Crypto enthusiasts can breathe a sigh of relief - if you’re already familiar with blockchain you’re well on your way to understanding what Web 3.0 is. It’s essentially where blockchain meets the internet. It’s about moving the power and control from the centralized companies on the internet to the hands of the users, done so through the use of tokens.
See the parallels here with the origins of cryptocurrencies? Consider Web 3.0 to be the same only with online data. It’s all about changing how value and ownership are distributed.
What Is Web 3.0?
The best way to describe this concept is to start at the beginning and work out way back.
Web 1.0 (1990 - 2005)
The first generation of the internet is also referred to as the information economy. Designed by Sir Tim Berners-Lee, Web 1.0 was mostly read-only content, allowing users to consume as opposed to create.
Web 2.0 (2005 - present)
With the invention of social media and “wiki”s (a function that allows users to collaborate and edit content), the participative web was born. This platform economy evolved into the creator economy and became incredibly centralized, essentially owned by five big tech companies. The biggest key factor here is that these companies own our data.
Web 3.0 (present - )
Chris Dixon, tech entrepreneur and Web3 evangelist, describes Web 3.0 as “an internet owned by users and builders orchestrated with tokens.” In this version of the internet, the users manage the data, as opposed to big tech companies selling it on our unsolicited behalf. While social media still exists, it exists in a less centralized, traditional-company-structure kind of way.
Decentralized + Tokenized
DAO (decentralized autonomous organizations) have given us a sneak peek into the capabilities of Web 3.0. These “member-owned communities” operate without centralized leadership and allow users to engage and transact without a third party.
This structure reiterates Web 3.0’s promise to reduce centralized power in private, nontransparent corporate structures, a far cry from the likes of Meta, Google, Microsoft, etc.
Dr. Shermin Voshmgir, Director of the Cryptoeconomic Research Lab at the Vienna University of Economics and Business, describes tokens as “rights management tools.” She commented on how we are still in the early phases of tokenization, still uncovering their use case potential and how they can impact our day to day living. While cryptocurrencies have been revolutionary in our financial world, she reiterated that is only the beginning.
While in Web 2.0, our information was harvested and sold to the highest bidder essentially making us the property, Web 3.0 instead solves this problem through the use of tokens, allowing us to take control of our data, content and creations.
Thanks to AI and blockchain, Web 3.0 is bringing the decentralization of cryptocurrencies to our day to day living on the internet. In the meantime, you can enjoy crypto integration into your daily life with Oobit's mobile app. With a wide range of cryptocurrencies to trade, a convenient Oobit Pay service, plus plenty more exciting features, you can start using Bitcoin and other cryptocurrencies today.
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