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Venkate Exchange MediaAn Introduction to Bitcoin Script
Introduction Bitcoin is sometimes referred to as programmable money. Due to its digital nature, users enjoy significant flexibility in determining how to use their funds. When discussing Bitcoin, we often mention wallets and tokens, but we can also think of wallets as keys, tokens as checks, and the blockchain as rows of locked safes. Each safe has a small slot that allows anyone to deposit checks or view their value, but only the key holder can unlock the safe. When the key holder wants to t...
Venkate Exchange MediaFour-Dimensional Analysis of Hyperliquid
Introduction Since the launch of Hyperliquid, both the trading volume and revenue of HYPE have seen significant growth. HYPE was listed at $2 on November 29 and, in less than a month, its price surged by over 1400%. This article will delve into the fundamentals of Hyperliquid and HYPE, explore the bullish reasons for HYPE, and discuss potential valuations given the expected growth in trading volume and revenue by 2025. Trading Volume Prior to the release of HYPE, many were skeptical about the...
Venkate Exchange MediaAn Introduction to ERC-20 Tokens
Introduction Ethereum was created by Vitalik Buterin in 2014 as an open-source platform for launching decentralized applications (DApps). Buterin's primary motivation for developing this new blockchain was the lack of flexibility in the Bitcoin protocol. Since then, the Ethereum blockchain has attracted a large number of developers, businesses, and entrepreneurs, giving rise to an emerging industry centered around user-friendly smart contracts and distributed applications. In this articl...
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The World Wide Web, commonly referred to as the Internet or the Web, has undergone tremendous transformation since the advent of Web1. With continuous technological advancements and the evolving demands of users, the Web has similarly evolved, reflecting a natural progression.
In the Web1 era, users primarily engaged in content consumption and simple interactions. The rapid development of smartphones and mobile internet facilitated the emergence of Web2, allowing users not only to consume content but also to create their own. Today, the new concept of Web3 has emerged, aiming not only to enable users to consume and create content and data but, more importantly, to give them ownership of that content and data.
A Brief History of Web Development
Although the internet has experienced numerous changes over the years, its development can be broadly divided into two main phases: Web1 and Web2.
Web1
Web1, also known as Web 1.0, marks the initial phase of the internet. During this period, HTML was the primary markup language, and Web1 consisted of a series of static HTML pages used mainly for displaying information online. It operated on a completely decentralized infrastructure, where anyone could host a server, build applications, and publish information on the internet without any regulatory oversight. Users could search for information online through web browsers.
Limitations of Web1
However, Web1 had significant limitations, as users could not modify information, and opportunities for interaction were very limited. Communication among users was restricted to simple chat tools and forums. Thus, in interactions with Web1, users primarily played the role of observers rather than participants.
Web2
In contrast to Web1, the current version of the internet is centralized, focusing on content creation, with much of the content monopolized by large tech companies.
In the late 1990s, with the rise of databases, server-side processing, forms, and social media, a more interactive version of the web, known as Web2 (or Web 2.0), gradually emerged. This version of the internet became a platform for content creation, where aspiring writers, photographers, and influencers could easily create and showcase their work.
Platforms like WordPress and Tumblr provided users with spaces for content creation, while social media companies such as Facebook and Twitter enabled people to connect and communicate with anyone globally. Furthermore, the proliferation of mobile internet and smartphones allowed everyone to easily access content.
The World Wide Web, commonly referred to as the Internet or the Web, has undergone tremendous transformation since the advent of Web1. With continuous technological advancements and the evolving demands of users, the Web has similarly evolved, reflecting a natural progression.
In the Web1 era, users primarily engaged in content consumption and simple interactions. The rapid development of smartphones and mobile internet facilitated the emergence of Web2, allowing users not only to consume content but also to create their own. Today, the new concept of Web3 has emerged, aiming not only to enable users to consume and create content and data but, more importantly, to give them ownership of that content and data.
A Brief History of Web Development
Although the internet has experienced numerous changes over the years, its development can be broadly divided into two main phases: Web1 and Web2.
