Web 3.0: Is it the future of the internet?

The internet made its debut in the late 1990s via Web 1.0 which consisted of an assortment of non-interactive business and personal webpages. Web 2.0, the current version of the internet implemented in 2004, allows users to create and share content through social media platforms. As internet users have become more aware of their data being used without their permission, Web 3.0 may allow them to have more control of how it is used.

What is Web 3.0?

Web 3.0, is considered the “third generation of the internet”, that allows users to participate in the development and operation of internet protocols. For example, users could become shareholders of Web 3.0 which would allow them to vote on changes to Web 3.0. The phrase “Web 3.0” has been credited to two people:  John Markoff, a former New York Times journalist who used it in 2006 and to Gavin Wood, Ethereum’s co-founder, who coined it in 2014. Web 3.0 uses platforms developed on blockchain, cryptocurrency, non-fungible tokens (NFTs), and other technologies. DeFi (decentralized finance) is also included in Web 3.0.  Web 3.0 stores data on the blockchain in “blocks” or “nodes” distributed to an enormous network of computers.

Potential benefits of Web 3.0

1.       Data ownership would not be limited to a single entity.

2.       Users could join any network without giving up personal data (e.g., name, location, email address).

3.       Enhanced data security due to decentralization. Decentralization makes it harder for hackers to access large

loads of data.

4.       Users can monetize use of their data. Cirus Foundation, a data ownership initiative, allows users to earn

cryptocurrency in exchange for their data. Users’ data is captured after registering and downloading the Cirus

web extension on the Google Chrome browser.

Criticisms of Web 3.0

1.       Difficult to regulate.

Due to Web 3.0 being decentralized, some fear that cybercrimes, hate speech, online harassment, and spread of

child abuse will be difficult to control.  

2.       Owners of the blockchain networkers will only be early adopters and venture capitalists who will profit from

the innovation.

3.       Scalability: It is uncertain whether blockchain applications can scale to a level to overtake Web 2.0

infrastructure.

There are challenges in adopting any new technology but time and continued innovation will determine whether Web 3.0 will replace Web 2.0.