Your most pressing questions about the future of the internet, answered
If you’re like us, you have a whole list of questions about Web3, one of which may be: is Web3 a revolutionary opportunity that will allow every one of us to contribute to creating a better version of the internet or is it a hotbed for scams?
At this point in time, it’s difficult to say which one it’ll be—if either at all—as Web3 is still a nascent idea that has yet to fully materialise. But what advocates have been saying about the proposed successor of Web2—the version of the internet we’re in now—is no less intriguing.
When Ethereum co-founder Gavin Wood coined the term “Web 3.0” in 2014, he described the next era of the internet then as a “peer-to-peer web that lets you do everything you can now”, without the need for servers like Amazon Web Services or authorities like Google or Facebook to manage the flow of information. In an opinion piece from 2018, he further explains it in a rather poetic manner, "Consider Web 3.0 to be an executable Magna Carta—the foundation of the freedom of the individual against the arbitrary authority of the despot."
To better understand the basics of Web3 further, we speak to entrepreneur Ivan Yeo for his insights. The co-founder and chairman of Evos Esports, which manages professional esports players across Southeast Asia, is currently working on expanding his portfolio into Web3, focusing on the gaming industry.
In simple terms, how can we differentiate Web3 from Web1 and Web2?
American entrepreneur and investor Chris Dixon summarises this the best in one of his tweets:
Web 1: Read
Web 2: Read / Write
Web 3: Read / Write / Own
Web1 was about static web pages like Craigslist, where users enter the site to view and read. Web2 is about interactive web pages like Facebook and YouTube, where users are able to do more than just read. They can communicate, share or view videos and photos. It also marked the rise of user-generated content, where users are now able to contribute content to web pages. Web3 marks a new era of the internet, where users become participants in networks and have ownership over their content, data and digital assets.
Some say Web3 is a hotbed for scams, others say it's a life-changing opportunity. Is it one of them, both or neither?
As with all new technologies, the early days are always filled with scams and doubters. In the 1980s, the internet was thought to be a fad. In the 2000s, mobile apps were thought to be a fad.
Naturally, at the dawn of new technologies, a gold rush ensues, as we’ve seen with e-commerce in the 1990s and social media in the early 2000s. But history has taught us that majority of companies will fail once the dust has settled and the hype subsides. So it is important for entrepreneurs and creators to look past the biased opinions and view matters objectively, to understand the core technology and figure out its implications on our careers.
See also: How This Surgeon Is Using Social Media To Battle Misinformation