Web1
Web1, also known as Web 1.0, marks the initial phase of the internet. During this period, HTML was the primary markup language, and Web1 consisted of a series of static HTML pages used mainly for displaying information online. It operated on a completely decentralized infrastructure, where anyone could host a server, build applications, and publish information on the internet without any regulatory oversight. Users could search for information online through web browsers.
Limitations of Web1
However, Web1 had significant limitations, as users could not modify information, and opportunities for interaction were very limited. Communication among users was restricted to simple chat tools and forums. Thus, in interactions with Web1, users primarily played the role of observers rather than participants.
Web2
In contrast to Web1, the current version of the internet is centralized, focusing on content creation, with much of the content monopolized by large tech companies.
In the late 1990s, with the rise of databases, server-side processing, forms, and social media, a more interactive version of the web, known as Web2 (or Web 2.0), gradually emerged. This version of the internet became a platform for content creation, where aspiring writers, photographers, and influencers could easily create and showcase their work.
Platforms like WordPress and Tumblr provided users with spaces for content creation, while social media companies such as Facebook and Twitter enabled people to connect and communicate with anyone globally. Furthermore, the proliferation of mobile internet and smartphones allowed everyone to easily access content.
Companies centered around Web2 have reaped significant rewards from this internet revolution. In addition to profits, these companies have built vast user databases. Giants like Google and Facebook have constructed a centralized global network based on users and their data, often through the acquisition of smaller companies.
Disadvantages of Web2
With the rise of Web2, large internet companies realized they could leverage user data to keep users within their ecosystems. They implemented a range of strategies, such as pushing targeted advertisements to consumers and restricting interactions between different platforms, making users more inclined to continue using their services.
In recent years, an increasing number of internet users have begun to focus on ethical issues such as censorship, data tracking, and data ownership. Ironically, user data seems to belong to companies in Web2 rather than the users themselves. There have been instances of unjust data control, where users were deemed to violate community guidelines without their knowledge and were subsequently forced to close their accounts. In the 2010s, Facebook faced widespread criticism for failing to protect user data, and its practices of collecting personal data without consent sparked global outrage.
To address these issues, some have proposed solutions that combine the advantages of Web1 and Web2: decentralization and user participation. While this solution has yet to be fully realized, its core concept—Web3—has largely taken shape.
What Is Web3?
Analyzing the current problems of Web2 reveals that improving the internet experience for users through Web3 is a logical direction. The goal of Web3 is to diminish the power of large network companies by utilizing peer-to-peer (C2C) technologies, such as blockchain, virtual reality (VR), the Internet of Things (IoT), and open-source software. Users are expected to regain control over content and data through decentralization.
Key Features of Web3
Decentralization: Decentralization aims to address the root causes of Web2's problems and is key to the success of Web3. Users will regain control over their data, and companies will have to pay for access to user data. Additionally, decentralization enables anyone to make native cryptocurrency payments, eliminating the high intermediary fees associated with traditional Web2 payments.
Permissionless: In Web3, anyone can freely interact with others, no longer restricted by the control of a few major companies, allowing for seamless cross-platform communication.
Trustless: The underlying network of Web3 allows users to trust only Web3 itself, rather than having to trust any other entity to participate in network activities.
The realization of these ideals will largely depend on the support of blockchain and cryptocurrency technologies.
Potential Advantages of Web3
Improved Data Security: Data stored in centralized databases by tech giants is relatively vulnerable; a single breach can compromise user information. By storing and managing data through decentralized solutions, private information can be better protected.
True Data Ownership: A core focus of Web3 is data ownership, where users will regain control over their data and even have the option to monetize it.
Control Over Truth: Power will not be concentrated in the hands of a few, and users will not experience unjust censorship. Without the ability to censor or delete content, companies will face greater challenges in controlling information disclosure.
Web3 may also surpass Web1 and Web2 in several ways.
Financial Freedom: Web3 enables users to consume, create, and own their own content and data, empowering them significantly. Based on blockchain technology, Web3 will facilitate access to various ecosystems that promote decentralized finance (DeFi) and other tools, enabling financial independence.
