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Story Starts from a Quarrel among Super Rich Guys…
One of the biggest news stories in the crypto circle this week: technology entrepreneurs are feuding about Web3 or Web3.0. Tesla’s Elon Musk, Twitter’s Jack Dorsey, Coinbase’s Brian Armstrong and Gemini’s Tyler Winklevoss were all down in the battlefield and even led to an unfollowing spree on social media. Forget about what they argued. What is the new-age internet, WEB3 all about?
What is Web1.0
As an initial overview of what the internet is, Web1.0 existed between the years of 1991 and 2004. The so-called internet was a cluster of static pages, basically showing stuff to the users with one-way communication. Some people described the phase of the internet as “read only” since there were hardly any log-in or interacting mechanisms.
Most of the early internet was not profitable by advertisements since it was like one big wikipedia all hyperlinked together. Users of the internet were viewed as consumers who went on the internet to consume information but nowhere to give feedback of the certain information online.
Then the World Moved to Where We are Now--Web2.0
Since 2004, the internet has evolved a lot, among which was the interactivity of the internet. This meant that not only did we get information from pages but the pages started getting information from the users.
As users viewed Facebook, Twitter, YouTube or searched via Google. These centralized companies started collecting data about the users and therefore they can serve users “better content” and users would stay on their websites longer which would directly affect how much money they can make. During the phase of Web2.0, DATA is money. The centralized companies found out they can package up all the users’ data and sell it to advertisers. Web2.0 is all about targeted advertising and the lack of privacy for its users. Sounds scary? Indeed. That's why we need to talk about Web3.0 now.
And Finally Where We are Heading--Web3.0
Web3.0 is a huge evolution of the internet which utilizes blockchain technology and the tools of decentralization.
In Web2.0, users were the products when browsing social media but in Web3.0 some experts believe users will be the owner of the content. As pictured by the blockchain leaders, Web3.0 is the phase of the internet where you want to post something online, the information will stay up there. Once you decide to take it down, it will no longer be found up there. Some doubt the perspectives though.
Experts go on saying that the world of Web3.0 is a phase where every company will be run by a DAO, meaning no CEO and no absolute power. Shareholders are those who own the tokens and they can decide where the company wants to head for. In Web3.0, there will be no censorship of social media and no one controlling authority or centralized organization can shut it down. And there is one more thing that may sound pretty scary. In Web3.0, a user's digital identity is not 100% connected with his/her real world identity and acts on the internet can go without being traced to the real world version of the user.
Now, we go back to the feud among the big boys. Which side are you on?