Web 3.0 is the most recent Internet technology, combining artificial intelligence, machine learning, and blockchain to enable real-time communication to humans. The essential point is that web 3.0 not only allows people to own their data, but it also allows them to get reimbursed for their online time. Web 3.0 appears to be a fine idea on paper, but it is not without flaws. Web 3.0 has been dubbed a solution to Big Tech dominance since it improves privacy, data security, and scalability. In the following article, we’ll know about all the information related to the upcoming version of the World Wide Web known as Web 3.0.
What Is Web 3.0 ?
Web 3.0 is the third iteration of the Internet, which integrates data in a decentralized manner to provide a user experience that is faster and more individualized. It’s made with the semantic web, machine learning, and artificial intelligence, and to keep your data safe, it employs the blockchain security system.
Earlier Versions of Web
The internet has had a significant impact on our lives. The evolution of the web to its current state has gone through several stages. Web 1.0, 2.0, and 3.0 are the three groupings that these phases have been divided into. Let’s discuss about these earlier versions of the internet.
The World Wide Web’s earliest stage of evolution is referred to as Web 1.0. In Web 1.0, the number of content creators was few, with by far most of the clients being content consumers. Personal websites were prevalent, and they mostly consisted of static pages that free web hosting services or ISP-owned web servers housed. Advertisements on websites while internet surfing was prohibited in Web 1.0. Ofoto was also a digital photography website in Web 1.0, where digital images could be stored, shared, viewed, and printed by the users. Web 1.0 is a CDN (content delivery network) that allows for the presentation of data on websites. It is reasonable for use as an individual website and charges the user on the basis of the number of pages viewed. It highlights registries that permit clients to look for explicit data.
It refers to the progression of interaction and usage of the web, including the conversion of the Internet into a database. It enables the web’s back-end to be upgraded after a long period of focusing on the front-end. The term, Web 3.0 is used to define several different paths of interaction and usage of the web. The data is shared in this case, rather than owned, and different services display different perspectives of the same site/data. The world’s information is established in a more rational manner than Google’s current engine schema can ever do, as claimed by the Semantic Web (3.0). This is especially relevant from the standpoint of machine conceptualization versus human comprehension. OWL (a declarative ontological language) is used by the Semantic Web to create domain-specific ontologies that may be used by the machines to reason about information and rather than merely matching keywords, come to novel conclusions.
Key Features of Web 3.0
- Artificial Intelligence: When the natural language processing combines with this power, computers in Web 3.0 will be able to discern information in the same way that humans do, resulting in more relevant and faster. To address the issues of users, they become progressively savvy.
- Semantic Web: The Semantic Web is the subsequent stage in the Web’s advancement. The semantic web upgrades web innovations that are sought after for making, sharing, and interfacing material through search and investigation in view of the capacity to understand the importance of words.
- 3D Graphics: In Web 3.0, websites and services uses the three-dimensional design is frequently. Geographical contexts, e-commerce, computer games, museum tours, and other applications uses 3D graphics.
- Ubiquity: Multiple applications can access content, and we can use the service anywhere because every device is connected to the internet.
- Connectivity: Because of the semantic metadata, the information is better connected with Web 3.0. Accordingly, the user experience advances to another degree of network that exploits generally available information.
Working of Web 3.0
The goal of web 3.0 is to make Internet searches significantly faster, more efficient, and easier so that even complicated search words can be processed quickly. A user must engage with the frontend of a web 2.0 application, which communicates with the backend and then with the database. The complete code is stored on centralized servers and delivered to consumers via a web browser.
Web 3.0 lacks both centralized databases for application state storage and a centralized web server for backend processing. Instead, there is a blockchain to construct applications on a decentralized state machine and kept up with by mysterious nodes on the web. Instead, it uses a blockchain to create apps that run on a decentralized state machine and anonymous nodes on the internet maintain it. This shared state machine is used by anyone who wants to construct a blockchain application. The front end is nearly identical to that of web 2.0.
Advantages and Disadvantages of Web 3.0
To understand the functioning of Web 3.0 clearly, it would be great if we maximize the advantages and disadvantages of Web 3.0.
Advantages of Web 3.0
The web will be smarter, safer, and transparent because of Web 3.0, allowing for more efficient surfing and human-machine interaction. The following are the top benefits of the semantic web:
1) Data Privacy and Control
End-users will benefit the most from information encryption as far as safeguarding their data from spillage. For each situation, the encryption will be solid. It will make it impossible for major corporations like Google and Apple to manage or use the personal information of the people for their own gain. As a result, consumers will have complete control over and privacy over their data.
End-users will track their data regardless of which blockchain platform they choose. The majority of blockchain systems are developed by non-profits, which implies open design and development procedures by providing an open-source blockchain platform. This will assist buyers with turning out to be less dependent on the platform’s developer.
3) Platform with No Restrictions
Users can build their own addresses or engage with the blockchain network because it is open to anyone. This network does not discriminate against users based on their gender, income, sociological variables, or geographic region. Users will be able to quickly move their assets or riches anywhere in the world thanks to this capability.
