Greetings all and Happy New Year! Welcome to the first Discovery of the Day for 2022! From Monday to Friday we bring you some of our top picks from across the cryptosphere—from NFTs and Blockchain Games to DeFi and the Metaverse, you’ll find it all right here on MarketSquare. Today we explore a topic you may have heard of but don’t have too much understanding about…Will 2022 mark the Rise of Web 3.0? And what does that mean for all of us? Let’s find out!
The Internet and Interconnectedness
The internet has been around for a couple of decades now, and over time, it’s evolved significantly. In the beginning we had Web 1.0 in which there were very few content creators but many consumers of content. The core features of Web 1.0 are as follows:
- Primarily personal, static pages
- The server’s file system serves content
- Pages built using Server Side Includes or Common Gateway Interface (CGI)
- Elements on a page are positioned and aligned using frames and tables
(Information sourced from GeeksforGeeks , 2021)
Several years later, with the advancement of technology, improved line speeds and better methods of storing and securing data came Web 2.0. This is pretty much the internet as we know it today with social media sites such as YouTube, Facebook, Twitter, Amazon.com, Instagram and so forth. In the world of Web 2.0, users can watch videos, share thoughts, opinions and pictures, post blogs, run podcast, live stream and so forth. In many respects, Web 2.0 is simply an enhanced version of Web 1.0.
While Web 2.0 is more social and has allowed for many more content creators to showcase their abilities, it is highly centralized and run by large media and tech companies that have their own agendas and interests at heart. In other words, if someone is deemed to violate any rules and regulations (which are subject to change at any time), then their ability to post content may be suspended, or they may be banned for life with little to no real warning. While this isn’t always an issue, in numerous cases, the infractions are arbitrary, accidental or simply unjustified. This poses a huge risk for many content creators who rely heavily on their channels in order to earn a living.
Some of the key features of Web 2.0 include:
- Information is sorted freely, allowing users to fetch and categorize information as a collective
- Content is more dynamic and intuitive, responding to the input of users
- Info flows between the owners of the site and its users through active evaluation and online comments/posts
- Developed APIs to permit self-usage, for example, via a software application
- The internet is accessed by a wider variety of users with more nuanced needs than simple information and basic entertainment
What the Heck is Web 3.0?
And now to the million (or maybe billion?) dollar question. Just what the heck is ‘Web 3.0?’ Well that’s a fairly complex question in reality, but to summarize, it’s where instead of data being ‘owned,’ it’s ‘shared.’ I think this is something of an oversimplification, because ‘ownership’ is central within the world of Web 3.0. Maybe a better way to look at it is that, data that should be shared is shared, and data that should be owned and kept safe/private does just that. Still a little too abstract? OK, how about, ‘Data should do what it’s supposed to and belong to the appropriate owners?’ I don’t think that’s too far off…well, at least in my opinion.
In truth, Web 3.0 is still emerging. You could argue that it really started with the birth of Bitcoin back in 2008/2009 and the development of Blockchain technology. While many detractors have called it vaporware, a ponzi scheme and a number of other disparaging terms, Bitcoin and many other cryptocurrencies like Ethereum have shown time and again that they are serious endeavors with many developers and increasing amounts of capital behind them.
Heard this one for a couple of years now, haven’t you anon?
I’m not by any means saying that all crypto projects are great. Hardly. Some are downright terrible. But that goes for just about anything in life. Do I like every Metal band out there? No. Do I like every kind of pizza? As long as it doesn’t have pineapple, then probably, but…no. All I’m trying to say here is that there will always be projects that do something better than others, or at the very least, will stand out more from the others because they’re the original or most advanced or whatever. And that’s also not to say that good projects will always be good or even the best…but that’s the risk you take with anything, isn’t it?
Wait, So What!?
OK, but what has any of this got to do with Web 3.0, you ask? The main idea behind Blockchain and crypto is that it’s decentralized, meaning that data can be securely accessed via a number of devices or sources. This means that, if there’s an outage in one or more devices, others will be readily available and ensure that data is not compromised in any way, shape or form. If a site or network goes down and your ability to access your funds or data disappears, guess what? It isn’t decentralized, and it certainly isn’t Web 3.0.
