Summary
The title of this blog comes from the Sydney Morning Herald which publishes a page about Web3 every Thursday.
Web3 is the next evolution of the web or internet. The first edition of the internet, Web1 was static or read only. Web2 which we use today evolved in the early 2000s and is read/write, allowing users to interact, post their thoughts, etc. It has improved dramatically since.
But Web2 is controlled and owned by big organisations like the FAANG companies, (Facebook, Amazon, Apple, Netflix, Google, etc.) which make profits from us, the users. Web 3 envisions it will be read/write and owned by you, the user.
Web3 will be based on the blockchain and so is decentralised. No one but you will see what you are looking at. This could be dangerous and allow private groups, criminals, extremists, etc., to conduct the ‘dark web’ unfettered. It needs to be prevented and many other issues solved, so Web3 is not going to be used widely any time soon.
Below are the basic differences between what we use now and how it will be in Web3. For ‘Types of Applications’, ML is Machine Learning (e.g., robots or AI improving as they work)) and AI is Artificial Intelligence. The use of 3D graphics is interesting.
Web3 Differences from Web2
The public has access now to services such as the electric grid, roads, public libraries, etc. even the internet. In Web3, the aim is to build messaging apps, financial products, social media, search engines, and so on to be public utilities similar to the ones above.
Web3 will allow an alternative way for companies to make money without exploiting users for data. Instead, building open platforms that share profits and value with users
The video below is a ‘feel good’ explanation of Web3. But read on about the problems that will take some time to eliminate. There are many other videos available.
DAOs – Distributed Autonomous Organisations
DAOs – (see video above) are not like traditional organizations managed by boards, committees and executives. DAOs use rules enforced by the network of computers running shared software.
Web3 Problems & Solutions
Web3 is in its infancy and there are multiple user difficulty issues that need to be solved to make it easier and better to use than Web2.
- Accessibility & Usability: The blockchain is very secure but needs government regulation, which is imminent. Hacks we read about are usually in exchanges or wallets which are not yet blockchain based. However, Web3 requires knowledge and use of wallets, cryptos etc. This must be made much much simpler.
- Using a distributed network based on the blockchain loads slowly which is unacceptable.
- The blockchain is open source meaning developers all over the world are working away to solve Web3 problems. A good example of an open source program is Linux, an operating system like Windows or Mac. It is made virtually unhackable because of the millions of developers who fix any threat before it can do any damage. Also, it has every conceivable add on program that users may need.
- The internet world is constantly changing and like all young innovations in the tech world, there are teams of very smart, usually young people eliminating problems. Conventional petrol cars most of us drive today took almost a century to make so reliable now. Tech today is improving exponentially faster.
References
Campbell
Thank you for still including me in your posts. I do not really understand Web2 so no chance for Web3 but I suspect I will not be around when it is here for me to use . Looks like you bailed out of Killara GC at the right time as I have had only about 8 or 9 games this YEAR. Monday Boys are about to start again with Club approval. Pray for rain Ho Ho . Hope you are well and health good. Take care of yourself as I am doing.
John
John
Great to get your post. I am writing this just before I go to golf, although rain is forecast! I sympathise about your few rounds lately. Same for me. Hope to see you at the Monday Boys’ Xmas lunch. Hang in there on Web2. It won’t change to Web3 any time soon!
Hi Campbell, having trouble trying to keep up to date. At my age looking ahead is just too much. Extending life expectancy to me seems crazy when little appears to being done to educate us in how we will fit into this new society. Not just intellectually but aiding and encouraging handling of our physical being.
John
I agree. I find I have to concentrate more, but I get passionate about what is happening in world technology. If I don’t understand a topic I find out about it and write these blogs. Google helps me and has improved so much over the last few years in predicting what I want.
Hang in there John, as I really appreciate your comments.
I am rather technology (computer) illiterate. However, I gleaned a broad framework of the web 2 and web 3 and their differences and how they impact on all of us. Very interesting Campbell and thank you for the knowledge snd teachings.
How are you? When can we play golf again together? Murray is in Melbourne and we all miss him a lot. I play whether permitting snd for me it is a form of exercise and relaxation too.
Warm regards
Bala.
Bala
Great to hear from you as always. Glad you enjoyed the blog. Yes, we should play golf with Peter sometime as a social game. Will email you, separately.
It’s a brave new world, Campbell.
Presumably, there will still be some dictatorships that won’t permit W3.
Great to hear from you Janine.
Only the brave survive. Dictators could stop it by making it illegal in their country and prosecuting those involved in their own country. No doubt they will. But they may not be able to catch them as users remain anonymous on the blockchain. Watch this space. Will be keeping abreast and see how it develops.
Hi Campbell
Interesting development or evolution of the Web. Web 3.0 sounds like we may be able to control what is available to the outside world instead of information storage and distribution by the corporate tech companies. Interesting that the actually sell basically private information. You never know the spam & junk emails may even be eliminated. It sounds like Web 3.0 won’t happen soon particularly if the major tech Co. see the potential to loose revenue if data collection goes outside their control.
John
Good comments. You are right that the FAANG companies won’t be happy, but as I understand it, they won’t be able to stop it as it will and is being set open source, through millions of developers that no one can stop. That is a feature of the blockchain.
True, it won’t happen any time soon, not because of the tech companies but because of the major hurdles to jump.