The term Web 3.0 is everywhere these days. While it clearly means the third generation of the world wide web, you may not know what it entails and what websites are Web 3.0.
Reddit is one of the most famous websites that may come up in the news about Web 3.0. Is Reddit a Web 3.0 platform?
Is Reddit Web 3.0?
Reddit isn’t Web 3.0 yet, but it has plans to venture into this area by giving its users more freedom to create and own content on the platform.
One of the most important features of Web 3.0 is the use of blockchain. As a distributed ledger, blockchain removes central authorities and doesn’t allow individual organizations to alter data without changing the whole network. As a result, it’s secure and tamper-proof.
Blockchain is the backbone of multiple recent technologies, including NFTs and cryptocurrencies. That’s what Reddit is planning to use.
Reddit is looking for ways to help its users monetize their content through cryptocurrency tokens. These tokens will serve as community points earned after posting on a subreddit. They allow users to own portions of the said communities.
This new option will put Reddit karma to better use by placing it on blockchain and allowing the users with more karma to have a say in the form and content of the community.
There has been no official announcement of these plans by the Reddit team. However, a Reddit engineer tweeted that Reddit would decentralize content ownership and subreddit management.
In addition, Reddit has partnered with the Ethereum Foundation to expand their blockchain infrastructure, give their users more freedom, and exchange community points with Ethereum.
What is a Web 3.0 Site?
A Web 3.0 website uses blockchain to store its data. Many Web 3.0 sites also create tokens or digital coins to incentivize users and allow them to participate in managing their platforms.
On the other hand, a Web 3.0 website can store its content in a decentralized database consisting of many servers. Each server maintains an independent copy of the data.
Unlike Web 2.0, no single entity can control the data or enforce one-sided policies. So, Web 3.0 sites have more of a say in how they manage and monetize their content.
Web 3.0 is closely related to cryptocurrencies, NFTs, and financial technologies.
What is Reddit Web 3.0?
Reddit Web 3.0 is a concept already started by the Reddit team to give Reddit users more freedom to control the content they create on the platform.
This decentralized platform revolves around the members of each subreddit who get community points based on the content they post in each subreddit.
The members with the highest points can turn into the managers of these subreddits and earn equivalent Ethereum for their points.
Is Reddit investing in Web 3.0?
Reddit is investing in Web 3.0 by introducing community points, a system that gives users the freedom to control their subreddits and communities. It’s a major move toward making the platform more decentralized.
In addition, they’ve hired a team of crypto engineers to facilitate the process of monetizing content using Ethereum.
Reddit’s co-founder, Alexis Ohanian, has invested in Web 3.0, partnering with Polygon to merge social media and Web 3.0.
The $200M fund will provide infrastructures to develop web 3.0 applications. However, he hasn’t made this investment through Reddit but his venture capital, Seven Seven Six.
Ohanian has also partnered with Solana Ventures in a $100M investment to work on Web 3.0 projects.
What is Web 3.0 Technology?
As the name suggests, Web 3.0 is the third generation of the World Wide Web, evolving from Web 1.0 and Web 2.0.
Web 1.0 was mostly based on the content created by large tech companies, and Web 2.0 revolved around content created by users.
Now, Web 3.0 is owned and operated by users.
Decentralization and blockchain are two words frequently thrown around when it comes to Web 3.0.
By decentralization, we mean no major tech companies or overlords control this generation of the web. Users can be more autonomous in creating and storing content.
Nevertheless, the term has also become a buzzword, with many companies claiming to offer Web 3.0 apps while still using centralized servers.
According to a professor at Cornell University, the concept has become a catchall phrase for everything people don’t like about the current state of the web, as pundits claim Web 3.0 will be the cure to all the shortcomings of the internet—which isn’t true.
When did Web 3.0 Start?
Gavin Wood first put forth the concept of Web 3.0 in 2014. It involved decentralization, no authority control, and user participation in creating and monitoring content.
However, the lines between Web 2.0 and Web 3.0 may not be clear-cut, and the emergence of concepts such as Metaverse can be early signs of this paradigm shift.
Also read: Is Metaverse A Cryptocurrency?
Will Web 3.0 Happen?
Web 3.0 will happen because it has many appealing concepts, such as a more tailored and humanized internet experience.
Although Web 3.0 has many attractions in using machine learning, AI, and blockchain to create a decentralized and trustless system, experts suggest many shortcomings.
One of the biggest concerns that removing authorities will create is the rise of cybercrime, legal issues, or misinformation.
These problems are already widespread in Web 2.0, and experts are concerned that these issues will increase in the absence of central control and regulations.
However, since it took a long time for Web 1.0 to turn into Web 2.0 (about ten years), we still have to wait and see how blockchain technologies can tackle these issues. In addition, new regulations and policies should be developed to adapt to this form of the internet.
What Will Web 4.0 Be Like?
The concept of Web 4.0 isn’t standardized and seems far away. However, based on the current definitions of Web 3.0, it could be a form of the internet so intertwined with our lives that we even don’t notice it.
Also referred to as the “symbiotic Web,” it can involve humans and machines interacting like they’re part of each other.
With the evolution of technology, the shift towards Web 3.0 seems inevitable. Some websites, such as Reddit, have already started the move by giving their users more freedom to control their communities and monetize their content through cryptocurrencies.