I Don't Understand Web3: Tips to Help You Visual a Decentralized Internet

Learning about Web3 can be overwhelming.

The term "Web3" has been gaining traction in tech circles and the broader online community. It's often hailed as the next big thing, promising to revolutionize the internet as we know it. However, for many, Web3 remains a perplexing and enigmatic concept. In this blog, we'll explore what Web3 is, why it's generating so much buzz, and why some have trouble conceptualizing it.

Web 3 Hype

To begin, let's acknowledge that the hype around Web3 is real. Proponents claim it will democratize the internet, empower users, and create new opportunities for decentralized applications (dApps) and cryptocurrencies like Bitcoin and Ethereum. It's positioned as the antidote to the perceived centralization and control of Web2, which comprises most of the internet we use today, dominated by tech giants like Google, Facebook, and Amazon.

In addition, let's get an understanding of the stages of the internet referred to as Web1 and Web 2.

Web1

Web 1, often referred to as the "first generation" of the internet, represents the early days of the World Wide Web. It emerged in the late 20th century, primarily during the 1990s. Web 1 was characterized by static web pages with basic text and images, often lacking interactivity. The primary mode of interaction was one-way, with users consuming content but having limited means to contribute or interact with websites.

Search engines like Yahoo and AltaVista were the gateways to this nascent web, and e-commerce was just beginning to take shape. Websites were relatively simple, and the idea of user-generated content and social networking had yet to come into existence. Overall, Web 1 was a foundational stage, setting the stage for the dynamic and interactive web experiences that would follow in Web 2 and beyond.

Web2

Web 2, often termed the "second generation" of the internet, marked a profound shift in the early 2000s. It brought about a dynamic, interactive web experience where users could not only consume content but actively participate, contribute, and collaborate online. Key elements of Web 2 included the rise of social media platforms like Facebook and Twitter, user-generated content on websites such as Wikipedia and YouTube, and the advent of web applications like Gmail and Google Maps.

This era was characterized by a shift from static HTML web pages to richer, more interactive technologies like AJAX, enabling real-time updates and smoother user experiences. Web 2 fostered a sense of community and user engagement, transforming the internet from a read-only medium into a participatory and collaborative platform.

Breaking Down Web3

Web3, in essence, is a vision for a decentralized internet. First, we must understand a critical attribute of Web3- It's not a specific technology or platform , but a set of principles and technologies that aim to achieve this vision. Here are some key components:

1. Blockchain and Cryptocurrencies: Web3 heavily relies on blockchain technology and cryptocurrencies to create decentralized networks and enable secure, trustless transactions.

2. Decentralized Apps (dApps): These are applications that run on decentralized networks rather than traditional centralized servers. They aim to be more censorship-resistant and put users in control of their data.

3. Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. They enable automated, trustless transactions and interactions.

4. Tokenization: Web3 envisions the tokenization of various assets, from digital art to real estate, allowing for easier transfer and ownership.

5. Web3 Identity: Decentralized identity systems aim to give users more control over their online identities and data.

Now, if Web3 is all about decentralization and empowerment, why is does is feel so ambiguous and "techy"? Here are a few likely reasons:

1. Complex Technology: Blockchain, smart contracts, and cryptographic concepts are not easy to grasp, especially for those not deeply immersed in the world of technology.

2. Hype and Jargon: The Web3 space is rife with jargon and buzzwords, making it difficult to separate substance from hype.

3. Rapid Evolution/Moving Target: Web3 is a fast-evolving field, with new projects and ideas emerging regularly. This rapid pace can be overwhelming. It sometimes seems that the moment we feel secure in our understanding, there are new ideas and concepts popping up!

4. Speculative Markets: The association with cryptocurrencies and the speculative nature of the market can be off-putting to those that have not fully embraced the emergence of digital assets, decentralization, and blockchain technology.

Next Steps

It's okay not to fully understand Web3. While Web3 holds tremendous potential, it's a complex and evolving space. The best approach might be to stay curious, keep learning, and engage in your own research. Only time will tell if Web3 lives up to its promise of reshaping the internet. In meantime, taking a contextual approach to learning about the DeFi space may beneficial. Examine these concepts through your own lens consider the implications of Web3 on your life.

Disclaimer: The information provided on this website and blog is for educational and informational purposes only and should not be construed as financial advice. Readers are encouraged to engage in their own research and verify information using other reliable and scholarly sources. Access Equity DeFi LLC is not liable for any losses or damages incurred as a result of using the information found on this website.