Despite the turmoil in the cryptocurrency sphere, what sustains our interest in this technology, and where might it lead us?
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A substantial amount has been discussed about crypto valuations in recent years. The cryptocurrency market has witnessed significant fluctuations, resulting in sudden wealth accumulation for some and instantaneous loss of everything for others.
Furthermore, the NFT sector generated over $23 billion in trading volume in 2021, and the majority of NFTs are now deemed worthless.
Beneath these noteworthy crypto asset fluctuations and the once-hyped projects that have plummeted to rock-bottom valuations lies a technology with remarkable disruptive potential that is invigorating numerous projects and adding value to our society.
In this piece, I encourage you to set aside any investment bias and concentrate on the technical aspect to comprehend the significant milestones of the web that have brought us to this point and what can be anticipated in the future.
The emergence of the web
Milestones in web development over the decades
The initial strides toward decentralization were taken during the Cold War when the United States established a system to decentralize its information at the Pentagon, making it accessible remotely to prevent potential loss of government documents in a perceived attack.
Subsequently, computer communication systems expanded beyond the military context. This led to various advancements, including the standardization of TCP/IP, which facilitated the establishment of the National Science Foundation Network in 1985, a vast network connecting research and education-focused universities.
In the 1990s, the internet also started serving commercial purposes and gained popularity, culminating in a surge in the 2000s. From then on, leading to Web3, we can categorize the web into two major phases: Web 1.0 and Web 2.0.
Web 1.0 (1995–2005)
Web 1.0 predominantly comprised static web pages. Users were solely consumers of content. Through home computers, users could connect to the server and download information for reading. This setup came to be known as the client-server protocol,
Websites of that era included library, catalog, and corporate pages, where all content was static. At that time, the primary professional responsible for shaping consumed content was the web designer.
Web Interaction Model1
Web 2.0 (2005–present)
Web 2.0, as we experience it today (since Web3 is still in its early stages), involves dynamic web pages allowing users to interact and generate content. In essence, users both read and write information on the server.
Social networks, streaming services, financial apps, and software as a service (SaaS) products, among others, came to the fore during this phase.
During this phase, with a predominant emphasis on creating cross-platform user-friendly products with intuitive interfaces, delivering a superior user experience, and being profitable, significant changes have occurred in the tech industry. Now, there is no longer a single professional responsible for this. Instead, a multidisciplinary team comprising designers, software engineers, product managers, data scientists, and more collaborates continually to enhance what is delivered to users.