Web 3.0 could have a huge impact not just on crypto or tech or even finance but on the entire
world yes it's early days but we just think Web 3 looks pretty awesome and we're not alone web 3
has welcomed waves adventure captors who have been pouring money into web 3 protocols and
generating masses of hype so if you're wondering what web 3.0 is and how it could disrupt the world
then keep watching I'm Jessica and here at coin market cap we love making videos about all things
crypto from crypto news to market moves and even educational videos like the one you're watching
today so if you do want something more than just type into actually about crypto make sure to
subscribe and turn on the notifications to not miss any more videos like this according to the
market data and analyst company pitch book venture capitals have been pumping 27 billion dollars into
crypto platforms and crypto related projects so far in 2021. Ali Yahya here a crypto partner
at the venture capital film Andreessen Horowitz recently said that we are at an inflection point
that will lead to even a faster pace of innovation and growth in web 3. even the mainstream media
including the guardian and the New York times they've picked up on the hype and are writing
about you've guessed it web 3. ideas for web 3 were actually first pitched all the way back
in 1999 by none other than the inventor of the world wide web himself Tim Berners-Lee Berners-lee
actually believed that what we're seeing today and what we're experiencing referencing to web 3
would be known as something called semantic web which would involve ai solving problems
like unclear search queries and using linguistic context i'm going to give you an example when
evaluating a question or a search query like what is a jaguar this could refer to the cat or the car
by using the context of the question but what web 3 has actually turned out to be or might look like
is so much more exciting and goes so much further than beyond the first vision before
we get too far into what web 3 will be let's do a quick recap of the world wide web so far
so everything from the first connected computer networks to those read only websites that you
guys might remember from the end of the 90s these actually all fall under web
one web one pages were static and read only which was actually really great for sharing information
but not so great for interacting with other people think of it like wikipedia
web one was a significant technological breakthrough and even though we compare it
to the web we use now most of the web pages look pretty plain and also pretty boring
Web 2.0 is the version of the web that we are all using right now if you're watching this on
youtube you're using Web 2 now what's interesting with Web 2 is web pages actually became a dynamic
and global two-way communications they became so much faster e-commerce sites like amazon they took
off and google began indexing to the internet and facebook they gave us this convenient place
to share photos of pets and food with people who also enjoy sharing photos of pets and food
web 2 spot a revolution in global trade and businesses over the world had to really adapt
or be risks left behind yet despite this obvious and also noteworthy achievements web 2 has had
a number of quite serious shortcomings most of which revolve around centralized control
so since the release of the first iPhone all the way back in 2017 a handful of companies have
really aggressively asserted their control over the internet i don't even need to say their names
i'm pretty sure you've worked out the business model of these companies use hinges on storage
and then sells our data to third parties in exchange for using their platforms for free
so to use web2 platforms we have to trust in centralized corporations to not misuse the data
that we hand over when we use the platforms which is always a little bit optimistic and also all of
our data is stored together in huge centralized data exchanges which means that the large portions
of the internet rely on a single point of failure while trying not to fail and given amazon's web
service had a seven hour outage very recently it's also pretty optimistic so although web 2
brought a lot of positive changes to the internet its centralized control also proved to be a big
problem so naturally decentralizing the internet is at the heart of web 3
while web 2 gave the internet a front-end facelift web 3 is more of a back-end update
happening a little bit more behind the scenes now not everybody agrees on exactly what web 3
is or what it will become just yet however most people agree the next iteration of the internet
will most likely involve decentralizing control over the internet the idea is to end
our collective reliance on these handfuls of tech giants while also reducing the amount of control
they have on one company and handing over to the internet moving forward
in years to come so now that we're clear on what web 3 is you're also
now probably wondering the million dollar question how will web 3 disrupt our society
so as we move into web 3.0 and the internet becomes more and more decentralized you won't
have to have a different account for every single platform like twitter or amazon instead tools like
Metamask and trust wallet will actually allow to give anyone access to decentralized applications
or what we know is DAPPs from anywhere and without being required to hand over any sensitive or any
personal details so our stats run using smart contracts rather than any human intermediaries
anyone can use them without needing approval from any companies or any government in time this will
turn into decentralization preventing private companies having the only say on who gets to use
the internet services and under what conditions this will also reduce this monopolistic behavior
that we've been seeing for years like companies shutting down competitive sites or also acquiring
competitor sites and services so as DeFi improves and more people start using decentralized finance
DeFi will actually become accessible to people living in developing countries
who currently can't access any financial services whatsoever this will also enable more people
to access financial services without needing permissions from a bank or from any other company
so some projects like helium are actually already trying to decentralize the actual internet and
access to it by building a decentralized network of hotspots spread out all over the world
right now we have very little control over the data we hand over most of the websites that you
visit they actually pick up some information about you they store it they package it up and they pass
it on and they pass it on for a profit this is how facebook makes 98 of its profit but on web
3 online platforms are going to have to try much harder time tracking how we use their platforms
and selling our data to third parties will probably not be impossible but really difficult
without first obtaining our express permission all of our data from our thanksgiving photos on social
media to financial transactions and possibly even our entire digital identity they'll be entirely
under our control onward three will actually be able to choose which pieces of information
we choose to share and on which platforms and on a case case-by-case basis some platforms might even
