Demystifying Web 3.0

Web 3.0 is a huge buzzword. So let’s talk about what Web 1.0 and Web 2.0 are. Let’s talk about the unique components of Web 3.0: Crypto, NFTs, and the Blockchain.

Full Transcript Below:

Cris:

This is, I think, a very hot topic.

Cody:

It’s the gauntlet.

Cris:

It’s the gauntlet.

Cody:

Ethereum, Bitcoin, digital decentralized records keeping.

Cody:

It’s Web 3.0, with Web 2.0 underneath it.

Cody:

Same right now, everyone’s talking about NFTs and they are nifty.

Cris:

Web 3.0. This is, I think, a very hot topic.

Cody:

It’s the gauntlet.

Cris:

It’s the gauntlet. 

Cris:

We get to talk about Web 3.0 today. So, let’s start there. What is Web 3.0, and then off of that, probably to define a little bit, what was Web 1.0 and Web 2.0?

Cody:

All right, so I’m going to do reverse order on this.

Cris:

Great.

Cody:

Because I think it’s going to make a lot more sense, because pretty much the definition of Web 3.0 is, “It’s Web 3.0, with Web 2.0 underneath it.” So, let’s build up the foundation.

Cris:

Okay.

Cody:

Web 1.0, it’s when you can make a website and post content and author it and you are the owner and custodian of everything that is contained within the website.

Cris:

Okay.

Cody:

Which sounds a little generic, but the big difference is that Web 2.0 is when you can do the same thing, but now have external users submit content.

Cris:

Oh, okay. Gotcha.

Cody:

Yeah. It’s when you know your informational page about Cody started having a comment section where Cris could comment and add his own content and contribute to it, and that would be the advent of you, YouTube, social media, Facebook, et cetera. That kind of stuff.

Cris:

What’s Wikipedia?

Cody:

Wikipedia is definitely Web 2.

Cris:

Okay.

Cody:

Yeah, Web 2, for sure. Although I’m pretty sure it probably existed before that was a thing.

Cris:

Yeah.

Cody:

I feel like it’s been around for a long time. But Web 3.0, building upon Web 2.0 and 1, is the same thing, but adding blockchain and all the different things that come along with it. That would be like NFTs, the Ethereum, Bitcoin, digital decentralized records keeping. All the concepts that everyone who’s in that space is really excited about, adding that on top of the other underlying fundamentals of the web.

Cris:

Ah, interesting. So, let’s break those apart. NFTs, cryptocurrency, blockchains. What is all of this? Let’s define those a little bit more and give some quick definitions. Obviously, I think people are aware of them, but let’s give our definition.

Cody:

Sure, absolutely. So, let’s do that. So, NFTs we’ll start there because I feel like they’re the biggest names right now.

Cris:

They are, yes.

Cody:

Everyone’s talking about NFTs and they are nifty. The main thing about them is that it is an acronym. It stands for a non-fungible token.

Cris:

Okay.

Cody:

The idea is creating a single unit of a “cryptocurrency”, it’s not really a currency as it is a digital good, that cannot be copied, replicated, but can be transferred. Think of it like a trading card. That’s a very common use case for them right now is either trading art or a collectible item from an event. I think there’s a U.S. constitution one right now.

Cris:

Nice.

Cody:

And there’s plenty of sports ones, et cetera. There’s a lot of non-fungible tokens that are individually unique and cannot be modified once created, and people are bidding over that singular item that there is no copies of, giving it tangible value.

Cris:

Interesting.

Cody:

Yeah. And then there’s the blockchain itself, of which the NFTs are upon and that’s how their records are maintained. The blockchain is more of a core technology of the crypto space, in the sense that… Think about when you look at a bank statement. You got a page, and you typically will have a bunch of pages. You’ll have as many transactions as you have.

Cris:

Sure.

Cody:

Think about each of those pages consisting of a block of transactions as they do visually.

Cris:

Okay.

Cody:

Except that the last transaction is, for each page, a reference and signature of the previous page, thus proving its consistency. So in other words, that last page can only belong to the page you’re looking at now. And as you go down the chain, that repeats, creating a chain of blocks, authenticating and digitally maintaining the integrity of each page. And that is more or less what the blockchain is. And that includes both on Bitcoin and Ethereum and light coin and all the other altcoins that exist that…

Cris:

The cryptocurrencies are literally digital currencies.

Cody:

Exactly.

Cris:

Okay.

