Thread by @0xViking

One fails forward toward success - Charles Kettering

WTF is web3?

If you are reading this then you are a already in web2. We have seen a lot of changes and explosive use of web in the recent years.

Forget about Bitcoin/Crypto/Blockchain untill the end of this thread

👇🧵

INTERNET:
To have a good understanding of what web3 is we have to go back years where internet started with just a bunch of WIRES and NETWORK

In late 1960's:
- The ARPANET by research division of US Military
- Network is between University in UTAH and three nodes in California

It gradually evolved and the network grew larger.

As of mid 1980's @vgcerf (recognized as one of the fathers of internet) created a fundamental protocol to have a decentralized network of networks that used tcp/ip protocol while ARPANET is just one NETWORK.

@vgcerf WEB1.0

In 1990 @timberners_lee implemented the first successful communication between HTTP client and server via the internet.

- Key point is all the webpages here are STATIC(read-only)
- Key innovation here is hyperlinks which we take for granted now

@vgcerf @timberners_lee Have a look at how the first webite looked with a bunch of hyperlinks when it was launced.

@vgcerf @timberners_lee WEB2.0:

It is born in the early 2000's.

WHY?
- Because web1 isn't interactive it just shows the same content untill it is updated.

So the web2 emerged
- With key charecteristics as interactive, dynamic. i.e., you could read and write.
which is what we are experiencing now

@vgcerf @timberners_lee - With web2 you can write a article and publish it which can be read by millions of people.
- You can create a video which can have millions of views, people and interact with your content, comment and share it.

But there are limitations of Web2
- Security
- Data Monetization

@vgcerf @timberners_lee Security
- In the recent years we saw a lot of data breaches. This is happening because the data is stored on centralized servers which are owned by some company who has flaws in their data security.
- In Web2 you don't own your data and cannot trust the companies who handle it.

@vgcerf @timberners_lee Data Monetization
- All the tech gaints ruling the web runs primarily on monetizing the data of the users.
- At first they don't care about profits, they concentrate on growth and bringing in new users
- Later they start to monetize the user data, which is more personalized ads

@vgcerf @timberners_lee One more thing!
You can be a millionare today and have zero money the next day, because the money you keep in banks are centralized and government can limit or seize the funds even remove your access to the bank accounts.

With all the limitations in web2. We Welcome WEB3

@vgcerf @timberners_lee summary of web2

-The money and the profits and everything is going to the applications built on top of the protocol, like HTTP, OpenSSL, etc., Which are also developed by a community who doesn't see the fruits of the tree grown by the seed they sow.
-Data is centralization

@vgcerf @timberners_lee WEB3.0

- Is born in introduce trust/verifiability into the web
- You not only read, write data you can trust and verify the data you own in web3

"In one sentence web3 is turing centralized applications into decentralized protocols"

@vgcerf @timberners_lee Trust/Verifiability :
- Decades ago trust is just a social mechanisam between two humans/parties
- But now trust is in the hands of centralized entities like BANKS for money.

In Web3 trust can be programmable i.e., program trust in the underlying protocol itself.

@vgcerf @timberners_lee What web3 does is "what bitcoin is doing to the finance system right now" but to all other kinds of sevices and applications.

To repeat-
"BITCOIN just kicked/opened the peer to peer world again"

Web3 is a confluence of other things:
Decentralized web
Blockchain
Linked Data

@vgcerf @timberners_lee DECENTRALIZED WEB:
Decentralized Web is a system of interconnected, independent, privately owned computers that work together to provide private, secure, censorship-resistant access to information and services which removes the centralized data hosting services.

@vgcerf @timberners_lee BLOCKCHAIN:
Blockchain is a system of recording information in a way that makes it difficult/impossible to change the data. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of systems on the blockchain

@vgcerf @timberners_lee LINKED DATA:
Linked Data is a set of design principles for sharing machine-readable interlinked data on the Web.
Like the machines understanding the data itself instead of just knowing what type of data is it like image, text, video etc.,

@vgcerf @timberners_lee ----Intresting Things in WEB3----
1. Tokens and Market Protocols:
Market protocols are programmable, value-creation networks with economic structures and rivaling firms.
For example:
Lets take UBER which has a community of drivers users and an ecosystem was built around it

@vgcerf @timberners_lee If the UBER is in WEB3 which has token and implemented market protocol. The driver who joins this network owns some tokens of the company which has a value in real life. It is like having a stake in company, This works as a powerful incentive to the driver and he strives for

@vgcerf @timberners_lee development and sucess of the company. Which increases the income to the company in turn the value of token increases according to the growth of the ecosystem. This sort of protocol has trust built in itself.

He can sell token and take profits when ever he want.

@vgcerf @timberners_lee 2. Open Source & Open Services:
Since web3 itself is decentralized the source code of protocols, software products that people developing are opensourced, community will contribute to thes protocols & products which will be very helpful.

@vgcerf @timberners_lee Open Services should have the following charecteristics

- Open Source
- Forkability
- Permissionless entry
- Provide service over time
- Optimize value
- Incentive structures

For example Satoshi made Bitcoin open source, because of that many communities forked it and improved

@vgcerf @timberners_lee Bitcoin is a open source protocol built on decentralized network and has an value which also incentive the opertors who contribute or run the network. incentivizing is built into the protocol which made the possibility of building crypto economics which we are seeing now.

@vgcerf @timberners_lee There are limitations for WEB3 as well at least as of now:
1. Scalability - to be able to use for millions and billions of people
2. UX - user experience right now is not that great
3. Cost - Maintaining data completely on decentralized netwrok is quite costly as of now

@vgcerf @timberners_lee So to summarize 👍

WEB3 is a DECENTRALIZED network of computers interconnected and owned by any individual which runs the protocols(BLOCKCHAIN) inturn having incentives for providing resources to the protocol. Linked data is yet be mainstream atleast as per my understanding.

@vgcerf @timberners_lee If you are a developer check the opportunities in the Blockchain part which had recently opened a wide variety types like NFT's, DeFi, GameFi etc.,
If you are a normal user of web go ahead use protocols and join the communities. Expereince ride of once in a life time opportunity

@vgcerf @timberners_lee Resources:
Blogs-
ethereum.org/en/developers/…
freecodecamp.org/news/what-is-w…
Videos-

@vgcerf @timberners_lee Thank you for reading till here.

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Thanks again.
0xViking

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