While Web1.0 was read-only, Web 2.0 evolved to read-write, where platforms not only create their content but also allow the use of content generated by users and their interactions with other users. Web2.0 gives rise to the advertising-driven business model and allows a group of companies to control network traffic. Under the Web 2.0 model, content creator users do not own or benefit from monetizing content shared on Internet platforms. Web 3 encourages individuals to own their content. Likewise, Web3 empowers the same people to build, develop and market their content using blockchains, cryptocurrencies, and NFTs (non-fungible tokens).
Since its creation, Web3 has been governed by some basic principles:
- Web3 is decentralized. Ownership is distributed among developers and users instead of favoring the large economic groups that centralize and control the Internet.
- Web3 does not require permission. Therefore, everyone has the same access to Web3.
- Web 3 uses native digital payment systems. For example, web3 uses cryptocurrencies for online spending and money transfers instead of depending on a centralized payment infrastructure.
- Web3 is self-governing. It operates with incentives and economic mechanisms instead of relying on trust in third parties.
Web3 is vital because:
- Gives ownership of the digital assets to each individual through NFTs.
- It is resistant to censorship from large economic groups and large Internet platforms, which puts content creators at an advantage. In Web 2.0, content creators are subject to Internet platforms changing the rules of the game, however, in Web3, creators have their data in the blockchain, so if they decide to leave a platform, they migrate all their information, data, and reputation to another interface that more closely matches their values.
- Web3 only requires one identity, while in Web 2.0, it is needed to create an account for each platform.
- Web3 uses tokens to send and receive money directly in the browser without the need for banks and payment processors that exclude people without bank accounts.
There are also some limitations of Web3, which is a new system in evolution. First, transaction fees are still costly, making their use unfeasible in some countries and for some individuals. Second, complex technical obstacles diminish the user experience as they must understand security protocols, read complicated documentation, and navigate unintuitive interfaces. Third, web3 includes new processes and mental models that need much educational support for their success. Finally, Web3 still relies on centralized infrastructure platforms like GitHub, Twitter, and Discord.
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