What Is Web 3.0 Technology?
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.
Blockchain technology will make it possible for users to communicate directly with one another throughout the next stage of the internet. Users will communicate by becoming a part of a Decentralized Autonomous Organization (DAO), a group that is run and owned by its community.
Data belonging to the user will be protected via a network of openly available smart contracts. These contracts will be stored in a blockchain, which a decentralized network that nodes will control.
The following are further Web 3 forecasts:
- All transactions will be tracked on a distributed ledger that uses blockchain technology, and data transfers will be decentralized.
- Smart contracts that are open to everyone will relieve people of the need to rely on a centralized organization (like a bank) to maintain data integrity.
- The entertainment sector will significantly increase its revenue from the metaverse.
- Blockchain technology will make it possible for consumers to instantly produce digital goods and non-fungible tokens (NFTs), which will protect intellectual property and personally identifiable information (PII).
- Users' data will be able to be profited from.
What Is Web 3.0?
Tim Berners-Lee, a developer who created the WWW or World Wide Web, originally referred to Web 3.0 as the Semantic Web and saw an intelligent, self-sufficient, and open Internet that employed AI and machine learning to function as a "global brain" and interpret content conceptually and contextually.
Due to technological constraints, such as how expensive and challenging it is to translate human language into machine understandable language, this idealized version didn't quite work out.
Following is a list of typical Web 3.0 traits:
- The semantic web is a development in online technology that enables people to produce, share, and connect material through search and analysis. Instead of using numbers and keywords, it is centered on word understanding.
- It uses machine learning and artificial intelligence. The final result is the formation of Web 3.0 to grow smarter and more receptive to user demands. If these ideas are paired with Natural Language Processing (NLP), the result is a computer that uses NLP.
- It illustrates how the Internet of Things connects various devices and applications (IoT). This procedure is made possible by semantic metadata, allowing for the efficient exploitation of all available data. In addition, anyone can access the internet from anywhere at any time without a computer or other smart device.
- It gives users a choice to interact in public or in private without exposing them to dangers through a third party, providing "trustless" data.
- 3-D graphics are used. In fact, this is already evident in e-commerce, virtual tours, and computer gaming.
- It makes participation easier without requiring consent from a ruling entity. It's without authorization.
- It is applicable to:
Metaverses: A limitless, virtual environment that is 3D-rendered
Blockchain video games adhere to the NFTs' ideals by enabling users to possess actual ownership of in-game resources.
- Digital infrastructure and privacy: Zero-knowledge proofs and more secure personal data are used in this application.
- Financial decentralization. Peer-to-peer digital financial transactions, smart contracts, and cryptocurrencies are examples of this use.
- Autonomous decentralized organizations. Online communities are owned by the community.
What Is Web 2.0?
If Web 1.0 consisted of a small group of individuals producing material for a bigger audience, Web 2.0 consists of many individuals producing even more content for an expanding audience. Web 2.0 places more emphasis on participation and contribution than Web 1.0 did on reading.
User-Generated Content (UGC), usability, interaction, and enhanced connectivity with other systems and devices are the main focuses of this Internet form. In Web 2.0, the experience of the user is everything. As a result, this Web form was in charge of establishing social media, collaborations, and communities. Web 2.0 is therefore regarded as the dominant method of web interaction for the majority of users in today's world.
Web 2.0 is described as "the participative social Web," whereas Web 1.0 was referred to as "the read-only Web." With the incorporation of web browser technologies like JavaScript frameworks, Web 2.0 is an improved and expanded version of its predecessor.
The typical traits of Web 2.0 are broken down as follows:
- It includes dynamic content that reacts to user input
- It uses developed application programming interfaces (API)
- It encourages self-use and allows forms of interaction like podcasting, social media, tagging, blogging, commenting, curating with RSS, social networking, and web content voting
- It offers free information sorting, allowing users to retrieve and classify data collectively
- It employs developed application programming interfaces (API)
- It uses developed information; it is used by society as a whole and is not just specific communities.
What Is Web 3.0 Technology?
- 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.
- Blockchain technology will make it possible for users to communicate directly with one another throughout the next stage of the internet. Users will communicate by becoming a part of a Decentralized Autonomous Organization (DAO), a group that is run and owned by its community.
