Have you ever heard of the term "Web 3.0"? You may have done so, but do you understand what it means and how the Web 3.0 space is transforming how we interact, build, and connect in the digital world?
Let's take a deep dive into this buzzword because we see it a lot on social media platforms like Twitter, Reddit, Youtube, and Discord, yet most of us don't know what it is or how it differs from other web versions. Web 3.0 is simply a name for the third generation or version of the web or the internet, and yes, Web 2.0 and Web 1.0 exist. On Web 1.0 you only have the ability to read, and it mostly contains static websites as it is the early stage of the web. For the Web 2.0, aside from reading, you could now be able to read and write, which is also where social media networking sites and engagements started to emerge, and as to AngKevin (0xPolygon Advocate Lead), aside from reading and writing, the Web 3.0 enables us to OWN things in the digital space. Which really makes sense if you think of it. Most of the time we are on the internet or on the web and we do call it the virtual world, so it just makes sense to have ownership of our own assets in the digital space.
The internet has come a long way, If we will ask people back then how they imagined the internet and the web would be in the future, they would not have predicted the reach and achievement we have now. We can all agree that we are just witnessing the early stages of Web 3.0 with the introduction of blockchain technology, cryptocurrencies, NFT, and Play2Earn games, as well as various platforms and initiatives developed by decentralized means. So don’t feel that you are being left out not being in the space. You have much time and resources to explore and learn.
Some might ask, "So yeah, Web 3.0 is just the third version of the web, so what's the big deal about it and why is it the best choice to start building and bridging to the Web 3.0 space?"
Having a different and the latest version of something means that something has been much better or a little bit better than the other. In the case of Web 3.0, we can clearly see how this impacts the way we build things and the workarounds to conventional ways and platforms we currently use. The best part about the Web 3.0 space, according to Nix (PH LEAD for Axie Infinity), is the decentralization, which essentially gives power to ordinary people like us. Most of the platforms we use today are governed and controlled by a central authority, which means that they have some degree of control over us (users). So, if people like you and me have control over the space, we can create and do things that we haven't been able to achieve before. It feels good to be in control of our own data, especially when it comes to the digital realm. Most of our personal data is currently controlled by large corporations and social media sites who use it for advertising, and, in the traditional business model for a game, the character, skins, items, and assets you have are not really owned by the players. And Web 3.0 changed that with the emergence of games and platforms like Axie Infinity.
The link between the web 3.0 space to cryptocurrency and NFTs is traced back to the concept of decentralization and the blockchain technology on which all three are based. Most blockchains are managed by dispersed validators and people all around the world, with no central authority. This opens up a lot of opportunities for builders and individuals to accomplish things in a completely new and open way, free of censorship and constraints. Web 3.0 also has ecosystems such as Ethereum, Avalanche, Polygon, Ronin, and Binance Smart chain, to name a few, which provide builders and creators with a area to construct anything and thrive. To get started in the space, you don't need to submit any personal information; a crypto wallet like Metamask is enough to confirm your existence in the blockchain.
Web 3.0 is redefining and revolutionizing the way we do things in the digital world by changing our perspective on how platforms and business models should be. Similarly to how Axie Infinity changed our definition of gaming, OpenSea changes our perspective of how we can publish our art and music, DAOs changed our perspective of governing community and organization, IPFS, Moralis, and The Graph changed how we build and develop things and platforms, ENS changes our perspective as to how we work with domains and naming, and Superfluid changes payment gateways, subscriptions, financial and money streams. These are just a few examples of how the Web 3.0 space and the platforms built on top of it are transforming and revolutionizing the way we do things in the digital realm.
Here are some examples on how Web 3.0 changed some of the usual and traditional way we do things in the space.
Example 1:
Web 2.0 - You need log in through email and password authentication
Web 3.0 - You can Log in thru crypto wallet authentication (No need to disclose any personal info)
Example 2:
Web 2.0 - PogiSiZab.com (Domain Name Service - DNS)
Web 3.0 - PogiSiZab.eth (Ethereum Name Service - ENS)
Example 3:
Web 2.0 - US Dollars (Fiat)
Web 3.0 - USDC and USDT (Stablecoin - Cryptocurrency)
Example 4:
Web 2.0 - Binance, PDAX and Huobi (Centralized Exchange - CEX)
Web 3.0 - Pancakeswap, Uniswap, Quickswap (Decentralized Exchange - DEX)
The current uses and applications of the Web 3.0 space are being worked on as we progress through this revolution, and as we see it, more and more initiatives have developed in the space and are being built on top of it. One of the implication of this is that we are also seeing an increase in bad actors and fraudulent projects, which we need to be aware of in order to stay safe in the Web 3.0 space.
