Web 3 and the Next Evolution of the Internet

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by Crista Yamasaki

Whether you’re new to this space or a seasoned observer, you’ve likely encountered the concept of Web3.  As a way to better understand Web3, it’s important to discuss the evolutionary development of the internet through stages of Web1 and Web2 respectively.

Web1 represents the inception of the internet in the early 1990s, where users interacted with hyperlinked websites in a search and read-only capacity.  Companies like AOL and Yahoo rose to prominence building their sites on open standard protocols to transfer information.  For those that recall this time of the internet, users were the sole consumers and a lack of interaction placed the responsibility of generating content on the shoulders of the website server.  Without a constant stream of content, these websites remained stagnant and the internet experienced limited utility.

Around 2004, came the shift to Web2.  In this era, the increased engagement between users and centralized companies allowed data to be compiled on how to create an optimal user experience.  True, Web2 championed opportunities for user interaction and creation but it did so at the cost of privacy, ownership, control, and the shift away from open standard protocols.  Today, Web2 is the primary space of internet engagement for a majority of the population and while it has come a long way, it remains dominated by the rules of centralized companies like Google, Facebook, Apple, and Twitter.  Some would argue that the era of Web3 has yet to begin, but the emergence of blockchain, DAOs, NFTs, and cryptocurrencies have made the ecosystem for Web3 possible.

The promise of Web3 is to serve as the decentralized counterpart to Web2 built on blockchain technology whereby all the creative freedoms and open engagement exist without the control of big tech companies or government.  In Web3, creators could produce and own their content without the concern that any one branch of authority could remove or censor it.  Additionally, the need to engage within the space with your real-world identity would also become optional, as the blockchain network is both trustless and encrypted.  

For those who believe strongly in the shift towards Web3, the concept seems appealing on multiple fronts.  The obvious objective is to upset the status quo set by big tech companies and put power and freedom into the hands of the masses.  One can’t help but be enticed by all that Web3 seemingly offers, but it begs the question of whether this is merely a pipe dream or more of the same problems in a different package. 

This article is a part of a series discussing the future and impact of Web3.