a. Overview of the Web3.0 market

Introduction

The Internet has changed radically over the last two decades of its existence. Indeed, this global computer network allowing the sharing of information from one point to the other of the globe has undergone many evolutions and paradigm shifts during its existence. These changes have recently led to the creation of a new paradigm: the Web3. But before that we talk about Web3, it is important to understand how a third version of the Internet came to be.

The static Web: Web 1.0

The Web1 emerged in the 1990s and is intended to give information. This first-generation Web is made of static pages with limited contents. It was made possible to publish information that could be consulted at any time by all its users. But this mode of operation did not lead to interaction between users, which led to the development of Web 2.0.

The dynamic Web: Web 2.0

The Web era of the 2000s was marked by the democratization of the Internet. Users can now become both actors and designers, offering more possibilities than the first generation. Indeed, users can now share, withdraw and create information. This is the beginning of socialization and the emergence of centralized applications (social networks, online shops, etc.). These tools have transformed the web experience from something static to dynamic. However, this evolution has also led to the emergence of certain shortcomings, including the centralized storage of data on servers, and the over-exploitation of their uses for commercial purposes, often at the expense of users.

But Web 3.0 intends to revolutionize the system by giving users full ownership of their personal data.

What is the Semantic Web: Web 3.0?

Web 3.0 is the new generation of Internet technology which aims to respond to a major problem: giving the user back control over the management of his or her personal data. Web 1.0 allowed users to read content, Web 2.0 allowed them to read and write content, but Web 3.0 adds the notion of ownership. The user is thus able to own the content he produces, and thus have control over it. To do this, Web 3 can count on some serious assets.

First of all, and before explaining more precisely what it is, it is important to understand that Web3 is a term used to designate the idea of a decentralized web exploiting blockchain technology. The essence of Web 3.0 is thus composed of three main axes: decentralization, data control and confidentiality, all of which are enabled by this new paradigm that is the blockchain.

As a reminder, the blockchain is a technology for storing and transmitting information without a central authority. To put it bluntly, it is a distributed database that contains the list of all exchanges made between users. This database, or "register", has the advantage of being decentralized on the one hand, i.e. stored via the various participants in the network, but also highly secure on the other hand, via a cryptographic system of validation by the users. This technology thus offers a new method of storing data online, with the main advantages of high standards of transparency and security through the operation of its data encryption. In addition, the fact that it operates without a body control also allows the user to take ownership of his or her data, and to use it directly with other users. An undeniable asset at a time when our data is collected and used in abundance.

Exponential growth in the adoption of blockchain protocols

In 2021, the idea of a Web3 has gained popularity, largely due to the interest of crypto-currency enthusiasts, but also due to the arrival of more and more investment funds and renowned companies in the ecosystem. In addition, this growing interest has also been made possible by the arrival of more and more diversifications within the Web3 ecosystem, through the appearance of new blockchains, but also and above all, through the considerable increase in new concepts, and therefore, possibilities: NFT, Gamefi, Metaverse, Interoperability, and many others.

Today, this constant innovation is leading to an increase in the adoption of blockchain protocols that provide Web3 services, particularly because of the various advantages they offer. From 2023 to 2030, the annual growth rate of Web3 is estimated at 44.6%.

Nevertheless, and although Web3 seems to be an inevitable revolution, the transition from Web2 to Web3 will take place on a gradual time scale, as was the case for the Internet when it was created. It is estimated, given the current trend, that there will potentially be 1 billion users on Web3 by 2031 (according to a16z). The revolution is on its way, and TooneyChain intends to be part of it!