Why Web3 Is The Future of the Internet
The Evolution of the Web
Birthed in a time of war, it's no surprise the world wide web was never perfect and is ever-changing, adapting to survive and thrive. Despite being decades old, the internet still has so much room to grow and change in ways we could never imagine.
A Brief History of the “Web”
In 1949, a few years after the start of the cold war between the US and the soviet union, the arms race began. A battle for technological dominance was sparked, giving birth to new inventions worldwide, such as rockets and computers. On October 4th, 1957, the Soviets launched the world's first manufactured satellite into orbit, known as Sputnik. This was a massive wake-up call to the US as it exposed just how far behind technologically they were to the Soviets regarding space-age technology. This realization led the US to shift a heavier focus toward technology, engineering, and science, thus giving birth to organizations such as NASA, the National Aeronautics and Space Administration, and DARPA, the department of Defenses Advanced Research Project Agency. With a newfound reliance on technology, US military officials and scientists began to fear the potential vulnerabilities of their current communication technologies. The fear was that one simple strategic missile strike could take down the entire telephone system, the best and only reliable source for long-distance communication at the time.
In 1962, J.C.R Licklider, a scientist from M.I.T and DARPA, put forth a solution to this problem. Licklider's answer was to create a “galactic network” of computers that could communicate. Such technology would allow government leaders to communicate even if the telephone systems were destroyed. After years of research and experimentation, Licker's vision finally became a reality in 1969 when scientists from ARPNET, UCLA, and Stanford were able to packet-switch, a technique that groups data into packets, to send the first “nod to nod” or “system to system” communication from one computer to another. A computer located in the research lab at UCLA was able to send a message to a computer located at Stanford. The statement read “LOGIN” and was only a partial success as the network crashed, and only the first two letters of the message were received.
Even though the experiment was a partial failure, it still was able to give proof of the technology's potential. With more and more computers and networks being created worldwide, it became increasingly difficult to integrate them all into one united web. It wasn't until the late 1970s until a computer scientist named Vincent Cerf presented a way to fix this problem. Cerf created a protocol called TCP or Transmission Control Protocol and another protocol called IP or Internet Protocol that would allow all networks across the globe to communicate with each other. Computers and computer networks were now able to communicate with each other from around the world, thus giving birth to the first iteration of the internet, web1.
Transitioning from Web1 to Web2
With the rise of the internet, scientists could now send data from one computer to another. The only problem is that's all they could do. Messages could be sent from one computer to another. Still, there was no way to host such information for multiple parties to access and view like websites of modern times. In 1989 Tim Berners-Lee, a British scientist working at CERN came up with a solution to this problem with his invention of the world wide web. The world wide web is an interconnected system of hypertext-based information systems, aka web pages, that can be hosted and accessed through the internet by multiple parties at a time. The world wide web was first created to improve information-sharing abilities for scientists in universities and institutions worldwide. The technology quickly spread, and by 1993, CERN decided to put the world's comprehensive web software into the public domain, thus beginning the internet era. In general, these early web pages were static and had limited functionality and intractability.
It wasn't until the early 2000s that a shift began from static, unchangeable creator-generated content to more dynamic user-generated and editable content was made the norm. Web1 websites operated as merrily glorified brochures but these new web2 websites provided dynamic web pages that gave more power to the everyday internet user allowing for the creation of interactive web pages such as social media platforms and online eCommerce shops. Users of the web could finally log in, interact, edit content, purchase/sell goods and services, and store information within websites in ways never possible before. Thus starting a new era of the internet known as web2.
The Birth of Web3 Through Crypto Technology
In 2009 Satoshi Nakamoto used blockchain technology to create the first cryptocurrency known as Bitcoin. His vision was to create a new type of currency that was governed by code rather than a centralized organization or government. But, what is a blockchain, and what is a cryptocurrency? Simply put, a blockchain is a digital ledger of transactions that uses cryptography to secure data that the public can view but can't be changed, hacked, or cheated outside the set parameters. A cryptocurrency is a currency built digitally that uses blockchain technology to distribute, govern, and regulate the monetary policies of a currency without the outside government's ability to manipulate it. In 2014 Gavin Wood, co-founder of the second largest cryptocurrency Ethereum, coined the term Web3. Wood, and many others, envisioned using blockchain technology to create a new decentralized web built on the blockchain. With the rise of crypto over the last decade, the internet has finally started the shift into the next generation of the world wide web known as Web3. Web3 is essentially the next evolution of the internet, allowing for more opportunities to create, higher security, more decentralization, optimized automation, and much more! Web3, the internet powered by the blockchain, is giving birth to many unique innovations, and it’s just getting started!
The Innovation of Web3 - Smart Contracts | DAOs | NFTs
In a new generation of innovation, Web3 has given birth to new game-changing technologies, including Smart Contracts, DeFi, DAOs, and NFTs. A smart contract is a transaction protocol run on the blockchain that is used to execute, control, and or document actions automatically according to preset terms dictated by a technological, contractual agreement. The benefit of an intelligent contract compared to a regular arrangement is that you don't need a middle man, and actions can be done automatically. This means that no one can break the contract once set. Cutting out the middleman allows for faster and safer transactions. One example of technology built with smart contracts is DeFi or decentralized banking. DeFi applications utilize intelligent contracts to execute financial instruments usually carried out by banks, such as loaning and borrowing money. The benefit of having a decentralized baking system is that it eliminates discrimination and unnecessary costs. Anyone around the world with an internet connection can use DeFi. This allows for equal and safe banking options for anyone around the world. You can loan or borrow money in seconds without waiting to be approved. Another example of technology built with smart contracts is a DAO or decentralized autonomous organization. A DAO is essentially an organization run on the blockchain, allowing members to manage its protocols and code collectively.
DAOs used to set rules written by a smart contract to govern a shared software program or organization. DAOs give holders of an underlying asset, such as a cryptocurrency or nft, voting power for proposed decisions on how the organization is run. Voting power is generally in direct ratio to one's holdings, allowing owners of an asset the be more incrementally involved in their investments than ever before. Lastly, an NFT or non-fungible token is a unique unit of data using technology that allows for digitized or physical content to be logged, stored, sold, and authenticated on blockchains such as the Etheriumor Solana networks. Essententaly, an nft is an asset that doubles as its stamp of authentication and ownership that can't be faked. This is beneficial because it allows creators to claim ownership and profit off their digital content. It also allows people to connect physical goods to the blockchain for more effortless transitioning of goods and the ability to receive royalties in perpetuity automatically. Using NFTs, creators can gather funding for a project, create a community of supporters, use their budget to accomplish missions, and add value to the project. Most people see NFTs as JPEGs or digital images, but they can be connected to anything that needs to be sold or authenticated. NFTs gives power to the creator like never before. ( Detailed articles and video breakdowns dedicated to each topic are coming soon!)
The Future of Web3
Birthed in a time of war, it's no surprise the world wide web was never perfect and is ever-changing, adapting to survive and thrive. Despite being decades old, the internet still has so much room to grow and change in ways we could never imagine. Web1 allowed us to consume content, web2 allowed us to create content, and Web3 allowed us to take ownership of our content. Web3, utilizing new technologies such as blockchain, cryptocurrencies, smart contracts, DAOs, and NFTs will bring more opportunities for creators, better security, decentralization, optimized automation, and many more improvements to technology and the internet. I believe we just see the tip of the iceberg of the capabilities of these technologies. In my eyes, Web3 will transfer the power from corporations to creators allowing for equal opportunities for everyone. For more information, detailed breakdowns, and news about Web3, NFTs, DeFi, DAOs, and much more, stay tuned and stay loaded!
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