Between ‘marketing’ and the future of the Internet: what is the Web3 that arouses so much controversy among the giants of technology?

Seven years after its emergence, the Web3 concept peaked in popularity in 2021, as it continues to spark controversy among users of the global computer network. In recent days, a series of debates have intensified around the very notion of Web3 that questions the possibility of its implementation and in which some tech billionaires, such as Tesla and SpaceX CEO Elon Musk, have participated. , and former Twitter CEO Jack Dorsey.

The evolution of the Internet

The concept, coined in 2014 by cryptocurrency ethereum co-founder Gavin Wood, references the existence of two other previous internet eras, Web 1.0 and Web 2.0, which would be replaced by its third generation due to its limitations, according to el propio Wood a Wired.

Web 1.0, the original and most basic version of the Internet, allowed little interaction, limiting most Internet activity to browsing and reading static pages. For its part, Web 2.0, the current generation, has resulted in a more interactive and social Internet, marking the starting point of the era of centralization with a small group of companies and tech giants owning most of the platforms and subject to a limited number of centralized government regulators.

The decentralized network

Unlike its predecessors, the Web3 or Web 3.0 promises to offer a decentralized system controlled by consumers and not by large companies, in which users could interact and transfer data freely.

The Web3 concept evokes a new generation of Internet which would be based on block chain, a structure made up of elements that contain encrypted data about each transaction, through which non-fungible tokens (NFT) operate. Such a database would help keep data free and distributed among peer-to-peer networks.

The concept relies, to a large extent, on the crypto-currencies, which would act as an incentive for those who wish to participate in the creation and development of the new Network, which would help to eliminate intermediaries from the process.

A “marketing buzzword”

Before becoming a reality, the concept was the subject of strong criticism, due to the supposed impossibility of its implementation. This week, former Twitter boss Jack Dorsey claimed that Web3 is in fact “a centralized entity with a different label“.” You do not own the Web3. The real ones are venture capitalists and their backers. He will never escape your inducements, ”he wrote.

For his part, Elon Musk wrote on his Twitter account that Web3 “sounds like crap” and, currently, it looks more like a “Buzzword “marketing” ” than a reality.

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