Web3

Web3, also known as Web 3.0,[1] is an idea for a new iteration of the Internet that is based on public blockchains.[2] The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2020 and 2021 from cryptocurrency enthusiasts, large technology companies and venture capitalist firms.[2][3]

This article is about the concept of an Internet based on public blockchains. For the concept for an Internet based around machine-readability, also called Web 3.0, see Semantic Web.

Background
Main article: Web 2.0

Web 1.0 and Web 2.0 refer to eras in the history of the Internet as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, where the vast majority of Internet users were solely consumers of content, and most websites were static webpages.[4][5] Web 2.0 is based around the idea of "the web as platform",[6] and was based around user-created content which is uploaded to social networking services, blogs, wikis, and other services.[7] Web 2.0 is generally considered to have begun around 2004, and continues to the current day.[6][8][2]

Web3 is distinguished from a concept for a semantic web created in 1999 by Tim Berners-Lee, which has also been called "Web 3.0".[9] Some writers referring to the decentralized concept usually known as "Web3" have used the terminology "Web 3.0", leading to some confusion between the two concepts;[10][11] furthermore, some visions of Web3 also incorporate ideas relating to the semantic web.[12][13]

History

The term "Web3", specifically "Web 3.0", was coined by Ethereum co-founder Gavin Wood in 2014.[1] In 2020 and 2021, the idea of Web3 gained popularity . Particular interest spiked towards the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.[2][3] Executives from venture capital firm Andreessen Horowitz travelled to Washington, D.C. in October 2021 to lobby for the idea as a potential solution to questions about Internet regulation with which policymakers have been grappling.[14]

Concept

Web3 revolves around the idea of decentralization, which proponents often contrast to Web 2.0, where large amounts of the web's data and content are centralized in a fairly small group of companies (often referred to as Big Tech).[2]

Specific visions for Web3 differ, but all are heavily based in blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs).[2] Bloomberg described Web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online".[15] Some visions are based around the concepts of decentralized autonomous organizations (DAOs)[16] Decentralized finance (DeFi) is another key concept, in which users exchange currency without bank or government involvement.[2] Self-sovereign identity allows users to identify themselves without relying on an authentication system like OAuth, where a trusted party has to be reached to assess one's identity.[17]

Reception

Certain technologists and journalists have described Web3 as a possible solution to their concerns about over-centralization of the web in a few "Big Tech" companies.[2][14] Some have expressed that Web3 could improve data security, scalability, and privacy beyond what is possible on traditional Web 2.0 platforms.[13] Some companies including Reddit and Discord were reported to be exploring incorporating Web3 technologies into their platforms in late 2021.[2][18] Bloomberg states that sceptics say the idea "is a long way from proving its use beyond niche applications, many of them tools aimed at crypto traders".[15]

Discord later announced they had no plans to integrate Web3 technologies amidst heavy user backlash.[19] Discord's CEO, Jason Citron, tweeted a screenshot in November 2021 suggesting the company might be exploring integrating Web3 into their platform. This led some to cancel their paid subscriptions over their distaste for NFTs, and others expressed concerns that such a change might increase the amount of scams and spam they had already experienced on crypto-related Discord servers.[18] Two days later, Citron tweeted that the company had no plans to integrate Web3 technologies into their platform, and said that it was an internal-only concept that had been developed in a company-wide hackathon.[19]

Some legal academics expressed concerns over the difficulty of regulating a decentralized web, which they reported might make it more difficult to prevent cybercrimes, online harassment, hate speech, and dissemination of child abuse images.[12] Some other critics of Web3 see the concept as a part of a cryptocurrency bubble, or as an extension of blockchain-based trends that they view to be overhyped or harmful, particularly NFTs.[18] Some critics have raised concerns about the environmental impact (see Bitcoin § Energy consumption and carbon footprint) of cryptocurrencies and NFTs. Others have expressed beliefs that Web3 and the associated technologies are a pyramid scheme.[3]

See also

References
  1. Edelman, Gilad. "What Is Web3, Anyway?". Wired. ISSN 1059-1028. Retrieved December 3, 2021.
  2. Mak, Aaron (November 9, 2021). "What Is Web3 and Why Are All the Crypto People Suddenly Talking About It?". Slate. Retrieved November 9, 2021.
  3. Read, Max (October 24, 2021). "Why Your Group Chat Could Be Worth Millions". Intelligencer. Retrieved November 9, 2021.
  4. Cormode, Graham; Krishnamurthy, Balachander (June 2, 2008). "Key differences between Web 1.0 and Web 2.0". First Monday. 13 (6). Archived from the original on October 25, 2012. Retrieved November 9, 2021.
  5. Carter, Jamie (April 18, 2015). "Back to basics: is Web 1.0 making a comeback?". TechRadar. Retrieved December 12, 2021.
  6. Hosch, William L. (September 7, 2017). "Web 2.0". Encyclopedia Britannica. Retrieved November 9, 2021.
  7. Hosch, William L. (September 7, 2017). "Web 2.0". Encyclopedia Britannica. Retrieved December 12, 2021.
  8. O'Reilly, Tim (November 30, 2005). "What Is Web 2.0". O'Reilly. Archived from the original on April 24, 2013. Retrieved November 9, 2021.
  9. Shannon, Victoria (May 23, 2006). "A 'more revolutionary' Web". International Herald Tribune. Retrieved November 9, 2021.
  10. Alford, Harry (September 16, 2021). "Crypto's networked collaboration will drive Web 3.0". TechCrunch. Retrieved November 9, 2021.
  11. Khoshafian, Setrag (March 12, 2021). "Can the Real Web 3.0 Please Stand Up?". RTInsights. Retrieved November 9, 2021.
  12. Harbinja, Edina; Karagiannopoulos, Vasileios (March 11, 2019). "Web 3.0: the decentralised web promises to make the internet free again". The Conversation. Retrieved November 9, 2021.
  13. Zarrin, Javad; Wen Phang, Hao; Babu Saheer, Lakshmi; Zarrin, Bahram (May 15, 2021). "Blockchain for decentralization of internet: prospects, trends, and challenges". Cluster Computing. 24 (4): 2841–2866. doi:10.1007/s10586-021-03301-8. ISSN 1573-7543. PMC 8122205. PMID 34025209.
  14. Feiner, Lauren (October 13, 2021). "Prominent Silicon Valley VC firm Andreessen Horowitz embarks on major crypto policy push in Washington". CNBC. Retrieved November 9, 2021.
  15. Kharif, Olga (December 10, 2021). "What You Need to Know About Web3, Crypto's Attempt to Reinvent the Internet". Bloomberg. Retrieved December 12, 2021.
  16. Roose, Kevin (November 5, 2021). "Crypto Is Cool. Now Get on the Yacht". The New York Times. ISSN 0362-4331. Retrieved November 9, 2021.
  17. Meunier, Thibault; Jo, In-Young (October 1, 2021). "Web3 — A vision for a decentralized web". The Cloudflare Blog. Cloudflare. Retrieved November 9, 2021.
  18. Hatmaker, Taylor (November 9, 2021). "NFTs and crypto wallets could be in Discord's future". TechCrunch. Retrieved November 9, 2021.
  19. Hatmaker, Taylor (November 10, 2021). "Discord pushes pause on exploring crypto and NFTs amidst user backlash". TechCrunch. Retrieved November 12, 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.