What is Web 3.0?

Currently, the most common words in economic news as well as in the virtual currency and blockchain industry are NFT, 바이비트 출금 Metabus, and Web 3.0. These keywords are all areas that are being fostered not only by multinational companies but also by economic powers such as the United States and China at the national level.

Following the metaverse that we looked at in the last post, today we will have a time to learn about Web3.0

What is Web 3.0?

Most of the Internet we’ve been using for decades now starts with “www.” It starts with “http://”. It’s Tim Berners Lee, a professor at Oxford University and MIT, who created this concept of the World Wide Web.

He graduated from Oxford University in 1976 with a senior degree in physics and worked at the European Institute of Particle Physics (CERN). In 1991, we created the HTTP protocol that connects the web to computers (clients) and the URL concept that represents the address of a specific site.

Tim Berners-Lee, founder of the Internet

It’s the same technology that’s being used almost unchanged as of 2022. Furthermore, he discloses this invention for free without filing a patent. That’s why anyone who uses, modifies, or distributes it can have copyrights. Because of his philosophy that the fundamental spirit of the Internet is ‘freedom’ and that the connection between uncentrified individual subjects is key. This has led to an exponential increase in the number of Internet subscribers around the world, and the British royal family, who appreciated this, awarded him a knighthood in 2004.

But the subsequent development of the Internet was different from his ideal, because although the number of users exploded, it wasn’t decentralized as Tim Berners-Lee thought it would be.

In the early days of the Internet, users could only “read” content produced by creators on web pages. This is classified as Web 1.0, which was only ‘readable’. Since then, giant portals such as Yahoo and Google have emerged, and the Internet has come to the era of Web 2.0 where users can not only read but also write. However, it was still far from the concept of decentralization because large platforms such as Google and Facebook not only monopolize the information of subscribers but also take the profits from the content produced by subscribers.

But the concept of Web 3.0 is a little different. For example, all of the content that users produce on Facebook or Instagram can be a structure in which producers can be owned and compensated.

So why is this concept, which Tim Berners-Lee has already insisted on since 1990, only being discussed for realization around 2022? That’s because technology that will realize the concept of decentralization of Web 3.0 has only recently begun to emerge. And at the center of it is the blockchain. Technologies such as “smart contracts” and technologies that distribute and store information on all PC nodes around the world, not on centralized servers, are now emerging.

The concept of “decentralization” is also important in metaverse, which has recently been in the spotlight. Everything I produce and sell in a virtual store is recorded in the blockchain from the moment I produce it, and transaction records remain, allowing individuals, not centralized companies, to come to the forefront. And that’s kind of in line with the idea of decentralization and we call it Web 3.0.

And NFT will be in charge of the ownership verification function that leads to the Web 3.0 concept. NFT stands for Non Fungible Token and translates as ‘irreplaceable token’. From the time of production of a content, related information is recorded on the blockchain, and it is impossible to forge, so it acts as a “true copy of the register.”

On the other hand, the Decentralized Autonomous Organization (DAO), which means “decentralized autonomous organization,” also fits well with this Web 3.0 ideal.

The characteristics of DAO are ‘democratic decision-making’ and ‘decentralization’. DAO structures typically issue their own coins, and members have voting rights and are free to participate in operations. In addition, all activities, from raising funds to subsequent investment directions, are determined by the agreement of members without a centralized institution, and this process consists of ‘smart direct’, a protocol (regulation) agreed in advance. Defi, which provides services such as deposit loans without a bank, is a representative DAO operation method.

Skeptics and Prospects for Web 3.0

However, there is not only an optimistic outlook for Web 3.0. Elon Musk, Dodgecoin’s father and Tesla’s owner, tweeted last year, “I don’t even know if I have Web3.0. Isn’t that a marketing term?” Twitter co-founder Jack Dorsey also said, “Web 3.0 is nothing but fiction. In the end, we can’t escape the interests of the banks that pay for it,” he said. The name is Web 3.0, but there is no choice but to exist as a centralized entity as it is now.

Nevertheless, NFT, Metabus, and Web 3.0 are clearly the hottest keywords for the time being. And based on past experience, I think we should continue to pay attention and pay attention to the fact that Bitcoin has often shifted significantly to an upward trend as soon as a paradigm shift occurs.

Meanwhile, Web 3.0-related coins include Graph (GRT) Coin, Theta Coin, Basic Attention Token (BAT), Stack Coin (STX), and Live Peer Coin (LPT).