4) Improving Data Processing
Critical thinking and serious information creating errands benefit from Web 3.0. It utilizes artificial intelligence to remove valuable data from a lot of information. The capacity to estimate client demand benefits the users and provides individualized customer care, both of which are essential for successful enterprises.
5) Consistent Services
Users will be able to access data in any situation thanks to decentralized data storage. Clients will get a few reinforcements, which will assist them with evening assuming the server comes up short. Furthermore, no government agency will be able to halt the operation of any websites or services. As a result, there will be lower chances of distributed service denial and suspension of the account.
6) Data Accessibility with No Restrictions
The data will be accessible from any area and on any gadget. By allowing connected devices and smartphones to access data on the computer if they are synchronized, the goal is to expand the collection of the data and accessibility to people all over the world. Web 3.0 will widen the extent of commitment by taking into account frictionless installments, more extravagant data streams, and secure information moves. This will occur because Web 3 will allow us to interface with any machine without having to pay a fee to a middleman.
7) Create a Single Profile
For multiple platforms, users no longer need to create separate personal profiles with web 3.0. We can use a single profile on any platform, and the user holds full oversight over any information. No partnership can get to or confirm the exactness of clients’ information without their approval. Users, on the other hand, have the option of sharing their profiles and selling their data to advertising and brands.
Disadvantages of Web 3.0
There are also a number of obstacles to overcome when implementing Web 3.0. The management of personal data and reputation will become more important than ever. The following are the most significant obstacles to web3 deployment and use:
1) It necessitates the use of advanced devices
Less powerful machines won’t be able to take advantage of web 3.0’s features. To make the technology accessible to more people around the world, the expansion of devices’ capabilities and qualities is a must. Given the current situation, only a small number of individuals will have access to web 3.0.
2) Isn’t Ready for Mass Adoption
Web3 technology is smarter, more efficient, and more accessible. However, the technology is not yet ready for general use. To meet the expectations of users, we need much work in the areas of technical progress, privacy laws, and data use.
3) Difficult to Use Functionality
For any new user, the technology of Web 3.0 is difficult to understand, which results in the hesitation to use it. It’s a mix of web tools of older-generation and AI and blockchain (cutting-edge technology), as well as increased user interconnection and Internet usage. Only advanced gadgets will be able to operate web 3.0, making it difficult for individuals and businesses who cannot buy such gear.
4) Websites built on the Web 1.0 platform will become obsolete
Any websites built using web 1.0 technology will become obsolete if web 3.0 becomes fully functional on the Internet. The outdated technology is unable to update its features to keep up with the new ones. As a result, those sites will be significantly older, losing competitive advantage over new sites.
5) Reputation management will become more popular
Reputation management will be more important than ever because of the loss of anonymity brought on by web 3.0, the simple availability of the information of the user. To put it another way, brands and businesses will have to maintain their internet presence, reputation, and image. To keep ahead of the competition, businesses will need to assist customers in obtaining cutting-edge internet marketing, attractive content, valuable business insights, crucial market intelligence. As a result, reputation management will become more important than ever.
Cryptocurrencies with Web 3.0
Web 3.0, like blockchain technology, aims to make the internet a more “democratic” place. The leading crypto players are using blockchain’s smart contract capabilities to integrate decentralized apps (dApps) into the ecosystem. DApps are programs that instead of relying on a single computer, run on a blockchain network of computers. Smart contracts and decentralized applications (dApps) will aid in the automation of operations to make the internet more ‘democratic.’
According to reports, Ethereum could be the most popular Web 3.0 blockchain due to its role in assisting dApp developers. As a result, ether will receive greater attention. Other crypto initiatives are already attempting to improve the Web 3.0 experience, like Polkadot, Kusama, and Helium among others. Web 3.0 and metaverse also integrate nicely with each other which makes it easier to purchase and trade NFTs, which reflect your ownership of a virtual good, using cryptocurrencies.
Top Web 3.0 Cryptocurrencies
Cryptocurrencies will play a significant role in the development of Web 3.0 and the metaverse. They are, by definition, decentralized and inextricably linked to Web 3.0. The following is a list of the top Web 3.0 cryptocurrencies, ordered by market cap, popularity, and use cases of Web 3.0.
- Ethereum (ETH)
- Chainlink (LINK)
- Theta Network (THETA)
- The Graph (GRT)
- Arweave (AR)
- Polkadot (DOT)
- Filecoin (FIL)
- Helium (HNT)
- BitTorrent (BTT)
- Basic Attention Token (BAT)
Final Thoughts on Web 3.0
We’re on the way to an Internet where people can control their data and privacy completely while also allowing companies to exploit it (or not). All of this will be possible by blockchain technology. As a result, from tailored search results to developing tools that are cross-platform and the use of 3D graphics, web 3.0 will speed the transparent use of user data. The internet in the near future will become more immersive and interactive. Soon, the new Internet will be available! Let’s jump into web 3.0 with both feet.