In addition, the platform also becomes a centralized controlling authority. If our videos are not liked by YouTube or our tweets are against Twitter's terms, they can remove them.
By
RICO USTHAVIA FRANS
·6 minutes read
In the early 1990s, the internet was just a static website used to get information online. In this era called Web 1.0, the interaction was unidirectional because most users could only consume content. Along with the development of technology, in 2004, Web 2.0 appeared and became the era of the internet today.
Websites become more dynamic, responsive and interactive. We can edit Wikipedia, interact with friends via Facebook, tweet and retweet short news, upload photos on Instagram, as well as videos on Youtube and do Tik-tok fun. The Web 2.0 platform is two-way; ordinary people can interact with each other and become content creators.
However, the emergence of digital platforms, such as Facebook, Twitter, Instagram, Google and Amazon, made Web 2.0 a centralized version of the web. These companies store, manage and monetize user data. We can use their platform for free, but our data becomes the product they sell.
In addition, the platform also becomes a centralized controlling authority. If our videos are not liked by YouTube or our tweets are against Twitter's terms, they can remove them. Facebook and Instagram often freeze accounts of users who are judged to be violating the rules. Because it is centralized, there is also the risk of the system being down and vulnerable to hackers.
Web 3.0 is the third generation internet which was originally called the Semantic Web by Tim Berners-Lee, the inventor of the World Wide Web. Web 3.0 is a more independent, intelligent and open internet. Here, websites and applications process information using artificial intelligence, machine learning, big data and blockchain technologies. In addition to Web 3.0, there is also the term Web3 which is actually slightly different, but is often considered the same.
There are many aspects of Web3 that we could cover, but this time I will focus on three things.
The concept of Web3 itself was first introduced by Gavin Wood in 2014 as an open and decentralized version of the internet. There are many aspects of Web3 that we could cover, but this time I will focus on three things.
First, controlling user data. With Web3, users have more control over their data. One example of a Web3 application is a browser called Brave. This browser lets users determine how often they see ads in a month. In addition, they also get profit sharing from the advertisements they watch in the form of basic attention tokens (BAT).
A BAT is a token or cryptocurrency used on the Brave platform which can be exchanged for ETH (ether). So, in principle, with the Brave browser users can control where and to whom their data will be sold to, through what and how often. This is in stark contrast to Web 2.0, where platforms like Facebook and Google determine how user data is monetized and the benefits are shared by themselves.
The second aspect is the ability to transact without intermediaries. In Web 2.0, all transactions must be facilitated by the platform owner. For example, online sellers and buyers must register with certain e-commerce platforms before they can make buying and selling transactions. Even when paying, they have to use financial intermediaries, both banks and financial technology services (fintech).
Imagine if Shopee, Tokopedia or Bukalapak were rebuilt with the concept of Web3. Anyone with a computer can join to be part of the platform. Those who build and process transactions get incentives in the form of cryptocurrencies. The platform that is built is not owned by anyone, all data is stored in the blockchain and anyone can make buying and selling transactions and payments without the need for an intermediary or centralized authority.
Third, the concept of Web3 allows co-ownership of a platform. Imagine if all Gojek and Grab riders and passengers became platform owners. When registering as a driver or passenger, they put a certain amount of cryptocurrency as initial capital. In Web3, this activity is known as staking.
Investors can invest in a Web3 platform by staking. Thus, the platform is jointly owned by users and investors according to the value of their respective staking. Staking is becoming the main mechanism for distributing value among digital platform users. If Web3 becomes mainstream, staking will become an important source of passive income and has the potential to grow the number of middle class investors exponentially.
User control
So, with Web3 users have more control over their data. They can interact directly without intermediaries and they can also jointly become owners of digital platforms. This is similar to the cooperative concept. Cooperative members, apart from being able to enjoy services, are also owners who can enjoy the rest of the business results. If we think about it, a platform with the Web3 concept can be analogized as an independent digital cooperative.
With the above understanding, the owners of the Web 2.0 digital platform must begin to anticipate the presence of new platforms with the concept of Web3. One thing they can do is to take privacy more seriously and implement a more open profit-sharing mechanism to their users.
On the other hand, investors are also quite aggressive in pouring out funds for start-ups and Web3-themed companies. If you are not careful, it is not impossible for the role of Web 2.0 players to decrease and become irrelevant in the future.
The impact of Web3 must also be anticipated by regulators and authorities, especially in the financial sector. How do they get into a decentralized and self-contained platform? How do they protect consumers? How can they get transaction information and collect taxes?
Transactions that occur are carried out pseudo-anonymously; we can see what is happening, but do not know who exactly did it.
All of that is not easy because today's regulators and authorities are used to authoritative ways. Such a method will be difficult to apply in the digital world of Web3 that uses blockchain technology, where everyone can freely join without restrictions on geographical jurisdiction or country. Transactions that occur are carried out pseudo-anonymously; we can see what is happening, but do not know who exactly did it.
Many doubt Web3 will become a reality, but many also support it. We hope that Web3 can become a reality so that the internet can enter a new version that is more open, more inclusive, respects privacy and is also more democratic.
ARSIP PRIBADI
Rico Usthavia
Rico Usthavia Frans,member of the Steering Committee of the Indonesia Fintech Society (IFSOC)
(This article was translated by Hendarsyah Tarmizi)
