Web 3.0 can understand the context in which you are navigating the web. It helps to gather information in a way that humans do. In order to decipher your intention behind online requests, web 3.0 technologies read between the lines. As per the supporters of this generation, these deeper insights will be able to transform digital lives.
What is Web 3.0?
Web 3.0 refers to the 3rd generation of the WWW or World Wide Web. The term is also called Web3. It is decentralized, and it is open to everyone. This one is built on the upper portion of blockchain technologies in the Semantic Web, which defines the web as a network of linked data that is completely meaningful.
It depends on a specific set of principles, technical parameters, & values. These are the major factors that differentiate it from Web 2.0 and Web 1.0. This new generation can envision a world without centralized companies, where everyone is in control of their own data and transactions transparently get recorded on blockchains.
Layers Of Web 3.0:
Four new technological innovation layers propel Web 3.0.
Edge Computing: The previous generation — Web 2.0 changed commoditized personal computer technology in data centers. However, the new generation can push out the data
web 3.0 pushes out the data center to the edge.
Decentralized Data Network:
As data is decentralized, you ( as a user) can own your data on Web 3.0. Various data generators are able to sell data or share it without losing ownership or depending on intermediaries utilizing decentralized data networks.
Artificial Intelligence & Machine Learning:
Artificial Intelligence as well as Machine Learning algorithms have advanced to the level which is capable of making useful as well as life-saving predictions and acts.
In order to execute transactions, this decentralized technology uses smart contracts. The semantics of applications of Web 3. 0 are defined by the smart contracts. Therefore, all people who are willing to develop a blockchain app, need to use the shared state machine.
How Does Web 3.0 Work?
Web 3.0 works in these ways:-
YouTube, Facebook, and other big platforms assemble, own, & recoup your data. You should know that your information is stored on cryptocurrency notecase in web3. The interaction will happen with apps & communities via your wallet on Web 3.0. Once you log off, you can take your data with you. As you are the data owner, you are capable of theoretically choosing whether to monetize it or not.
Like data ownership, it is one of the wallet features. Your wallet can act as an identification in this generation, resulting in it becoming harder to connect this to the actual identity. So, even if someone is able to observe the wallet activity, they couldn’t identify your wallet. Customers use several services to connect to the cryptocurrency wallets that are used for illegal behavior. But your identity will be concealed for regular use.
Wallets boost the privacy level for Bitcoin transactions. But Monero, Zcash, and other privacy coins provide transactions with total anonymity. Although blockchains for privacy coins permit observers to track transactions, they are not capable of viewing the wallets involved.
This new generation of WWW is expected to include decentralized autonomous entities that run apps (DAOs). Therefore, a centralized authority no longer will be able to make decisions. Instead, users who have governance tokens can make decisions. Users can acquire these tokens by taking part in the maintenance of decentralized programmes, or they can purchase these.
In a typical corporation, the CEO has to implement changes that shareholders approve. In a DAO, token holders vote on modifications incorporated. And if approved, these will be incorporated into the DAO’s code through a smart contract. As these are democratized, all people can access the source code of a DAO.
Features Of Web 3.0:
Although no standard definition of Web 3. 0 is available, it includes some defining features.
In order to find information, HTTP is used in Web 2.0 by computers as unique web addresses. Generally, the information remains stored on a single server. Depending on its content, it is possible to find Web 3.0 information, and then, it is possible to be stored in many different locations simultaneously. Thus, it becomes decentralized, and then it will break down huge databases that Google, Meta, & other internet giants hold. As a result, users will get greater control. With Web 3.0, the data that is created by powerful computing resources, including mobile phones, desktops, appliances, vehicles, & sensors, could be sold by the users via decentralized data networks. It makes sure that users are able to retain the ownership control.
