Web 3.0 Demystified: An Essential Guide for Small Businesses

Introduction

The internet is evolving.

Where once we were happy with cat videos and electronic mail, modern demands and hectic lifestyles have led to all sorts of online innovations.

In recent months, you might have heard terms like “crypto”, “NFTs”, and “the Metaverse” thrown around online, and perhaps wondered exactly what they mean.

Some of these technologies we’ve touched upon in the past, but they now have a collective umbrella term we can use to define them: “Web 3.0”. But what does that really mean? And does it matter to a small business in 2022?

That’s what we’re here to find out.

What is “Web 3.0”?

Web 3.0, also known as Web3, is a concept which redefines the internet based on new concepts around decentralization and transparency.

At the core of all Web 3.0 tech is the idea of the blockchain: an immutable peer-to-peer network which means that any change made to the network can never be undone. Technologies built on top of the blockchain should, at least in theory, benefit from running on a distributed network (i.e. one that can’t be controlled by a single entity) and have complete accountability for activity on the network.

The term “Web 3.0” stems from previous eras of the web dating back to the early 90s.

Web 1.0, which refers to a period between roughly 1991 and 2004, was defined by static websites and more one-side internet, where more of us consumed content than created it.

Web 2.0, dating from 2004 until the present day, refers to the modern use of the web, with it serving as a platform for user-generated content via social media, YouTube, reddit, and other publishing tools.

So how does Web 3.0 differ from these previous eras? And how will you know it when you see it?

The elements of Web 3.0

Like many of the technologies surrounding blockchain, the actual definition of Web 3.0 is a little bit… blurry – at least right now.

The biggest component of any Web 3.0 tech is the blockchain, meaning there’s a natural connection here with cryptocurrency. That’s because, in brief, cryptocurrencies serve as a reward for the peers (i.e. computers) running the network and doing the work of verifying, locking, and checking transactions.

Beyond cryptocurrency, which is an integral part of any Web 3.0 technology, there are also more specific examples of Web 3.0 in action today. Some of these get really technical, so we’ll take our usual approach of breaking it down into Plain English… as best we can.

With that said, here’s what Web 3.0 looks like today.

NFTs (Non-Fungible Tokens)

NFTs are one of the most talked-about technologies of the last few months – but they’re not without controversy. In very basic terms, an NFT is a digital item (such as an image, video, or audio file) which has its ownership enshrined on the blockchain for all to see. Of course, digital items can be copied endlessly, but NFTs aim to mark a single file as the ‘original’ – and people are willing to pay for this privilege. For example, the CEO of Twitter, Jack Dorsey, sold his first ever tweet for a whopping $2.8 million. That’s right: someone out there, for whatever reason, paid millions to be the digital owner of a string of words. But hey, that’s the Web 3.0 experience!

The Metaverse

In October 2021, the creator of Facebook, Mark Zuckerberg, announced his vision for the future of the internet — called “The Metaverse”. At the same time, he renamed Facebook as a company to simply “Meta”. But what is the Metaverse? Well, it might sound a little bit familiar, because the core concept revolves around a share space in virtual, augmented, and mixed reality in which users can interact with one another and create their own surroundings. This might not be a new idea, but it’s the fact that the Metaverse is built to integrate with decentralized blockchain technology which makes the real difference. For example, blockchain could easily serve as a single currency for the Metaverse, one which is independent of any bank, and that could be very appealing to a new generation of privacy-focused web users.

Smart Contracts

Smart Contracts are a recent evolution as part of cryptocurrency, but they’re a potentially huge one. Put simply, smart contracts are small programs which run on the blockchain – just like the programs you’d run on your PC. When put together as part of an application, these apps are called “decentralized applications”, or dApps. The creation of such dApps opens the door to a new way to host software on the internet – one which doesn’t require a host PC or server, but instead runs on a wide peer-to-peer network. This is a fundamental shift in the way apps are built and run, and it’s an excellent example of the ethos behind Web 3.0.

What does Web 3.0 mean for UK businesses in 2022?

Okay, still with us?

We know that the topic of Web 3.0 is pretty gargantuan, and we know that the ideas underpinning it might seem a little far-fetched – but this technology is really still in its infancy.

Just look at the criticism NFTs have received across the web, or even blockchain technology itself. Many people think Web 3.0 tech lacks purpose, vision, and doesn’t necessarily fulfil a need that many of us have. After all, Web 2.0 works just fine, right?

With the controversy and lack of convincing purpose for Web 3.0 tech right now, there’s a big question for UK businesses wondering whether or not they should invest in this at the moment. In short, unless you have a very good reason to shift to decentralized or blockchain-powered technology, there’s no real reason to rush to do so. Instead, we’d recommend simply waiting out the transition – to sit back and look at how these Web 3.0 technologies either take flight and thrive… or simply fizzle out.

Whether you’re going Web 3.0 or sticking with Web 2.0, IT support is essential

There’s no question that some elements of Web 3.0 are nothing more than fads or trends which will drop off in the fullness of time. Others, however, may be here to stay – only time will tell. No matter what happens with Web 3.0, though, one thing is for sure: IT support will be critical to keeping it all running.

So, whether you’re looking to invest in the pathway to Web 3.0, or you’re happy to sit back and see how things shake out, the Get Support team is here to back you up. With our IT support agreements, we’ve helped countless UK businesses thrive in a business world which is more digital-centric than ever before.

To learn more about our IT support agreements, call us for an introductory chat on 01865 594 000, or fill in the form below and we’ll be in touch to arrange a suitable time to talk about supercharging your IT.