Web 3.0 is an idea for a new iteration of the World Wide Web that incorporates concepts such as decentralisation, blockchain technologies, and token-based economics. The idea of Web3 gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. Some commentators argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.
Web 3.0 is distinct from Web 1.0 and Web 2.0, which refer to eras in the history of the World Wide Web. Web 1.0 refers roughly to the period from 1989 to 2004, where most sites consisted of static pages, and the vast majority of users were consumers, not content producers. Web 2.0 is based on the idea of “the web as platform” and centres on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services.
The term “Web 3.0” was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a “decentralised online ecosystem based on blockchain.” Particular interest in the idea spiked toward the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.
Some experts now argue that AI is the real Web 3.0 and that Large language models like GPT-4 are the future of the web, because they have immense potential to revolutionise how we access and use information online. While the search for Web 3.0 has been focused on building a data model on the blockchain, adoption has been slow, and developers in the Web 3.0 space face regulation challenges.
In contrast, AI’s rapid improvement has led to the emergence of large language models and new behavioural interactions across the internet. For example, even though products like ChatGPT are still in development, they are already being used more than blockchain-based Web 3.0 products for practical day-to-day purposes.