Introduction to Blockchain

Blockchain is one of the most amazing and revolutionary technologies of the 21st century with the potential to digitalize and change a whole lot of activities. However, before delving into this technology, let's first discuss journey towards the blockchain with the evolution of the Internet and World Wide Web.

Being a groundbreaking invention by Sir Tim Berners-Lee in 1989, web has transformed significantly over the past few decades, morphing from a simple, static network of web pages into an intricate, dynamic ecosystem that underpins modern life.

Its evolution can be categorized into three distinct phases:

• Web 1.0 (read-only web);
• Web 2.0 (read-write web);
• Web 3.0 (read-write-execute web).

Each stage is marked by technological advancements and paradigm shifts that have set the stage for blockchain technology and its applications, such as Bitcoin.

Web 1.0: The Static Web

In its infancy, the web was a collection of static pages, primarily used for distributing information. These web pages, written in HTML, were read-only and lacked interactivity. Users could consume content but had limited ability to create or modify it.

This era was defined by browsers like Netscape Navigator and Internet Explorer, which made the internet accessible to a broader audience, and first websites. Some of the first big Web 1.0 sites to launch were Yahoo! and Google. However, the potential of the web was still largely untapped, constrained by its one-way flow of information.

Web 2.0: The Social and Interactive Web

The advent of Web 2.0 marked a significant shift towards a more dynamic and interactive experience, blurring the lines between desktop and web-based software. This era saw the rise of social media platforms like Facebook and LinkedIn, video sharing platforms like YouTube, blogs, and websites like Wikipedia or Reddit, which allowed users to not only consume but also create and share content easily.

This period also witnessed the emergence of cloud computing, drastically changing how data is stored and accessed.

Despite these advancements, Web 2.0 introduced concerns around data privacy and security, as the web became increasingly centralized around major corporations that controlled vast amounts of user data.

Web 3.0: The Decentralized Web

We are currently transitioning into the Web 3.0 era, characterized by an effort to return to the web's decentralized roots. This new phase aims to create a web where users have greater control over their data, identity, and transactions. Web 3.0 promises enhanced security, transparency, and user empowerment. Moreover, leveraging AI to understand and interpret human language and behavior, Web 3.0 aims to deliver personalized and contextually relevant content directly to users.

Blockchain technology, with its decentralized and trustless nature, is at the forefront of this movement with cryptocurrencies like Bitcoin, Ethereum, Ripple and Litecoin exemplify this shift, challenging traditional financial systems and introducing new ways of thinking about money and value exchange.