Web 3 is a keyword that has attracted a lot of attention in recent times. So what is Web 3 and does Web 3 really bring the potential to change the kernel in the future?
Quick Take
- Web 3.0 was born to overcome the limitations of Web 2.0 and bring new improvements.
- In Web 3.0, users truly own their information and are the ideal environment to transfer value.
- Web 3.0 is still in its infancy but has the potential to change humanity in the same way that Web 2.0 did and will create a huge shift in prosperity for the changing generations.
What is Web 3.0?
Before diving deeper into Web 3.0, let's learn about the most basic concept - the Web.
What is the Web?
The Web (or website ) is a collection of information that can be accessed through the Internet. This collection of information is what is developed and posted on the Web, from articles, social networks, entertainment sites, etc.
Many people often confuse the Web with the Internet, the Internet is the infrastructure, and the Web is the things developed on that infrastructure. A pure example you can think of:
- The Internet is like a bookstore template.
- The Web is the book collection in that bookstore.
- Collections of information are books in book collections.
All helped shape the cyberspace we are accessing today.
So, to come to Web 3.0, how has the Web gone through development and impact on humanity? To understand what Web 3.0 is, let's go back in time to better understand previous Web generations.
Web 1.0 – Information Display
Born in 1989, Web 1.0 created a place to help users access information more conveniently. However, Web 1.0 at that time was basically just text lines with links to other articles. Users are mostly just consumers of information (consumers) and cannot interact with the content they read. Smart content to post on the web was also very limited at that time.
⇒ At this time, the Web is only limited to displaying information and most of the users are Consumers.
Web 2.0 – Transfer messages
And as is the nature of development, the following versions will gradually improve and help overcome the limitations of the previous version. More and more tools to help improve Web such as Javascript, CSS, ...
These tools are the premise for platforms like Youtube, Facebook, Wikipedia, etc. to develop. Thanks to these platforms users can gradually interact with the content they read and even better, they can now create content (Creators) and share it publicly.
There is no denying the great things that online platforms give us, thanks to Web 2.0, the world has become much flatter. People in many countries can interact with each other and access more information. However, later on, power is concentrated in a few big guys, Web 2.0 is gradually deviating from their original purpose.
Science giants blatantly exploit private information from users to benefit themselves. To use a producer of platforms in Web 2.0 you often have to produce a certain amount of information, and that is sometimes a barrier to those who want to access the features inside. Content and information created by users but not owned by them when Facebook, Twitter, etc. can easily delete posts or lock an individual's account.
⇒ The Web has now made communication easier and users can become Creators, but there are many limitations that make it difficult for them to go any further.
Web 3.0 – Transferring Value
Web 3.0 is the version that was born to overcome the problems of Web 2.0. With Web 3.0, power is put into the hands of the user, the user himself is the owner of his information and cannot be interfered with by anyone. The absence of limitations of Web 2.0 is also a premise to open a new era when users can transfer value on the Web freely and without too many elements of trust.
For example: With Web 2.0 to transfer money to another person, we have to depend on banking applications and need to produce the necessary information, the bank can track and block your transactions. With Web 3.0 we can freely transfer money to anyone with just a non-custodial wallet like DauTuTuDau Wallet, these transactions cannot be prevented.
Another example is that with Web 3.0 we can borrow many types of assets in Lending protocols like Compound or Aave freely without having to trust the lender. Everything is transparent and verifiable on-chain.
This can become a reality thanks to breakthroughs in many aspects such as:
- Advances in hardware help advance the above sciences like Blockchain and AI.
- Blockchain network helps to increase Decentralized, Trustless and does not depend on third parties.
- Advances in AI and Machine Learning, while still new, if developed on decentralized networks will help create applications far beyond the present moment.
It is clear that Web 3.0 has ushered in a new era that will help break down the barriers from Web 2.0 and move towards a flatter world than ever before where information and above all value can be transferred freely. .
⇒ In Web 3.0, users are the Owners of their information and create the right environment for value transfer.
Web 3.0 breakthroughs
Web 3.0 inherits the good features of Web 2.0 and brings additional elements to help overcome the limitations of Web 2.0 including:
- Verifiable : Everything is transparent and verifiable on-chain.
- Trustless & Permissionless : Minimize trust-related factors and anyone can participate.
- Self-Governing : Taking the user as the center, the user himself has full rights to his information and property.
- Distributed : Power is distributed among users and decisions are made and implemented by decentralized autonomous organizations ( DAOs ). All cannot be controlled by some centralized organization.
- Native built-in payments : Web 3.0 applications do not require users to produce private information and cannot prevent users from making payments and transactions.
Observing the above characteristics, do you see any similarities between what Web 3.0 brings and what blockchain brings? It's no coincidence that blockchains can flourish in the same way, they were an integral part of the birth of Web 3.0. It can be said that thanks to blockchain, Web 3.0 can be brought, and thanks to Web 3.0, blockchain can develop.
The Potential of Web 3.0
The breakthroughs of Web 3.0 have opened huge portals to create business and industry simulations that were previously unimaginable.
