If you’ve been paying attention to the world of technology over the past few years, you may have heard mention of something called “Web3.0.” But what is Web3.0, exactly?
You might even be wondering what all of this means for businesses and consumers as well.
In this article, we will explore what is Web3 and discuss how it is changing the way we use the internet.
What Is The Original World Wide Web (Web 1)
To truly grasp what Web3 is and what it represents for the cryptocurrency space, we will first need to dive a bit deeper when it comes to the original Web, Web 1.0.
This is a time frame between 1989 and 2004 when users would go online, manually type in the URL of pages on the top browser bar, and visit static pages created through the utilization of a language called Hypertext Markup Language (HTML).
Tim Berners-Lee ended up creating the world wide Web, or WWW while working at CERN in 1989.
Initially, this Web was created as a means of sharing automated information between different scientists across universities as well as institutes, but like all good technologies, it found a use case elsewhere. What you need to remember here is that Web1 featured static web pages, all connected through the utilization of hyperlinks. Everyone had to know the URL, as there wasn’t a search engine initially.
It is also referred to as the “read-only” Web because people would typically just access data and would rarely have the opportunity to publish data themselves.
The main stand-out features that Web1 brought to the picture include pages being able to display as they are loaded, alongside the launch of the largest web browser at the time, the Netscape Explorer.
This explorer stood out because it enabled developers the opportunity to essentially access the JavaScript programming language and create interactive content. We saw the addition of cookie files for the first time, which were created to store information the first time a web browser accessed a specific website.
What Is Web 2.0?
Web2 is a point in time for the internet, which began in 2004 and marked an evolution of the Web. Specifically, this was dubbed the “read-write” internet, as people weren’t just able to read content and view it but could also create content, share things online, interact with one another aside from just using email, and most importantly, they were provided with the opportunity to monetize out of their content. In Web 2, we also saw a rise in the popularity of search engines.
This was made possible because we saw an introduction to a variety of different technologies, made possible through social media channels such as YouTube, Facebook, Twitter, Reddit, and many others. Anyone could make a Twitter account, and utilize the social network for example.
We saw the addition of the Asymmetric Digital Subscriber Line (ADSL) connection and the Secure Sockets Layer (SSL) protocol.
However, there were also downsides with this Web, as it started to have a heavy reliance on GAFAM. GAFAM is short for corporations that have a majority level of control over the internet, such as Google, Apple, Facebook, Amazon, and Microsoft. Due to this, users saw a need for advancement on the Web, specifically, Web 3.0 or Web3.
What is Web 3.0 in Layman’s Terms
Web 3.0 is the next generation of the World Wide Web, where Semantic Web technology and other web technologies are used to create a more intelligent and interactive web experience.
The Semantic Web is a web of data that machines can understand, and it is this machine-readable data that will allow artificial intelligence to play a role in the future of the Web.
With Web 3.0, the Web will become more than just a collection of pages and links; it will be a truly intelligent platform that can provide personalized experiences for users and even help them solve problems. This is a web where digital assets are utilized, and we can gain access to virtual land, that is not in the control of any centralized entity.
Web3 will utilize artificial intelligence (A.I.) and machine learning (M.L.) to provide users with information that they require whilst also keeping everything connected, and this can fundamentally change the way we use the internet.
How Will it Change Big Tech Companies
The most significant way that the Web will change the way we use the internet is by making it more personal. With machine-readable data, businesses will be able to provide truly personalized experiences for their customers.
This could include things like customized content, recommendations, and even problem-solving assistance.
Think of the current algorithms utilized by Google and YouTube; for example, based on your browsing history, you are recommended specific content that might be of interest. Now imagine that, on a full-web level, not on a specific platform only.
Another way that the Web will change the internet is by making it more secure. With the rise of data breaches and identity theft, security is a major concern for many people who use the internet.
For example, currently, you need to create an account and password for every single service out there. All of the data is separately stored across each platform’s servers. You have one login for Twitter, another for YouTube, and another for Reddit. Web 3.0 aims to put you in full control, where you can just use a crypto wallet and log in to any platform, then fully disconnect it at another point in time. This way, your data will not be on the company’s centralized server.
We will make it easier to protect user data and ensure that it is only shared with those who have the proper permissions.
In short, Web 3.0 has the potential to change the way we use and interact with the Web, making it more useful and efficient than ever before.
