Open, Trustless and Permissionless

The Internet as we know it today is thought of as Web 2.0 — it moved the world on from static desktop web pages designed for information consumption (Web 1.0) to an interactive, user-generated experience that brought us, ultimately, Uber, AirBnB, Facebook and Instagram.

The first wave of social networks on Web 2.0 ; Friendster, MySpace & Facebook all coaxed users into content generation which lent itself to recommendations, referrals and likes. Web 2.0 even persuaded us to share photos online with specific friend groups through to entrusting strangers with personal homes on AirBnB; and even getting into a stranger’s car with Uber.

Whilst all of this has undoubtedly brought enormous innovation, this innovation has been centralised — all of the companies that dominate the Internet utilise the data, our data, for their own benefit. We accept that our data is monetised and that these companies can, pretty much, have surveillance over us. We have to trust them to handle this data in what is essentially a closed system. The value that we add to this system is never assigned to us.

Web 3.0 stands to disrupt this — it stands to make the Internet more open and, crucially, decentralised. This will be achieved by utilising key technological breakthroughs; Blockchain, Edge Computing and AI. These components will give rise to the mainstream adoption of Peer to Peer (P2P) technologies (you to me), open-source software, virtual reality & the Internet of things — this adoption will be as seamless and obvious as the innovations brought forward by Web 2.0

This new ‘Internet’ promises us a fairer internet by enabling the individual to be sovereign — affording the ability to own and therefore control who profits from one’s Information, Time & Money. P2P technology will, and already is, enabling individuals to act as their own Bank — completing transactions without the need for a middle man and at a fraction of the cost of utilising the legacy banking system. The new Internet will enable anyone with Broadband connection and a Phone to be part of the Financial system, something that Billions of people currently find themselves on the outside of.

Web 3.0 will be Open, Trustless and Permissionless — it will be decentralised, underpinned by Blockchain technology and owned by you and me.