The ideas of Web 3.0 have evolved considerably over the past ten years. Proponents yearn for a world where centralized servers are a thing of the past and control of high-value intangibles rests with the creator of the asset themselves.
For the vision of Web 3.0 to become a reality, the fundamental models of the Internet must change. This would not only impact the internet as a technology platform, but also the economy that has grown thanks to the internet. The rise of Web 2.0 has been phenomenally exponential. This case is interesting to know the most important factors for the adoption of a technology.
Lessons from Web 2.0
In the early 1990s, the Internet slowly accelerated. At that time, e-mails did not yet allow sending attachments such as files or photos. It was essentially a period of information overload that users could browse but not interact with. All in all, it worked pretty well for a while. But the pace at which computing was evolving called for change. Users could potentially do much more online. This paved the way for Web 2.0.
Ten years later, everyone was talking about dot-coms. Websites became more interactive, newsrooms and discussion forums sprang up, emails could finally contain all kinds of attachments, graphical user interfaces (GUIs) became more intuitive. Netscape launched a web browser with a much-needed user-friendly interface, and companies like Facebook began to take off. In a very short time, large amounts of data were exchanged every day. This had never happened before.
Towards the end of the decade, cell phones became smarter and more and more applications appeared. Many people now owned smartphones, and some companies decided to take advantage of them and became the kings of Web 2.0. Companies like Twitter, Facebook, Instagram, YouTube and WordPress are on a crusade to create network effects and establish data monopolies. Ten years later, we are here calling for another web revolution.
And where are we now?
In practice, we are still far from a real and complete transition to Web 3.0. There are already many smart contract platforms like Ethereum, Solana and others that can be used to launch Web3 protocols in minutes. However, there is a lack in other areas. An example of these shortcomings is the poor user experience caused by high transaction fees on some blockchain infrastructure platforms.
“Web 3.0 represents the next iteration or phase of Web/Internet development and could potentially be as disruptive and paradigm shifting as Web 2.0. Web 3.0 is based on the fundamental concepts of decentralization, openness and greater value for users. » – Investopedia Definition
To better understand this, let’s think about automobiles. In the past, people mainly traveled on horseback, but then came carriages. Henry Ford’s vision was great, but there was little infrastructure to drive a car. The problems were not limited to the infrastructure itself, learning to drive was also a challenge.
Curiously, the first cars were even slower and more expensive than horses. Therefore, it didn’t make sense for most potential customers to switch to this “risky platform” called Auto. It took a few years to overcome these problems. Today we have roads and traffic rules designed for cars, and we are slowly moving towards driverless cars. Nevertheless, there are traffic jams in all cities of the world.
It’s still early
Web 3.0 infrastructure is still in its infancy. Apps lack basic interfaces and many users find it difficult to navigate. At some point these issues will be resolved and we will see the good times of Web 3.0. However, new problems will probably arise and we will need another web x.0.
The slow diffusion of decentralized technologies is indisputable and can be attributed to two factors:
- A lack of user-friendly tools and frameworks to create new products.
- The focus is on developing tools primarily for crypto users and not other audiences.
The birth of the creator economy
Many of these Web3 projects are trying to shift attention away from DeFi and looking for ways to apply the technologies to the creator economy. While finance may fund Web 3.0, today’s creator economy is booming, with 50 million participants vying for a share of over $100 billion in value. Web 2.0 marked the birth of the sharing economy. Web 3.0 will bring the creator economy.
At the heart of Web 3.0 is ownership. It will be a place where individuals can tokenize their intellectual property and own their creations. The creator economy is already seeing an increase in the value of intangible assets. The transition to Web 3.0 and a more equitable world where people can derive greater value from their work can only be achieved by an influx of participants developing Web3 applications and users sharing their tokenized real-world intellectual property.
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