Oky Gunawan

The internet is evolving. But did you know that behind it all lies a long story of crypto that goes far beyond just “making money”?

In the world of Web3, crypto isn’t just about buying coins and waiting for their prices to rise. Behind the scenes, there’s a bigger movement trying to rebuild how we interact online—more open, without middlemen, and fully owned by users.

This article explores the journey of crypto from its earliest days to where it stands today. If you’re new to this space, consider it a perfect introduction.

It All Started with Distrust: Bitcoin and the Birth of Blockchain#

The story begins in 2008, right in the middle of the global financial crisis. Big banks were collapsing, and trust in the financial system was at an all-time low.

Then came a mysterious figure named Satoshi Nakamoto, who published a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." The core idea was simple yet revolutionary: what if we could send money directly from one person to another without relying on banks?

In 2009, Satoshi launched the Bitcoin network and mined the first block—known as the Genesis Block. Interestingly, he embedded this message into it:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

Not just a timestamp—it was a subtle protest. A message saying: “It’s time for a new system.”

Ethereum and Web3: When Blockchain Became More Than Just Money#

Bitcoin opened the door, but its functionality was limited to transactions. Then came Vitalik Buterin, a young prodigy who believed blockchain could do so much more.

In 2015, he launched Ethereum, a platform that introduced smart contracts—self-executing code on the blockchain that didn’t require intermediaries.

This was a turning point. It laid the foundation for Web3:

• Web1: read-only (the early internet)
• Web2: read and write (social media, blogs, YouTube)
• Web3: read, write, and own (powered by crypto and blockchain)

In Web3, you own a digital wallet, can store assets, vote, and help build platforms—without surrendering your data to tech giants.

2020–2021: The Golden Era and Innovation Boom#

During the pandemic, crypto gained mainstream attention—and the space exploded.

DeFi: Finance Without Banks#

Platforms like Uniswap, Aave, and Compound allowed users to swap assets, lend, or borrow—without banks. All powered by smart contracts.

NFTs: More Than Just Images#

Artists could sell directly to collectors. Digital collections like CryptoPunks and Bored Apes became viral and were sold for millions.

DAOs: Organizations Without Bosses#

Communities began organizing projects collectively, transparently, and democratically. Decisions were made via token-based voting.

At its peak, the crypto market reached trillions of dollars. People began imagining an internet owned by its users.

2022: Crypto Winter and a Crisis of Trust#

But the tide turned in 2022:

• The Terra/Luna collapse wiped out billions.
• FTX, a major exchange, went bankrupt due to fund misuse.
• Panic spread, and many smaller projects shut down.

This was Crypto Winter. Prices plummeted, users left, and the media called it a “burst bubble.”

Yet, for true builders, this was a moment for reflection—and rebuilding.

2023–2025: A Healthier Recovery#

After the storm, crypto began to rise again—this time, more cautiously:

• Focus shifted to real utility, not speculation
• Layer 2 solutions like Arbitrum and Optimism gained traction
• zk-Rollups improved privacy and efficiency
• More projects became open-source, transparent, and community-driven

Governments, including in Indonesia, began drafting regulations. Crypto education gained momentum. The ecosystem was maturing.

So, What’s Crypto’s Role in Web3 Now?#

Crypto isn’t just a speculative asset. In the Web3 ecosystem, it serves multiple key purposes:

• A medium of exchange in dApps
• An incentive for users, developers, and contributors
• Proof of ownership for digital assets (NFTs, domains, tokens)
• Voting rights in decentralized governance (DAOs)

In short, crypto is the fuel that powers the Web3 engine.

Reflection: Where Are Web3 and Crypto Headed?#

We’re still early in the journey. Web3 and crypto aren’t perfect—but they carry enormous potential to build a fairer, more open, and community-driven internet.

If you’re still unsure, that’s totally fine. But maybe now is the right time to start learning, join the conversation, and be part of this movement.

Because Web3 isn’t just about tech—it’s about reimagining the future of the internet.

📌 Distribution Note
This article is also available in Bahasa Indonesia:
🔗 Baca versi Bahasa Indonesia