web1.0 and web2.0
Web 1.0 and Web 2.0 refer to the era in the history of the World Wide Web as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, when most Web sites consisted of static pages and the vast majority of users were consumers of content rather than producers. Web 2.0 is based on the idea of the “web as a platform” and is centered on user-created content that is uploaded to forums, social media and web services, blogs, and other services. web 2.0 is generally considered to have started around 2004 and continues to this day.
web3
“Web3” refers to a “decentralized online ecosystem based on blockchain”. In 2021, the idea of Web3 started to gain popularity. By the end of 2021, there was a surge of special interest, mainly due to interest from cryptocurrency enthusiasts and investments from well-known technologists and companies.
The disruptive potential of Web3
The central distinguishing feature of Web3 is the decentralization of the business model. In this sense, it marks the third phase of the Internet (hence the term “Web3”) and a reversal of the current status quo for users.
Web3 is the next iteration, and it could upend this power structure and shift it back to the user. Open standards and protocols could return. The aim is that control will no longer be concentrated in large platforms and aggregators, but will be widely distributed through “permissionless” decentralized blockchains and smart contracts.
What does this mean in practice? Essentially, it could mark a paradigm shift in the business model for digital applications by making disintermediation a core element. Intermediaries may no longer be needed for data, functionality and value. Users and creators can have the upper hand and will be motivated to innovate, test, build and scale by open source rather than proprietary applications.
The disruptive potential of Web3
Web3 is now expanding into many other areas, including the social sector and carbon markets, the arts, real estate, gaming, and more. It is also the cornerstone of the interoperable metaverse, a completely virtual parallel universe under construction that is attracting significant investment from consumer companies and venture capitalists alike. As with any new technology described as disruptive, it remains to be seen how revolutionary blockchain, smart contracts and digital assets will be.
Concluding remarks
Web3 is still a world in the throes of creation. Many issues, including those related to regulation, need to be addressed before it can be convincingly scaled up to mass adoption. However, a consumer-focused value proposition - one that unifies data, functionality and value and in doing so creates opportunities for new, more efficient forms of application and asset ownership - is a powerful value proposition.