Web 3.0 promises a decentralized internet built on the blockchain. Here's what that collection of buzzwords means for how you may access the web in the years to come.
Even if you’re not into blockchain technology like Bitcoin and NFTs, you’ve probably heard about Web3 (or Web 3.0). Your tech-savvy friends might be telling you it’s the future, but the concept is a bit confusing. Is it the blockchain or cryptocurrency? Here's what you need to know.
Let's back up. The first version of the internet that was publicly available to use, the World Wide Web, is referred to as Web 1.0. Dating back to the early 90s, it was largely made up of static web pages connected by hyperlinks.
Then came Web 2.0, the age of the internet as a platform. We saw the rise of e-commerce and social media sites like Facebook, Twitter, and Instagram. People gained the ability to interact with online platfoms and publish content of their own. Smartphones and cloud computing were major drivers of growth here.
As many people see it, the problem now is that internet users are required to surrender their personal data to use "free" services provided by tech giants like Google, Microsoft, or Amazon. Shopping, social media, blogs—all of it collects information about our preferences and the way we use these services, which is then sold to third parties and used to serve up targeted ads.
The term Web3 was coined by Gavin Wood—one of the co-founders of the Ethereum cryptocurrency—as Web 3.0 in 2014. Since then it’s become a catch-all term for anything that has to do with the next generation of the internet being a decentralized digital infrastructure(Opens in a new window).
Wood, and those who support the Web3 concept, claim that Web 2.0 is controlled by big tech, which in turn is beholden to regulators who may or may not be effective at maintaining public trust in the internet or data security. In a 2021 interview with Wired(Opens in a new window), Wood said the current web requires trust in institutions that we can’t hold accountable:
"Maybe [companies] tell the truth because they're scared that their reputation will take a big hit if they don't. But then, as we saw with some of the Snowden revelations, sometimes companies don't get an opportunity to tell the truth," Wood told Wired. "Sometimes, security services can just install a box in their back office, and they're told, ‘You don't need to look at this box, you're not allowed to say or do anything about this box, you just have to sit quietly.’”
Proponents envision Web3 as an internet that does not require us to hand over personal information to companies like Facebook and Google in order to use their services. The web would be powered by blockchain technology and artificial intelligence, with all information published on the public ledger of the blockchain.
Similar to how cryptocurrency operates, everything would have to be verified by the network before being accepted. Online apps would theoretically let people exchange information or currency without a middleman. A Web3 internet would also be permissionless, meaning anyone could use it without having to generate access credentials or get permission from a provider.
Instead of being stored on servers as it is now, the data that makes up the internet would be stored on the network. Any changes to, or movement of, that data would be recorded on the blockchain, establishing a record that would be verified by the entire network. In theory, this prevents bad actors from misusing data while establishing a clear record of where it’s going.