Trustless & Permissionless:
The new generation is based on open-source software, that’s why it is trustless, which means that participants can interact directly using the network without going through a trusted intermediary. Besides, Web 3.0 is permissionless, which means that everyone is able to join without authorization from a government body. Applications based on this new generation are expected to run on blockchains or decentralized peer-to-peer networks. We call these decentralized apps Apps.
Artificial Intelligence (AI) & Machine Learning:
Computers will get the ability to understand information like humans in Web 3.0 via technologies that are based on natural language processing & Semantic Web concepts. Machine learning or ML, one of the branches of AI, will be used by Web 3.0. Artificial intelligence imitates humans’ learning process by using data & algorithms. With the help of these features, computers will be able to produce more relevant results.
Connectivity & Ubiquity:
It will be possible to get connected and ubiquitous information with Web 3.0, and many applications will access these contents.
Web 3.0 Use Cases & Applications:
Web 3.0 use cases will draw heavily on the emerging of web, AI-driven ability in order to realize your preferences & intentions. Besides, these will be able to tailor the delivered content depending on personal data controlled by users. Most of the content will be curated automatically & delivered, which saves both time & money of the company. With blockchain at the foundation, this new generation will be capable of enabling new applications as well as services depending on the blockchain technologies in active use today. These are including the following:
This term stands for Non-fungible tokens. It is a kind of unique cryptographic asset that can be used to produce ownership of digital assets as well as to authenticate them. In order to know how things of value are made on, and exchanged on Web 3.0, these tokens are going to be very crucial.
Decentralized finance refers to an emerging blockchain technology. It is expected to be the basis for this new generation – Web 3.0’s decentralized financial services.
Several cryptocurrencies, such as Bitcoin, are based on blockchain. These currencies can secure the methods used to create monetary units with the help of cryptography. Besides, the currencies are able to secure procedures related to conducting transactions & verify changes of ownership. As per the supporters, Crypto is expected to be the Web 3.0 coin of the realm.
Decentralized applications are built on decentralized blockchains. These are open-source applications that others can augment, and the records of such changes are stored on the blockchain’s distributed ledger. You can find dApps for charitable donations, middleware, and social media platforms.
It is a type of dApp that is already the basis for emerging blockchain applications. Smart Contracts will play a central role in the 3rd generation. These apps can execute business logic in response to events. Remember that these aren’t contracts in the legal sense. Instead, these are referred to as the program code. Although the legal status is still not determined in many jurisdictions, these are more responsive than traditional contracts when it comes to changing conditions. These are robust Web 3.0 mechanisms for blockchain users & apps to interact in reliable ways.
In the world of this new generation, there will be many blockchains. The aim of cross-chain bridges is to enable a degree of interoperability across them.
These are organizing entities that can offer the required structure.
Current web2 browsers, such as Chrome, are very popular. These provide extra functionality via an extensive library of custom extensions that are often capable of crossing over into the crypto realm. However, cybercriminals are able to generate tweaked versions of such applications to attract potential victims via phishing techniques to fool them so that they give wallet access to hackers, or send their crypto to the address of the scammer.
The voice-controlled AI assistant of Apple has become more intelligent over time. Since it appeared first in the iPhone 4S model, it started expanding its abilities. Speech recognition & AI, which is a key component of Web3, is used by Siri to perform complex & personalized commands.
What Are The Potential Advantages Of Web 3.0?
Most of the Web 3.0 components are new or it can be said that these are still on the drawing board. So, it is difficult to say the advantages and disadvantages of Web 3.0.
And partisans hype everything, tending to leave out the drawbacks. However, we have given here a few benefits that you are able to expect from a decentralized web:
Control & Privacy: You could be able to grab back control of your online identity & data from Central providers.
Transparency: Better visibility would be enabled by this new WWW generation into transactions & decisions.
Resilience: On decentralized networks, the delivered applications are less vulnerable to a point of failure.
Predictive Intelligence & Personalization: All predictions that are enabled by machine learning & artificial intelligence are expected to make the web more responsive to users.
