What is Web 3.0?

Oliver Bailey


Oliver Bailey


October 2, 2023

Think back to the early days of the internet. Text-heavy websites. No social interaction. You were just along for the ride.

Then Web 2.0 changed everything; interconnected social networks, user-generated content, and powerful tech giants that now dominate our online lives.

Hello Facebook, Youtube, Instagram - we're looking at you.

Now, imagine an internet where you don't just consume content on your phone. You also create, own, and trade digital assets seamlessly. An internet powered by decentralised, community-run networks rather than profit-seeking corporate servers. Where users control their own data and identity.

Where opaque centralised power structures are replaced with transparency and collaboration.

This is the core vision for Web 3.0.

According to the World Economic Forum, Web3 represents, "A new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralisation and token-based economics."

At its foundation, Web3 aims to decentralise power and governance of the internet by distributing control across users with blockchain technology and decentralised computing. Rather than storing data on centralised servers, data is distributed across node computers on peer-to-peer networks. This removes centralised points of control and failure.

On Web 3.0, users can truly own digital assets and identities. NFTs (non-fungible tokens) running on blockchains allow digital art, collectibles and other verified assets to be uniquely owned and traded. Self-sovereign identity systems like blockchain IDs and decentralised identifiers (DIDs) will give users ownership over their own data and identity credentials.

Cryptocurrencies and smart contract platforms like Ethereum also enable peer-to-peer transactions and interactions without intermediaries. Your crypto wallet will be a portal to participating in Web 3.0 applications and services.

DAO (decentralised autonomous organisation) structures unlock new possibilities for internet communities to organise, collaborate and build together. DAOs allow decentralised networks and organizations to be created from the ground up while sharing ownership and decision making rights across stakeholders.

Web 3.0 still faces adoption hurdles, but with its foundations in decentralisation, user ownership and open collaboration, the next generation internet promises to reshape technology and society.

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