- Data belonging to the user will be protected via a network of openly available smart contracts. These contracts will be stored in a blockchain, which a decentralized network that nodes will control.
- The following are further Web 3 forecasts:
- All transactions will be tracked on a distributed ledger that uses blockchain technology, and data transfers will be decentralized.
- Smart contracts that are open to everyone will relieve people of the need to rely on a centralized organization (like a bank) to maintain data integrity.
- The entertainment sector will significantly increase its revenue from the metaverse.
- Blockchain technology will make it possible for consumers to instantly produce digital goods and non-fungible tokens (NFTs), which will protect intellectual property and personally identifiable information (PII).
- Users' data will be able to be profited from.
What Is Web 3.0?
- Tim Berners-Lee, a developer who created the WWW or World Wide Web, originally referred to Web 3.0 as the Semantic Web and saw an intelligent, self-sufficient, and open Internet that employed AI and machine learning to function as a "global brain" and interpret content conceptually and contextually.
- Due to technological constraints, such as how expensive and challenging it is to translate human language into machine understandable language, this idealized version didn't quite work out.
- Following is a list of typical Web 3.0 traits:
- The semantic web is a development in online technology that enables people to produce, share, and connect material through search and analysis. Instead of using numbers and keywords, it is centered on word understanding.
- It uses machine learning and artificial intelligence. The final result is the formation of Web 3.0 to grow smarter and more receptive to user demands. If these ideas are paired with Natural Language Processing (NLP), the result is a computer that uses NLP.
- It illustrates how the Internet of Things connects various devices and applications (IoT). This procedure is made possible by semantic metadata, allowing for the efficient exploitation of all available data. In addition, anyone can access the internet from anywhere at any time without a computer or other smart device.
- It gives users a choice to interact in public or in private without exposing them to dangers through a third party, providing "trustless" data.
- 3-D graphics are used. In fact, this is already evident in e-commerce, virtual tours, and computer gaming.
- It makes participation easier without requiring consent from a ruling entity. It's without authorization.
- It is applicable to:
- Metaverses: A limitless, virtual environment that is 3D-rendered
- Blockchain video games adhere to the NFTs' ideals by enabling users to possess actual ownership of in-game resources.
- Digital infrastructure and privacy: Zero-knowledge proofs and more secure personal data are used in this application.
- Financial decentralization. Peer-to-peer digital financial transactions, smart contracts, and cryptocurrencies are examples of this use.
- Autonomous decentralized organizations. Online communities are owned by the community.
What Is Web 2.0?
- If Web 1.0 consisted of a small group of individuals producing material for a bigger audience, Web 2.0 consists of many individuals producing even more content for an expanding audience. Web 2.0 places more emphasis on participation and contribution than Web 1.0 did on reading.
- User-Generated Content (UGC), usability, interaction, and enhanced connectivity with other systems and devices are the main focuses of this Internet form. In Web 2.0, the experience of the user is everything. As a result, this Web form was in charge of establishing social media, collaborations, and communities. Web 2.0 is therefore regarded as the dominant method of web interaction for the majority of users in today's world.
- Web 2.0 is described as "the participative social Web," whereas Web 1.0 was referred to as "the read-only Web." With the incorporation of web browser technologies like JavaScript frameworks, Web 2.0 is an improved and expanded version of its predecessor.
- The typical traits of Web 2.0 are broken down as follows:
- It includes dynamic content that reacts to user input
- It uses developed application programming interfaces (API)
- It encourages self-use and allows forms of interaction like podcasting, social media, tagging, blogging, commenting, curating with RSS, social networking, and web content voting
- It offers free information sorting, allowing users to retrieve and classify data collectively
- It employs developed application programming interfaces (API)
- It uses developed information; it is used by society as a whole and is not just specific communities.
Key Features of Web 3.0
Although Web 3.0 has not yet been given a formal definition, it does have several distinguishing characteristics: -
- Decentralization: A fundamental principle of Web 3.0. In Web 2.0, computers search for data that is kept at a fixed location, typically on a single server, using HTTP in the form of distinct web addresses. Information might be stored simultaneously in numerous locations and become decentralized with Web 3.0 since it would be found based on its content rather than a single location. This would give individuals more power by dismantling the enormous databases that internet goliaths like Meta and Google presently maintain.