Decentralized Finance: It enables you to conduct transactions like purchasing, and selling products as well as services, along with securing loans without approval from intermediaries. Businesses will be able to now closer to consumers, and all credits go to this new generation’s highly personalized content & commerce.
What Are The Challenges Of Web 3.0?
This new generation comes with some potential drawbacks that enterprise leaders have to know about. These are as follows:
Significant learning curves with management challenges for IT are posed by the decentralized networks & smart contracts.
Because of the complexity of these foundational technologies, the security of Web 3.0 has become very difficult. While smart contracts have been hacked, security incidents on blockchain as well as cryptocurrency exchanges make national news.
Regulatory & compliance regimes keep online commerce and web activities safe for users, but the lack of a central authority makes them ineffective.
Blockchains & dApps need expensive hardware upgrades. These are resource intensive also. Besides, these require the environmental as well as monetary costs of energy use.
Another challenge for companies that try to develop Web 3.0 applications is to choose the right technology. Besides, you can find an alternative decentralized data technology known as Solid that Berners-Lee proposed. According to the web’s inventor, while blockchains are expensive, they are very slow.
When Will Web 3.0 Be Released?
Nowadays, blockchain & its applications have become a reality because of which most of Web 3.0 is already here. However, it still took more than ten years to transition from Web 1.0 to the 2.0 version. Observers mostly expect this to take as just long to completely implement & reshape the web into Web 3.0.
There are a few Web 3.0 trends that have been on experts’ radars for some years, and now these are bearing fruit. Now, people can see the tokenization of web assets. According to Gartner, 25% of businesses might come with decentralized apps by the next year. Meta and other social media companies have started providing metaverse content. In addition, some big brands, like the NBA, Starbucks, etc, already have begun to offer NFTs.
In search engine optimization, a few semantic webs have been around for years. Websites use SEO to structure information, which lets search engines scan the pages & summarize them more accurately. In addition, the semantic webs are geared to particular categories or functions like products or employee skills for narrowing the task of cataloguing words.
In recent times, some Web 2.0 heavyweights, such as Microsoft, Meta & Google, have included blockchain features in a few of their products. These are labeled as “Web 3.0” for capitalizing on the Web 3.0 hype.
There are a few predictions about the arrival of this upcoming new generation, but it is expected that these are unreliable. However, there are a few optimists who expected its presence fifteen years ago. So, it can be said that the core technologies are still emerging and becoming practical.
Potential And Pitfalls Of Web 3.0:
Web 3.0 can deliver better utility to users like streaming, social media & online shopping that is capable of compromising the majority of consumer-used applications based on Web 2.0. Artificial intelligence, semantic web and machine learning which are at the core of Web 3.0, come with such capabilities that can boost applications greatly in new areas & improve user interaction.
Decentralization and permissionless systems are the core features of this new generation. These would provide users better control over their personal data. In this way, it is possible to limit the practice of data extraction & curb network effects. Data extraction is the process of information collection from web users without their consent. These make the technology giants near-monopolies via exploitative advertising & marketing practices.
Decentralization brings with it legal risks. Cybercrime, hate speech, & misinformation are hard to police, and will become more so in a decentralized structure due to the lack of central control. In addition, a decentralized web is able to make enforcement very difficult.
How Can You Prepare For Web 3.0?
Additionally, it is crucial to understand the top blockchain platforms. A few examples of such blockchain platforms are Ethereum, Hyperledger Fabric, and IBM Blockchain. dApps design, user experience, and other front-end developments will belong to the crucial Web 3.0 skills.
You should know that Web 3.0 tools are used to develop most key components. And these are now becoming popular. For instance, developers can create blockchain dApps, cryptocurrency wallets & NFTs with the help of Alchemy, Chainstack & OpenZeppelin. On the other hand, Chainlink, Fluree, and other tools are geared to data management. In addition, there are a few others, like Casper, Ethernal & Solidity, which especially focus on smart contract development.
