What Is Web 3.0?

in LeoFinance2 years ago

Web 3.0 is a topic that is receiving a lot of attention. Is there something to this or are we looking at just marketing hype? Over the last year, we saw the explosion of talk about the Metaverse only to see that start to dwindle away.

Unfortunately, we will not truly be able to claim Web 3.0 until it is in hindsight. Only when looking back are we able to see the transition. Of course, the flip side to this is, if you want to know what the future will look like, create it.

For that reason, we do have a part to play in the evolution. The next generation Internet is before us. We all have a role in how this unfolds.

In this article I will lay out what my vision of Web 3.0 in terms of some of the characteristics. Hopefully we will clarify some of the more likely scenarios, at least in part. From this we can have a foundation upon which to explore other ideas.

So let us begin.



The Anti-Silo

What is Web 2.0?

When discussing this, many point to mobile, social media, and alternate forms of media content. While that is all accurate, it does not encompass enough.

To me, Web 2.0 can be summed up as such: silos.

The Internet of today is basically controlled by a few platforms. We know Google and Apple are the gatekeepers of applications. Facebook along with Twitter have a large share of social media. Of course, Amazon dominates online shopping.

All these entities control people's data along with their accounts. We can easily see how things are partitioned and separate. If one leaves a platform, nothing follows. The data is housed on a centralized database that is under corporate control.

Naturally, this provides the companies with enormous power. They were also able to take advantage of network effects to generate massive wealth. Unfortunately, little of this is shared with the people actually responsible for that.

This, in my mind, sums up Web 2.0. It is a fully controlled system with few options. While other applications popped up over the years, they were not able to match the success of what we see today. Of course, if they did, it would simply be a different silo we were in.

Web 3.0 - Key Characteristics

To focus upon Web 3.0, it is important to mention some of the key characteristics which likely we form the foundation of the Internet going forward. Here is where we could see the radical change so many are expecting.

The issue with the existing Internet is the foundation. We saw some issues with the original protocols which allows the aforementioned companies to step in. Web 3.0 is already solving some of these issues.

Before touching up that, let us look at some of the characteristics of Web 3.0.

Decentralized Databases

Data is power.

Entities like Facebook and Google are well aware of this. They are the Kings of data mining, harvesting what people do online for incredible revenues. Since they own and control the data, anything tied to is falls under their permission.

Web 3.0 is going to alter the makeup. Instead of a company controlling both the frontend and the backend database, they will be separate. With a blockchain such as Hive, there is a decentralized database that houses user activity. The front ends are all open to tap into this. What is key is the fact they do not control the data. It is decentralized, housed on more than 100 individual computers around the world.

Thus, one of the main features of Web 3.0 is going to be decentralized databases.


Here is a concept that is tied into the database structure.

Immutable data is vital to our path forward. We already saw how the centralized social media companies use their platforms to censor ideas. Basically, if information is not available for anyone to find, then it does not exist. Even if it is housed somewhere in Facebook's data warehouse, it is not accessible by the public.

Web 3.0 is going to change this. Here we see where the decentralized databases are providing a medium whereby information is immutable. Once it is placed on a decentralized blockchain, it is very difficult to erase. This is a native concept to this technology since, when dealing with financial transactions, erasing them is not a good idea.

As nodes are built in a decentralized format, we are going to see this idea expanded. Ultimately, what is put out there is going to be outside the control of single institutions.

It is going to alter the entire power equation.


This is a vital feature.

Web 3.0 will allow each person to own his or her digital lives. Here we have a concept that is overlooked yet is crucial. Many feel that a emoji as a comment on Twitter means nothing. Sure, it is not high quality data (content). The challenge is that it is not owned by the person who posted it.

Whatever is placed on a Web 2.0 platform is theirs.

Web 3.0 is bringing ownership back to the individual. This not only applies to account ownership but will expand into all kinds of data. It is not unrealistic to see how this could apply to things such as medial data. At the moment, our medial records are spread among many different doctors and institutions. The ability to take it with us is not easily done.