- With Web 3.0, users will be able to sell their own data through decentralized data networks, ensuring that they maintain ownership control. This data will be produced by various powerful computing resources, such as mobile phones, desktop computers, appliances, automobiles, and sensors.
- Decentralization and open source software-based Web 3.0 will also be trustless (i.e., participants will be able to interact directly without going via a trusted intermediary) and permissionless (meaning that each individual can access without any governing body's permission). This means that Web 3.0 applications—also known as dApps—will operate on blockchains, decentralized peer-to-peer networks, or a hybrid of the two —such decentralized apps are referred to as dApps.
- Artificial intelligence (AI) and machine learning: With the help of the Semantic Web and natural language processing-based technologies, Web 3.0 will enable machines to comprehend information similarly to humans. Web 3.0 will also make use of machine learning, a subset of artificial intelligence (AI) that mimics human learning by using data and algorithms, gradually improving its accuracy. Instead of just targeted advertising, which makes up the majority of present efforts, these capabilities will result in faster and more relevant outcomes in a variety of fields like medical development and new materials.
- Connectivity and ubiquity: With Web 3.0, content and information are more accessible across applications and with a growing number of commonplace devices connected to the internet. The Internet of Things is one such example.
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 centers, web 3.0 pushes the data center 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. "My personal information is hidden, but my behavior is visible." It was quoted by Neuroth.
There are services that help customers connect to their cryptocurrency wallets used for illegal behavior. However, your identity is concealed for daily use.
Although wallets increase the level of privacy for bitcoin transactions, privacy coins like Zcash and Monero give transactions total anonymity. Blockchains for privacy coins allow observers to track transactions, but they are unable to view the wallets involved.
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.
How Will Web 3.0 Change Our Lives?
Due to its decentralized nature, which is made possible by distributed ledger technology and smart contracts, Web 3.0 is intended to produce sustainable results. It also lowers costs by doing away with middlemen, manual mediation, and arbitration.
For everybody, Web 3.0 offers a much more individualized surfing experience. Websites will be able to automatically adjust to our device, location, and any accessibility needs we may have, and web apps will become far more receptive to our usage patterns.
We believe that the emergence of Web 3.0 will improve our lives for the following three reasons, which we believe are fairly appropriate:
1. A More Customized Browsing Process
There is no denying the ease of being able to quickly click through to a particular offer for something you actually need or desire and that you would have missed otherwise, regardless of how intrusive those advertisements may occasionally feel.
2. Improved search
As was already mentioned, using a search engine in natural language is highly effective. The benefits go far beyond the consumer as the learning curve virtually disappears, and businesses are increasingly able to optimize their websites for search engines in a more organic way as opposed to using complicated keyword techniques.
3. More Advanced App Interfaces
The multidimensional Web 3.0 will help more than just websites; it will also enable web apps to provide users with far richer experiences. Consider a mapping service like Google, which can now include route planning, lodging suggestions, and real-time traffic updates in addition to the fundamentals of location search. Simply put, in the Web 2.0 age, this was not feasible.
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.
Advantages and Disadvantages of Web 3.0
Advantages -
- In terms of data security, end-users will benefit the most from data encryption.
- Due to decentralized data storage, users will be able to access data in any situation. Users will receive multiple backups that will aid them if the server crashes.
- Most blockchain systems are developed by non-profits, which provides an open-source blockchain platform that allows for collaborative design and development.
- The data will be provided from any location and on any device.
- Web 3.0 is useful for problem-solving and heavy knowledge-generation tasks.
Disadvantages -
- To make the technology accessible to more people worldwide, the devices' capabilities and qualities will need to be expanded.
- Any websites built on web 1.0 technology will become obsolete once web 3.0 is fully implemented on the Internet.
- Web 3.0 technology is more intelligent, efficient, and accessible than in previous generations. However, the technology isn't quite ready for general use.
- With easier access to a user's information and reduced privacy thanks to web 3.0, reputation management will be more important than ever.
