Have you ever heard the word web3 before? This word is no longer far from us. If what developers said are correct, web 3.0 will represent freedom, democracy, and ownership. Currently, it is still in development and will be usable in a few years. Web 3.0 might be a significant rewrite of how we interact online and with one another. Besides, it might very well be an overhyped platform for decentralized finance and NFT trading.
It is true that we will not exactly know its features. However, we can put together an idea of what it may look like by looking at the concepts that drive web 3.0 development in this article.
List of Contents
What Exactly is web 3.0?
The word web 3.0 was invented in 2014 by computer scientist and Ethereum co-creator, Gavin Wood. It was developed by him in a blog post titled “Insights into a Modern World.” He labeled it the “post-Snowden web’”, referring to the previous year’s coverage of Edward Snowden and data privacy. The most important point is that it is a decentralized version of the internet powered by blockchain technology.
Besides, Wood adds that he constructed the system to mathematically enforce the earlier assumptions. This is because no government or organization can fairly be trusted. However, with web 3.0, we know exactly what is occurring with the data. In addition to data protection, Wood stressed online pseudonymity. Therefore, it means that people will connect to the web using pseudonyms rather than their true names. Not only does web 3.0 allow us to manage our data, but it also allows us to transfer ownership of the internet.
The Main Features of Web 3.0
The design of web 3.0 may consider widespread characteristics, semantic web, and AI. Importantly, the rationale for employing AI is to give people faster access to more accurate data. Moreover, an AI-powered website should be able to sort through the data and present the information it believes a particular user would find useful. Since the results include websites that people have voted on, social bookmarking as a search engine can produce better results than Google. Additionally, virtual assistants will also be introduced by an artificially intelligent web. This is very interesting because it is a component that is currently becoming popular as a feature integrated into a device or through third-party apps.
The following are the main features of web 3.0 that help define what the third generation of the web is expected to be all about.
The development of decentralized apps and services is made possible by blockchain. In contrast to centralized database architecture, blockchain uses a distributed way to disseminate data and connections across services. In a decentralized environment, blockchain can also offer an immutable log of transactions and activities, assisting in the provision of verified authenticity.
Web 3.0 will be decentralized in contrast to the past two generations of the web, which had heavily centralized governance and applications. A distributed method without a centralized authority will facilitate applications and services.
3. Data Ownership
When we utilize a website like Facebook or Youtube, these businesses gather, own, and profit from the data we provide. However, in web 3.0, our data is kept on our cryptocurrency wallet. Moreover, we will interact with applications and communities through our wallets. Additionally, when we log out, we will take our data with us. Since we are the owner of the data, we may theoretically choose whether to monetize it.
As mentioned before, our wallet is designed with privacy, much like data ownership. Our wallet serves as our identification on web 3.0. Therefore, it is difficult to connect it to our actual identity. Even if someone can observe the activities of a wallet, they will not be able to identify our wallet. Furthermore, there are services that help customers connect to their cryptocurrency wallets used for illegal behavior. However, our identity is still concealed for daily use.
Another important point is that applications on web 3.0 will be managed by decentralized autonomous groups (DAOs). Thus, this implies that rather than a central administration making all choices, decisions are made by users who have governance tokens. Therefore, it can be gained by engaging in the upkeep of these decentralized apps or buying them.
The Differences between Web 3.0 And The Earlier Versions of Web
Genuinely, understanding where they are coming from may help us comprehend what is new with web 3.0.
Generally, most websites were read-only web pages during the initial few years of the world wide web, now known as web 1.0. Thus, this indicates that the pages were not interactive. This is because it was simply designed to be read. Moreover, users were only customers. Importantly, the difficulty with the initial edition of the web was that it required a significant degree of technological know-how to create our own web page. Additionally, it is also hard to contribute to this version online.
Importantly, Web 2.0 is the recent version of the web. It provides the ability for users to write as well as read. By clicks and comments, web page owners may view stats on how popular their content is. Moreover, it also gave birth to social media and made content production accessible to those who would not have had access to technological know-how in web 1.0.
Nevertheless, while these platforms enable content production, they also utilize our data to determine what more we might like to consume. Besides, companies can potentially profit from this information by selling it in ads. However, users in the version of the web 3.0, are not only customers, but also products.
What Comes After Web 3.0?
Some experts suggest that Web 4.0 will be the peak of Web progression. Importantly, in this version, people can access the web by physical implants. That is either a pretty great notion or an outright dystopian nightmare, depending on your preferences.
Nevertheless, for those who believe such a notion is too far-fetched, recall that we already have wearable technology. An example is FitBits or heart monitors that communicate data to the patient’s Primary Care Provider. Therefore, it is not a large leap to a gadget implanted in the user that offers unlimited web connection and eliminates the need for a handheld mobile device. However, whatever Web 4.0 looks like, it is still decades away. Thus, for the time being, the IT sector is focused on completely implementing web 3.0.
To summarize, web 3.0 is a decentralized next phase of internet growth in which users become proprietors. In contrast, the present web 2.0 is dominated by huge, concentrated entities who take the majority of the internet’s monetary value. While web 3.0 is still in its beginnings, it is expected to have an influence on the financial community and the larger economy in the next few years.
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