Tahir Butt London - What Is Web3 and What Does It Encompass?

Before getting into the details of Web3, it’s vital to make the distinction between the world wide web (simply, ‘the web’) and the internet. These words are often used interchangeably in common conversation but represent different aspects of being online. The web is the collection of web pages that people access on their devices, while the internet is the global network of connected computers upon which the web works.

1. What Is Web3?
By Tahir Butt London

2. What Is Web3?
Before getting into the details of Web3, it’s vital to make the distinction
between the world wide web (simply, ‘the web’) and the internet. These
words are often used interchangeably in common conversation but
represent different aspects of being online. The web is the collection of
web pages that people access on their devices, while the internet is the
global network of connected computers upon which the web works.
The web has been around since the early 1990s when it was invented
and has gone through an interesting journey to get to Web3. Its first
inception –Web 1.0 –mainly comprised static websites that had no
interaction with users. The idea at the time was to have a platform that
allowed information-sharing. This first version of the web lasted until
2004 when Web 2.0 emerged with social media platforms. This period
saw open interaction between users and content, along with the growth
of platforms to handle user-generated content. Web 2.0 gave birth to the
advertising-driven revenue model, which has seen several companies
grow into large technology entities.
©Tahir Butt London

3. The Essentials
With the emergence of new technologies such as blockchain and
cryptocurrency, Web3 has become the term that encompasses an
internet that combines these tecnhologiesfor a decentralised
experience. User ownership of content is something that previous
versions of the web didn’t address, and proponents of Web3 think it will
do a better job.
This vision is something that Tahir Butt, London-based entrepreneur, is
firmly behind, as he believes Web3 has the potential to revolutionise
online interactions, transactions and communication.

4. What Does it Encompass?
A lot of what Web3 looks like is a work in progress. However, there are
a few principles that developers have outlined as key to its functioning.
These include:
•Making it decentralisedso that interactions between users and
devices will not be controlled by a centralisedauthority.
•Making it trustless. All actors will use the Zero Trust model, which
requires every request to be verified (‘never trust, always verify’).
•Using blockchain technology so users can communicate with each
other directly.
•Using a distributed ledger to track all transactions.

5. What Does it Encompass?
One of the core reasons why proponents of Web3 push for it is the
benefit of control it offers users. In the current set-up, a user who
purchases an in-app item can only use it when they use the application.
Should the creators of the app delete a user’s account, those items are
lost. However, with Web3, users will have direct ownership, and not
even the application’s creators can take it away.