Web3 has become the latest headline for tech and cryptocurrency people. While some are excited about what is being considered the next phase of the internet, others, including Elon Musk and Jack Dorsey, the latter technology expert, entrepreneur and former Twitter CEO, have expressed their concerns.
What is Web3? Simply put, Web3 is an umbrella term for an online ecosystem that alienates large intermediaries. So Web3 platforms are not owned by big companies and you will not be surfing the internet through search engines like Google. It uses blockchain, the same system used by cryptocurrencies.
What's wrong with Web 1.0 and Web 2.0? The first version of the World Wide Web was launched by Sir Tim Berners-Lee in 1989. At that time, those few people with knowledge could place information on the Internet in a decentralized way (activity that is not controlled by one person / sole authority). Web 2.0 was launched about 10 years later and began with the development of tools that were easy to use, allowing anyone to upload content online through tech giants like Google, Twitter and Facebook (now known as Meta) .
But these free tools offered by technology companies, which allow everyone to share information, are also collecting our personal data to be used for advertising and marketing campaigns.
In theory, Web3 would be a combination of the previous two versions of the Internet, but it would take away the power of tech giants and corporations and put power in the hands of humans.
How it works? In the world of Web3, search engines, markets and social networks will be easier to use. So you can check your data and have a single personalized account where you can switch from emails to online shopping and social networking.
Is Web3 too idealistic? The idea of ??a decentralized internet may sound far-fetched, but many companies are now creating teams for Web3. The people who are currently making Web3 are software developers and investors.
But...? This week, former Twitter CEO Jack Dorsey suggested that Web3 is under the control of the venture capital industry, particularly Andreessen Horowitz, an early Facebook supporter and Web3 advocate. "After all, it is a centralized entity with a different label," he said. Meanwhile, Tesla CEO Elon Musk says Web3 is more of a "marketing keyword" than a reality.
Experts have expressed concerns that a decentralized internet would make it even more difficult to prevent cybercrime, hate speech and misinformation.
Sources: The Verge, Euronews
