Simple explanation of web 3


 

Web 3 is the biggest technology transformation that will happen in our lives, let's talk about it, so to explain web3, I must first explain what is web 1.0 and what is web 2.0 first, and as we go through them, think of each web as the internet throughout the time period starting with web 1.0 ,


 It's really referred to as the read-only web where of course people read rather than write, think of it as the consumer didn't have a lot of interaction or the content creation that was available would be what very few people and audiences might consume,

 So very few creators and huge amount of people consume it so it's very static in the sense that people only consume it rather than create it that's why it's called read-only and they say web 1.0 lasted in the early 90's from the end of the 80's all the way to about 2005.


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Now on the web 2.0 where regular users are now creators, that includes not just YouTube creators like me,

 It also includes things you guys post as well which includes facebook twitter instagram pretty much uh you can think of web 2.0 as much more interactive and collaborative than 1.0 as you know we're average users now.

Also obviously important as we seem to have a lot of control now, they all really have a big interface for big companies like google facebook twitter etc all have the technical strength since we depend on their platforms to create and share our content then of course you know that giving up our personal information and data to be part of these platforms,

It's quite obvious that we've been in web 2.0 for quite some time since you could almost say initially that you know youtube in 2006 but of course it's all really blurry,

There is no exact time period when web 2.0 started and when it ended or web 1.0 when it started and when it ended but they all kind of overlap each other there is no exact date when one started and no one won when one finished Web 2.0 can also be referred to as reading and writing for the web just now of course on web 3 that you all come here for web 3 is basically the decentralized web where the power that was on the CE that these companies hold is distributed to everyone including you and me uh so basically the power is transferred to the people,

This of course includes decentralization, so blockchains like Bitcoin and Ethereum would be the best examples of this until you are able to use these decentralized platforms without having to trust any person or any single entity, and trust of course is not necessary due to the consensus protocols on these blockchains which are all tokenized. steadily,

 So the only way it can be changed if the vast majority of people agree to change it is very much the fundamentals of the blockchain so obviously decentralization is going to be one of the 3 keys to the web but not just transferring wealth from your money will be the other very important aspect so of course right now we are We depend on banks like chasing payment transfer services like paypal to hold our wealth and transfer it well, web3 gives this refund o mainly used because banks are replaced by wallets that can only be accessed through private keys you know you will have and payment transfer services are replaced by cryptocurrencies on Block chains, so of course instead of being restricted by your location and the information you are willing to provide that is no longer the case with cryptocurrencies since they are virtually unauthorized instantaneous and global,

And the most recent innovation in this area has been decentralized finance where it's primarily on platforms like ethereum or where you can really use what are called smart contracts.

It probably won't make much difference because you can just go to your local bank and they will know the land and borrow things for you but in third world countries or places where you know you can't afford or maybe for people who just don't want to give away their information, 

They don't need to provide their information anymore, they don't need to be in a certain state Geographical location  to be able to lend or borrow their wealth for any reason, so in short, web 3 is basically giving back power to people, and instead of reading and writing like web 2.0, web 3 can be considered actionable,

 So if you ask me web 3 started around 2009 very slightly when bitcoin was invented so we were technically in the early stages of web 3.

 I would probably say we're still in Web 2.0 but obviously as I said there is no hard stopping point and end, there's no hard beginning and end when these various transitions uh you know the internet starts and ends as far as I'm concerned since 2009,

We've been making this transition pretty slowly but given that last year it just happened 2020, I happen to actually accelerate web 3 innovation basically just because of all the crazy things that's going on, you all know in the world, our government, the people we've seen so often if Censorship has been going on as you know of course with these companies censoring people on the internet and showing that we need some kind of decentralization,

 People need some kind of power again because if not then things probably won't end well and mostly again if you live in states you probably won't realize the importance of web 3 until it's too late while people in other third world countries Or places where they don't have the luxury of not having to know what's going on in the world we're going to feel a lot more of what we feel and they're going to be able to use this technology a lot more than we are. When crypto was really booming and you know ethereum is pretty much what counts as you know,

The global internet was just kind of popping up. There wasn't a lot of stuff that you know about in this space but no. I only knew three years later or four years later technically now,

It's 2021, you know central finances here people can basically know you're using the blockchain as their bank, which is pretty crazy to think but then again you know most people.

He won't realize the importance of web3 until it's too late, so I also wanted to mention the Web3 Foundation because these people fund open source R&D teams that help build the foundation for Web3. Two of their major projects are actually Polka dot and kusama polkadot of course one of the most popular currencies Crypto in this case, and as of the preparation of this article in the top four in terms of market capitalization, many people have come to describe it as an ethereum killer, we can probably assume that it is faster, uh, more open and reliable than ethereum,

 But I think the point at the end of the day is that we're going to build towards this decentralized future, whether it's on ethereum, whether it's on polka, whether it's on any other currency, uh, the importance is that the power is up to the people and that we're able to basically let you know our decisions at last without Uncle Sam getting involved. Now with all that being said,

 web3 is still in its early stages even though it seems to be very advanced and has been for a while, I expect a lot of this video is either not outdated but there is a lack of information due to how much more new stuff is coming out in the near future and for me this is one of the most Things are exciting about web3 and this relatively new blockchain technology and how it is really going to impact everyone's future.

 I want you guys to tell me in the comments what is most important about website 3 in your opinion, is it decentralization, is it transfer of wealth,

is not it? Other than that you might think to come let me know below I will also leave all the articles that got most of my info from below too if you want to do some reading on your own and cool things to learn about down there and of course if you want to know more about coding and anything related Its going forward.

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