Boundless Possibilities.

WebInverse 3.0

Photo by Shubham Dhage on Unsplash

While you may think this is an article about some MCU movie where you have the friendly neighborhood superhero spiderman. Sorry to burst your bubble, no it isn’t but I can assure you the same euphoria that follows the thrill of enjoying the MCU should be followed by the new possibilities on the horizon with the advent of the next wave of the internet.

Some call it internet 3.0, while others call it Semantic Web or Web 3.0, others may argue to call it the 3D Internet because of Virtual Reality bringing in immersive experiences. The fact is that none of these opinions or perspectives about the next wave of the internet is wrong. Because this next wave isn’t powered by just one technology but by at least three which are Blockchain & Digital Assets (NFTs), web 3.0, and Virtual/Augmented Reality.

Now let’s make it more visual and interesting. You remember the movie right. I mean you should know the one I am talking about by now. Yeah, Ready Player One.

You remember how Wade Watts, Samantha, and their friends were earning coins and increasing their virtual arsenal while trying to win the ultimate price set by late Anorak, the creator of the Oasis (kind of like a metaverse). It says a lot about how we will see many things play out in world economics in the years ahead.

To take it step by step, in this article let’s demystify what is called Web 3. I am sure when I mention Blockchain or Crypto at least some understanding comes to mind. When I also mention VR/AR imaginations erupt in our minds. But Web 3? Blank I guess.

Web 3 refers to a potential new iteration of the internet that runs on public blockchains, the record-keeping technology best known for facilitating cryptocurrency transactions. The appeal of Web 3 is that it is (ideally) decentralized so that instead of users accessing the internet through services mediated by the likes of Google, Apple, or Facebook, it’s the individuals themselves who own and control pieces of the internet. Web 3 does not require “permission,” meaning that central authorities don’t dictate who uses what services, nor is there a need for “trust,” referring to the idea that an intermediary does not need to facilitate digital/virtual transactions between two or more parties. Web 3 theoretically protects user privacy better as well, because it’s these centralized Big Tech and Regulatory authorities and their intermediaries that are doing most of the data collection in the current Web 2.

To get a deeper understanding of what Web 3 is and the rationale behind its formation, it is important to start from the beginning — the first and second generations of the web and how they’re different from the imminent third generation.

The Begining

Web 1 is the earliest version of what we call the Internet today. The Web was introduced by Tim Berners-Lee in late 1989. He envisioned the Web in three ways: a Web of documents (Web1), a Web of people (Web 2), and a Web of data (Web 3), I will add a 4th (here is my trillion dollar idea for the next wave after the next wave) a web of spaces ( Web 4). Smile, nothing is impossible.

Web 1 was referred to as “read-only web” as there were very few visuals besides text. Unlike today’s Internet that allows users to interact with information online, users of Web 1 were more passive and only read things online.

The 2nd Wave

What technology benefits more than 3 Billion people for 80% of their waking hours every single day? Web 2.0.

Web 2.0, coined majorly by O’Reilly and others between 1999 and 2004, moved the world on from static desktop web pages designed for information consumption and served from expensive servers to interactive experiences and user-generated content that brought us Uber, Airbnb, Facebook, Instagram, Linkedin, etc. The rise of Web 2.0 was largely driven by three core layers of innovation: mobile, social, and cloud.

Web 3

While the Web 2.0 wave is still bearing fruit, we are also seeing the first shoots of growth emerge from the next paradigm shift regarding the internet, logically entitled Web 3.0. An even more fundamental disruption. It is a leap forward to open, trustless and permissionless networks.

‘Open’ in that they are built from open-source software built by an open and accessible community of developers and executed in full view of the world.

‘Trustless’ in that the network itself allows participants to interact publicly or privately without a trusted third party.

‘Permissionless’ in that anyone, both users and suppliers, can participate without authorization from a governing body.

This is what Web 3 coupled with Blockchain technology is able to do on a global scale without knowing the persons you are transacting while also not sacrificing the Trust needed for transactions to take place. Web 3 underpins the idea behind the creation of cryptocurrencies which is simply decentralization. The technologies behind cryptocurrency, such as blockchain and cryptography, will also be a crucial part of Web 3.

Like Web 2, Web 3 ideally will make the Internet more inclusive while taking control away from Big Tech and Centralized Government. It aims to do this by decentralizing the Internet.

The Promise of Web3 and Digital Assets

Truth be told, I can’t write everything in one article. I mean I am just about to touch on another hot topic that can keep this article ongoing like a never-ending journey. I am talking about NFTs. NFTssssss (with an effect). We will talk about NFTs in a later series.

Ok, so what are the promises of this semantic web or web 3?

The forthcoming wave of Web 3.0 goes far beyond the initial use case of cryptocurrencies. Through the richness of interactions now possible and the global scope of counterparties available, Web 3.0 will cryptographically connect data from individuals, corporations, and machines, with efficient machine learning algorithms, leading to the rise of fundamentally new markets and associated business models. The result can be likened to a village.

For instance, In ancient village lifestyles, people could trade value, information & work with the small group of counterparties they already knew — their set of counterparties was limited by geography but rich in personal trust. This small scale meant individuals frequently had multiple roles in society e.g. farmer, fisherman, hunter, warrior, and father. Consequently, transactions were focused on food, security, and leisure, and included little coordination beyond largely self-sustaining families.

Vith Web 3, this can be done on a much larger and global scale supporting an ever-increasing myriad of human and machine skills specializations and possibilities.

In part 2 of this article on Web 3, I will dive deep into present use cases and speculate future use cases of web 3. I do hope you enjoyed this article that was written on a whim.

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Sparking thoughts & Ideas as a Futurist. Microsoft Certified Data Analyst, Teen Mentor @ TeenEx Network, and Social Entrepreneur.

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Zak Spark

Zak Spark

Sparking thoughts & Ideas as a Futurist. Microsoft Certified Data Analyst, Teen Mentor @ TeenEx Network, and Social Entrepreneur.

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