Key Features Of Web 3.0 and its Associated Technologies
Web 3.0 is the next stage of the development of the World Wide Web. It will be an extension of the current Web, but with some significant improvements.
Blockchain Technology
Web 3.0 will be reliant on blockchain technology; in other words, instead of having websites being hosted on centralized servers, users could host them themselves by running or storing the data through the utilization of a decentralized network, where thousands of people on a global scale can keep an exact copy of all of the data, ensuring that a controlling authority cannot compromise it.
Smart Contracts
Smart contracts are essentially a representation of programmable code that executes automatically whenever pre-defined conditions are met, giving it a lot of utility. Instead of waiting for administrators, for example, to verify data, they can easily fill this role and instantly at that.
Digital Money
Web 3 will utilize cryptocurrencies, which do not require a central authority to get transferred from one side of the globe to another and typically have much lower fees due to this. This means that you can buy anything, anywhere, whilst always having a supported cryptocurrency.
Non Fungible Tokens
Non-Fungible tokens (NFTs) have blown up in popularity and, as such, are the future of the Web as we know it. Aside from verifiable art, they can be our digital I.D., our digital passport, and anything else we might need, as it is a safe and always-verifiable form of crypto.
Decentralized Social Networks
Many social media channels today are controlled by a company that has the ability and right to censor content. By being decentralized, no central authority can block or censor content. This means that it is less likely that useful or important information will be blocked within a specific country. We will be able to own data ourselves and remove control of large technology companies.
The Metaverse
The Metaverse is a virtual representation of our own world, where we can create avatars and even experience things that would otherwise be impossible in the outside world. However, this is also a location where users can work, meet each other, socialize, and do anything that they could in the real, outside world. This is also a representation of new business models, and a location where crypto enthusiasts currently reside.
Governance Tokens
Governance tokens will also play a major role in Web3 as they are aimed at giving back control to the hands of the users. By holding a specific amount of cryptocurrency, users can vote on changes in terms of the future of the project, its development, fees, allocation, and so on. Here, the vast majority of votes will be turned into an evolution of the product. This is also the case with Decentralized Autonomous Organizations (DAOs).
Edge Computing
Finally, Web 3.0 will use edge computing to provide a better user experience. Edge computing will allow for faster loading times and lower latency. As a result, Web 3.0 will provide a better experience for users while also being more efficient and scalable.
How Will Web 3.0 Change How We Use The Internet
The social Web is the trend of users interacting with each other through social media platforms and generating content that is available for anyone to see.
Web 3.0 is the next stage of the social Web, where internet users will be able to interact with each other on a more personal level and where web pages will be more personalized for each user.
This will change the way businesses operate online, as they will need to focus on creating a more personal connection with their customers. Additionally, businesses will need to find ways to integrate user-generated content into their marketing strategies.
Ultimately, Web 3.0 will change the way we use the internet and how businesses operate online by making the social Web more personal and interactive.
What Challenges Must Be Overcome Before Web 3.0 Can Be Fully Realized?
Web browsers and web browsing as we know it today may not be fully realized until a new internet connection is available. The current web browsers are inadequate for true web 3.0, which will require much more user data than is currently available.
We also need to develop new web browsers that can take advantage of this new Web and allow users to access it without having to download anything.
We need to improve internet connections so that they are faster and more reliable, which will allow users to access the Web from anywhere in the world.
Finally, we need to develop standards for web 3.0 so that all devices can connect to it and use it effectively.
Potential Risks Associated With Web 3.0 Technology
While on paper, Web3 might seem like a perfect solution, there is always some level of risk involved with any new technology. We could experience issues with information authenticity, manipulation of data, availability of data, monetary losses, confidentiality issues, and quality of information issues.
Furthermore, since it is not centralized, if you lose any of your personal data, such as passwords or pass keys, you could permanently lose access to your cryptocurrency wallet, where you might be storing all of your precious data.
Conclusion
Web 3.0 is essentially the next evolution of our internet. It’s not just a new version of the Web; it’s an entirely different way of using the internet that will change how we interact with it. -Web3.0 is all about decentralization and giving control back to the users.
Instead of a few big companies controlling everything, Web3.0 allows for more collaboration and community involvement. -The key to unlocking Web3.0 is blockchain technology.
Blockchain is what makes decentralized applications possible, and it’s something that every business should be aware of moving forward.
