There’s no way you haven’t heard of Web3. With Web 3.0, the internet will be more intelligent, which is the next step in the world wide web’s growth. We should first examine the evolution of the web before learning more about Web3.
With the explosion of popularity of the internet, initially used by academics to share data and research, the web soon became a global phenomenon. More and more people began to get online as the days progressed.
Whether it’s operating social networks, shopping websites, or anything else, today’s web is more vital than ever.
A lot has changed since the World Wide Web was introduced a few years ago, including tools and strategies. There have been three stages in the web evolution: 1.0, 2.0, and 3.0. Now let’s examine each of their characteristics.
Here’s an explanation of what Web.3.0 is all about. Let’s get started!
What is Web 3.0? Let’s understand!
Web 3.0 technology is a decentralized technology based on blockchain technology. Data integrity can be increased thanks to blockchain technology’s efficiency and security. As a result of the web. 2.0’s centralization of control, ownership of data, and privacy issues, web.3.0 was born.
Blockchain might be at the center of Web3 development. Web2 is the modern web as we know it today, and it is controlled mainly by large companies like Google, Facebook, etc.
By 2022, we have reached a turning point, and Web 3.0 developer needs to know the functionality of Ethereum.
Apps supporting decentralized peer-to-peer networks, such as Ethereum and IPFS, are Web3 applications or DApps. Users develop, operate, and maintain these networks, not businesses. It is self-organized and has no single point of failure.
In Web3, power is divided among creators and users rather than these companies. Nowadays, big companies own our data and make a profit. With web3, no entity owns the data but a community owns it.
Whenever the term Web3 is mentioned, cryptocurrencies typically come up. It’s because many protocols use cryptocurrencies. The project creators, operators, or improvers are paid cash remuneration.
Web 3.0 Examples: What Will the Future Bring?
The notion of Web 3.0 (or Web3) is a loose collection of ideas about how the web will look and function in the future. We are currently in between 2.0 and 3.0 web versions.
Applications such as Wolfram Alpha and Apple’s Siri, which can synthesize a large amount of information and provide helpful information to users, are examples of Web 3.0 solutions.
1. Siri – the Apple
Siri uses the artificial intelligence and speech recognition to perform actions such as:
”Siri, where is the nearest Apple store.” Or
“How far is Pizza Hut from my location.” Or
“Make a meeting schedule for tomorrow.”
The 3.0 web system seek knowledge to assist individuals in doing their regular job and pointing the series of analysis for the search information.
Tech giants like Google and IBM heavily invest in the Web 3.0 series.
2. Wolfram Alpha
The Wolfram Alpha consequently brings organized statistics, including history, geography, demography, and other valuable resources.
Alpha addresses the user’s needs to figure out the answers to the most relatable searched questions. Users and computers can also join with Web 3.0 services to solve problems and work on intensive knowledge creation tasks.
Therefore, Web 3.0 can provide people and businesses with high-value services and products with its large processing capacity.
Web technologies qualified as Web3: The knows
Web3 is envisioned as a web that isn’t controlled by any central authorities.
Using Web3, users can access their data and web content. Users can also benefit directly from those moving dollars around the web every day by accessing a web where their data is directly used.
Here are the few web technologies qualifying for the Web 3:
1. Blockchain technology
Blockchains are ledgers and records of transactions. These records are stored on a network of computers.
Most database replicas must agree and be amended whenever a new “block” of transactions is added to the chain. The public can view all transactions at any time.
It’s decentralized cash and not regulated by a government or a bank. Cryptocurrencies work with blockchain technology to record how much currency is available and how it is held.
3. Decentralized App
Online computations for dApps are done on the Ethereum blockchain. The cloud-based computing power of dApps allows users to control their data and check who can see it.
4. Initial Coin Offerings (ICO)
Cryptocurrencies are associated with Initial Coin Offerings because the “coins” on offer are cryptocurrencies. Investors in an ICO buy your crypto at an unprofitable price, hoping that the value will skyrocket, like Bitcoin and Ethereum.