The heavy lifting is necessary to construct something big like this new generation — Web 3.0. And it could turn into a communal effort spread across many contributors. When all do their crucial parts, the internet’s future would seem like the symbiosis between people & the global digital “brain” of collective knowledge which was in the mind of Nelson and Berners-Lee.
What Is A Real-World Example Of How Web 3.0 Will Provide Greater User Utility?
Suppose you want to make a vacation plan and are on a budget. Then, you need to spend hours looking for flights, accommodation, & car rentals trawling through many websites. This WWW’s new generation will allow intelligent search engines or bots to collate every piece of information. It can produce tailored recommendations depending on the profile and preference, and save your time.
Is Web 3.0 The Same As Semantic Web?
This new generation will go beyond the Semantic Web that is envisioned by Tim Berners-Lee. You should know that technologies used by this generation depend on Semantic Web concepts & natural language processing with the aim of making user interaction more intuitive. There are several other features like machine learning, broad use of AI, and trustless or permissionless systems like blockchain & peer-to-peer networks.
Which Newer Technologies In Finance Will Be Facilitated By Web 3.0?
This new generation lends itself to blockchain, distributed ledger, and decentralized finance (DeFi), due to the key decentralization feature.
Is Web 3.0 The Same As The Metaverse?
People can think of the metaverse as a user experience that is supercharged with VR or virtual reality & 3D augmented. It turns the internet into a shared virtual space that allows people to do things that they can not do in the physical world. Blockchain is a vital part of Web 3.0, and it will be needed for the metaverse to decentralize its digital content and secure them & tokenize assets. Theoretically, the new generation exists before the metaverse, but the opposite is unlikely. For a virtual world — a metaverse to be created, this new generation will have to replace the basic infrastructure of today’s web.
What Are Web3 Cryptos?
These refer to the incoming new generation of cryptocurrency assets used to create Web3’s fully decentralized internet. Web3 projects are powered by blockchain, and such cryptocurrencies are native assets of them. These projects let web users control over their private data by using smart contract technology. It enables them to transact without using any Web2 intermediary. In order to govern & secure chains, network participants use these cryptos as incentives.
What Do Web3 Cryptos Do?
Web3 is the internet’s decentralized version, whereas Web3 cryptos are basically digital assets that Web3 blockchain-based applications use to offer specific services. These cryptos are used by Web3 projects to deliver key decentralized services like network infrastructure, data storage, data indexing, bandwidth & processing power-sharing, social media, etc.
The Bottom Line:
Now, people are in a world of the internet where they have total control over their data & privacy and permit companies to exploit it or not. And everything is expected to be possible because of blockchain technology. Therefore, this new generation — Web 3.0 will hasten the user data’s transparent and fair use, ranging from personalized search results, 3D graphics to cross-platform development tools. And it can be expected that the internet will be more engaging in the future. In order to use a cinematic analogy, Web 1.0 showcased the black-and-white movie era, and the 2.0 version is the age of color or basic 3D. This new generation — Web 3.0 is expected to have immersive experiences in the metaverse.
Frequently Asked Questions:
How are Web 3.0 and blockchain related?
For the Web 3.0’s decentralized data model, blockchains are considered as the fundamental infrastructure. You can expect that technologies depending on blockchain will play a crucial role in this new generation’s more personalized web experience. Some Blockchain-based technologies are cryptocurrencies, dApps, NFTs, and smart contracts.
Can Web 3.0 be hacked?
Although there are many claims of blockchain “true believers,” several cryptocurrencies & blockchains have suffered occasional hacks. The 3.0 version will not be vulnerable as people believe that blockchain is an important piece in its foundation.
What are Web 3.0 crypto coins?
Web 3.0 coins can be the same as Web 3.0’s underlying cryptocurrencies, like Bitcoin & Dogecoin, which people are using already.