What is Web 3.0?

Dec 16, 2022

Author: Michael Hazilias

We are entering a new era. Digital land, cryptocurrency, and a virtual world are all going to be commonplace in just a few years. This is going to be Web 3.0.

But, what exactly is Web 3.0? Some say it’s the new world. Others would mention it's the start of the new industrial revolution. Sceptics would think it’s a sci-fi gimmick. If you’ve ever heard of virtual reality, the Metaverse, or blockchain, you might have already encountered Web 3.0.

To best explain what web 3.0 is, and how it is going to change the world in the next few years, first let’s discuss the first versions: Web 1.0 and web 2.0. 

Web 1.0

Web 1.0 was the first ever version of the internet. If you’re over 30 years old, you probably still remember dial-up internet and the bulky machines you need to have to get online. It was the ability for people just like you, to read the information on the web. It was also known as the “information economy”. 

Remember when it took 30 minutes just to search for one thing? Do you know of companies like Netscape and AOL? These are the firms that dominated this era. It was the first time normal people had access to the world of information.

Most users of the Internet at this stage of the web were mostly consumers of content. The main feature of web 1.0 was consuming and reading content, users couldn’t create, edit or share. So it was a one-way communication, like reading a book.

Web 2.0

Web 2.0 was the next step in the evolution of the Internet. This is when things got a bit more interesting and we have true communication with the rest of the world. Web 2.0 allows users to create and share information with others. This was the first time users were able to produce and share their content easily through the Internet. At this stage, the web was dominated by companies that made it easy for people to share online. This was when social media was born. Before Tiktok, there was MySpace, Friendster, and YM. Do you still remember these?

Some companies that have survived today are tech giants, Facebook, Google and other social media websites, which I’m sure you are very familiar with today. This was the first time a piece of technology brought together billions of people and you can connect with anyone at a click of a button. 

It’s been an amazing few years right? In Web 2.0, we have people getting their degrees online, making a living online, ordering food online, shopping online, talking with friends online, and getting medically treated online. Almost everything you need is now available in Web 2.0, and on a device, you hold in your hand! So, what else is next?

Web 3.0

Our world is still evolving and there are much more developments that will come in the next decades. We are at the beginning of the next evolution of the web and it’s being built right now as we speak. It is called Web 3.0.

When Web 1.0 is all about information and Web 2.0 is all about connection, Web 3.0 has a different focus. It’s solving a big problem that we’ve been facing in the last decades – control. With governments, big companies, and the wealthy 1% trying to control everything in the world, we no longer have control of our information, money or lives. So, Web 3.0’s focus is on Openness, Trustless & Permissionless data exchange and communication. 

Open means, it's open source and has transparent development in full view.

Trustless means, it allows for peer-to-peer interaction without a trusted 3rd party, like a person, government, central bank, or other organization. 

And Permissionless means anyone can participate, without authorisation or requirement from a government body. 

These three factors allow Web 3.0 to be completely revolutionary and the goal is to be decentralised. It gives the users the ability to read, create and OWN their internet assets and information, without relying on any third party or centralised authority. No more banks telling us what to do. No more mandates on our data. No more intermediaries.

The goal is to move away from the server-based centralised giants that have a monopoly in the market and to move towards a decentralized web. The technology under web 3.0 is Artificial Intelligence (AI), blockchain, smart contracts, decentralized finance, NFTs and others. 

How is Web 3.0 going to change the world? 

The reality is that currently most of your data is owned by big corporations like Google and Facebook. This means they control your private data. 

They control your information and because of that, the tech giants have a lot of power -- they effectively sell this information to buyers who can leverage it to do all sorts of things, most commonly to advertise and market new products and services to you. It’s also very difficult to stop using their services because they are so integral to our everyday life now. 

With Web 3.0, that will change. Web 3.0 is empowering the cryptocurrency and Blockchain ecosystem and putting power and control back into the hands of the individual. Even now in the beginning stage, platforms like Uniswap gives users the power to become their bank. Another platform called Ocean Protocol allows users to sell their data to who they choose, and not to the highest bidder like on Facebook. Let’s not forget the behemoth in the space, Bitcoin, which is the first-ever self-sovereign, unconfiscatable form of money.

This is new territory and the technologies underlying the new Web 3.0 Internet are stripping the power from centralized companies into putting it back into the hands of the people. It is now our time and it’s very exciting to see the developments coming.

It is going to be fascinating to see the thousands of use cases of this new technology that is going to empower everyday individuals and collective groups around the globe. We don’t know exactly what it's going to look like in the next decade but one thing’s for sure: it’s important to get in the know right now.

Everyone that understood Web 1.0, cashed out on it quickly! Creators like Marc Cuban came out as a billionaire. When Web 2.0 came along, company owners like Mark Zuckerberg of Facebook came out on top. Don’t worry, wealth is not only reserved for the extremely intelligent. Users that learned how to monetise these applications also came out victorious. Think of the early creators of Youtube or the dawn of dropship products that earned millions on Facebook. 

It will be the same for Web 3.0. People that know how to leverage these technologies can and will create amazing wealth. That’s exactly what Breakout Solutions specialises in. We focus on researching and maximising the technology created in Web 3.0 and making it easy to implement and more importantly, safe. Work with us and learn how to leverage digital assets to create passive income today at www.breakoutsolutions.com.