must look back at the past evolution of the internet.
Web 1.0: The "Read-Only" Internet
Web 1.0 emerged during the 1990s, enabling users to consume static information and communicate via email. Websites resembled digital brochures, with limited interactivity or dynamic functionality. Advertising was strictly prohibited in this early stage.
Web 1.0 AltaVista 1999 (Credit: TechRadar)
Web 2.0, which began around 2005, introduced the social web, allowing users to interact, create content, and share. While this era revolutionized connectivity, it also brought challenges. Big Tech companies replaced open-source protocols with closed APIs, monetizing personal data and transforming users into the product. Today, Web 2.0 is criticized for its centralized control, rampant data collection, and algorithmic manipulation.
Web 3.0: The "Read, Write, and Own" Internet
Web 3.0 (or Web3) aims to transform the current web into a decentralized, censorship-resistant space that fosters participation and financial inclusion. Powered by blockchain technology, Web3 shifts control from centralized entities to individuals, offering transparency, privacy, and the ability to own and control digital identities and assets.