Web 3.0 or Web3 is the third generation of the World Wide Web. Currently a work in progress, it is a vision of a decentralized and open Web with greater utility for its users.
Web refers to the World Wide Web (WWW), the internet’s core information retrieval system. The WWW initialism used to (and often still does) preface a web address and was one of the first characters typed into a web browser when searching for a specific resource online. Internet pioneer Tim Berners-Lee is credited with coining the term World Wide Web to refer to the global web of information and resources interconnected through hypertext links.
It is anticipated that Web 3.0 will be: –
- Open – Open-source software will be used to build content platforms.
- Trustless – Everyone will use Zero Trust, and network protection will reach the edge.
- Distributed – Interaction between devices, users, and services will be possible without a centralized authority’s approval.
Web 3.0 represents the next iteration or phase of the evolution of the web/internet and potentially could be as disruptive and represent as big a paradigm shift as Web 2.0 did. Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility.
Features of Web 3.0:
1. Decentralization: This is a core tenet of Web 3.0. In Web 2.0, computers use HTTP in the form of unique web addresses to find information, which is stored at a fixed location, generally on a single server. With Web 3.0, because information would be found based on its content, it could be stored in multiple locations simultaneously and hence be decentralized. This would break down the massive databases currently held by internet giants like Meta and Google and would hand greater control to users.
2. Connectivity and ubiquity: With Web 3.0, information and content are more connected and ubiquitous, accessed by multiple applications and with an increasing number of everyday devices connected to the web—one example of which is the Internet of Things.
3. Artificial intelligence (AI) and machine learning: In Web 3.0, computers will be able to understand information similarly to humans, through technologies based upon Semantic Web concepts and natural language processing. Web 3.0 will also use machine learning, which is a branch of artificial intelligence (AI) that uses data and algorithms to imitate how humans learn, gradually improving its accuracy. These capabilities will enable computers to produce faster and more relevant results in a host of areas like drug development and new materials, as opposed to merely targeted advertising that forms the bulk of current efforts.
4. Semantic Web – Semantics is the study of the linkages between words. The semantic web would enable the computer to analyse data and decode the meaning and emotions that they are trying to convey. This will help in giving a better and more pleasing internet usage experience to the users.
5. Ubiquity – Ubiquity means the power to be present everywhere at the same time, or in simpler words, ubiquity means omnipresence. Now Web 2.0 or the internet as we know it today is already quite omnipresent. So, Web 3.0 will simply take it a step further by making the internet more widely accessible using the Internet of Things (IoT).
6. 3D Graphics – Web 3.0 will bring in the new graphics technology, making the three-dimensional virtual world a reality. The use of 3D graphics will make the internet user experience more immersive and will also be helpful in transforming a variety of sectors like health, e-commerce, real estate, etc.
What role will blockchain technology play in Web 3.0?
Web 3.0 powered by blockchain technology can really be helpful in many ways. Using blockchain technology the speed of transactions can improve to astonishing levels.
However, despite all the big promises that Web 3.0 and blockchain technology have, the implementation and adoption of these technologies in real-life scenarios will take a lot more time than we can expect. Blockchain technology, like any other technology, has a few drawbacks of its own. Thus, implementing the blockchain technology in the mainstream will be a bit of a challenge, until and unless the associated problems have been dealt with. The way Web 3.0 will be adopted in the mainstream and what changes it will bring to the way we are used to is only for the time to table. But one thing is for sure the future of the internet is bound to be interesting.
Layers of Web 3.0:
Web 3.0 is propelled by four new layers of technological innovation:
- Edge Computing – While web 2.0 changed currently commoditized personal computer technology in data centres, web 3.0 pushes the data centre out to the edge (i.e., edge computing) and into our hands.
- Decentralized Data Network – Users will own their data on web 3.0 since data is decentralized. Different data generators can sell or share their data without losing ownership or relying on intermediaries using decentralized data networks.
- Artificial Intelligence and Machine Learning – Artificial intelligence and machine learning algorithms have advanced to the level that they can now make useful and occasionally life-saving predictions and acts.
- Blockchain – Blockchain is a decentralized technology that uses smart contracts to execute transactions. These smart contracts define the semantics of a web 3.0 application. As a result, everyone who wants to develop a blockchain application must use the shared state machine.
How Does Web 3.0 Work?
Your information is stored on your cryptocurrency notecase in web3. On web3, you’ll interact with apps and communities through your wallet, and when you log off, you’ll take your data with you. Since you are the owner of the data, you may theoretically choose whether to monetize it.
With our guiding principles established, we can start looking at how certain web3 development features are meant to accomplish these objectives.
- Data ownership: When you use a platform like Facebook or YouTube, these businesses gather, own, and recoup your data. Your data is stored on your cryptocurrency wallet in web3. On web3, you’ll interact with apps and communities through your wallet, and when you log off, you’ll take your data with you. Since you are the owner of the data, you may theoretically choose whether to monetize it.
- Pseudonymity: Privacy is a feature of your wallet, just as data ownership. Your wallet serves as your identification on web3, which makes it difficult to connect it to your actual identity. Therefore, even if someone can observe the activity of a wallet, they won’t be able to identify your wallet. “Personal information is hidden, but my behaviour is visible.” It was quoted by Neuroth.
There are services that help customers connect to their cryptocurrency wallets used for illegal behaviour. However, your identity is concealed for daily use.
Web3 will feature decentralized autonomous entities running apps (DAOs). As a result, decisions are no longer made by a centralized authority but rather by users who own governance tokens, which may be acquired by taking part in the maintenance of these decentralized programmes or by purchasing them.
In a typical corporation, the CEO is responsible for implementing changes approved by the shareholders. Token holders in a DAO can vote on modifications that, if approved, are immediately incorporated into the DAO’s code via a smart contract. Everyone gets access to the source code of a DAO since they are democratized.
Key Applications of Web 3.0:
With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:
- NFT: Non-fungible Tokens (NFTs) are tokens that are individually unique and are kept in a blockchain with a cryptographic hash.
- DeFi: Decentralized blockchain technology is being utilized as the foundation for decentralized finance (DeFi), a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of conventional centralized banking infrastructure.
- Cryptocurrency: A new universe of money that strives to be distinct from the traditional world of fiat cash is being created through Web 3.0 apps like cryptocurrencies like Bitcoin.
- dApp: Decentralized applications (dApps) are programmes that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and use smart contracts to facilitate service delivery.
- Chain-crossing bridges: In the Web 3.0 age, there are numerous blockchains, and cross-chain bridges provide some kind of connectivity between them.
- DAOs: DAOs are poised to potentially take on the role of Web 3.0’s governing bodies, offering some structure and decentralized governance.
Web 3.0 has the potential to be just as disruptive and to usher in a significant paradigm shift as Web 2.0 did. The fundamental ideas of decentralization, openness and increased consumer usefulness form the foundation of Web 3.0. Web 3.0, often known as Web 3, is the next step in the development of the internet.