Five worthy reads is a regular column on five noteworthy items we have discovered while researching trending and timeless topics. This week, we dive right into the concept of Web 3.0, its inner workings, and what it holds for the future of the internet.
Illustrated by Dhanwant K
It’s safe to say we’re still figuring out all the bells and whistles of Web 2.0, the second developmental stage of the internet, and along comes 3.0. What is this, you ask? Turns out there’s no clear-cut definition. What we do know at this stage is that Web 3.0 will be heavily dependent on artificial intelligence (AI) and machine learning to provide an immersive and intuitive experience. Web 3.0 promises to be more fluid and dynamic when compared to today’s internet with its rigid policies on data centralization.
Web 3.0 plays with the idea of decentralization and make use of blockchain technologies such as cryptocurrency and NFTs. Experts have assessed that Web 3.0 could effectively address concerns of over-centralization, surely a welcome power shift from “Big Tech”. “Platforms and apps built on Web 3.0 won’t be owned by a central gatekeeper but rather its users,” says Gavin Wood, often referred to as the father of Web 3.0 as it is currently understood.
In its essence, Web 3.0 promises to restore democracy on the internet and at a social level. One of the ways proponents of Web 3.0 plan on doing this is through decentralized autonomous organizations (DAOs), which are member-owned communities lacking any form of centralized leadership. When talking about the potential benefits of DAOs, many people focus on their capacity to replace centralized governing bodies and the ability to maintain financial records on blockchains.
While some experts say Web 3.0 will fix everything that’s wrong with today’s internet, detractors say it’s just a pointless marketing strategy. Either way, it’s too early to call it. There is, however, a wealth of material on the internet that one can read up on. Here are five worthy reads on the endless possibilities of Web 3.0.
1.The 8 defining features of Web 3.0
While there’s no proper definition of Web 3.0, this concept can be best defined by its features. Some of the distinct features of Web 3.0 that differentiates it from is predecessors are the use of blockchain technology, decentralization, and edge computing, among others. In this piece, the author lists down those features while clearly mentioning how these features will enable Web 3.0 to impact our lives for the better.
2. Web 3.0 as a business model of a decentralized virtual world
As the internet continues to evolve at a fast pace, businesses must constantly strive to meet its demands. From what we know, Web 3.0 is well equipped to empower businesses with decentralization and transparency. In an age where decentralization is a much sought after change, Web 3.0 promises to restore the power back to business owners. Find out, in this story, how Web 3.0 could deliver this by bringing about significant changes in existing business models.
3. Is Web 3.0 a data revolution?
The internet as we currently know it is mostly stored in centralized data centers run and managed by “Big Tech” firms. With an increasing demand for decentralization, experts believe Web 3.0 has the ability to restore control of data back to its owners through highly distributed infrastructure. In this story, find out how this can be achieved and how this decentralization contributes to a better web environment.
4. What are ecosystem DAOs and why will they be important to Web 3?
DAOs have come about as a way of decentralizing governance and control among stakeholders, while still allowing coordinated decision-making for projects, companies, and more. Ecosystem DAOs, as opposed to other DAO types like social DAOs, bring multiple entities together to a common goal, in the case of Web 3.0—giving power back to the developers and project owners. In this article, the author argues that ecosystem DAOs will play a crucial role in introducing users to Web 3.0.
5. The answers to all your not-so-stupid questions about Web 3.0
When you start throwing around terms like Web 3.0, blockchain, and NFTs in the same sentence, obviously people are going to have a few questions. While Gavin Wood, a cofounder of the cryptocurrency Ethereum, first used the term “Web 3.0” back in 2014, can anyone explain what it really means? In this article, the author addresses some expected questions on Web 3.0, giving us answers in a way that “even a 12 year old can understand.”
So far, we know that Web 3.0 is an inevitable future for the internet and that it is being welcomed by users, developers, and project owners alike. Although its meaning is indefinite, hopefully these articles have helped shed light on what Web 3.0 implies for web democracy in the future and its benefits for individuals who are patrons of the internet. We can all agree that transferring power back to individuals is a welcome change and we most certainly can’t wait for this shift in power to be brought about by Web 3.0.
