The fact is that Web 3.0 is neither simple, nor fully defined at the moment, but we can discuss its central components and how it represents a new way of interacting with the internet. When explaining the errors of the internet, I often say that while Web 1.0 connected us to information and Web 2.0 connected us to each other, Web 3.0 connects people, places, and things. Going deeper than that, the most important things you need to know about Web 3.0 is one, it is built on blockchain technology. The first principle of Web 3.0, is blockchain.
A blockchain is a shared database that links data in blocks that cannot be edited. This creates an irreversible timeline of data, allowing you to see when and where any piece of data was created or stored at any given moment. Another important feature of the blockchain is that it is a distributed ledger, meaning the same information is stored in multiple places within a network. Whenever information is entered on a blockchain it is recorded across the entire network, which brings us to the second principle of Web 3.0, decentralization.
By its nature, the blockchain is decentralized. There is no central server company that controls or owns the data. In our Web 2.0 world, any information about how we use the internet or any information we put onto the internet is stored by the company that provides the platform we used. For instance, any information you provide to LinkedIn is stored on LinkedIn servers, not on your personal hard drive.
When you want to access that data, you have to log into your account and request to see it. While LinkedIn’s user agreement makes it clear that you own your own personal data stored on their service, not every company operates that way. Some will retain rights to your photos and posts, or package and sell data to third parties. In the Web 3.0 world, you would have more control and ownership over your data because you would have direct access to the blockchain it was stored on.
Instead of companies collecting and monetizing your personal data, you could monetize it for yourself. You could actually own the digital assets you purchased or earned on the blockchain. based on the blockchain that is managed by the community of users.