In this highly advancing society, the factor of development in the field of technology is never static. Every nation on this earth now competes for advanced technology over weapons and political strength. Although the development of the latter runs hand in hand, the competition for technology and information is always prioritized. In this very active development phase, WEB3.0 is a major milestone.
In this blog, we are going to discuss the gradual transition of WEB into WEB3 and analyze the pros and cons related to this new technology.
This phase of the web started in 1991 and continued till 2004. During this phase, websites were like a bunch of newspapers. The websites were static and nonresponsive unlike nowadays. They were like one big Wikipedia, all hyperlinked together. Everything was a one-way process where users would enter, collect the required information, and exit. In this phase, the users were considered to be “Consumers”.
This phase began back in 2004 and continued to this day. Unlike WEB1.0 the webpages became interactive. For e.g.: We can subscribe to a YouTube channel we like the content and vice versa.
But a basic difference was that it changed to a two-way process. As the users fetched information from websites, so did the website algorithms to enhance our search experience. These websites start collecting our data through their algorithms so that they can serve us better which in turn makes us stay on their app longer, building up their profits. For this reason, the data that every individual going to see is the result of the data they provided. For e.g.: likes on posts and watch time on each video. In some instances, these collected are sold to advertisers for money. One such example is Facebook’s Analytical Scandal in 2010.
Web2.0 is all based on”targeted advertising and the lack of privacy”. Hence the whole thing is controlled by some monopolies and the powers are centralized.
Here comes the need for a decentralized system where the powers don’t lay in the hand of a monopoly.
This technology is built on blockchain technology and tools of decentralization (DAO).
For little clarity, Blockchain technology is a coded chain that secures and stores bulk information, technology that gave birth to cryptocurrency and Non-Fungible Tokens (NFT). Similarly, DAO stands for Decentralized Autonomous Organizations that aim to shift the control power into the hands of organizations’ members rather than in the hand of a monopoly.
Unlike web2.0, where we were the product, here we will have full control of our data due to the very secure blockchain technology. Theoretically, the process would remain two-way but turn profitable for both ends. Further, the Brave browser’s method has been explained which is based on this theory. There is a theory that says future transactions on Web3.0 would be conducted through cryptos and NFTs. For an instance, if we buy some commodity we would pay through Ethers and Dogecoins and large ownership like lands would be conducted through NFTs. Experts say that web3.0 is that point of the internet when every company will be run by DAO instead of any kind of monopoly. Webpages would be personalized according to individual users’ tastes. The original identity can be masked, i.e. Digital identity is not 100% connected to the original identity (often masked by metamasks).
There is an app ‘Oddysee’ similar to YouTube where the contents are stored with the blockchain concept. Browser like ‘Brave’ pays the users in BAT (Basic Attention Token) which is their native crypto, for viewing ads and promotions. These applications can be taken as an example of how the future of Web3.0 would be. The concept of Braves’ paying BAT to users is the basic idea of decentralization.
The idea of Web3.0 is built on D.O.B which denotes DECENTRALIZATION, OPEN SOURCE, and BLOCKCHAIN.
Decentralization would lead to increased transparency when compared to monopoly. The Open Source scheme of web3 would help it develop faster and with greater accuracy. Blockchain technology would bring security to the data of the users.
Although these features may seem quite tempting, web3.0 is still in the making and its applicability might need another decade. There are several controversies related to its application. Its privacy features and decentralization are not supported by many. For an instance, a simple iOS 14.5 new privacy feature would hit Facebook by 10 billion dollars in 2022. Twitter’s ex-CEO Jack Dorsey has even twitted against the idea of Decentralization of Web3.0.
Change is inevitable, no matter in which form it appears, and accepting it is the only rule of evolution. Lest we might cease to exist.