Introduction
Today, the internet has become part of life as any other essential need. As much as we love the internet, it's not without its flaws. It's not the internet, but some bad actors manipulated it. Our dependence on centralized web 2.0 platforms has led to huge monopolies and data breaches that have put our personal information at risk. Web3 was created to address these problems by creating a trustless and decentralized internet with ownership of our own data.
The key fundamental difference between Web3 and Web2 is centralization vs decentralization. In the Web2 world, the infra, applications, and data are stored on centralized systems (hosting servers and cloud) that can easily be manipulated by anyone who has access to these systems. In an ideal Web3 world, this may not be possible. The idea behind Web3 is, only the owner of data/content will have control over their content and data. It is up to the owners who they want to give access to their content and data. For that, they may very well earn something in return.
![Will Web3 replace Web2]()
Now, let's get back to the question. Will Web3 replace Web2? If you look at the history of computers and technology, every 15 years or so, there is a major shift in Web technology, and right now, we are going through one of those shifts. We started with Web 1.0 in 1989, and 15 years later, in 2005, Web 2.0 started. Now we are entering in Web 3.0 era. Let's take another example. We started with big punch card machines as computers, and start building software using console applications. Then Windows UI changes the way we use computers and work with data. Then came the Web and mobile. While we are in this Web and mobile era, cloud-native is another growing technology. Does that mean we don't need Windows UI apps? OR will we stop using mobile apps? NO.
So, in short, Web3 will not completely replace Web2. Both worlds will live side by side for a long time,
If you are unfamiliar with Web3 and want to learn more about it, please check out What is Web3.
Web3 replaces trust with security
Web3 is a new web that replaces trust with security.
Web2 was built on trust, where users trusted websites to be secure and not steal their information. This meant that websites could collect personal data from users, like usernames, passwords, credit card numbers, and more, without providing any proof of identity as long as they said they had a privacy policy on their site. This system allowed for the rise of social media platforms such as Facebook and Twitter, where your friends could connect with others and share photos or videos but also allowed for high-profile hacks like those at Equifax in 2017, which exposed millions of people’s personal information including names, addresses and Social Security numbers (SSNs).
The Web3 is different because it uses blockchain technology to provide an immutable record of transactions between two parties who are confident they know who each other is due to cryptographic signatures/private keys instead of trusting a middleman like Google or Facebook, which may have bad intentions or even go out of business someday leaving you with no way to access your account again after being locked out forever!
Web2 is data centralized, Web3 is data decentralized
Web2 is data centralized, and Web3 is data decentralized. The difference is that while Web2 is owned by a single entity and can be manipulated at will, Web3’s decentralized nature prevents anyone from manipulating the network.
With Web3, you will have greater privacy and better control over your own data than ever before.
In today’s Web2 world, Twitter can go and manipulate data of a number of transactions, users, authentic vs fake accounts, and analytics. I’ve experienced Google providing me with false data when running Google Ads. While Google said, they sent thousands of users to our website, we saw very less users coming from Google. On another website, we saw a ton of traffic coming from south Asian countries, while Google reported very less traffic from those countries. We have seen Facebook charging advertising fees for clicks while those clicks were generated by fake users. We have seen financial data being manipulated by greedy companies again and again.
Ideal Web3 world is supposed to solve these problems where data is manipulated by businesses and people who have access to the data.
Web3 enables digital ownership
Web3 enables digital ownership. All transactions are recorded on a public network, so no one can take away what you own.
Web3 enables a digital economy without intermediaries. You don’t need to trust any third parties like banks or governments to transact with each other—everyone needs an internet connection!
This is great news because it means that we can finally have a more democratic society where everyone has access to financial services and opportunities, regardless of geography or socio-economic status.
Cryptocurrencies such as Bitcoin, Ethereum, and other digital currencies and Non-fungible Tokens (NFTs) are great examples of digital ownership. If you own a digital asset in Web3, no one can come and claim that from you.
Web3 enables a digital economy without intermediaries
Yes, it is. And this is a great thing. Let's take a look at how it will help the world change, and why we're excited about it taking over.
Web3 is a decentralized internet that empowers individuals with control over their identities and assets, which allows them to transact directly on the internet (without requiring an intermediary). It also enables digital economies; people can create tokens for anything they want, such as virtual currencies and intellectual property rights. The result? A digital asset economy where anyone can buy things on the internet without middlemen taking their cut along the way - no more credit card fees or bank fees!
In an ideal Web3 world, everyone owns a digital wallet that stores digital assets, including cryptocurrencies. Each user gets an address. If I need to pay someone for a service or product, I can send him/her digital currencies direct to their wallet. There is no intermediate party involved. While this may not be a major problem in developed countries, for developing countries, this is a major plus where not only people can save money but can also transact direct, almost in real-time.
Web3 empowers metaverse
Metaverse is a digital (virtual) world made of digital identities, digital assets, and a digital economy. Metaverse is the new way people will interact and will do things on the internet. Metaverse uses avatars and digital identities to represent users, and digital currency is used to transact for digital assets in the digital economy.
To learn more about metaverse, please read What is Metaverse.
Web3 technologies
Web3 is the next internet. It is not just one technology. It involves how the internet is built, run, and owned. Some of the key technologies of Web3 include decentralization, metaverse, micropayments, digital assets, and digital economy.
To learn more about these technologies, check out What is Web3.
When will Web3 replace Web2?
This is an interesting question. History teaches us a lot. Let’s take a few of these examples.
The first credit card was issued by the Diners’ Club in 1950. Visa was founded in 1958, but even today, 88% of US consumers spend cash from time to time. Did credit cards replace cash? It’s been 72 years since the credit card was issued.
Mainframe computers were introduced in the 1950s, but still, some businesses rely on and use mainframe computers.
Windows UI applications were introduced in the late 1990s. More than two decades later, many businesses are still running on Windows applications.
Tesla was incorporated in 2003, and 20 years later, we only have about 2.2% of cars that are fully electric.
As you can imagine from the above examples, while Web3 may be the next kid of the block, Web2, and centralized systems will be here for decades. As a matter of fact, cloud computing is still evolving and growing, and it has not been done yet. Before we see a full Web3 boom, we will still have to go through the cloud boom.
Conclusion
Web3 is knocking on our doors, but the question remains, will Web3 replace Web2, and when. But we must not forget that when new technologies are developed and evolve, many bumps are on the way, and it takes time. While Web3 is being built (infrastructure), more and more applications will start testing under-the-hood technology, make mistakes, learn from them, and fix them. This is how it works.
But in the meantime, Web2 technologies such as cloud, AI, machine learning, robotics, data analytics, mobile apps, and smart will continue to flourish. As we have learned from the past, there may not be a full replacement of Web2 by Web3, but both worlds, Web2 and Web3, will live side by side.
Web3, or Web 3.0, being at its early stage, presents a great opportunity for early adopters, innovators, developers, and builders to build innovative and disruptive solutions. It is also an opportunity to adopt the mindset of the young generation and provide them with options to participate in digital economies.