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How it started

· 3 min read

it started as a DARPA (Defense Advanced Research Project Agency) experiment in decentralized computing communications between two university labs in California in 1970, became the Transmission Control Protocol/Internet Protocol, INTERNET PROTOCOL SUITE (TCP/IP) developed as a standard in networking protocol or computer communication standards, and it is the backbone of today’s Internet.

With the TCP/IP protocols in place, users could link hypertext documents in an information system accessible from any node or computer using the TCP/IP protocol. The resulting information system or database is today’s World Wide Web.

With the birth of the World Wide Web, expanded usages of this new technology arose along with expanded business opportunities. Web servers, people who host and store the documents and web browsers, companies set up to help you view linked documents, help create a household need for this technology and the Internet explosion began.

Evaluation of Internet​

The Internet can be grouped into three distinct segments characterized by the way people interact with this new technology.

  • Web 1.0 - Internet of Connection

  • Web 2.0 - Internet of Information

  • Web 3.0 - Internet of Value

Web 1.0 - Internet of Connection​

Characteristics of Web 1.0:

Development of a host of web-based applications, which are fostered in online services, such as email.

  • Content from the administrator.

  • Managed by a central authority.

  • Read-only, information was “pushed” to users.

  • The email was the first widely adopted application on the Internet.

Web 2.0 - Internet of Information​

  • Characteristics of Web 2.0:

  • User-generated content.

  • Read-write, individuals can interact with information.

  • Information became siloed.

  • Data became a commodity.

Web 2.0 saw emerging marketplaces that brought together unrelated buyers and sellers in a seamless low-cost way. Data became a commodity collected, siloed and sold; we were giving up our information at a frenzied pace. Websites let users generate content, social networks became part of our lives.

Web 3.0 - Internet of Value​

  • Characteristics of Web 3.0:

  • Community interaction.

  • More connected, open, and intelligent.

Distributed ledgers or blockchain technology, smart contracts, machine learning and artificial intelligence.

Identity and information will be held by the individual, breaking data silos.

Bitcoin is the first widely accepted application for the Internet of Value (just as email was the first big application for the Internet of Information).

Bitcoin is a digital currency running on top of the Bitcoin blockchain. Bitcoin has no borders and was created as a decentralized payment system, an alternative to currencies issued by governments. Let us look at what it means to be a currency.

  • Purpose of currency:

  • Medium for exchange

  • Store of value over time

  • Accepted as a measure of worth

According to Investopedia, “Fiat currency is money a government issues that is not backed by a commodity like gold. Fiat money is backed by the government and it has value because the government says so and the citizens believe it. The Naira is an example of the Nigerian fiat currency”.

The Internet of Value

represents a world where value is exchanged at the speed in which information moves today.

The Internet is still the basic platform that these new technologies operate from. The new Web 3.0 browsers are being built to help you manage your cryptocurrency, keys, passwords and other blockchain features.