We go in depth on the evolution of Web3 and its relevance in evolving technology in the traditional tech consumer world as well as across Blockchain Cryptocurrency.
Web3 Article Summary
A brief summary of this Article, we review the concepts of Web3 by diving into the prior context and definitions of Web1 and Web2. After defining the multiple definitions of Web3, we explore the greater blockchain integrated developments of Web3. Finally, we take a brief look into Web4, Web5, and conclude with our recent Web3 developments.
Web1: Read Only Internet
Beginning in the early 1990’s, the internet became more widely available to the public through the means of personal computers. At this time, the World Wide Web was a novel way to store and access information.
From Web1 to Web2
By 2004, advancements in computer chips allowed for larger scale databases, networking, and computer systems. This resulted in compute resources that enabled for next-generation web platforms such as MySpace, where users could edit their webpage.
Web2: Read-Write Internet
Web2 refers to the stage of the internet where we are able to download (read), content, but also upload (write) and edit the internet for ourselves.
As 2007 turned into 2008, major disruptive platforms began to emerge as popular sites Facebook and YouTube were created and social media began to rise in use. The invention of the iPhone and Smart Phone further solidified this change and mobile apps began to expand the interactive dynamics of tech.
In years to come, older web protocols had become discontinued and HTML5 began implementation in 2014, which hailed the long sought after built-in video integrations and newer API capabilities.
From Web2 To Web3
By 2015, Cryptocurrencies began to rise as a new form of networking, and Ethereum was founded as a network and blockchain for decentralized applications.
Many people, companies, corporations, organizations, and greater decentralized communities have taken approaches to developing and expanding into this new era referenced as Web3.
With these new approaches and expanding branches of computer science, there are multiple definitions for the phrase Web3.
Web3 Tech Popular Definition
The term Web3 as a technical term in publications often refers to the phrase “Semantic Web” Meaning overcoming the challenges of hard-code and the use of our words and voice become more seamlessly integrated to use applications or achieve a desired outcome.
Web3 references a time in which all our electronics are capable of internet connection, and have features of advanced software or artificial intelligence.
The Web3 Era is most commonly memed as the time in which you will be able to give commands to your toaster, or let your kitchen sink know that the water is too hot.
Modern examples are the eerie vibes of the always listening household Alexa, or even the Siri function of the Apple Watch. Web3 integration is more the trend of household items (ex. watches) becoming “smart” objects with computerized enhancements, rather than any one invention or product.
Web3 Popularity Over Time
Search volume interest of word “web3” by Google Trends. Does not reflect price of any assets. See Disclaimer.
Web3 Blockchain Definition
The term Web3 in the context of blockchains and cryptocurrencies refers to the use of decentralized systems of peer-to-peer networks for trade, governance, transactions, and protocols.
Many Ethereum supporters claim that Ethereum has specialized in the expanse of Web3 by integrating a resilient network that has led to blockchain projects that extend beyond online uses. An example is Power Ledger, an Ethereum Token intended to share Electrical power across a city’s grid.
Web3 Cryptocurrency
The most moving argument towards blockchain cryptocurrencies being a driving force of Web3 is the idea that you can purchase to own a part of the internet, through the form of a Cryptocurrency, Token, NFT, or blockchain derivative.
Web3: Read-Write-Own Internet
Many claim that cryptocurrencies are a way to own a blockchain network, as many blockchains have structured the incentive that Data Mining to secure the network will earn you blocks of Cryptocurrency as a reward, which can be bought or sold as desired.
Read Ethereum’s Official Docs on Web3
Web3 Cryptocurrency Companies
Some entire Blockchain cryptocurrencies are structured like companies, for good reason, as popular blockchain Solana has its own CEO and supporting staff in California. Others are completely decentralized, like Bitcoin or Yearn Finance.
It is important to note that cryptocurrencies are not legally considered securities, and in many cases Cryptocurrency keys (the codes that determine the amount you have) can be created, destroyed, or even hacked and stolen.
See Ethereum Official Docs on Web 2 vs. Web 3.
Web 4.0 Definition
Web4 is the beginning stage of a fully integrated internet and software enhanced lifestyle characterized as having advanced intelligent AI, hyper-realistic Virtual Reality (VR), Augmented Reality (AR), and computer graphics indistinguishable from real life.
Key features of Web4 include a heightened increased in internet connectivity, increased cloud capabilities and software automation, and advancements in computer hardware. Web4 also refers to a time where advanced tech currently only available to engineers, astronauts, and professionals will be more affordable and accessible to the average person.
This includes the introduction of hyper-advanced technologies such as 5G systems, nanotechnology, and artificial intelligence structures so complex that they can be considered “black box” algorithms.
Web5 Definition
Public debate still stands over the term Web5. Some popular sources reference this to the time period where Artificial Intelligence and the internet can become Sentient. Others have speculated this as a time where technology can interface with our brains directly.
Many tech concepts have been made into Sci-Fi stories through Films like the Matrix, Black Mirror, and Twilight Zone. Surprisingly, Twilight Zone accurately predicted the invention of Virtual Reality (VR) decades before its time.
Web3 Explained FAQ
What Is Web3?
What Is Web3 Crypto?
What Is Web3 Gaming?
What Is Web3 Technology?
What Is Web4?
What Is Web 3.0?
What Is Web 4.0?
Why Is Web3 So Popular?
Web3 Blockchain Analysis
Web3 Explained
Images Rights Reserved. Digital Financial Market LLC
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