What is Web 3.0? What role it plays in internet development and Blockchain

What is Web 3.0 What role it plays in internet development

Web 3.0 is the idea of a new iteration of the World Wide Web that incorporates concepts such as decentralization, blockchain technology, and token-based economies. Some technologists and journalists have likened it to Web 2.0, saying that data and content are concentrated in a small group of companies, sometimes called “big tech.” The term “Web 3.0” was coined by Ethereum co-founder Gavin Wood in 2014, and the idea captured the interest of cryptocurrency enthusiasts, major tech firms, and technology companies in 2021.

Some observers claim that Web 3.0 will provide users with greater data security, scalability, and privacy and counter the influence of large tech companies. They also expressed concern about the decentralized web component of Web3, citing poor moderation and the potential for the distribution of malicious content. Some have expressed concern over the concentration of wealth among a small number of investors and individuals. Or the loss of privacy through extensive data collection. Others, like Elon Musk and Jack Dorsey, see Web3 as just a buzzword or marketing term.

 



 

What is Web 3.0?

Web 3.0 is the third generation of the Internet being built, where websites and applications can use Artificial Intelligence (AI), Machine Learning (ML), Big Data, Decentralized Ledger Technology (DLT), and more.

Web3 is still a fairly vague concept, and considering the transition from Web2 to Web3, it could take 5-10 years to build. We will likely see an extended Web2.5 era first, where Web2 platforms will gradually embed useful Web3 protocols.

Originally dubbed the Semantic Web by World Wide Web inventor Tim Berners-Lee, Web3 aims for a more autonomous, intelligent, and open Internet.

Additionally, users and machines can interact with data. But to do this, the program must understand the information conceptually and contextually. With this in mind, the two main pillars of Web3 are the Semantic Web and Artificial Intelligence (AI) technologies.

Evolution of the Web 3.0 Technologies

 

Evolution of the Web 3.0 Technologies

 

Web 3.0 will emerge from the natural evolution of older-generation web tools combined with modern technologies such as artificial intelligence and blockchain, user-to-user connectivity, and the growing popularity of the Internet. Internet 3.0 is an update of its predecessors, Web 1.0 and 2.0.

Web 1.0: (1989-2005)

Web 1.0, also known as the Static Web, was the first and most reliable Internet of the 1990s, although it provided access to limited information with little or no user interaction. Creating a user page or commenting on posts was not a problem back then.

Web 1.0 had no algorithms to filter web pages, making it difficult for users to find relevant information. In short, it’s like a one-way street with narrow streets, a handful of people create content, and most of the information comes from directories.

Web 2.0: (2005-present)

Social networking or Web 2.0 has made the Internet more interactive by developing web technologies such as JavaScript, HTML5, CSS3, etc., enabling startups to create interactive web platforms such as YouTube, Facebook, Wikipedia, etc.

This paved the way for the rise of social networking and the production of user-generated content, as data could now be distributed and shared across different platforms and applications.

Web 3.0: (Coming)

Web 3.0 is the next step in the evolution of the web that will make the internet smarter or process information with human intelligence through the power of artificial intelligence systems that can run intelligent programs to help users.

Tim Berners-Lee has said that the Semantic Web should “automatically” connect home systems, people, and devices. Thus, humans and machines will be involved in content creation and decision-making. This will make it possible to create highly personalized content intelligently and distribute it directly to every Internet user.

Top Features of Web 3.0

 

Top Features of Web 3.0

 

Although there is no standard definition of Web 3.0 yet, it has some defining characteristics:

1. Decentralization:

This is a fundamental principle of Web 3.0. In Web 2.0, computers use HTTP as unique URLs to locate information stored in a specific location, usually a server. Since the information in Web 3.0 can be found based on its content, it can be stored in multiple locations simultaneously, thus achieving decentralization. It will destroy big databases like Meta and Google and give users more control.

With Web 3.0, data generated by diverse and increasingly powerful computing resources (including mobile phones, desktops, devices, vehicles, and sensors) is sold by consumers through decentralized data networks, ensuring that users remain in control of their property.

2. Trustless and permissionless:

In addition to being decentralized and based on open-source software, Web 3.0 will be trustless (meaning that the network will allow participants to communicate directly without going through a trusted intermediary) and permissionless (i.e., governing Anyone without a body can participate). Therefore, Web 3.0 applications run on blockchains or decentralized peer-to-peer networks or combinations of these networks – these decentralized applications are called dApps.

3. Artificial intelligence (AI) and machine learning:

In Web 3.0, computers can understand information like humans, thanks to the concepts of the Semantic Web and technologies based on natural language processing. Web 3.0 will also use machine learning, a branch of artificial intelligence (AI) that uses data and algorithms to mimic how humans learn and gradually improve their accuracy. These capabilities will enable computers to generate faster and more relevant results in fields as diverse as drugs and new material development, rather than the simple targeted advertising of most jobs.

