Many address it as the “Better Internet”, a fitting word for such amazing innovation.

To properly understand the concept of WEB3, let’s go back to the beginning.

How it all started…

Now the Web as we know started in the 1990s with Web 1.0 which lasted till 2004. Web 2.0 was resumed in 2004 and has been in existence till the present.

Web 1.0 was strictly a “Read-Only”, a static website owned by companies and not open to the users in any way. Web 2.0 resumed with the invention of social media platforms. Far from the web 1.0 “Read-Only” structure, Web 2.0 still owned by companies became open to user contribution making it a “Read-Write”.

A few years later… WEB 3.0

Web 3 was first coined in 2014 by Ethereum Co. Founder, Gavin Wood after Ethereum was launched. Web 3 is expected to surpass both the access offered by Web 2.0 and the inventions this Web will bring to humanity at large, a prediction that puts it not only in the “Present” but in “The Future” as well. Web 3.0 simply uses the “Read-Write-Own” structure.

With the invention of Cryptocurrency and the huge trust required for this system, came the immediate need to transfer power back to users in terms of ownership such that, traders and users can regulate their information, digital footprints and assets easily without depending so much on private companies to act on public’s best interest. Hence the reason Web 3 was invented.

How the Ownership works.

When you “Own” something, you decide how best to manage it; at any point, you feel the need to discard it, you do it freely without obstruction. That is the whole concept of Web 3.0, a means to give individuals ownership of a piece of what they use.

Illustration: Most games especially Web 2 games, require you to earn some coins, tokens or even treasures which can be used as currency within the game. One major fallback of this structure is that, if you maybe delete your account or the game loses market dominance, all benefits in terms of coins, tokens or treasures get lost as well because they were linked to the owners' system.

Web 3 comes with the “Play-to-earn” system where all benefits within the game can be sold as a cryptocurrency and later converted to an actual currency. All earnings will not be lost should the builder experience issues because the decentralized system used at the Web3 core gives the user full ownership of their activities in the form of NFTs (Non-fungible tokens), Blockchain and Cryptocurrency.

" The ownership in Web3 means that the builders and users of a platform own a far part of the platform. This ownership is given back to users in form of blockchains, cryptocurrencies, and NFTs (Non-fungible tokens) which is infused at its core".

The idea of blockchain is a decentralized platform with many amazing concepts that ensures the safety, trust and preservation of data and information whilst giving users power over their space many of which web 3 will greatly leverage on. Here are some of these concepts that make Web 3.0 a better internet:

• Native payments

The core of Web 3 uses cryptocurrency for transactions (spending and sending money) which completely eliminates the dependency on banks and payment processors.

• Decentralization

Web 3 ensures that ownership is distributed amongst builders and users. Users are not only limited to owning their data but also own a platform through the use of tokens that work as shares.

This power allows users to manage their information while contributing to and suggesting towards the growth of the platform.

• Permissionless

Web 3 is accessible to everyone, giving everyone equal access to explore all its benefits. There is no exclusion theory.

• Trustless

Web3 removes third parties entirely as it operates using incentives and economic mechanisms.

Conclusion:

It’s a popular saying that change is constant and should be expected too. Web 3 as thought by many, is not “new”; it has been in existence since 2014 but has recently started gaining recognition. There is definitely so much Web 3 has to offer and a Switch will be worth it.