What Is Web3? Discover the User-Owned Internet

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- 08/12/2022

What Is Web3? Discover the User-Owned Internet

While some people are already inhabiting and profiting from the Web3 space, others are only now getting to know and starting to invest in the New Internet. Perhaps there are also people who don’t really understand Web3 at all, and think of it as a simple communications medium.  

It’s time we get to the core of it – what is Web3 and how did we get so far? What is coming next? More importantly – how can you take advantage?

Web1, Web2 & Web3

Names aside, there are fundamental differences between the three types of internet that we went through so far:

Web1 – Read-Only (1990-2004)

In 1989, Tim Berners-Lee was developing the protocols of what would soon become the World Wide Web. His idea was to create a technology that would allow free information sharing anywhere in the world. 

Web1 consisted of mainly static websites, allowing for little to no interaction between users. It was mainly a read-only platform but put us years ahead nonetheless. 

Web2 Read-Write (2004-present)

With the emergence of social media platforms and other types of online communities, the world welcomed Web2 around 2004. The Internet evolved to a read-and-write medium and users started to generate more and more content. Interaction skyrocketed and web advertising became a profitable reality. In doing so, Web2 became highly centralized, with only a couple of companies controlling the space. 

Web3 – Read-Write-Own (2014-future)

Web3 is a term initially coined by Ethereum co-founder Gavin Wood. Realizing the setbacks of traditional internet (Web1,2), Gavin and the Ethereum team wanted to offer users more than read and write capabilities. With the help of blockchain technology, decentralization and encryption are today some of the most important feats of Web3. This allows you to own a piece of the Internet, whether it is an NFT in the Metaverse or some crypto tokens of a blockchain project. Moreover, you can join or develop your own dApps (decentralized applications) and leverage the technology and the medium to your own advantage. And this is where it gets really interesting.

Web3 – a Blockchain Driven Internet

Web3 would not be possible without blockchain technology. Decentralized networks can safely perform highly important tasks without the need of human supervision. One of the best uses of this is in finance. Crypto, NFTs, and the entire Web3 are now offering us unique financial products and investment opportunities. 

As opposed to being controlled by a few companies only, most blockchain projects and crypto ecosystems are decentralized. What does this mean precisely? For instance – blockchain encryption allows DAOs (decentralized autonomous organizations) to run and perform according to a predefined set of rules. Most projects are setting these rules in a democratic way, as communities are essential to Web3.

So blockchain is at the core of the New Internet. But it is not the same thing as Web3 entirely. While blockchain is the technology upon which most Web3 processes are based, Web3 itself is the New Internet that is user-owned and built by the same users.

Crypto, NFTs & the Metaverse in Web3

Now that the opportunity to own and invest freely is open, where do you start? While tokenization offers the currency of Web3, Metaverse is giving us innovative ways of interaction via VR and AR. Crypto tokens and NFTs are used as investment assets, as a liquid currency, or as utility tokens for certain Web3 projects. 
But how do you benefit from Web3? Start staking crypto assets in unique passive income plans that outperform traditional banking. Invest in NFTs by joining a collectors club and start building your portfolio. Get involved in the play-to-earn Metaverse platforms like Sand or Decentraland. Start earning just for playing games or selling in-game items.

Web4 & Web5

If all of the above is a bit too complex, know this: Web4 and Web5 are coming. How soon, is hard to predict. At this point, the following outlook is mostly in the visionary development stage.

Web4, also known as “Mobile Web”, is a superior level of connectivity revolving around our mobile devices. Imagine being able to adapt everything to the mobile environment, while having complete connectivity, worldwide, in real-time.

Web5 on the other hand is a bit more different. The above-mentioned father of the Internet as we know it today has named Web5 the Emotional Web. Others name it Symbiotic Web and we all might already have a hint of what that means. As early as 2009, Tim Berners-Lee was already talking about an open, connected, and intelligent Web. The 5th iteration of the Internet would be an interconnected network that communicates with us as we communicate with each other. This network would be run on emotional interaction between humans and computers and rely on neurotechnology.

This all sounds incredible and hopefully will bring many good things to us. But right now, we are starting an exciting journey in the Web3 realm. One that revolves around people and empowers everybody with an opportunity to create, share and invest according to their needs. 

On platforms like Unique Ventures Club – a Solana-based dApp, you can collectively invest or raise funds for your startup. Join the platform to discover a premium investment medium revolving around people, technology, and continuous innovation. Get involved with the new digital economy and find opportunities more in tune with you. Choose something you understand. What portfolio will you be putting together during this bear market? We’d love to hear all about it on our Discord and Telegram channels.

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