Focusing upon data, we can see how NFT's could have a major role going forward. This is what will allow for the ownership of certain data while also providing the power to grant access. This is a radical shift from what we presently experience. Naturally, a lot more innovation is required before we get to this point but we can see how things could head in that direction.

Wealth Distribution

The distribution of wealth is not exactly something that most would look at as a characteristic. However, this is such a vital part of Web 3.0 I think it qualifies.

Due to the previously mentioned traits, we are going to see a brand new distribution model emerging. For the moment, most of the monetary value generated by the Internet is in the hands of the shareholders, i.e. Wall Street financial institutions. The average person does not have much stake in what is taking place.

Web 3.0 is going to change this. The siloed system of the digital world is going to be eradicated over time. This will open up possibilities to the average person. Having coins or tokens in different projects will allow for monetary generation that could lead to real wealth. It is going to operate at a level never seen before.

Everything Will Be Tokenized

While the focus, thus far, on cryptocurrency is mostly speculation, the true power resides in the innovation we are going to see over the next few years.

In short, everything is going to be tokenized. This means that people are going to start expecting compensation for their attention. Since we are all aware our "eyeballs" have value, it is going to come to the point whereby every project (company or otherwise) will pay for it.

Intermediaries are being slowly eliminated. With the reduction in friction, there is more value, which will be monetized, available for everyone else. This is going to expand into all aspects of commerce. The control corporations wield is going to die off as the power structure moves to the user/consumer.

Essentially, we are looking at a brand new incentivization structure emerging. With this, people are going to learn about a basic financial concept called opportunity cost. By spending time on a platform that is not rewarding one, there will be a price to pay for that.

This is likely to start as a novel concept where a few offer tokens as rewards. However, it will quickly move to the point whereby those companies that do not follow this path are left behind. After all, what do you think of a company today that doesn't have a website? A couple decades ago, many businesses did not. It was still rather novel. In the 2020s, it is essential.

Tokenization will be the same way. While it is rather novel in 2022, by the end of the decade, every legitimate business is going to have one. If not, it truly is not in business.

In Conclusion

Here are some of the basics we can expect with Web 3.0. Certainly there are many avenues the development is going to take us. We cannot predict exactly how things will evolve. Nevertheless, there are some ideas as to the foundation we will see in place.

What are your thoughts? Do you agree with this and how Hive is positioned to already provide many of these things?

Let us know in the comment section below.

If you found this article informative, please give an upvote and rehive.

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The rewards earned on this comment will go directly to the people( @kristofferwolff, @chaosmagic23 ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

The conclusion after I read this post is that the user is the owner who has the power over their own data, not a centralized third party.

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To me, that is going to be a centralize premise of Web 3.0.

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That can never be true, maybe read again.

It should be, the data that we share on the internet is ours, but because we use their services for free, then we unknowingly and knowingly have given them something very valuable, there is no free lunch, if you use a product for free, then you are the product. Therein lies the role of decentralization in taking back what should belong to the end user.

Little by little, we must try to get away from depending on big corporations like the post above, even though it's difficult.

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I appreciate your spirit, but you mainly own your account. The Chain is a distributed entity storing whatever you've put by using your Ressource Credits. You CAN'T delete the posted data, you can alter it but not change retrospective. Every edit is creating an update, the "old" data stays where it is. Furthermore, most of what you post is public and ownerless, you're the author, and you are eligible for upvote rewards.

The chain hosts the data and is permissionless and ownerless by most legal definitions around the world.

Now back to your word salat,

user is the owner who has the power over their own data

The user is a blockchain account, he has the ability to use the chain without asking for permissions.
The owner of content is not a thing. Whoever rules over account keys, can behave like an owner of that account and its assets. But the content is immutable, therefore it does not belong to the account, it's rather ownerless.
Power over the data is laying with validators, the witnesses, they are the Dragon who guards the live status of the chain and its stored data. The data within the blocks is the treasure and the Dragon is guarding it until he dies so that none can steal the treasure.

Furthermore, I want to stress, that you POST THAT STUFF PUBLIC. 100% P U B L I C, as soon as it's out - I'd call it free content. Every country has different laws on how to define originator, publisher, copyright etc. and trustless systems have none of the above.