offer to pay for your data in crypto so instead of a third party getting the profit that comes
back to you platforms and protocols will be able to become interoperable as will your data
and information which is available somewhere will be a lot more accessible to everyone in practice
this will allow you to do some really cool stuff like move all of your social media posts statuses
and updates into one site without the need for any hassle and just with a few clicks and this
could even mean having proofs of your identity like your passport or educational certificates
stored securely in a digital wallet but available online whenever you need them
machine learning involves using data and algorithms to really imitate the way that we
humans interact and how we learn there are plenty of web to applications like google that already
use machine learning to provide us with a better more relevant and often a personalized service
yes this is cool and we use it a lot and it is useful but decentralized protocols
will actually be able to use ai and machine learning in ways the web to apps they can't
data protection and privacy laws they currently stop companies from accessing and analyzing
incredibly useful data because it's sensitive or private and for a good reason but if that data was
usable it would be incredibly useful for medical research for designing software for self-driving
cars but decentralized web through applications they can allow ai and machine learning programs
to analyze private or personal data without the data owner sharing the document directly mainly
by using the blockchain so whoever owns valuable data can actually profit from companies using it
without sacrificing the ownership over the data set or the privacy of anyone's data used within
that set exactly how this works is a little outside the scope for a 10-minute youtube video
but you can actually check out ocean protocol and there is a lot more that you can learn
and keep in mind the potential of applications in ai and web 3 go way beyond the targeted
advertising and personalized speech results that we enjoy today on web2
the biggest internet companies around today are by design centralized and not at all democratic
this often creates a misalignment between what the shareholders of the company want which is
normally the money and mostly what the platform and the customers want which is better privacy
more control over their own data and an engaging and fun experience let's take facebook for example
for every big change to facebook's platform this is decided by facebook's biggest shareholders the
facebook employees have some say in what goes on in the day-to-day running of the platform
but in general there isn't so much they can do if they don't like the overall direction the company
is going in or also if they don't morally agree with it their only real option is to leave and
complain about facebook and about the experience so the decisions are made by a tiny number of
facebook shareholders that have significant effect on the lives and the livelihoods of billions
of facebook users and those billions of users actually don't get a sa in any of the decisions
that facebook makes but let's imagine just for a moment that facebook operated democratically
and a dao what would that look like if you've been in crypto for more than five minutes you'll
certainly already know about decentralized autonomous organizations also known as daos
they turned the idea of a top-down traditional corporate structure on its head by giving anyone
with one of the dow governance tokens a saying how it operates and although dials are mostly
thought of as a crypto thing they also have the potential to completely transform how businesses
all over the world operate by altering how they're controlled so if facebook were a dow anyone who
owned one of facebook styles tokens would actually be able to vote on every change to the platform
as well as suggest new features and those features could include an unfiltered news feed
or being able to see who's viewed your profile even having the option to not be tracked
on the platform whatsoever and as more people join the dow the price of each dial token actually
rises and this creates a financial incentive for each of the platform's users to build features
which will attract the most people having a focus on how to attract the most value from users to
maximize profits in other words everyone does seem to benefit from the platform being equitable
and also being fun and if someone who owns a facebook dial token decides they don't like
the direction the platforms going they can just style their token and move to another platform
if this all sounds a little bit far-fetched know that decentralized social dowels already
exist like friends with benefits and the board ate yacht club and while this is an extremely
unlikely event that we could see facebook going to become a dow anytime soon or ever really web
3 will still have a decentralized social media platform controlled entirely by communities
decentralized platforms on web 3 they don't rely on a single data center or a company to stay
online instead they're hosted by peer-to-peer networks spread out all over the world
there's no single point of failure in any web 3 network which means that even a huge chunk
of the network is attacked or taken offline the platform will still stay up and running this also
means anyone can decide who gets to use which platforms or what they can say online this is
great for freedom of speech especially for people who live in countries which are currently limited
with the access of certain websites or monitor what they say and what they do online however
censorship proof platforms are also double edged so giving a voice to the unheard or the oppressed
has obvious benefits but people have also raised some really serious and some very valid concerns
about the spread of illegal anonymously posted content online and this is a big issue because
unfortunately a censorship-proof web means that nobody gets censored and nobody includes the
people that we really don't want to hear from the biggest point of today is that web 3 will
allow us to coordinate better than ever before and form decentralized communities across the
global web we'll be able to safely trade value and information with people that we've never met and
that we wouldn't normally trust without the need for an intermediary and from this our societies
become more efficient every time we remove a rant seeking third party that we no longer
need we can share useful data with one another without actually sacrificing privacy which is
such an important element we can end our reliance on centralized monopolies like wall street banks
and also these tech giants that we've referred to in this video today now one of the most important
factors of all web story gives us a way to trust one another and coordinate our efforts to achieve
our mutual goals much easier than we can now yes there will be some trade-offs but look how far
web 2 has changed our lives so far and we can only imagine what web 3 world will actually look like
so now i want to turn to you all and ask you what your thoughts on web 3 are you full or i against
share your thoughts with me personally i am all in on the idea that is all from me if you do have any
more questions about this wild world of crypto you can always ask Alex in the description box below