Kept on Wikipedia:Web3
Web3, also known as Web 3.0,[1][2][3] is an idea for a new iteration of the Internet that incorporates decentralization, often contrasted with Web 2.0, wherein data and content are centralized in a small group of companies sometimes referred to as "Big Tech".[4] The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.[4][5]
Background
Web 1.0 and Web 2.0 refer to eras in the history of the Internet as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, where most websites were static webpages, and the vast majority of users were consumers, not producers, of content.[6][7] Web 2.0 is based around the idea of "the web as platform",[8] and centers on user-created content uploaded to social-networking services, blogs, and wikis, among other services.[9] Web 2.0 is generally considered to have begun around 2004, and continues to the current day.[8][10][4]
Terminology
The term "Web3", specifically "Web 3.0", was coined by Ethereum co-founder Gavin Wood in 2014.[1] In 2021, the idea of Web3 gained popularity.[11] Particular interest spiked towards the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.[4][5] Executives from venture capital firm Andreessen Horowitz traveled to Washington, D.C. in October 2021 to lobby for the idea as a potential solution to questions about Internet regulation with which policymakers have been grappling.[12]
Web3 is distinct from Tim Berners-Lee's 1999 concept for a semantic web, which has also been called "Web 3.0".[13] Some writers referring to the decentralized concept usually known as "Web3" have used the terminology "Web 3.0", leading to some confusion between the two concepts.[2][3] Furthermore, some visions of Web3 also incorporate ideas relating to the semantic web.[14][15]
Concept
Specific visions for Web3 differ, but revolve around the idea of decentralization, often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs).[4] Bloomberg described Web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online".[16] Some visions are based around the concepts of decentralized autonomous organizations (DAOs).[17] Decentralized finance (DeFi) is another key concept; in it, users exchange currency without bank or government involvement.[4] Self-sovereign identity allows users to identify themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in order to assess identity.[18]
Reception
Technologists and journalists have described Web3 as a possible solution to concerns about the over-centralization of the web in a few "Big Tech" companies.[4][12] Some have expressed the notion that Web3 could improve data security, scalability, and privacy beyond what is currently possible with Web 2.0 platforms.[15] Bloomberg states that skeptics say the idea "is a long way from proving its use beyond niche applications, many of them tools aimed at crypto traders".[16] The New York Times reported that several investors are betting $27 billion that Web3 "is the future of the internet".[19][20]
Some companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms in late 2021.[4][21] After heavy user backlash, Discord later announced they had no plans to integrate such technologies.[22] The company's CEO, Jason Citron, tweeted a screenshot suggesting it might be exploring integrating Web3 into their platform. This led some to cancel their paid subscriptions over their distaste for NFTs, and others expressed concerns that such a change might increase the amount of scams and spam they had already experienced on crypto-related Discord servers.[21] Two days later, Citron tweeted that the company had no plans to integrate Web3 technologies into their platform, and said that it was an internal-only concept that had been developed in a company-wide hackathon.[22]
Some legal scholars quoted by The Conversation have expressed concerns over the difficulty of regulating a decentralized web, which they reported might make it more difficult to prevent cybercrime, online harassment, hate speech, and the dissemination of child abuse images.[14] But, the news website also states that, "[decentralized web] represents the cyber-libertarian views and hopes of the past that the internet can empower ordinary people by breaking down existing power structures." Some other critics of Web3 see the concept as a part of a cryptocurrency bubble, or as an extension of blockchain-based trends that they see as overhyped or harmful, particularly NFTs.[21] Some critics have raised concerns about the environmental impact of cryptocurrencies and NFTs. Others have expressed beliefs that Web3 and the associated technologies are a pyramid scheme.[5]
Kevin Werbach, author of The Blockchain and the New Architecture of Trust,[23] said that "many so-called 'web3' solutions are not as decentralized as they seem, while others have yet to show they are scalable, secure and accessible enough for the mass market", adding that this "may change, but it's not a given that all these limitations will be overcome".[24]
Liam Proven, writing for The Register, concludes that Web3 is "a myth, a fairy story. It's what parents tell their kids about at night if they want them to grow up to become economists."[25]
See also
References
- ↑ 1.0 1.1 Edelman, Gilad. "What Is Web3, Anyway?". Wired. ISSN 1059-1028. Retrieved December 3, 2021.
