What Is A Smart Contract, And Why Is It Important In Web 3.0?

thecryptocoinreport.com
2 min readAug 2, 2022
What Is A Smart Contract, And Why Is It Important In Web 3.0?

In order to understand the smart contract and why it is important to Web 3.0, one must first understand the evolution of the internet from Web 1.0, to Web 3.0.

Since its first introduction in the early 1980s, the internet has greatly evolved thanks to several adaptations and improvements, beginning with Web 1.0.

The first iteration of the web doubled as the first commercial web, and was initially implemented in the early 1990s. Sadly, despite bringing an array of advancements to the nascent internet, it was also laden with hindersome limitations, including its status as being “read-only” at the time; part of this was the implication that users could only consume content in text form.

Years later, there was a need to go back to the drawing board, and the innovative academics of the time brainstormed ways to further develop the internet, culminating in the use of HTML, CSS, and JavaScript, which formed the basis of the development of Web 2.0.

This second iteration of the web came with several advancements, bringing with it many of the opportunities that were missing from Web 1.0. More so, unlike Web 1.0, which focused mainly on transmitting “read-only” information, Web 2.0 centered more around user interactions on the internet, adding visuals and enabling worldwide digital/social connectivity.

With Web 2.0, the average user can produce as much content as desired, while also being able to share and commercialize it. However, as good as that may sound, this format of the web, like its predecessor, still lacks vital elements.

Of particular note, online interaction, content creation, and uploading, as well as the ability to earn from the entire process, still largely depend on centralized systems that are predominantly controlled by the Big Tech giants.

For instance, Web 2.0 users generally rely on giant companies like Facebook and Google for a great many things, including content publication, marketing, and revenue generation. Likewise, since these companies have complete control over the data their users provide, they are able to monopolize their offerings, while simultaneously limiting decentralization. ultimately, dissatisfaction with this status quo led to the birth of Web 3.0.

The major aim of Web 3.0 is to break the dominance held by this handful of players from the previous iteration by replacing the centralized server-client infrastructure used in Web 2.0 with a decentralized computer network. The overall vision of Web 3.0 is to wrestle control from the big tech companies who act as intermediaries, and completely excise them from the picture.

In other words, pioneers within Web 3.0
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Source: #Dailycoincom
Source: thecryptocoinreport.com

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