I'll leave it there, but here's what I was trying to say all alone. You can own an account, you can't really own your content on a Blockchain.

@Taskmaster4450 or am I wrong?

If their is anything more suitable than this web 3 I will love to know cause it give the user's the ability to have a final say over their data and it safety too.

So for me I give it all to web3

I think it will change a lot of things over time. The Internet is going through an upgrade. Not everyone is going to like the results, especially the controllers of the silos.

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I think it's hard to say what #web3 really is because we are standing at a beginning of a new internet era. We will see much more in the next years, with games and other applications for web3. Let's see what will be developed in the near future. I'm excited!

Came from ListNerds and voted there!


That is true. It is hard to say what it will look like but I do believe it will contain some of these characteristics.

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We will see!

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If Web 3.0 is capable of offering us all these new advantages, we are facing the birth of a new way of seeing the future

Very true. It is powerful if we get just these.

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I think Hive is well positioned to be described as Web 3 as it houses the characteristics mentioned in this article. What Web 3 is showing us is its ability to expand in ways we have not even thought of yet and we are seeing the similar characters with Hive being able to house Dapps we never thought of in the first place looking back at a platform that was just for blogging to the variety Dapps it now hosts.

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I agree. Hive is in a great place. We are able to do things here that cannot be done elsewhere.

It only requires the building out of the applications.

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Thanks for the valuable information. I had heard about Web 3.0 but didn't really know any details. Thanks for sharing.

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There is no doubt web3.0 is the future we have been craving for and next 20-30years down the line there will be a great change

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I've been game theorizing web3 scenarios a lot over the last year. It is my honest prediction that any web3 platform that becomes too big, will already be forking in the background and breaks apart inevitably sooner than later. That is how power centers dissolve themselves in nature if left alone, they break apart from the inside and redistribute.

It's almost universally poetic to me. Small big bangs every time the mass becomes too big - or potentially corrupt. Literally "potentially", like the potential energy a body can have considering gravity. For example, Facebook had to be able to destroy their competition in order to do so, to sweep the ground by buying competitors and assimilating their users before closing them for good. But first, they needed critical mass and at that point forking and rebuilding would have also made a lot of financial sense. Forcing the old power-centers to buy in over and over again while draining them. That's how it's going to be.

Too big to fail becomes, too big not to fail.

To round it up, the most important feature of web3 is Open-FreakiN-Source software. As soon as you run some private code, your web3 call is dead in the water to me, you're back to web2.5, utilizing blockchain tech or not.

A good reference to provide an answer to someone asking about the basic characteristics of Web 3.0.

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I love social media aspect of WEB3. You can possibly live off through your content and comments. WEB2 sucks the money out of you and WEB3 just gives.

Great article Task. You have explained everything in a language that common population understands.

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I think those would be ideal but I have honestly no idea how things will play out. People don't really seem to be embracing it and they are still following the current web 2.0 model. I see a lot of skepticism about people asking for actual applications that show Web usage.

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Web3 is truly a new advancement coming forward in the forthcoming internet generation. I guess the addition of immutability and the core concept of decentralization has a vital role to play for the users.

Security and safety measures are great and now its a matter of time to see how people catch and adapt the best version of the newly invented system., 👍

I feel the wallet like metamask if start to accept more blockchains and then we can make logins into sites and apps using that it would be another interesting feature to try out too. Do you think that is possible with web 3.0?

Great insights!

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Why have you been downvoted?

if you want to know what the future will look like, create it.

This statement alone is an excellent definition of Web 3.0
I am still a bit of a newbie, but it seems that Hive has the blueprint in place to usher in a full-featured Web 3.0 experience.

Having medical records as an NFT would certainly be a game changer.
HIPPA was designed not only to protect your health information but was also supposed to make it "yours," thus making it easy to share with your providers.
As with anything done by the government, they dropped the ball on the "portability" part and went hog wild on the "protection" part.

Awesome post @taskmaster4450

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Thank you for explaining what the difference between web 2.0 and web 3.0 are. I had trouble understanding what was web 3.0. I think that see what is controlled in web 2.0 .

Great overview of the future. !BEER

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