- ↑ 2.0 2.1 Alford, Harry (September 16, 2021). "Crypto's networked collaboration will drive Web 3.0". TechCrunch. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 3.0 3.1 Khoshafian, Setrag (March 12, 2021). "Can the Real Web 3.0 Please Stand Up?". RTInsights. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 Mak, Aaron (November 9, 2021). "What Is Web3 and Why Are All the Crypto People Suddenly Talking About It?". Slate. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 5.0 5.1 5.2 Read, Max (October 24, 2021). "Why Your Group Chat Could Be Worth Millions". Intelligencer. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Cormode, Graham; Krishnamurthy, Balachander (June 2, 2008). "Key differences between Web 1.0 and Web 2.0". First Monday. 13 (6). Archived from the original on October 25, 2012. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Carter, Jamie (April 18, 2015). "Back to basics: is Web 1.0 making a comeback?". TechRadar. Retrieved December 12, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 8.0 8.1 Hosch, William L. (September 7, 2017). "Web 2.0". Encyclopedia Britannica. Retrieved November 9, 2021.
- ↑ Hosch, William L. (September 7, 2017). "Web 2.0". Encyclopedia Britannica. Retrieved December 12, 2021. Unknown parameter
|url-status=ignored (help) - ↑ O'Reilly, Tim (November 30, 2005). "What Is Web 2.0". O'Reilly. Archived from the original on April 24, 2013. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Nield, David (December 14, 2021). "What Is Web3 and Why Should You Care?". Gizmodo. Retrieved December 19, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 12.0 12.1 Feiner, Lauren (October 13, 2021). "Prominent Silicon Valley VC firm Andreessen Horowitz embarks on major crypto policy push in Washington". CNBC. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Shannon, Victoria (May 23, 2006). "A 'more revolutionary' Web". International Herald Tribune. Retrieved November 9, 2021.
- ↑ 14.0 14.1 Harbinja, Edina; Karagiannopoulos, Vasileios (March 11, 2019). "Web 3.0: the decentralised web promises to make the internet free again". The Conversation. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 15.0 15.1 Zarrin, Javad; Wen Phang, Hao; Babu Saheer, Lakshmi; Zarrin, Bahram (May 15, 2021). "Blockchain for decentralization of internet: prospects, trends, and challenges". Cluster Computing. 24 (4): 2841–2866. doi:10.1007/s10586-021-03301-8. ISSN 1573-7543. PMC 8122205 Check
|pmc=value (help). PMID 34025209 Check|pmid=value (help). - ↑ 16.0 16.1 Kharif, Olga (December 10, 2021). "What You Need to Know About Web3, Crypto's Attempt to Reinvent the Internet". Bloomberg. Retrieved December 12, 2021.
- ↑ Roose, Kevin (November 5, 2021). "Crypto Is Cool. Now Get on the Yacht". The New York Times. ISSN 0362-4331. Retrieved November 9, 2021.
- ↑ Meunier, Thibault; Jo, In-Young (October 1, 2021). "Web3 — A vision for a decentralized web". The Cloudflare Blog. Cloudflare. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ "Welcome to 'Web3.' What's That?". The New York Times. December 5, 2021. Retrieved December 16, 2021.
- ↑ Goodkind, Nicole (December 6, 2021). "What is Web3?". Fortune. Retrieved December 16, 2021.
- ↑ 21.0 21.1 21.2 Hatmaker, Taylor (November 9, 2021). "NFTs and crypto wallets could be in Discord's future". TechCrunch. Retrieved November 9, 2021. Unknown parameter
|url-status=ignored (help) - ↑ 22.0 22.1 Hatmaker, Taylor (November 10, 2021). "Discord pushes pause on exploring crypto and NFTs amidst user backlash". TechCrunch. Retrieved November 12, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Werbach, Kevin (2018). The blockchain and the new architecture of trust. Cambridge, Massachusetts: The MIT Press. ISBN 978-0-262-03893-5. OCLC 1029064460. Search this book on
- ↑ Miller, Ron (December 14, 2021). "The irrational exuberance of web3 – TechCrunch". TechCrunch. Retrieved December 16, 2021.
- ↑ Proven, Liam (December 15, 2021). "Web3: The next generation of the web is here… apparently". The Register. Retrieved December 16, 2021.
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