You might be wondering about Web 3.0 and why people are talking so much about it currently. Here we’ll clear up all your doubts about Web 3.0 and tell you why it is hyped so much.
Before we understand what Web 3.0 is, first we need to understand the history of the internet.
From 1991 to 2004, we saw the first generation of the internet. The internet we see today is kind of different from the internet previously. Today, sharing photos and videos on the internet is normal, but this would not have been possible earlier.
The Internet was like a newspaper. You could see a static page on your screen where you could only read text. Basically, interaction was zero! The Internet was a one-way communication tool. We were the consumers. Regardless of what the internet threw at us, we’d collect it and consume it. That’s it.
But the year 2004 changed everything. Users weren’t only consumers anymore. We ourselves started giving these websites content. Give some thought to it:
How many videos does YouTube make and upload?
Does Instagram upload daily reels on their official account?
How many tweets does Twitter post on its account?
But we make videos and get involved in political fights on Twitter. Of all of the content on the website, 86% of it is produced by the users, not by the companies. But the story doesn’t end here.
Just imagine. 100 years ago, if you had to send a message to your girlfriend, what would you do? You would write a letter and hand it to the postman, and you’d look ahead to him delivering it. But the postman turned out to be sneaky; he opened the letter and read it.
That’s exactly what these internet companies do today. They read our data. They use this data to show us ads and sell products. But what choice do we have?
If we would like to try and do anything on social media, we will need a postman.
Problems in Web 3.0
The biggest problems with Web 2.0 are lack of privacy and total control by the companies.
But Web 3.0 is trying to unravel this very problem with blockchain technology. You will now be the owner of your content. There are many obstacles in the way of reaching this straightforward result, which Web 3.0 is trying to resolve one by one.
When I search on Google for how to make Dalgona coffee, Google knows my identity. It knows how many times I go out in a week. For this, Google gets a soft signal to show me more coffee shops, and for this, Google charges money from those brands. So ultimately, I am the product. Incognito doesn’t really work. Your search history may be erased from your device, but the internet remembers your identity and this identity is often misused.
But Web 3.0 gives you a completely new identity, similar to how super heroes hide their true identities so villains can’t use them against them in order that villains don’t exploit their weaknesses. Similarly, we’ll be able to mask our identity.
No matter how much all social media platforms lecture about the importance of freedom of speech, Ultimately, only some people actually control what goes on the platform and what doesn’t.
For example, Twitter suspended Donald Trump’s account. A few people on Twitter decided that we don’t want Trump on this platform. And in a snap, the ex-President of the United States was gone from the social media platform. What do you think about Twitter or any other social media platform wielding so much control and power? That they decide who is right and who is wrong?
Going one step forward, platforms like Twitter can take political sides.
These policies must be decided by someone, right? Big CEOs are forcing their ideologies on people. They have become the gatekeepers of information.
In Web 3.0, there’ll be no CEO of any social media platform. All the decisions will be taken by code, i.e., DAOs (Decentralised Autonomous Organisations). Basically, the principles of the game will already be decided.
Two years ago, Carry Minati’s (Youtuber) video went viral. And it was deleted within a few days of being uploaded. The explanation for the video’s deletion was that the video broke the YouTube community guidelines.
But the principles and guidelines don’t seem to be really clear. How will the platform know what’s right or wrong? What’s offensive and what isn’t offensive?
Rules in DAOs are cleared through smart contracts. So then, there won’t be any human decision but a code that will decide what content will remain and what content won’t remain. Maybe the code will stop offensive content before it’s even uploaded?
We are penning this blog on the internet, but still don’t have this blog. Ads will run on this blog, but which ads will be run? The ad rate won’t be decided by me but by the platform. How much of that ad revenue is my share and how much the platform takes is determined by the platform.
What is really in my control?
Web 3.0 gives you control, meaning no middleman, the postman is gone!
Who can watch your content? How much money should I charge for this content? You are the one who will decide on all of these things.
These things seem quite futuristic and, to be honest, quite impossible right now. But the reality is that people laughed at the current internet as well.
Is Web 3.0 the Internet’s Future, or just a Scam?
Some people called Web 3.0 a revolution, and a few people considered it to be a scam. People believe that crypto currencies are democratic because they believe that one person cannot control everything. But take a glance at this chart below:-
Only a small percentage of coins are available for public sale. The other coins are already held by insiders and founders. Which means you can be a crypto millionaire. However, some insiders will already be crypto billionaires before you. Because they hold the most coins. That means it’s the same as what’s happening right now, right?
Too much privacy can also give rise to crime. The police can catch and track trolls and thieves today. But when things are completely private and anonymous, what happens then?
Cybercrime is certain to increase. When the Facebook-Cambridge analytical scandal broke out, the US government questioned Mark Zuckerberg mercilessly.
In Web 3.0, who is responsible for scams?
Some weeks ago, $30 million worth of crypto was stolen from crypto.com. Crypto.com isn’t a small company, but it has been impossible for them to seek out the thieves. The blockchain is not perfectly secure. It’s too early to switch 100% to blockchain because of all these problems.
Because Web 3.0 is a plan, it is not easy to call it right or wrong today. The more freedom people get, the more this freedom will be abused. What do you think? Is Web 3.0 our future? Or is it a scam? Tell us in the comment section below.