The introduction
In simple term web3 means technological advancement in the field of internet and computer technology. Its a term that used to describe the new phase of internet. You may think if there is web3 then there should be like web1 and web 2. Yes you guess it right - there is web1, web2, web3 and by time web4 will also develope.
To understand Web3, first understand Web1 and Web2
Web 1 Era
In the Web1 era, computers and other technologies were large, expensive, and difficult to use. This was the time before 1990 when terms like “personal computer (PC)” and “internet” were not widely used. If we look back the website at time, it was just a basic read only content. Websites were static, and communication happened outside the web through emails or offline methods. This era focused more on information sharing rather than participation. It was just one way communication in internet. Java script was created in 1995 AD so you can imagine how the website were before 1990. Even WWW was introduce in 1989 AD.
After 1990, various technologies were invented, leading to a boom in IT companies. The development of PCs and the availability of the internet in different places grew. It was easier to raised capital from investor for startup who were using internet technology. We were entering in new world “the internet” or Web 2 era.
Web 2 Era
As technology evolved, we entered in the Web2 era, where we started using mobile phones, social media apps, and search engines like Google. Most Web2 platforms appear free to use, but in reality users pay with their personal data. They have full control over it, often without user awareness. Every click, like, search, and interaction is tracked and analyzed. This data is then used to influence user behavior and sell targeted advertisements. In this model, the user is not the customer but the product. This is how mostly social media platforms generate revenue. This is where the concept of Web3 comes in, Web3 = decentralization.
The biggest issue with Web2 is centralization. A small number of companies control massive amounts of data, users, and digital infrastructure. This leads to problems like censorship, data leaks, lack of transparency, and monopoly power, which slowly reduces user freedom on the internet.
The progress and ongoing development of Web3 did not originally emerge to solve the problems of Web2. The issues of Web2 and the solutions offered by Web3 were not linked before 2015. Some foundational technologies of Web3, such as peer-to-peer networking and cryptography, existed long before 2000. However, Web3 as we know it emerged after the invention of blockchain and Bitcoin in 2008.” The factor that significantly influenced the development of Web3 was the global economic crisis of 2008. During this time, inflation was at its peak, the value of money decreased year by year, and everyone began to recognize the major flaws in our fiat money financial system, where governments can print as much money as they want, and banks can lend as much as they want.
To address these issues and to stabilize the economy an anonymous person named Satoshi Nakamoto launched "bitcoin" a decentralized currency on blockchain where the amount of money is fix so that no one can print new supply.
Web 3 Era
Bitcoin was created as a currency with a limited supply of 21 million and feature likes no one alter or change it. The logic was code with scripting language (bitcoin script) on the blockchain. The blockchain is used to store all transactions and verify them. This lead to the development of a new term: DeFi, (decentralized finance).
Then, in 2015, Vitalik Buterin developed another blockchain technology called Ethereum and idea of smart contract were developing at that time. His idea was: Why only store data related to monetary transactions on the blockchain? Why not store all kinds of data, such as bills, contracts, and more? The Ethereum blockchain acts as a platform where various decentralized apps (dApps), decentralized games, and other applications are developed.
The concept of blockchain web 3 tech hype up after the economic crisis and then later this technology was used to develop other things in a decentralized manner. NFT, Metaverse, and crypto are still considered scams by some group of people and country because they don’t see this as an immediate need in our time, but perhaps their importance exist and many people are working hard on this to make internet decentralized.
Web 4 Era
Web 1 era was all about seed phase hardware based technlogy. WEb 2 era evolve where hardware become smaller in size and faster in work but internet is centrilized. Web 3 era is all about decentralization of internet using blockchain technology. Web 4 era will be all about AI and Quantam computing.
In web 4 era AI will play important role in our life. AI will be use to make decision faster and more accurate. Quantum computing will be use to solve complex problem in few seconds which will take years using classical computer. Web 4 era will be more faster, secure and intelligent. In advance series of web 3 we will disccuss more about web 4 era and how it can be threat to web 3 encryption tech.