Part 1: Web 3.0, What Is It And Why It Matters!
“We believe that the next wave of computing innovation – along with entirely new sectors of the economy – will be built on decentralized technology. -Andersson Horowitz (a16z)”
These jargons Web 1.0, Web 2.0 and Web 3.0 are coined later not when the event happens. If you ask anyone in 1991 they wouldn’t know it was Web 1.o and only on the hindsight we give labels on the evolution. So with respect to Web 3.0, there are numerous examples of what it is depending the perspective of the authors and you find here and here and more. The reality is somewhere in between and in my opinion it is just decentralization (don’t get your pitchforks yet).
Recently, I presented an hour overview to my alma-mater where I spoke about the eco-system and its impact on the future of technology. In a series of posts, I would like to explore the Web 3.0 landscape.
The above image captures the essence of the web evolution. We began from the connected networks, read-only Web 1.0, evolved the social platforms controlling centralized content delivered from cloud to decentralized dApps and blockchain based solutions solving multiple use cases powered by a community.
Web 3.0 is not a single technology, hardware, or social concept. The landscape consists of the following:
- Web 3.0 applications – Community managed applications
- Decentralized Autonomous Organizations (DAOs) – Community owned governance
- Decentralized Finance (DeFi) – Community Finance
- Stablecoins and Central Bank Digital Currencies – Fiat collateralized and Government issue digital coins
- Creator Economy & Non Fungible Tokens (NFTs) – Community creations
- Blockchain based games – Community built, created and owned Games
In the next post, we will continue to explore Web 3.0 landscape. Meanwhile, wishing everyone “Happy Easter”!