Lets talk Web 3: Exploring New Boundaries
In the past two years, crypto and web 3 are two terms that were used everywhere whether it’s social media or a small conversation at the virtual office. We’ve seen numerous Fortune 500 companies, celebrities, or even countries invest in crypto, but not everyone understands it.
I’ve noticed that not everyone knows or cares about it beyond the financial implications - a tough reality, but hopefully, this article will shed some light. When jumping into conversations with my friends and family discussing web 3, I’ve often found myself in situations where it’s difficult navigating them through the technology and root benefits as it’s surely tough understanding so many new concepts. I’ll receive questions such as:
“Why is web 3 necessary? Why is everyone talking about crypto? How is this the future of the internet?”
Today, I aim to share my thoughts on why I’m excited about web 3 and a collection of resources to get you started.
What is Web 3?
This topic has created waves across the world and I would say that it’s worth every bit of hype possible. There is a strong case behind this new technology considering that the brightest minds are all pivoting into this industry creating innovative projects and of course, millions to billions of dollars being invested into its growth.
The hype behind it all roots from the pivot we aim to make towards a decentralized internet. In the simplest terms; it’s the opportunity to share content and govern it collectively - a new approach to read, write and own.
Introducing web 3 into the ball game. A new approach to user empowerment leveraging blockchain technology to ensure trust, transparency, and ownership beyond everything else. Similar to everything web 1 and web 2 is capable of doing, this new approach to the internet places a focus on user empowerment, state of data owned by an individual or shared through the network, technology-led by decentralized applications leveraging AI/ML, and growth/advertising through behavioral advertising.
Simplifying the story
Traditionally everything you create is only possible via the platform you use. This means that you have the ability to create blogs on Medium, music on Spotify or videos on Youtube. These platforms serve as the 'middle-man' between you and the audience you aim to reach. They give the support of its platform and become the overseers of your ability to monetize the work & get paid!
Well, things are taking a turn.
This not-so-new concept gained tremendous attention in recent months/years because it aims to give the creator (everyone and anyone) the power to own the work they produce. Mind-boggling isn't it?
Here’s an example. Writers can create a blog and monetize it immediately no matter who they are. This monetization can continue to expand by creating an NFT for their community which would grant the user access to special events, articles, and prizes. Of course, the creator can also earn royalties each and every time that the NFT is resold. The ownership is presented directly to the creator and they are able to profit wholeheartedly.
Behind the scenes of web 3, there are a ton of awesome things taking place. To dive in deeper, take a peek into this article to learn more about Blockchain, the underlying technology.
The underlying technology of blockchain is vital to this entire space and here are the 3 pillars that define what makes it so special:
Decentralization - A central authority doesn’t exist, but rather distributed across multiple groups ensuring an autonomous ‘system’.
Transparency - Open source approach to ensure that all data and transactions are accessible to everyone and anyone in the network.
Immutability - Once the transaction is processed, it cannot be changed.
Debunking the complexity surrounding this technology, we’ll also find that many projects are built on a specific technology stack that serve a specific objective. The blockchain architecture can be divided into 5 layers from L0 to L4. Each layer serves as building blocks, which all arranged in a specific order will collectively represent the structure of the blockchain. Here is a bit more on the specifics of each layer:
Peer to Peer internet overlay protocols
Platform-neutral computation descript language
Data distribution protocols
Low-trust interaction platforms
Low-trust interaction protocols
Transient data messaging
Second layer protocols
Protocol-extensible developer languages/API
Protocol-extensible user-interface platforms
All these layers play a vital component when it comes to how we as the users interact with the platform/protocol and depending on the specific objective of the platform/protocol - the entirety of the tech stack will vary!
Why am I so excited about this transformation?
The digital space is a continuous cycle of ever-changing technologies and we are just scratching the surface of what we can do with blockchain technology.
I'm absolutely excited and constantly learning about this transformation because I believe in the impact that is possible and taking place right now. It allows us to rethink our approach to our data and question how we interact with each other digitally.
Though the world of web 3 won’t take over the infrastructure that we have now in web 2, I believe that we’ll learn to live with the two worlds integrated with one another. There are tremendous possibilities available for both to thrive as we continue to explore the new boundaries and create innovative projects in both spaces.
Numbers don’t lie - Here are the facts to show the crazy amounts of cash flow in this industry:
$17.9 billion in 1312 crypto-related venture investments in 2021 and $3.9 billion in 196 deals year-to-date.
Microstrategy, Tesla, Block, and many more public companies have collectively invested hundreds of millions in crypto and current total value just above $8 billion.
Opensea, the largest NFT marketplace raked in $5 billion in monthly NFT sales.
Whether it’s your first time learning about web 3 or you’re a seasoned vet, the learning doesn’t stop. It’s an exciting feeling since there’s always a new topic for you to explore. Now, of course, there are numerous resources available starting with Twitter being at the top of the list, but here are 3 great guides that I always refer to:
A community of web 3 enthusiasts creating original educational content for individuals interested to learn about the various topics in this space. Their ambitious goal is to onboard 1 million individuals to web 3 and if you were to ask me they'll get there in no time.
An incredible list of the interesting article’s created by Gaby Goldberg and a strong community. I’ve found that the list of articles is tailored for the entire spectrum of individuals in this space and you’ll also find a great summary of each of the articles posted for a quick read.