Does Web 3.0 Already Exist? Understanding The Timeline
Depending on the person fielding the question, Web3 — the next iteration of the Internet as we know it — has already arrived. It is essentially a fancy way of wrapping up the existing internet infrastructure with a layer of crypto. One of the core tenets of Web3 is that it will be built upon the foundations of blockchain technology, bringing decentralization and transparency. Decentralization – because the data is not stored on a single server owned by a single entity. Transparency – because when data is stored across multiple servers, it is almost impossible to tamper with or fiddle with its existence using opaque policies.
One more core element of Web3 dreams is a permission-less ecosystem for peer-to-peer interactions. For example, a transaction between two parties won’t involve a third-party service provider, or even the government, acting as a facilitator with their own vested interests. Another fundamental aspect of Web3, which is said to usher in the era of Internet 3.0, is that applications and services built on this iteration of the internet will be open-source. Now, the question of whether Web3 exists, or not, is debatable. Broadly speaking, Web 1.0 lived from 1990 to 2005, while Web2 is currently what the world is latched on to. Web3 stakeholders are proposing anywhere from the next five years to the next decade for it to become ubiquitous, but not all experts share the vision.
Related: How Web3 Could Change How You Use The Internet
According to Gartner, the Web3 landscape, despite making inroads, won’t be overtaking the existing Web2-based applications in the enterprise domain in the ongoing decade. In such a confusing scenario, the best way to gauge when Web3 arrives — if at all — is to study how its
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