Is there Web 3.0 now? Can it gain ground in 2023?

Highlights

• According to one of the most broadly accepted definitions, Web 3.0 is about decentralised internet and cryptocurrencies
• Web 1.0 was about static websites, while Web 2.0 was the phase when platforms like Facebook allowed the masses to upload content
• No example of Web 3.0 can be cited because any big internet platform has yet to become decentralised or allow token-based economics

Elon Musk’s takeover of Twitter created headlines in 2022 and the majority of debates focussed on large-scale layoffs and the billionaire’s resolve to cut costs. For Web 3.0 enthusiasts, what could be more interesting is how Musk organised polls on Twitter on wide-ranging issues like reinstating suspended Twitter accounts of personalities like Donald Trump. By one measure, the decision-making authority was distributed among users, resembling the anticipated Web 3.0 setup.

Let us explore aspects like the current progress of Web 3.0 and does it hold any promise over coming year? That said, Musk’s Twitter polls are not exactly comparable to Web 3.0, which many claim would include token-based economics and underlying blockchain tech to decentralise the entire setup.

Is there Web 3.0 now?

First, there is no precise definition of Web 3.0. Still, if one believes it to include cryptocurrency-based economics, blockchain technology, and decentralised internet, Web 3.0 is only in its infancy. A few decentralised social media platforms -- which are said to be challenging the hegemony of tech giants like Google and Meta -- claim to have some Web 3.0 attributes like blockchain and decentralised operations. Still, these have yet to attract a formidable user base.

There is no exact Web 3.0 example right now because either the project claiming to be a pure Web 3.0 platform lacks credibility or the evolving definition of Web 3.0 is making things hazy. No big name like Reddit or Twitter or even Mark Zuckerberg’s metaverse-targeted Meta can be cited as an example of Web 3.0 because all of these have centralised operations.

Web 3.0 in 2023

Now the question is whether Web 3.0 has a future, but before that, it is essential to find an answer to ‘what Web 3.0 is all about’. If it is about cryptocurrency-based commerce, 2023 might not be a revolutionary phase considering the poor performance of Bitcoin and altcoins in 2022. Musk once tweeted about Web 3.0 appearing more as a “marketing buzzword than reality”. Some expected Musk’s Twitter could become a Web 3.0 platform by introducing Dogecoin in the platform. However, no progress at all has been made in this regard.

Data provided by CoinMarketCap.com

Bottom line

The term Web 3.0 is as confusing as the real world utility of cryptocurrencies. Web 3.0 is generally believed to be an ecosystem of decentralised internet-based platforms where blockchain and blockchain-based tokens would rule. For now, no real progress has been made, while on the other hand, even the most popular cryptos like BTC and ETH lost much of their values in 2022. What happens to Web 3.0 in 2023 remains a wait-and-watch scene, but headwinds are many.

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