Web 3.0 represents the next phase in the evolution of the internet, bringing intelligence and automation to the forefront through AI systems that can perform tasks with near-human efficiency. This will enable smarter programs designed to assist users in more intuitive ways.
At its core, however, Web 3 refers to an internet powered by decentralized networks like Bitcoin and Ethereum. What sets these networks apart is that they operate without any single controlling entity, yet they are fully trustable. This trust is maintained through consensus protocols, which are hard-coded rules that all participants in the network must follow.
Another breakthrough with Web 3 is its ability to transfer value—such as money—between accounts. These two key innovations, decentralization, and internet-native currencies are the foundations of Web 3.
Who Created Web 3?
Like earlier versions of the web, Web 3 wasn't created by one individual. It has emerged from the collective work of various developers and organizations. Blockchain platforms like Ethereum, EOS, and TRON are often recognized as leading this revolution.
What Makes Web 3 Special?
The biggest appeal of Web 3 is its attempt to solve a critical issue of Web 2: the excessive collection of personal data by private companies, which is often sold to advertisers or stolen by hackers.
Web 3 networks are decentralized, meaning no single entity has control over them. The decentralized applications (dapps) built on these networks are open, meaning no one can limit access or monopolize data. This openness allows anyone to build and interact with apps without needing permission from a centralized company.
What Else Sets It Apart?
Web 3 makes money a built-in feature. Unlike traditional financial systems tied to governments and restricted by borders, Web 3 allows instant, global, and permissionless transactions. Cryptocurrencies and tokens enable entirely new business models, often referred to as tokenomics.
For instance, in Web 3, advertising could reward users with tokens for viewing ads instead of selling their data. A real-world example of this is the Brave Browser, which rewards users with a Basic Attention Token (BAT) for interacting with ads.
How Can You Use Web 3?
Many Web 3 applications are already available, particularly in the decentralized finance (DeFi) space. These tools allow users to lend, borrow, invest, tokenize assets, and trade cryptocurrencies. Gaming, gambling, and prediction markets are also gaining popularity on Web 3 platforms.
The Future of Web 3
The future of Web 3 lies in broader adoption, usability, and scalability. For this vision to become a reality, more people will need to start using Web 3 apps. This means creating apps that are more user-friendly and appealing to non-technical audiences.
Additionally, with Ethereum—the leading smart contract platform—already nearing full capacity, Web 3 networks will need to scale quickly to handle millions of transactions if they hope to compete with Web 2 platforms.