What is web3?

Before trying to understand what is web3, it is important to have quick look back in the short history of the internet and how it has been evolving until now, from web1 to the current development of web3.

In 1989, the internet or web1 was first implemented and lasted until 2005. This model consisted on the creation of websites with content, for people to have access to and read. This was a big revolution by that time, as for the first time in the History people could have access to every sort of information anywhere in the world almost immediately. However, the creation of content was controlled by a very small group of people, with the rest just consuming that content. 

The Web2 model was first created in 2004 and is still controlling the internet, how we do business or how we communicate to each other nowadays. In web2, instead of a small group creating content, many people create content for an even larger audience. And not only that, it also allows users to classify or search for their favourite information, interact with each other on social media, or do business through an online platform like Amazon, yet with an intermediary, Amazon.

And finally we come to web3… well not really. In reality, we don´t exactly know how web3 will be, because is not yet fully functional, but we do know certain things. For example, it seems quite clear that digital property will play an important role in web3. For example, until now, users´ personal data was utilized by corporations by maximizing their profits through marketing services. However, the owner of that data was not rewarded in any way. This is something web3 is aspiring to change by using blockchain technology and allowing people to trade not only personal data but their knowledge or time.

Another innovation web3 might bring is the removal, or at least reduction, of intermediaries in commercial transactions. For example, image a platform like Amazon which belongs fully to the users of that platform, its merchants and buyers, with all profits from transactions being reinvested on the platform and its users. This is a model which can be implemented with the use of blockchain technology, NFTs and cryptocurrencies.

In essence, although we still need to see the exact model web3 will bring, it seems quite obvious that it will revolutionize the way we do business or interact with each other, being decentralization and digital propty very important components, allowing a share of profits, revenues or information in a more equal and fair manner. 

In 3W Labs, we believe that every organization, from huge MNCs to small start-ups, will need to adopt web3 in the same way they all make use of social media or the internet nowadays. 10 years ago there were only few corporations which had dedicated professionals or departments in charge of social media, being nowadays a must to market services and doing business. In regards to web3, we are nowadays in that same stage social media was 10 years ago, with just few corporations taking the first steps in web3 by launching its NFTs collection, but have no doubt it will be a must in few years time, probably much lesser than 10 years, because adoption is happening much faster.