Web 3.0: Is it the Future of the Internet?

Web 3.0: Is it the Future of the Internet?

Have you ever dreamed of a more individualized Internet that accurately interprets your typing and fully understands everything you say, whether in text or speech?

What do you think of an internet where users have complete control over the privacy of their shared data, where users can earn money by selling their data to advertisers, and where censorship is kept to a minimum by outside parties?

With Web 3.0, it’s now all coming to life.

What is Web 3.0?

Web 3.0 refers to the third generation of the World Wide Web, designed to provide users with richer, more dynamic, and more intuitive interactions with the web.

Artificial intelligence (AI) and the Internet of Things (IoT) play a role in Web 3.0, which aims to provide a more customized online experience. Blockchain, intelligent agents, VR, and AR, are examples of Web 3.0 technologies.

How did we get here?

The Internet has been around for a long time, and technology has changed and grown during each era.

It all started with the ARPANET and the development of the first computer networks in the late 1960s and early 1970s. During this time, the first protocols for computers to communicate with each other and the first applications for sharing data were made.

In the 1980s, the World Wide Web and the first web browsers came into being. People started using the internet after that.

The first way to connect to the internet was through a dial-up connection. It involved dialing a phone number with a modem and then using the phone line to connect a computer to the internet. This connection was slow, and the most downloaded was 56kbps. It was unreliable, too, because it could be easily broken by noise.

The events between then and now are divided into the 1.0, 2.0, and 3.0 eras.

Image from lizard.global

Web 1.0

The first era of the internet started when the World Wide Web and basic web browsers were created. It was marked by the rise of websites, email, and other early ways to communicate online.

Web 2.0

Social media, online shopping, and e-commerce were all introduced during the second era of the internet. During this time, speeds also got faster, and cloud computing emerged.

Web 3.0

Mobile devices and the Internet of Things are driving the third internet era. This era emphasizes customization, security, and privacy. Web 3.0 also includes blockchain, decentralization, and smart contracts. Web 3.0 will give users more control over their data and digital identity and allow them to make secure, transparent, and immutable transactions.

How does Web 3.0 work?

Web 1.0 and Web 2.0 technologies use HTML to layout and deliver webpages. HTML will remain a foundational layer in Web 3.0, but how and where it connects to data sources may change.

In the Web 2.0 era, most websites and applications use centralized databases to deliver data and enable functionality. Instead of a centralized database, Web 3.0 applications and services use a blockchain, and Blockchain is based on distributed consensus rather than a central authority.

The blockchain and Web 3.0 community favor decentralized autonomous organizations for governance (DAO). With a DAO, Web 3.0 technologies and communities attempt decentralized self-governance instead of a central authority that controls platform operations.

Cryptocurrency works better than a fiat currency in Web 3.0. Cryptocurrencies, built on blockchain technology, enable Web 3.0 finance and decentralized payment.

What are Web 3.0 key features?

Decentralized

Web 3.0 will differ from the first two generations of the web, which were primarily centralized in terms of how they were run and what they could do. Applications and services will be made available in a way that doesn't rely on a single authority.

Image from medium.com

Blockchain-based

Blockchain is the thing that makes it possible to create decentralized apps and services. With blockchain, data and connections between services are spread differently than with centralized database infrastructure. In a world without a central authority, blockchain can also make it possible to keep an immutable record of all transactions and activities. This makes it easier to prove that something is real.

Cryptocurrency-enabled

The use of cryptocurrency is a vital part of Web 3.0 services, and fiat currency is used less and less.

Autonomous

Web 3.0 is autonomous and made to be smart by machines. It is based on more automation in general, and AI will be a big part of that automation.

Boosted Cybersecurity

Because Web3 is built on the blockchain, users must have private keys to own a dataset. This helps protect the privacy and integrity of user data. Due to the immutable nature of its framework, the data on the blockchain doesn't change either.

Image from DataDrivenInvestor

Ubiquity

Ubiquity means being everywhere, especially simultaneously. Web3 makes the internet available to everyone, anywhere, at any time. Since IoT technology will create many new smart and 5G devices, internet-connected devices will no longer be limited to computers and smartphones like in Web 2.0.

Artificial Intelligence

Web3 machines can interpret data's meaning and emotions, creating intelligent machines. Web 2.0's human-based nature allows for biased product reviews, rigged ratings, etc.

AI will help make the interfaces of web applications easier to use. Some people think that AI can help decide what kind of content to put on a website and that AI can improve search engine results.

As more and more people play around with AI in web3, we're likely to see even more creative ways to use it. So far, AI could make a big difference in how we use the internet.

Web 3.0 Applications

Because blockchain is essential to Web 3.0, it has opened the door to a wide range of new services and programs.

NFT

Nonfungible tokens can't be traded because they have a cryptographic hash (NFTs).

DeFi

The decentralized blockchain technology of Web 3.0 is being used in a new application called "decentralized finance" (DeFi), which makes it possible to offer financial services outside of a centralized banking system.

Cryptocurrency

Bitcoin and other cryptocurrencies are Web 3.0 applications aiming to create a new money system separate from the old fiat currency system.

dApp

Decentralized applications (dApps) are changing the way we do business. They are built on a distributed ledger and use smart contracts to ensure services are delivered automatically and can't be changed.

Cross-bridge chains

In the Web 3.0 universe, there are multiple blockchains, and cross-chain bridges make it possible for them to work together.

To make it short…

The goal of Web3 is to create a new internet that is more decentralized and, therefore, more equitable by increasing digital ownership and sovereignty in an increasingly digital world. Users can take control of their data, leading to a more personalized experience. The system as a whole will benefit from the many innovations that will become possible.