Enhanced Social Interaction: Like Web1 and Web2, Web3 will integrate new technologies, such as virtual reality (VR), augmented reality (AR), and artificial intelligence (AI), adding digital elements to online social interactions. A typical example is the metaverse, a virtual 3D world where users can explore through avatars. In this immersive space, users can socialize online, purchase virtual land, play games, and even work remotely.
Conclusion
The relationship between Web2 and Web3 is analogous to the long-standing contrast between centralized networks and decentralized networks. While Web3 has yet to be fully realized and its advantages over Web2 remain to be seen, it is built on a decentralized infrastructure designed to address the data scandals of Web2 and return control to users.
Companies centered around Web2 have reaped significant rewards from this internet revolution. In addition to profits, these companies have built vast user databases. Giants like Google and Facebook have constructed a centralized global network based on users and their data, often through the acquisition of smaller companies.
Disadvantages of Web2
With the rise of Web2, large internet companies realized they could leverage user data to keep users within their ecosystems. They implemented a range of strategies, such as pushing targeted advertisements to consumers and restricting interactions between different platforms, making users more inclined to continue using their services.
In recent years, an increasing number of internet users have begun to focus on ethical issues such as censorship, data tracking, and data ownership. Ironically, user data seems to belong to companies in Web2 rather than the users themselves. There have been instances of unjust data control, where users were deemed to violate community guidelines without their knowledge and were subsequently forced to close their accounts. In the 2010s, Facebook faced widespread criticism for failing to protect user data, and its practices of collecting personal data without consent sparked global outrage.
To address these issues, some have proposed solutions that combine the advantages of Web1 and Web2: decentralization and user participation. While this solution has yet to be fully realized, its core concept—Web3—has largely taken shape.
What Is Web3?
Analyzing the current problems of Web2 reveals that improving the internet experience for users through Web3 is a logical direction. The goal of Web3 is to diminish the power of large network companies by utilizing peer-to-peer (C2C) technologies, such as blockchain, virtual reality (VR), the Internet of Things (IoT), and open-source software. Users are expected to regain control over content and data through decentralization.
Key Features of Web3
Decentralization: Decentralization aims to address the root causes of Web2's problems and is key to the success of Web3. Users will regain control over their data, and companies will have to pay for access to user data. Additionally, decentralization enables anyone to make native cryptocurrency payments, eliminating the high intermediary fees associated with traditional Web2 payments.
Permissionless: In Web3, anyone can freely interact with others, no longer restricted by the control of a few major companies, allowing for seamless cross-platform communication.
Trustless: The underlying network of Web3 allows users to trust only Web3 itself, rather than having to trust any other entity to participate in network activities.
The realization of these ideals will largely depend on the support of blockchain and cryptocurrency technologies.
Potential Advantages of Web3
Improved Data Security: Data stored in centralized databases by tech giants is relatively vulnerable; a single breach can compromise user information. By storing and managing data through decentralized solutions, private information can be better protected.
True Data Ownership: A core focus of Web3 is data ownership, where users will regain control over their data and even have the option to monetize it.
Control Over Truth: Power will not be concentrated in the hands of a few, and users will not experience unjust censorship. Without the ability to censor or delete content, companies will face greater challenges in controlling information disclosure.
Web3 may also surpass Web1 and Web2 in several ways.
Financial Freedom: Web3 enables users to consume, create, and own their own content and data, empowering them significantly. Based on blockchain technology, Web3 will facilitate access to various ecosystems that promote decentralized finance (DeFi) and other tools, enabling financial independence.
Enhanced Social Interaction: Like Web1 and Web2, Web3 will integrate new technologies, such as virtual reality (VR), augmented reality (AR), and artificial intelligence (AI), adding digital elements to online social interactions. A typical example is the metaverse, a virtual 3D world where users can explore through avatars. In this immersive space, users can socialize online, purchase virtual land, play games, and even work remotely.
Conclusion
The relationship between Web2 and Web3 is analogous to the long-standing contrast between centralized networks and decentralized networks. While Web3 has yet to be fully realized and its advantages over Web2 remain to be seen, it is built on a decentralized infrastructure designed to address the data scandals of Web2 and return control to users.
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