Cody:

And there’s the other side of the crypto space that is not necessarily about cryptocurrency as it is records maintenance and records keeping, which the blockchain already does with the transaction logs and all of that sort with the blockchain. But what records keeping comes in is the idea of having decentralized databases. I’ve seen some applications for property records management or vital records management, or even just decentralized social media and stuff like that.

Cris:

Because everyone’s trying to use these Web 3.0 technologies right now. So yes, some of these applications that are coming to records keeping and so forth seem to lend well to this kind of, basically, ecosystem. What other kinds use cases do you see benefiting from blockchains and cryptos and NFTs and just overall Web 3.0 technology stacks?

Cody:

Yeah. So, I think it’s definitely a solution looking for a problem in a lot of ways right now.

Cris:

Okay.

Cody:

There’s definitely lots of spaces where it fits appropriately. Any space where there’s records that have to be kept, and people don’t really like one central entity managing them, or there’s an even an economic reason why that’s not ideal; that’s obviously where blockchain’s trying to find its home, and the Web 3.0 technology is really trying to find it.

Cody:

But saying where it is also at is like trying to pick a grain of sand off a beach, because there is blockchain trying to be inserted into anywhere data is stored at the moment; from medical records management to, as I said, property management, to decentralized social media, to the entire financial system. You name it, if there’s records kept, someone’s trying to blockchainify it, so to speak. Trying to integrate the Web 3.0. And where it’s going to go, I don’t think anyone knows at the moment. It’s definitely still kind of in the maturing phase of the technology.

Cris:

But it’s not slowing down.

Cody:

Oh no, it’s not slowing down. They’re definitely trying. The whole community behind cryptocurrency is trying very hard and they’re very passionate, but I don’t think, at least as of yet, we’ve determined where the true use case is going to be. And that’s a personal opinion, but it’s currently still maturing.

Cris:

That’s good, though. It’s exciting to have the, you know, new technologies, new ways of basically looking and interacting with the world, and in this case, records keeping and be able to come up with the use cases.

Cody:

Exactly.

Cris:

I think that’s fun to see the technology there, not necessarily know how it’s going to work, but be able to say, “Hey, is that… Let’s try that, let’s try that.” I think that’s where it keeps people like yourself, people like me hungry, and people like we employ at Bixly, because this is not going anywhere and we’re obviously going to have ways that we think we can try and build into this community. And we’re going to try it, and hopefully customers are going to come to us with a lot of good ideas as well.

Cody:

Yeah.

Cris:

Any final thoughts on Web 3.0 and things of use applicable to us or those watching the video?

Cody:

I think ultimately we can look at Web 3.0 as, it’s a buzzword right now. Same with blockchain. It’s buzzwordy. There’s definitely some real, absolutely passionate, absolutely useful technology that exists…

Cris:

100%, yeah.

Cody:

But in terms of the economic use case, a lot of the time it almost removes it on purpose. When it comes to, “Oh, we want to decentralize a social network.” “Oh, we want to decentralize financial transactions.” “Oh, we want to decentralize property management records and things of that sort.” By making it decentralized, it often removes the economic goal, because a lot of the time these are done, those records management print things like banks and hospital records and things like that. They’re organized by a single entity. And when you remove a single entity, there’s now only a diaspora of people who want it to happen.

Cody:

And right now, I think that’s the biggest double edged sword that exists within cryptocurrency is that the solution almost eliminates the driving force in a lot of ways.

Cris:

Interesting. Interesting.

Cody:

And I hope that the community that is behind cryptocurrency can find the wholesome passion, so to speak, to push forward and actually get these things done. But I think that’s the biggest challenge they have right now, is the solution eliminates the driving force, in a lot of ways, behind these management principles.

Cris:

Interesting.

Cody:

So, that’s a final, very philosophical thought.

Cris:

No, that’s good.

Cody:

… On cryptocurrency and Web 3 in general, but that’s where we stand right now, I think.

Alexandra:

Thank you for joining us for this episode of Bixly Tech Tuesday. I hope you enjoyed that conversation between Cris and Cody about Web 3.0, all about all of the crypto blockchain things that are out there. If you have any questions at all, go ahead and leave them in the comment section down below.

Alexandra:

And don’t forget to check out our description box down below. We have a bunch of really helpful links for you guys, including a link to our free custom software guide and a link to our website where you can actually access Cris for a free 60 minute conversation. You just hit that button, Start My Roadmap, right up at the top to be able to have a conversation with him about your next app idea. Until next time, this has been an episode of Bixly Tech Tuesday.