The most typical example at the moment is Crypto. The application of blockchain science with the removal of the trust factor, eliminating the need for a third party in the transaction has created really great experiences and products.
With just a Non-Custodial wallet, we can send money to anyone anywhere in the world.
- Thanks to DeFi we can deposit money in the bank without having to go to the bank while the interest rates are better, we can borrow without looking at the creditor's face, we can maximize profits by rotating capital or farming .
- Thanks to the Play to Earn and NFT games, a player's in-game property is the player's and indestructible, and also generates a source of game income.
- There are also many other breakthroughs waiting to be discovered.
In just one year from November 2020 to November 2021, the market capitalization increased from $450 billion to over $3 trillion, an astounding growth rate.
But remember, Crypto is just one application to be explored first of the many applications that Web 3.0 can do in the future. Observing the actual growth figures that Crypto has achieved, I am very optimistic that Web 3.0 will have the same impact on humanity as Web 2.0 has been and even more.
Limitations of Web 3.0
Despite its huge potential, it must be admitted that Web 3.0 is still in its infancy.
Some limitations can be mentioned as:
- Scalability : There is still a big gap between Web 2.0 and Web 3.0 in terms of scalability, processing speed, price, etc.
- UX : User experience is still not really good because to participate in Web 3.0 products like Crypto, users need to learn new knowledge, download new software and manipulate many different steps. This is a barrier to mass-adoption.
- Accessibility : Applications are mostly built independently rather than integrated with popular and familiar Web 2.0 applications, reducing accessibility to users.
- Cost : The cost to develop a project is very expensive, dapps often have problems putting code on the blockchain because Ethereum's gas fees or the cost of auditing are also very high.
Although there are limitations, all are being gradually overcome. The fact that it is still at an early stage and there are many problems to overcome also means that many opportunities are opened for people who believe in the future of Web 3.0 and develop related products.
Outstanding Web 3.0 projects
Surely with the information above, you can also see the breadth of Web 3.0. It can be said that blockchain is part of Web 3.0 and projects developed on blockchain are all part of Web 3.0.
Below I will list some outstanding Web 3 projects compiled from Web 3 Index.org . In the initial stage, Web3 Index only aggregates projects in the manufacturer segment and the website's appraisal index is based on revenue from selling protocol products.
I quite like this approach, because in the gold rush the biggest beneficiaries are the shovel sellers, not the gold diggers, and the revenue-based appraisal clearly shows the effectiveness of the project rather than the indicators. numbers like TVL or capitalization.
Outstanding projects
Arweave
Arweave (AR) is a Blockchain Data Storage Protocol based on a new generation consensus algorithm Proof of Access to create the first truly global data store.
In December 2020 Solana developed a SOLAR bridge that allows data to be transferred from Solana to storage in Arweave and also to query data back from Arweave to Solana. Since then, it marks the outstanding growth of Arweave's revenue
Livepeer
Livepeer (LPT) is a supporting infrastructure for decentralized video streaming. Livepeer takes advantage of Blockchain's decentralization so that users can control the content they create and can freely share content more effectively.
Filecoin
Filecoin (FIL) is like Arweave, a project in the Decentralized Storage array . Filecoin is known as one of the first names in storage and excels thanks to the application of the open source distribution protocol (IPFS).
The Graph
The Graph (GRT) is a protocol that allows indexing and querying of data from the Blockchain. The Graph allows anyone to build and publish APIs called Subgraphs. Subgraph makes accessing Data from Blockchain more convenient.
Helium
Helium (HNT) is a decentralized peer to peer wireless network (Decentralized Wireless Network) built on the blockchain platform. It works on Proof of Coverage and a new consensus algorithm based on HoneyBadger BFT.
Helium is used to route data for low-power long-range IoT (Internet of Things) devices.
Closing thoughts
Web 3.0 is a very broad topic, only one of their applications such as Crypto also needs us to spend a lot of time to learn and understand. And in the same way that Crypto has changed many lives, other uses of Web 3.0 will create a huge shift in prosperity for the changing generations.
Previous generations of Web took decades to develop and gradually applied more in life and this is the same with Web 3.0, everything will be developed and applied slowly so that one day we will use it. them naturally as we use social networking platforms like Facebook, Twitter, etc.
The advantages that Web 3.0 brings will gradually be linked together, helping to create a more seamless and effective experience where people are at the center. There are also breakthroughs on a global scale where all physical limitations are broken and we are truly moving towards a flatter world than ever before.
Epilogue
Hopefully the above article has helped you understand Web 3.0 better, I often say "Web 3.0 is everything", because the more I dig deeper, the more I see the giants and what they can bring. Unlike the early stage when everything was ideal, at the present time Web 3.0 applications have gradually come to life and are developing at a very fast rate.
What will our future look like in the next 5 to 10 years? I don't know but I believe Web 3.0 will play a very important role in that future. If you have any questions or comments, please comment below to discuss with DauTuTuDau!
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