Unless you've been living under a rock, you've probably heard the phrase 'web3', it has been hyped, used and discussed on various social media platforms, within developer communities, and now its gaining mainstream adoption. This term 'web3' is also very controversial, its supporters believe it is the technology that will save the world, end world hunger, cure cancer and might as well even be the greatest invention in human history since sliced bread. On the opposite side we have people who believe that web3 is just another internet fad, a get money quick scheme, and another internet hype train that will completely fade away with time without producing any real value. Both parties feel very passionate about their opinions and both sides have solid arguments to support their views, but i think the two views highlighted above are both wrong, let me explain...
The word 'web3' suggests some kind of numerical increase, So it implies there was a web1 and a web2. Web3 is not a new term, it has existed for quite some time, but its definition has changed with the rise of cryptocurrencies and blockchain technology. So what are the differences between these various versions of the web? Lets find out!
So what is web1? Web1 is defined as the initial version of the internet in the 80s, during the time of wikipedia and the rest. This version of the internet allowed us to share data across the world seamlessly in a matter of seconds, anyone with a computer could set up and application called a server and connect to this magical thing called the internet and share whatever information they wanted. We will call web1 the internet of data, web1 allowed us to share data with each other, but the data that was shared could not be modified by the viewer, it was read only. The data could only be modified by the person who created the website.
Now Web2, this is where things get very interesting, and this is where most of the web3 believers begin their argument. Web2 is version of the internet that not only allowed us to view data, but also modify the data and collaborate with each other using digital platforms. We will call web2 the internet of data and collaboration. The problem with web2 is that the data gotten from users while using the internet belongs to the platform where the data was shared. This is a problem to a lot of people because they do not own their data, meaning the platform can choose to do whatever they want with that data both good and bad. Recently these problem has been aggravated because of platforms like facebook who sell this data to advertisers and remove content created by their users.
Then there is Web3, now this is where things get funny. Web3 was initially called the semantic web, this is a term proposed by Tim Berners Lee who is called the father of the internet. The idea of the semantic web was adding intelligence to the internet, as web2 made the internet dynamic web3 was meant to make the internet intelligent. Currently that is no longer the definition or goal of web3. Web3 is currently defined as the 'decentralized' internet, where the data belongs to the user that created it and not the platform it was created on. The data is no longer stored on the database of the platform it was created rather it is stored on the blockchain, which is decentralized, read and append only, trustless database. We will call web3 the internet of data, collaboration and value, since the database is not owned by a single entity various parties can agree on the state of the data on the blockchain as being true.
So what is the fight about? Well, the problem actually starts from how web3 even started. Web3 is the built on the blockchain. Blockchain technology is not new, but in 2008 an anonymous individual or group under the alias of Satoshi Nakamoto created a new usecase for blockchains called crypto-currencies. Since the state of the blockchain could not be changed by external factors data on the blockchain can be viewed as valid and true, this means if the blockchain says i have x amount of something, then that becomes indisputably true. This allows us to create something called cryptocurrencies, which keep record of the amount of a digital token someone has. This token or currency is what we now call bitcoin.
Most of the hype for web3 comes for its native support for cryptocurrencies. These cryptocurrencies are usually very volatile and usually drastically increase in value most times instantaneously. This is where the argument against web3 begins, most believers of web3 are not in it for the technology, they are interested in crypto and making money quick from it. The 2 main breakout use cases of web3 are DeFi and NFTs. I wont go into details explaining them but they are mostly used as a means to get quick money easily, with no real benefits. It seems that the builders and users of web3 are mostly concerned with getting rich quick and an intoxicating amount of FOMO.
While there are other use cases of web3 with real world benefits such as DAOs(Decentralised Autonomous Organisations) they barely get as much attention as the others because they inherently do not have any get money quick mechanism....yet.
I still choose to keep an open mind, i believe there is a strong potential in blockchains, the idea of a shared database that multiple applications can use without needing to cooperate with each other. So that is why i have decided to participate in the blockgames organised by the Zuri Team and NestCoin, the program aims to train the African blockchain developer market through an intensive 8 week program. By the end of this program i would have sufficient knowledge about blockchains and web3 to determine if web3 is the revolutionary technology, or its just another internet scam that will fade away with billions of dollars in lost value.
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