4. Connectivity and ubiquity:

With Web 3.0, information and content are more integrated, ubiquitous, and accessible to multiple applications. More and more devices are connected to the Internet,

 



 

Importance of Blockchain in Web 3.0

The most important aspects of Web 3.0, such as the voice assistants Siri and Alexa, show how machine learning can develop a range of new Internet services. In addition to the introduction of machine learning and machine networking through the Internet of Things, it is said that the third generation of the Internet runs on decentralized protocols.

Therefore, it is important to explore the potential convergence points of blockchain in Web 3.0. Third-generation web networks provide interoperability, automation, seamless integration, and censorship-resistant storage of P2P data files through smart contracts. So it is clear that blockchain will be the key driver of the next generation internet.

Blockchain plays a major role in changing traditional data storage and management methods. In short, blockchains provide a collection of data or a shared managed state plane. A stateful layer provides an opportunity to develop a value processing layer over the Internet. The state layer facilitates the transfer of copy-protected files for efficient P2P transactions without intermediaries.

How Did Blockchain Establish the Road to Web 3.0?

The emergence of Bitcoin was one of the first points that outlined Web 3.0. The Bitcoin blockchain and other protocols have helped create networks where hackers have to break into multiple homes worldwide to access data from one home. Blockchain lays the groundwork for defining Web 3.0 because it can easily store data across multiple copies of a P2P network.

This agreement helps to define the business rules in the contract formally. In addition, the protocol also governs data security by the majority consensus of all network participants. Participants are rewarded in local network tokens for their contribution to network security and maintenance.

Blockchain is truly the foundation of Web 3.0, especially considering how it changes the data structure of the web backend. More importantly, it supports the development of a governance layer that runs on top of the existing Internet.

The governance layer can now allow two strangers who don’t trust each other to do business and transact over the Internet. Interestingly, blockchain capabilities in Web 3.0 will primarily focus on starting a back-end revolution. From a technical perspective, you can think of Web 3.0 as a set of blockchain-based protocols focused on replacing the backbone of the Internet. Moreover, it’s easy to think of blockchain as a distributed global computer that will change how we look at the Internet.

 



 

Examples of Web 3.0 in real life

Web 3.0 websites and Web 3.0 applications already exist. You may have heard about it in the media as an example of expensive crypto jacking. Or you may have interacted with Web 3.0 applications, such as B. IoT devices. You may have even explored the possibilities and meanings of the metaverse. You may have come across examples of Web 3.0 without knowing it.

An unprecedented level of interaction will increase awareness of IoT security threats. The world has evolved from static Web 1.0 applications and websites in just a few decades to dynamic templates and new Web 3.0 technologies.

Web 3.0 exists in technological ways, such as blockchain, and in user-friendly ways, such as Web 3.0 applications that can decode your intent. Here are some current Web 3.0 examples:

  • Blockchain Technology: Decentralized transaction records are stored across many computers on the Internet. All transactions based on complex encryption are publicly visible and permanent.
  • Cryptocurrency: Decentralized currency is not controlled by any government or central bank, using blockchain technology to record transactions. There are thousands of cryptocurrencies, of which Bitcoin is the most popular.
  • NFT: Non-fungible tokens (NFT) are associated with unique digital or physical assets and cannot be exchanged for anything else. NFTs are not cryptocurrencies that consist of fungible or tradable tokens. This creative example of Web3 technology will continue to evolve in the future.
  • Distributed Computing or Edge Computing: This technology aims to deliver data and services online from where they are requested or generated. Edge computing uses the computing power of many interconnected devices and acts as a decentralized supercomputer. Distributed computing is closely related to the Internet of Things.

Conclusion

The new Internet created by Web3 will provide more digital ownership and autonomy in an increasingly digital world, along with other decentralized benefits that will hopefully help create a more equitable web. It does this by empowering every user to gain autonomy over their data and providing a rich overall experience through numerous post-launch innovations.

As Web3 inevitably emerges—which may be difficult to predict given how embedded smart devices are in our daily lives and how much they change our behavior—the Internet will become increasingly integrated into our daily lives. Will go, and we often don’t know it. . .

Almost all machines normally offline today, from household appliances like ovens, vacuum cleaners, and refrigerators to vehicles of all kinds, have become part of the IoT economy with their servers and decentralized applications. There are new developments with cations. Digital domains such as autonomous interactions (DApps), blockchain, and digital assets are being built into, fueling all kinds of new technological “wonders” of the 21st century.

The future is bright if you know where to look and stay connected with blockchain and cryptocurrencies.

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