Web3

Web3 is a new iteration of the internet which differs significantly from our current version, Web2. In short, Web3 is meant to protect users from unwarranted tracking, targeting and data collection, bots and click farms, and is supposed to deliver transparency to the internet. Blockchain technologies and artificial intelligence are at the forefront of what is expected out of Web3.

Where did the Idea of Web3 Come From?

Ethereum co-founder, Gavin Wood, came up with the term Web3 when discussing the “need for a [zero-trust interaction system](https://gavwood.com/dappsweb3.html)” back in 2014. Him and many others recognized that Web2 was regularly manipulated by organizations and governments who are willing to overstep their authority. A key piece in Wood’s blog and call to action for Web3 was Edward Snowden’s whistleblowing event in 2013.

After Snowden’s warnings, it was clear that privacy of personal data was under attack, censorship and regulation of ideas was common, and that many forms of manipulation existed on platforms for social media, shopping, entertainment, browsing, banking, and even online dating.

To mitigate these issues, solutions such as blockchain, encryption, and artificial intelligence technologies are being developed into decentralized global information storage systems, user authenticity processes, natural language processors, and more for the purpose of Web3.

From 1983 Till Now, Brief History of the Internet

Web1, or the first iteration of the internet, was a public domain for users who wanted to create and visit static pages freely. Business focused pages were highly popular, and advertisements on websites were banned.

Web2, the internet we currently operate on, is tailored towards social interaction. Websites can be interactive and dynamic, users can sort information how they like, and perhaps the biggest development after Web1 is that information flows between the site owner and site users. Advertisements are allowed and companies are financially incentivised to collect and sell data in order to create targeted ads.

Web3 seems to be a combination of the individuality and freedoms we saw in Web1, with improved dynamic capabilities we experience with Web2. But with Web3, the failures of Web2 can be avoided.

Protecting the Individual

By utilizing semantic artificial intelligences to help find information quickly, plus protect against things like bots and click farms, users won’t need to worry so much about receiving pre-regulated information. Instead, with decentralized blockchain technologies storing information, things like data misuse will not be possible while full accessibility and transparency will be. Also users should have more control over their personal data.

Furthermore, because blockchain technologies are decentralized public ledgers, anyone from anywhere in the world would be able to experience the same Web3 as the next person. According to Gavin Wood the ideal Web3 would offer “static content publication, dynamic messages, trustless transactions and an integrated user-interface.”

Where do NFTs Play a Role?

NFTs could play a vital role in the creation of Web3 as NFT technology is developed with the individual in mind. Because every NFT is backed by a blockchain, users of Web3 will be able to create content, domains, environments, goods, and much more on Web3 by use of NFTs.

Along with innovating for NFT solutions for the Metaverse, Fayre is also working to develop NFTs for online usability. Providing low-cost solutions for creating NFTs will be a necessary service that many will use should they wish to participate in Web3, which is part of Fayre’s mission.