What Is Web 3.0?

The Origin of Web 3.0

This term was originally coined in 2006. The spirit of this term can be traced back to the era when Satoshi developed Bitcoin and advocated decentralized DNS (BitDNS).

For a long time, DNS has been controlled by organizations such as Verisign and the Internet Corporation for Assigned Names and Numbers (ICANN) regulated by the US Department of Commerce.

Satoshi Nakamoto and other Bitcoin enthusiasts recognized this. In 2011, a Bitcoin fork called Namecoin was born, which allowed the use of censorship-proof domain names on .bit domain addresses.

Namecoin seems to be a product ahead of that era. To access the .bit website, you need a proxy service or other extension plug-ins (such as the current MetaMask), which is very difficult to operate. In addition, most people didn’t want to have their own website or personal domain name at the time. All these reasons led to the failure of Namecoin because its user demand was too weak.

Today, new blockchain and decentralized service may be ready for success. These applications make the Internet more decentralized through Web 3.0. Another example of this kind of infrastructure is the Handshake Network.

Internet

The Internet is changing the world.

· Economy: The Internet has contributed to the development of globalization and e-commerce.

· Social: In the past, young companies like Facebook, Instagram, Twitter, and Google have invested a large amount of capital (40% of venture capital) in promoting startups. In addition, for influencers on social networks, TikTok is still a growing and promising social network platform.

In the foreseeable future, events directly from the Internet will turn the world upside down and make the Internet itself more important than ever.

Existing Problems

Although the Internet has made a great contribution to people’s lives, it is largely controlled by organizations and governments. Global issues such as the centralization of the Internet are not the only factors.

Insufficient Ability to Create Value

The value created by Internet services is unlikely to make a profit. Almost every social network provides free and unrestricted messaging services between users. This is also a mandatory service and users will not want to pay for it.

Those Internet giants can make money by owning by-products such as advertising services or buying a project with fast user growth.

Infrastructure Monopoly

Developers who use instant message services as their core product to attract users need a free or cheap infrastructure. These services are monopolized by Google and Facebook advertising, so these two companies can pay tens of millions to hundreds of millions of dollars for anything they need.

This has led to a natural monopoly on the Internet data and distribution layer.

In the past, these services were infrastructure choices. Nowadays, these services are usually constrained by the size or success of the user’s own company, and this is the transition from the right to choose to being monopolized.

Centralized Information and Data

The data is worthless if If we don’t know how to classify the data. Large companies usually collect data, process it to create a more attractive data set and ultimately use it for other applications and services, thereby attracting more user data.

Why Web 3.0 is important?

The Internet was experimental and exploratory in its early days. Some technological pioneers used and provided information on the Internet. Today, the Internet is still free, but it still has many bugs.

Our transaction information will be recorded or sold. You can use the Internet freely, but you can’t own it. Therefore, the current system still has an incentive to be improved.

A distinctive feature of the Internet is the right to information and the publicization of information. However, the Internet is flooded with increasingly unreliable, inexplicable or harmful information. When people share and disseminate untrue information or false news, due to the reaction of the information, it is 6 times faster than the dissemination of real information. Therefore, it can be said that this information or news is a digital virus.

Open Source Agreement

Web 3.0 is rearranging existing Internet products and services to make them more beneficial to the community rather than to the company, government and entity. One of the visions of Web 3.0 Space is a world that uses open source code protocols, and companies provide an interface that can make user access more convenient, plus other functions. Web 3.0 is a network open to all users. Its creation is based on an open source protocol and a transparent blockchain network.

DeFi Is A Necessary Infrastructure for Web 3.0

The first infrastructure necessary to implement Web 3.0 is to create the native currency of the Internet. Bitcoin and Ethereum have become the currencies of the future, so it is not surprising that the first wave of innovation and testing of Web 3.0 started from them.

Typical financial products from blockchain and decentralized finance, such as AMM, liquid mining, stablecoins, and governance, will be necessary to enhance coordination between Web 3.0 platforms.

Once the financial system of Web 3.0 stabilizes, new business models and innovations will help reshape existing Internet products and services.

Conclusion

The early Internet needed some innovative programmers and companies to develop new products to make the Internet useful. But no one knows in advance what kind of rewards they will get.

The transition of the Internet from Web 2.0 to Web 3.0 is diverse and will stimulate the way we interact with the Internet.

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