What is Web 3.0? | Web3 Philippines Beginners Guide
With the growth of Axie Infinity’s popularity in 2021, especially in the Philippines, most Axie players and scholars were introduced to cryptocurrency, decentralized finance (DeFi), non-fungible tokens (NFTs), blockchain gaming, and decentralized autonomous organizations (DAOs). These fascinating features are all new to the enthusiasts and shortly “went deeper into rabbit hole” or fully emerged themselves into Web 3.0.
Disclaimer: This is not financial advice. This article only serves as a guide as well as to inform the reader about Web 3.0. Practice due diligence in researching the available features of the Web 3.0 before investing in it. The terms internet and web are written interchangeably.
What is Web 3.0?
Web 3.0 (also written as Web3 and Web 3) is not a new internet connectivity but a new innovation using the internet. It represents the next phase of the evolution of the usage of the technology. This could potentially be as disruptive and a huge paradigm shift as Web 2.0 did. Web 3.0 is built upon three core concepts: decentralization, accessibility, and potentially greater user utility.
What is Web 2.0? Is there also a Web 1.0? Let us go back to the memory lane of what were the phases of the internet.
Brief History of the Internet
The World Wide Web is the major tool used by billions of people, globally, to give and receive information and communicate with others over the internet. The World Wide Web was the first web browser if comparing it to how the internet is accessed today. Hence, the internet is called the information superhighway. The internet has changed significantly over the years, and its current applications are nearly unrecognizable from its early usage.
The web’s evolution is divided into three phases: Web 1.0, Web 2.0 and Web 3.0.
Web 1.0 (Roughly 1991 to 2004)
Early usage of the internet was plainly for creating web pages to provide information. It was basically a read-only web. The early participants were content consumers while web developers built websites formatted with text and graphics alone. Web developers primarily use hypertext mark-up language (HTML) and content was supplied from a static file system rather than a database. There was little interaction on the web pages in Web 1.0.
An example of this is the early pages of Yahoo, where news and other information are on the website which requires less interaction. Different articles are hyperlinked for users to click on.
Web 2.0 (2004 – Present)
Web 2.0 is known as the read-write-interact or the social web because it facilitates interaction between users and websites. Because it is driven by mobile gadgets, social networks and cloud technology, its users can read and write content on websites and apps and share it between sites. For example, tweets on Twitter can be shared on Facebook by pasting the link to the Facebook post or comment section.
Known apps or websites like Meta (formerly Facebook), YouTube, Twitter and Tiktok own most of the data of its users. The data are marketed to advertisers and other marketing companies that would use this information to send to the devices of the users and potentially entice them to buy what they often search or browse. For instance, when a user searches online for a pair of sneakers, the advertisements of Meta will show the user the available ads for the same product searched. Which led developers into creating Web 3.0 to protect the consumers’ personal information and privacy.
Web 3.0 (2010 – Present)
Web 3.0 is also known as Semantic Web or read-write-execute. Most of its technology runs on artificial intelligence and algorithms, which can potentially lead to its decentralization. Web 3.0 apps, normally called decentralized apps (Dapps), are built on blockchains. Blockchains are decentralized networks of numerous nodes that create blocks of information. It creates a consensus within the network if the new information or transaction entered is valid or not. Another way to describe blockchain is it is a ledger, a record of all transactions that are happening within the network. Network developers, either miners or validators, are rewarded for committing the highest quality services to establish a stable and secure decentralized network.
Because of these Dapps, Web 3.0 users have access to DeFi, where cryptocurrencies can be staked, placed into saving accounts, lend, and borrowed. In the process, DeFi users can earn cryptocurrency for using these services.
Blockchain games are also developed by incorporating tokenomics, the study of the supply and demand of the cryptocurrency, into a game. Players will be rewarded the game’s native cryptocurrency for playing the game. In the process, players use the native crypto to purchase in-game NFTs to either level up their character or as a collection.
Virtual reality and real estates are also incorporated into the blockchain to create platforms for people to do virtual events like parties, product endorsements and sales, games and social hubs.
What is the significance of Web 3.0
When the COVID pandemic hit the world, people had to stay home. The only outlet that they can have contact with outside their home is the internet. Web 3.0 gave opportunities for people who lost their jobs and had a chance to play blockchain games. These games aided them and were able to cope with the situation. At the same time, they were introduced to other opportunities in Web 3.0.
Traditional artists started their crypto art (NFT art) journey and are learning to shill (promote) their projects not just to the Filipino community but internationally. Their exploration of the art transformed from visual arts to audio to a mix of mediums.
People who are sociable and have skills in communication were given roles as community managers and moderators to handle Web3 related communities. Other job opportunities were also created like whitelist grinders and social media managers to promote Web3 projects.
Entrepreneurs see the opportunity to incorporate their real-life merchandise and services into Web3 by creating NFTs, their own native tokens and Dapps. Others are also venturing into augmented and virtual reality to create spaces for Web3 enthusiasts to go to and hang out or even buy their virtual products.
Though the technology is still at its early stages, Web3 can potentially create more opportunities not just for individuals and startup businesses but also for the government and other agencies in the country to benefit from it.
The usage of the internet is evolving and may also lead to another phase. There are talks of creating Web 5.0 on its way. Definitely, the internet has endless opportunities ahead for mankind.
This article is published on BitPinas: What is Web 3.0? | Web3 Philippines Beginners Guide
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.