The web can be seen as a continuously evolving project, just like software. In this perspective, the next 'release' is a version in which users take back control of the web from the companies that currently dominate it.
The desire to break the link with the companies that profit from user-generated data is thus the main reason for redesigning some aspects of the web and giving birth to the so-called Web 3.0. This term refers to the third generation of Internet technology that aims to create smarter, more connected and more inclusive websites and network applications, where Big Tech has less power and users can feel safer.
Web 3.0 has gained popularity especially among those interested in cryptocurrencies as it can create a new, more open and democratic way of surfing the web, free from censorship and built on blockchain and decentralised protocols.
What comes first. A brief history of the web
The first version of the Internet, known as Web 1.0, arrived in the mid-1990s and consisted, essentially, of a collection of links and home pages. Websites were not particularly interactive and apart from reading and publishing basic content, not much else was possible.
The introduction of Web 2.0 allowed people not only to have access to a myriad of contents, but also to create their own and publish them first on blogs, and then on social platforms. All these elements have taken content sharing to levels unknown until then.
In 2004, the last revolution came with the invention of social networks, which transformed the Internet from an obscure and anonymous place to what we know today. Social networks have stimulated interaction between users and enabled the generation of content, connecting people all over the world.
From a business perspective, Web 2.0 also introduced Cloud services, greatly reducing the cost of starting new online businesses. Businesses have moved from buying and maintaining their own infrastructure to renting storage, computing power and other resources that are crucial to their growth. In turn, the lower costs of starting a business have sparked innovation as never before.
The next generation of the web runs on blockchain
The biggest innovation expected to come with the advent of Web 3.0 is in how sites are created and how people interact with them. This third version of the Internet is expected to provide an interactive and more immersive experience, thanks to three-dimensional designs, artificial intelligence applications, integration with the metaverse and multi-connectivity.
But what is most interesting is the fact that Web 3.0 does not have centralised databases or even a server specifically designed for backend code. This is made possible by the use of a blockchain that allows programmers to use anonymous internet nodes to build programmes on a decentralised machine. This is a completely new way of aggregating data that goes beyond the model of proprietary 'repositories' as is currently the case.
Web 3.0 also does not require any specific authorisation, which means that central authorities cannot discriminate against who can access their services.
The use of blockchain also allows for safer browsing. Since the blockchain is based on peer-to-peer (P2P) technologies, no Big Tech will be able to control (and thus exploit) user data. In a nutshell, Google, Apple or Facebook will no longer be able to access (or obviously sell) this information.
Speaking of blockchain, and of the transparency and privacy that transactions using this technology enjoy, we would like to remind you that 2meet2biz.com was the first crowdfunding platform authorised by Consob to use blockchain for all its internal documentary processes. Here we explain with which advantages.
Uncertainty and some criticism
Web 3.0 seems to be the perfect solution to improve some of the distortions of the system as it stands today, but then why is this new technology not convincing and appealing to everyone? Its main detractors claim that it does not live up to its ideals.
With decentralisation also comes the problem of lack of control, and this undermines and is viewed with suspicion by the main financial and control institutions. With Web 3.0, no one entity is able to control the decentralised applications (dapp) that hook up to the network, making it possible for anyone to create and connect with different dapps without the permission of a central authority.
Instead of having to rely on traditional financial networks linked to governments and restricted by borders, money transactions on Web 3.0 are instantaneous, global and require no authorisation. It also means that tokens and cryptocurrencies can be used to design entirely new business models and economies, a field that is becoming increasingly known as 'tokenomics'.
Essentially, the execution of real financial transactions on the blockchain is taking place without the assistance of banks or other governing bodies, and this threatens the status quo of the financial world to the point where it could cause a real earthquake. We shall see.