Why is the Web3 the next big thing on the Internet?
What does the concept of decentralization of the internet mean to you? This is the main characteristic of the web3. You have perhaps seen on Twitter heated debates between tech-multimillionaires Elon Musk (CEO of Tesla) or Jack Dorsey (Founder of Twitter) talking about these matters. The web3 is set to be the next revolution of internet but to understand the potential of this concept it’s important to first understand what it really means.
History of the Web
To better understand the evolution of internet, the best is to set a historical context that doesn’t date too far back from our days. Between 1991 and 2004, internet developed and started to democratize its use in what’s known as the first version of internet or the web 1.0. In the web 1.0, most of the activity was about reading information in websites. If you had the right link, you had access to information, but that was about it: content consumption.
From 2004 onwards, it’s the web 2.0 that takes place, with the arrival of social networks like Facebook and Twitter and the big tech companies like Google, Amazon or Apple that start to lay its influence on the internet by creating centralized services that are dependent of this big corporations. Now you can look for internet links on Google, or you can interact with other internet users on Facebook by posting a message on their wall or liking their pictures.
And then comes the web3 that appeared out of a will to detach from the centralized power of big internet corporations that make profit with the data of users. The main characteristic behind web3 is that it lives through the participation of the user, and the user has a voice in the future of the services provided online.
The web3 allows the users to be owners of their online content and this is all thanks to the same tool that has boosted the place of cryptocurrencies in today’s society: blockchain technology.
Web3 and blockchain technology
It’s not a coincidence that one of the first persons to popularize the term of web3 was Gavin Wood, one of the founders of the blockchain network cryptocurrency Ethereum.
Cryptos are the perfect example of the web3 development, as their existence is directly linked to the activity of users that own the cryptocurrency. And the reason why cryptos can exist is the blockchain technology behind.
Blockchain is a type of network construction, a database that stores digital information and excels for keeping a secure record of transactions. One inherent characteristic of blockchain is the fidelity and security of the data it stores as every trace left by users or programmers is public for everyone to see. The public information is stored electronically in chunks of data known as blocks and every block is linked together on a chain that has a historic and irreversible timeline.
The most important blockchain network of all is Bitcoin, known by many as the original blockchain system created by Satoshi Nakamoto in 2008. Nakamoto along other programmers created the source code of the program until 2010, where they decided to leave the development of the program to the wide public.
Now Bitcoin has grown to a point where they have surpassed the value of 50.000 dollars for one bitcoin and thanks to the security provided by blockchain it has become one of the most popular investments for many people.
Countries such as El Salvador have regulated the cryptocurrency and installed bitcoin ATM’s in the country where people can trade their digital assets in bitcoin for regular and standard dollars.
Businesses such as online casinos now accept bitcoin in their platforms to play their games. Many of them offer their clients the possibility of making deposits and withdrawals with the digital currency and even offer guides on how to bet safely with bitcoin in their platforms. And if this is a strategy used to attract more clients, it shows the popularity achieved by cryptocurrencies in our society and this is just an example of many in different industries that are now embracing blockchain technology.
Web3 is only starting but experts predict a big impact of blockchain technologies on the internet in the next 10 years. The developments of other digital assets such as NFT’s and metaverses will set the tone of this matter in the year 2022.