And just how many times has the Bitcoin Network gone down since its inception? Well, here’s the answer:
And there you have it! It’s been 3,219 days, at the time of writing, since Bitcoin last went down, and in total, Bitcoin has only been down for 14 hours and 47 minutes since January 3rd 2009 (heck, that’s 13 years before this article’s publication!) This equates to nearly 99.99% of uptime. Now that’s impressive! Maybe you don’t really consider Bitcoin Web 3.0, and while it’s not perfect, it’s certainly done a good job of remaining accessible and online for the vast majority of its lifespan (so far).
The reality is that crypto and Blockchain are cornerstones of Web 3.0, whether we know it or not. Web 3.0 cannot exist without Blockchain, and so many consider them to be synonymous. However, if Web 3.0 is still developing, then it helps to think of it in a slightly broader sense, at least for the time being. So exactly what are some of the elements that constitute Web 3.0 as it stands?
The Components of Web 3.0
This is by no means an exhaustive list, but other than decentralization and actual ownership, here are some other factors to take into account when looking at Web 3.0
- Semantic Web - Without getting too technical, this means giving information well-defined meaning by extending definitions and altering the meaning of words based on their context. This involves improving technology so that keywords and numbers are replaced with something that interprets the meaning of terms and sentences
- Artificial Intelligence - Here AI works with natural language processing to deliver more relevant and accurate results in a much more efficient and intuitive way. It could also mean streamlining processes carried out on the Web so they are faster, more secure and more efficient
- 3D Graphics - This may very well refer directly to the Metaverse and Blockchain Games, but essentially the 3D experience will be a major feature in Web 3.0. You’ll be able to walk through art exhibitions or museums and interact with visitors and guides in real-time, providing for an immersive and engaging experience
- Greater Connectivity - With information becoming more interconnected and readily available, and line speeds becoming faster and more reliable, the capacities of users to engage in a number of different activities increases substantially. It also means that the internet becomes more Peer-to-Peer (P2P) and significantly less centralized
- Ubiquity - Content can be accessed via multiple devices and applications, and virtually every device is connected to the internet. This is what you might consider the Internet of Things (IoT) which will allow for devices to collect, transmit and process data in real-time regardless of where they are in the world
(Information sourced from GeeksforGeeks , 2021)
This isn’t where Web 3.0 ends by any means. Non-Fungible Tokens (NFTs) are already a global phenomenon, providing creators and communities with the ability to bring their content and ideas to life over an extended period of time. NFTs give creators and those that support them the ability to create sustainable economies that encourage participation, communication and innovation. Blockchain games promise to provide gamers with greater ownership over their in-game assets and the ability to earn rewards based on their participation, skill and financial savvy. In truth many of these projects are still in their early stages of development, and while not all of them will make it in the long run, those that do will almost certainly change the lives of those that supported them.
Nonfungible.com details just how well the top NFT-based Blockchain projects are performing
What’s the Takeaway?
I think the main thing to understand here is that you’re still early to the party. 2022 promises to be an extremely exciting year for crypto with current projects ramping up their development and new ambitious projects entering the scene. Web 3.0 is here, but it’s far from mass adoption. As long as people remain skeptical of the technology or why they should move away from existing platforms, it’s safe to assume that you’re still early to the party. Once the majority understands how important data integrity, autonomy and mutual benefits are, then mass adoption will take place, and Web 3.0 will officially be here.
And that does it for the first Discovery of the Day for 2022. MarketSquare recently went into its Open Beta, meaning you can now sign up for a profile and enjoy all the site has to offer. In other words, if you haven’t done so yet, get to it! Thanks for joining me today, and don’t forget that the journey is far from over. If anything…we’re just getting started.
Join the MarketSquare Discord and participate in weekly and holiday events when they become available! Make sure you join our growing NFT community so you can stay on top of news, the latest drops, and everything non-fungible.