Some may also question, "Should we discourage individuals from joining Web 3.0? because of the rise of bad actors and projects."
And the answer is that we should not, and that we should do it the other way around. According to Nix, "Yes, there may be bad projects, but it is still important that we encourage people to build and support those who are truly building something for the betterment of the space, because more people winning is better for everyone and the general population." And this is true, to remain safe in space doesn’t mean that you should discourage people from onboard it, but we should educate them with the necessary information and facts so that they will remain safe in space.
The Web 3.0 space as we know it is here to stay, and we anticipate further integrations and advances such as Zero Knowledge roll ups, Decentralized social media, NFT/Play2Earn Gaming, AI, Metaverse, and so much more. According to Nix, there are over 3 billion people worldwide who play games, and if we can onboard these individuals by producing something exceptional, it could really change things. And the thing is a lot of projects, platforms and individuals will fail in the space but that’s okay because it’s part of evolution once we see what works in the space and what doesn’t we are pretty sure at some point we will going to stumble upon something great and revolutionary
Here is something to share for builders and aspiring people who want to onboard in the Web 3.0
Therefore, if you are looking forward to beginning your journey in the Web 3.0 space, this is your sign. You could be an educator and evangelize the technology, you could be a developer and build platforms and DApps, you could be an artist or designer and build your own NFT collection, you could be a community builder and lead your local community and integrate DAO. I know starting from the scratch is really hard but don’t hesitate to connect with people and I am pretty sure that you will have the help and resources you will need. In this space, you can be anyone and do practically anything, so what are you waiting for?
Let’s build together!⚒️
New with the terms?
Web 3.0 - The third version of the web that now enables you OWN thing in the digital space
NFT - A non-fungible token, which could be in the form of art, music, a domain name, a piece of land, a game character, or anything else. NFTs are recorded and can validated on the blockchain.
Cryptocurrency - Cryptocurrency is a digital currency that relies on the blockchain, which Satoshi Nakamoto pioneered with Bitcoin.
Blockchain - Blockchain is a method of storing information or a database but in such a way that it is difficult or impossible to update, hack, or trick the system. A "blockchain" is a digital ledger of transactions that is copied and distributed across the entire network of computers that make up the blockchain.
DAO - Decentralized Autonomous Organization, A community or organization with no central authority and people who are members of the organization may be able to vote on things within the organization by using matching tokens that are also on the blockchain.
Play2Earn - It is frequently related to NFT Gaming, which implies that you must play in order to earn money. Axie Infinity is a close example; when you win a match, you get SLP, which can be exchanged for FIAT.
FIAT - Fiat money, often known as fiat currency, is government-issued money that is not backed by a commodity such as gold.
Stablecoin - Stablecoin is a kind of cryptocurrency that is pegged to a certain fiat currency, such as USDC and USDT, which are pegged to one US dollar.
Decentralized - Decentralize means the power is to the people with no central authority
Centralized - Centralize means that there is a central governing authority
Metaverse - In the metaverse, we merge our real and digital lives into a single virtual community where we can work, play, relax, transact, and interact in one place it is one of the integration the Web 3.0 space is bringing.
IPFS - The InterPlanetary File System is a peer-to-peer hypermedia protocol designed to preserve and grow humanity's knowledge by making the web upgradeable, resilient, and more open. (Learn More)
MORALIS - Moralis is the fastest path from idea to mass-scale dApp, letting you focus on great experiences rather than heavy lifting. (Learn More)
THE GRAPH - The Graph is an indexing protocol for organizing blockchain data and making it easily accessible with GraphQL. (Learn More)
ENS - Ethereum Name Service, Decentralised naming for wallets, websites, & more. (Learn More)
POAP - Proof of Attendance Protocol, Think of it as a NFT Badges. (Learn More)
Special thanks to @nixeniego (Philippines Lead for Axie Infinity) and to @angKevin92 (Lead Advocate for 0xPolygon) for having your insights and thoughts about the Web 3.0 space. Give them some love by following and visiting their social media channels.
Blog Link: https://zabdiel.eth.link/TheNewNormal.html