What's Web3, The New Buzzword In The Crypto World?

If you are a keen follower of the crypto world, you must be aware of or at least, heard of tons of financial jargons it produces every now and then. There's NFT, DeFi, and tokenomics, to name a few. But wait, there¡¯s a new one now! Brace yourself for Web3. Curious to know what it means? Read on as we decode this new crypto buzzword.

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What is Web3? What does it have to do with crypto?

Also known as Web 3.0, Web3 is an idea for a new iteration of the Internet, which incorporates blockchain-based decentralization. While everything¡¯s not crystal clear yet, the primary aim of Web3 seems to be to evenly distribute online power, sucking away control from the Big Tech platforms. It'll exist on the blockchain, a virtual spine built by a network of computers housing data that's open to the public.

The idea is that if you participate in Web3, such as posting a photo on a network that lives on the blockchain, you will reportedly get a token, which will give you a stake of ownership and will let you weigh in on decisions made on the said platform, such as whether a certain post containing misinformation should be removed. But all that remains to be seen, as Web3 is still on the receiving end of mixed reviews from technologists, entrepreneurs etc.

Also Read: How NFT Blockchain Is A New World Order Brewing For Art Like Never Before

History of Web 1 and 2

Broadly saying, Web 1.0 and Web 2.0 refer to eras in the history of the Internet as they evolved through various technologies and formats. While Web 1.0 refers roughly to the period from 1991 to 2004, where most websites were static web pages and the majority of users were consumers, and not producers of content, Web 2.0 has been based around the idea of ¡®the web as a platform¡¯ being centred around user-created content uploaded to social-networking services, blogs, and wikis, among other services. Believed to have begun in or around the year 2004, Web 2.0 is considered to be in continuation at present.

Web3 is in contrast with Web 2.0 wherein data and content are centralized in a small group of companies sometimes referred to as ¡®Big Tech¡¯. This term was coined by Ethereum co-founder in 2014, and the idea has gradually gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.

Also Read: Is Craig Wright 'Satoshi Nakamoto'? Alleged Creator Of Bitcoin Wins Court Battle

Former Twitter CEO's reactions

Former Twitter CEO Jack Dorsey tweeted a couple of days back to voice his displeasure with the so-called Web3 technology and the involvement of venture capital firms in it. Dorsey has been a bitcoin enthusiast and had even tweeted recently that Bitcoin will replace the US dollar.

You don¡¯t own ¡°web3.¡±

The VCs and their LPs do. It will never escape their incentives. It¡¯s ultimately a centralized entity with a different label.

Know what you¡¯re getting into¡­

¡ª jack?? (@jack) December 21, 2021

Amidst the mixed reactions to this post, even Tesla CEO Elon Musk chipped into the discussion by asking if anyone has seen Web3, to which Dorsey replied ¡°it's somewhere between a and z,¡± hinting that it's held under the control of the VC firm founded by Marc Andreessen and Ben Horowitz, commonly contracted to a16z.

After all this, Jack Dorsey tweeted that he has been banned from Web3!

I¡¯m officially banned from web3 pic.twitter.com/RrEIAuqE6f

¡ª jack?? (@jack) December 22, 2021

Also Read: Elon Musk, Jack Dorsey's Twitter War: Web 3.0 Already Lost To Capitalism?

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