Journey of the Web
The internet, known as the World Wide Web (WWW), invented by British computer scientist Sir Tim Berners-Lee, has been evolving since its start in 1989. The history of the internet can be divided into three main stages: Web1, Web2 and Web3. So what differentiates Web3 from the others?
Web1, which lasted approximately from 1989 to 2004, mainly consisted of static web pages that were primarily informational, non-interactive, and "read-only." This was followed by Web2, a much more interactive and user-friendly era dominated by centralized platforms such as Facebook, Twitter and YouTube.
Web2 terimi, 2004 yılının sonlarında ilk O’Reilley Media Web 2.0 Konferansında Tim O’Reilly ve Dale Dougherty tarafından popülerleştirildi. Orijinal web’den daha kullanıcı dostu ve dinamik olan Web 2, kullanıcı tarafından oluşturulan içerik çağını başlattı ve web ile etkileşim kurma biçimimizi sonsuza dek değiştirdi.
While Web1 focused solely on accessing information, Web2 was more about creation and contribution. This second generation of web services, also known as participatory web or social web, primarily focuses on interaction, collaboration, and connectivity. In fact, Web2 is the version of the internet we know today, largely driven by mobile, social, and cloud technologies.
With Web2, anyone with internet access
- Became a user who could participate in platforms like Wikipedia, Tumblr, and WordPress to exchange knowledge, ideas, and experiences,
- Who could manage businesses on Etsy and Depop,
- Create content on Facebook, Twitter, and Instagram,
- Who could post reviews on Amazon and TripAdvisor and images on Flickr or Pinterest,
- Who could upload videos to YouTube
- And promote homes on Airbnb. The list of interaction possibilities goes on and on.
The Challenges of Web2
Web2 platforms, which have become a part of our personal and professional lives, are currently centralized in a few large companies' servers. This means the concentration of power and control in the hands of a select few.
The users are actually "paying" for these "free" platforms by surrendering their rights to personal data. From a person's name, date of birth, and IP address to their device, browsing history, and shopping habits, a wealth of data can be collected, stored, and sold to advertisers by these platforms. In short, when users transitioned from being consumers in Web1 to the interaction-focused Web2, they found themselves in the position of being a "product.”
Concerns such as data mining, online surveillance, algorithm manipulation, exploitative advertising, and subjective censorship associated with Web2 have led many individuals to seek alternative platforms and paved the way for the emergence of Web3.
Web3 represents the new generation of the internet.
The concept of Web3 was first introduced by Berners-Lee in an article published in Scientific American in 2001. The article suggests that there is a notable communication gap between humans and computer applications.
Web3, also known as the "semantic web," combines the open infrastructure of Web1 with the participatory nature of Web2, focusing entirely on reading, writing, and ownership.
The concept of Web3 gained momentum in 2021 thanks to the widespread adoption of emerging technologies like blockchain. Web3, also referred to as the ‘decentralized web’ aims to address many of the shortcomings of Web2, such as privacy and security issues resulting from its centralized structure. Although still in its primary stage, Web3 will primarily advance through decentralized protocols.
By utilizing blockchain and related technologies, Web3 aims to decentralize power away from giant tech companies and give users roles beyond being mere consumers, such as ownership on the web.
Web3, in short, is a web version that is:
- Which provides higher levels of privacy and security,
- Which has an improved search engine readability.
How Does Decentralization Work in Practice?
Decentralized web is a smarter, autonomous, and open version compared to its predecessors. Web3 aims to eliminate the need for central authorities, allowing users to interact with any individual or machine worldwide without relying on third-party intermediaries. Unlike Web 2 where data belongs to the network, in Web3, data is shared. In theory, users can participate in the governance of internet protocols and (finally) own their own data
Decentralized social networks aim to enable content creators to interact with the masses in a peer-to-peer (P2P) manner, allowing them to have the final say in their content without the fear of censorship or being removed from the platform.
Examples of Web3 include:
- A decentralized protocol, Bitcoin,
- A blockchain-based social platform, Steemit,
- NFT marketplace OpenSea and similar crypto currency exchanges.
So, what can be the challenges of Web3?
There are some debates about the feasibility of Web3: Some question whether it can truly be decentralized. Since blockchain technology is currently expensive and energy-intensive, many people have concerns about both scalability and sustainability. However, these concerns also create a driving force to find solutions, and it is believed that this situation will change in the near future. Additionally, transaction speeds in decentralized protocols are significantly slower compared to centralized protocols. What role does regenerative finance play in overcoming these challenges?
Regenerative finance or ReFi is an initiative aimed at creating financial incentives to reduce carbon emissions, "regenerate" the environment, and ultimately reverse climate change. "How can blockchain incentivize the reduction of the global carbon footprint and renew natural resources?" This question is being explored by leveraging blockchain. We will delve deeper into the topic of regenerative finance in our upcoming newsletter, so stay tuned!
ReFi Turkiye Meeting: Web3 for Good 🌱
On September 8, we held our first community gathering, Web3 for Good as part of the ReFi Turkiye program!
Good Practices Panel Part 1: Web3 for Good in the Intersection of the Ecosystems
- In this period of their widespread use, we have brought together people and institutions who wish to think about how web3 and
- blockchain technologies have the potential to produce impact, how our business models
- will transform the focus of these new technologies and how they can be evaluated in a form that will facilitate our business and the actors who are already building application examples in this field.
Our goal is an ecosystem that provides collaboration and solidarity!
ReFi Turkiye Podcast 🎧️
🌱 ReFi Türkiye programı kapsamında Web 3.0 teknolojileri ile etki ekosisteminin kesişim alanlarını konu alan, onarıcı finans odağında yaklaşım yürüttüğümüz podcast serisinin her bölümünde alanı inşa eden ve alana ışık tutan öncülerle sohbetler gerçekleştiriyoruz.
In the 0th episode of the ReFi Turkiye podcast, we explain our focus based on the questions "Why ReFi, Why Turkiye", then we talk about why we chose the theme of regenerative finance, what kind of operations can be performed with the combination of Web 3.0 technologies and the impact ecosystem, and what we will do through the program. You can access 0th episode of the podcast here.
In the 1st episode of the podcast series, we witnessed Dudu's experiences and accumulated knowledge on the journey of "regenerative agriculture, settling and becoming widespread both conceptually and concretely beyond sustainability”. You can access 1st episode of the podcast here and with the code you will hear within the episode, you can obtain the NFT specially prepared for the podcast episode through POAP!
ReFi Turkiye Hackathon
If you want to be a part of the motivation to contribute to the world's regeneration process and design a new economy, Akbank ReFi Hackathon is the event that you are looking for!
You can work on the following focus areas during the event: Ecosystem Regeneration, Regenerative Local Economy, Investment, Funds and Donations, Youth Employment, Quality and Transparency in Education. Examples of works in each field are included in an article on the imece platform's Medium page.
You can register to the Akbank ReFi Hackathon which will be the first hackathon organized on a blockchain network by a bank in Turkiye in collaboration with the Avalanche network here until September 12!
Check out the Cryptocurrency episode in Netflix's "Explained" series You can click here to access the IMDb page.