Gear’s vision for the future of the internet
The very first iteration of the internet was known as Web 1.0 and it can be defined as static websites that simply only display readable information. Because of this, web users could only browse but not virtually interact with a website. Consequently, the use cases for Web 1.0 technology were severely limited.
As search engines like Google started to appear, they introduced new possibilities to the internet, which enabled websites to become more interactive which resulted in more sophisticated websites and user experiences that were much more interactive and immersive. This helped spawn the introduction of virtual applications such as social networking applications and e-commerce, which both experienced enormous growth and adoption in this era.
On top of this, Web 2.0 shifted consumer focus to user-generated content, which ensured that this era was less about observation and more about participation. Naturally, the increased user-generated content and the ability to capture and store valuable virtual data introduced new business models which introduced new ways for monetization for Web 2.0 businesses.
However the problem with the first two iterations of the internet was that Web 2.0 businesses usually prioritized profit and not user experience, which meant that capturing personal data was paramount for their success as personal data was liquid gold for these businesses.
Because of this, the relationship between Web 2.0 businesses and their users began to deteriorate as the users felt manipulated and as if they were being treated as products. This caused immense backlash and resulted in a global pursuit for decentralized technologies that the users themselves could control.
Around the time that Web 2.0 businesses started to gain mass popularity, a revolutionary approach to peer-to-peer monetary transaction was introduced. This new financial instrument, called Bitcoin, introduced blockchain technology and has since gone on to be considered one of the most sound financial assets of all time.
Blockchains are peer-to-peer networks that can be programmable and store data in extremely secure, immutable and decentralized ways, which are exactly the principles that “decentralized applications” needed to operate successfully.
While the first blockchains enabled the facilitation of basic financial transactions without the need for intermediaries, more advanced and modern blockchains enabled the creation of totally decentralized applications that empowered users. The use and adoption of these modern blockchains has since introduced an entirely new digital economy that promises to disintermediate the internet and empower the users in financial and security ways.
What makes Web 3.0 technologies so innovative however is that they will enable the creation of new business models and monetizable strategies, similar to how Web 2.0 did, but with the users in mind. This will enable users to fully own their personal data, identity and content while participating as financial partners in the applications and protocols that they are using via the form of cryptocurrencies.
At Gear, we believe that the third evolution of the internet will successfully empower users all around the world. Not only will it help those in more economically advanced countries escape the control of centralized entities and businesses but it’ll also empower those in less economically developed countries to access basic services that are often taken for granted by those who have daily access to them.
For developers, the value proposition is simple. Gear is essentially a blockchain-as-a-service as even developers that have no previous experience working with blockchains can enter the industry without advanced knowledge, previous experience or the need to take part in auctions, stake tokens or build custom networks.
We hope that by lowering the barrier to entry for decentralized application development we will be able to spur growth and innovation within the blockchain and cryptocurrency industries to help the concept of Web 3.0 technologies realize their full potential of giving power back to the people.
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