Web 3.0: What It Is and How It Will Change the World

Web 3.0, you might have come across this term, but what does it really mean? In simple terms, Web 3.0 is the next phase of the internet, shifting from a centralized model to a decentralized one. This shift gives users more control over their data and online interactions, which could significantly impact how businesses operate.

In this blog, we’ll break down the key concepts of Web 3.0 in the most understandable way. We’ll explore why it’s important and how it could create new opportunities. By the end, you’ll have a clear understanding of Web 3.0 and its potential to the world. Let’s get into it!

1. What is Web 3.0?

Actually, there is no standard definition for Web 3.0. The term Web 3.0 was coined in 2014 by English computer scientist Gavin Wood, who is also the co-founder of Ethereum and creator of Polkadot and Kusama.. It’s also known as the semantic web, a term introduced by Tim Berners-Lee, or simply Web3.

You can basically understand the term “Web 3.0” is the vision for the future of the internet which is more decentralized and democratic compared to Web 2.0, which we are currently using. Some aspects of Web 3.0, like blockchain, decentralized applications (dApps), and cryptocurrencies, are already in use.

With Web3, instead of being controlled by a single group of service providers, services will be hosted by individuals using algorithms. Imagine applying blockchain technology across the entire internet.

Web 3.0 Blockchain Market Size & Outlook, 2020 – 2030 (US$M)

The global Web3 market, valued at $2.25 billion in 2023, is expected to grow at a 49.3% CAGR from 2024 to 2030. Growth is driven by rising demand for data privacy, advancements in internet technology, and increasing adoption of digital assets like cryptocurrencies. 

The cryptocurrency segment generated $577.9 million in revenue in 2023, making it the most profitable and fastest-growing application during the forecast period. Regionally, North America led the market in revenue for 2023, with Canada expected to achieve the highest CAGR between 2024 and 2030.

2. The Evolution from Web 1.0 to Web 3.0

Web 1.0 (The Static Web)

• Time Period: Early 1990s to early 2000s

• Characteristics:

  • Primarily read-only content where users consumed information without interaction.

  • Websites were static, with limited functionality, mostly displaying text and images.

  • Content was created and controlled by a small number of website owners and developers.

  • User-generated content was minimal; users could not easily contribute or engage with the content.

• Example: Basic HTML websites, online directories, and early search engines like Yahoo and AltaVista.

Web 2.0 (The Social Web)

• Time Period: Early 2000s to present

• Characteristics:

  • Emphasis on user-generated content and interactivity, allowing users to contribute and share information.

  • Rise of social media platforms (e.g., Facebook, Twitter, YouTube) that fostered community engagement.

  • Dynamic content and improved web applications that enable real-time updates and collaboration.

  • Centralized platforms controlled user data, leading to concerns about privacy and data ownership.

• Example: Social media, blogs, wikis, and platforms like Instagram and Reddit.

Web 3.0 (The Decentralized Web)

• Time Period: Emerging concept in the 2010s and continuing to evolve

• Characteristics:

  • Focus on decentralization, enabling users to have control over their data and digital identities.

  • Use of blockchain technology to ensure transparency, security, and trust without intermediaries.

  • Increased interoperability among applications, allowing seamless interaction across different platforms.

  • Empowerment of users through decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (dApps).

• Example: Cryptocurrencies, decentralized platforms like Ethereum, and NFT marketplaces like OpenSea.

Citation: https://agiletech.vn/what-is-web-3-0/