5. Non-Fungible Tokens (NFT)
An NFT is a form of crypto, but there is no way to exchange NFTs for others.
Properties of Web 3.0: What new elements are added?
In comparison to its predecessors, Web 3.0 is radically different. The web is viewed as an ecosystem that benefits its users under this new idea. Web 3 is shaping up the web as Tim Berners Lee originally conceptualized it.
Web 3.0 holds eight characteristics that we have defined below:
1. Artificial Intelligence (AI)
The Semantic Web and AI are the fundamental pillars of Web 3.0.
The combination of Web 3.0 and natural language processing allows computers to comprehend material like people, which results in more relevant and quicker results.
These systems become increasingly intelligent so they can meet user expectations.
2. Semantic Web
In Web 3.0, semantic webs play a central role. A semantic web allows you to build, share, and connect content by interpreting words rather than by searching for keywords.
All devices with an internet connection can access the service, and the content is accessible from multiple applications.
4. 3D Graphics
Online games, e-commerce, and portfolio websites all use 3D graphics in Web 3.0.
5. Decentralized web 3.0
Unlike web2, web3 does not rely on a central server to store information and run applications.
Each node of Web 3.0 network stores information on its server and in a non-centralized system, which gets shared through millions of networks.
6. Trustless & permissionless
Transactions between two parties are considered trustless when no third party is involved.
A central authority does not govern the information between two endpoints; nodes get freely shared without not authoritative intervention.
7. Participants control the data
The Web3 platform gives its users complete control over their data, so they can use it however they see fit.
Additionally, the user’s work value can now get determined after being uploaded to the network.
Semantic metadata allows Web 3.0 to connect information more effectively. At different connection levels, users can access every available information.
Using Web 3.0 to its fullest potential
There is no stopping Web3, and it is the future. Ultimately, it will result in a fair and equal internet for everyone by empowering users and protecting their interests on the web.
Here are a few of the in centric benefits of Web 3.0
- Better content management – Users have complete access to the network.
- Security & privacy – No central authority controlling the nodes.
- Decentralization – The participants have full control of their network.
- Fair opportunities – All users have been given the same opportunities and fair control over the web.
- Monetization – Users can earn from their contributions to the network.
- The end of the controlling era – No central authority to control data flow over the network.
Negative aspects of Web 3.0
Decentralization of Web3 still presents some issues, the most obvious of which is that a few hurdles still require surmounted. With no central authority to take control of the network, the users are likely to get abused through spamming or hate speech.
Here are the most common observed de-merits of Web 3.0
- The technology currently does not have any standards, so there are no universal protocols or practices.
- The existence of technicalities creates confusion amongst the users.
- Computer hardware and software requirements. Websites and devices will have to be upgraded to ensure Web 3.0 functionality.
- Easy data accessibility. The 3.0 version provides data accessibility that any random user can view.
Web 3.0 is built on blockchain, which has seen phishing attacks in recent months. Cybercriminals have been drawn to the blockchain as it continues to gain popularity as the most secure model.
Blockchain is the central platform for exchanging cryptocurrencies and NFTs, making it profitable for hackers to carry out sophisticated cyberattacks to steal money.
A look at how Web 3.0 could change our lives
Our lives will become more manageable with Web 3.0.
As part of web 3.0, we will ask our automotive assistant while driving, “I want to watch a movie and go to a restaurant” the embedded device will search for the best cinema hall and restaurant depending on the reviews.
This access sort out the difficult in search activities.
Several aspects of daily life are undergoing considerable changes due to the advent of the World Wide Web. This revolution has provided more knowledge and action capacity for its users.
The impact of Web 3.0 is seen in a wide range of sectors, including retail, molecular medicine, and micro-and large businesses.
The internet is evolving through Web 3.0. Therefore, managers must invest in keeping up with the Internet changes or risk their organizations becoming irrelevant at the time of paradigm shifts, as happened to Kodak and Nokia.