What is Web 3.0 What is Web 3.0? The new buzzword that seems to be everywhere nowadays associated with blockchains and cryptocurrencies. To know what Web 3.0 is, we should begin by understanding what Web 1.0 and Web 2.0 are.

Web 1.0: (1990s)Web 1.0 began when Berners-Lee created the World Wide Web in 1990 with the creation of the of following three technologies:

1. HTML – HyperText Markup Language – formatting language of the Web

2. URL – Uniform Resource Locator – a unique address used to identify each web resource

3. HTTP – HyperText Transfer Protocol – allows for the retrieval of linked resources from the web Web 1.0 was characterized by static webpages retrieved from webpages where users rarely interacted with them. Very different from the interactive experiences of today. Some of us that are old enough remember when “surfing” the web involved pulling up pages that were just glorified word documents with walls of texts and of course crazy conspiracy theories. I do miss the days when it was common knowledge you shouldn’t believe everything on the internet. Now we need the ministry of truth to issue “blue checkmarks” to deliver us state-approved information.

Web 2.0: (around 2000 – present) Web 2.0 refers to the paradigm shift in how the internet was used. The static vanilla webpages of 1.0 were replaced by the more interactive, social connected, and user-generated content of the web that immerses our lives today. Web 2.0 made it possible for user-generated content to be viewed by millions globally at an instant. Many consider Google’s IPO and Facebook’s creation as the dawn of the Web 2.0 paradigm, although there are many other developments such as Twitter, YouTube, AirBnb, WeChat, Uber, etc, that are part of Web 2.0.Whereas Web 1.0 was static webpages put on the internet that people could just read. Web 2.0 allowed internet users to interact with websites.

Web 3.0 (Present – unforeseen future) Web 3.0 represents the third generation of the evolution of web technologies. Although still evolving and not quite defined, Web 3.0 will have strong emphasis on decentralized applications and make extensive use of blockchain-based technologies, machine learning and artificial intelligence to help empower more intelligent and adaptive applications. Whereas in Web 2.0, most websites and nearly all applications rely on some form of centralized database to enable functionality and to deliver data, this will not be the case with Web 3.0. Instead of a centralized database, applications and services will make use of a decentralized blockchain. With blockchain, there isn’t an arbitrary central authority, but rather a form of distributed consensus. Web 3.0 fundamentally works with cryptocurrency and largely replaces the use of fiat currency. The internet has revolutionized all facets of life, except for the financial aspect. Web 3.0 will transform the last relics of the 20th century and bring them to the 21st century. Web 3.0 is revolutionizing finance. Cryptocurrencies are re-defining how to measure value, how economics will run, and the financing of capital creation. So with all that, do you own Bitcoin?

What is Web 3.0 What is Web 3.0? The new buzzword that seems to be everywhere nowadays associated with blockchains and cryptocurrencies. To know what Web 3.0 is, we should begin by understanding what Web 1.0 and Web 2.0 are.

Web 1.0: (1990s)Web 1.0 began when Berners-Lee created the World Wide Web in 1990 with the creation of the of following three technologies:

1. HTML – HyperText Markup Language – formatting language of the Web

2. URL – Uniform Resource Locator – a unique address used to identify each web resource

3. HTTP – HyperText Transfer Protocol – allows for the retrieval of linked resources from the web Web 1.0 was characterized by static webpages retrieved from webpages where users rarely interacted with them. Very different from the interactive experiences of today. Some of us that are old enough remember when “surfing” the web involved pulling up pages that were just glorified word documents with walls of texts and of course crazy conspiracy theories. I do miss the days when it was common knowledge you shouldn’t believe everything on the internet. Now we need the ministry of truth to issue “blue checkmarks” to deliver us state-approved information.

Web 2.0: (around 2000 – present) Web 2.0 refers to the paradigm shift in how the internet was used. The static vanilla webpages of 1.0 were replaced by the more interactive, social connected, and user-generated content of the web that immerses our lives today. Web 2.0 made it possible for user-generated content to be viewed by millions globally at an instant. Many consider Google’s IPO and Facebook’s creation as the dawn of the Web 2.0 paradigm, although there are many other developments such as Twitter, YouTube, AirBnb, WeChat, Uber, etc, that are part of Web 2.0.Whereas Web 1.0 was static webpages put on the internet that people could just read. Web 2.0 allowed internet users to interact with websites.

Web 3.0 (Present – unforeseen future) Web 3.0 represents the third generation of the evolution of web technologies. Although still evolving and not quite defined, Web 3.0 will have strong emphasis on decentralized applications and make extensive use of blockchain-based technologies, machine learning and artificial intelligence to help empower more intelligent and adaptive applications. Whereas in Web 2.0, most websites and nearly all applications rely on some form of centralized database to enable functionality and to deliver data, this will not be the case with Web 3.0. Instead of a centralized database, applications and services will make use of a decentralized blockchain. With blockchain, there isn’t an arbitrary central authority, but rather a form of distributed consensus. Web 3.0 fundamentally works with cryptocurrency and largely replaces the use of fiat currency. The internet has revolutionized all facets of life, except for the financial aspect. Web 3.0 will transform the last relics of the 20th century and bring them to the 21st century. Web 3.0 is revolutionizing finance. Cryptocurrencies are re-defining how to measure value, how economics will run, and the financing of capital creation. So with all that, do you own Bitcoin?