To a similar extent that Web 2.0 was a paradigm shift, Web 3.0 could be a game-changer. Web 3.0 is predicated on the core ideas of decentralization, openness, and enhanced consumer utility. Web 3.0, also known as Web 3, is the evolution of the World Wide Web.
Envision a different kind of the Internet, one where your input is instantly translated and understood in any format you use (text, voice, or otherwise) and where the content you access is more tailored to your specific interests and needs than ever before. You are about to experience a watershed moment in the history of the Internet. The term “Web 3.0” has been coined for it.
What will Web 3.0 look like, and how will it change our lives? If any of the aforementioned piques your interest, you’ve come to the right place.
What Is Web 3.0 Technology?
It is anticipated that Web 3.0 will be:-
Open: Content delivery networks will be built with free, open-source software.
Trustless: In a trustless system, everyone uses Zero Trust, and security in the network extends to the very edges.
Decentralized: Devices, users, and services can all communicate with one another without needing approval from a single entity.
Difference Between Web 1.0, Web 2.0, and Web 3.0
It’s important to look back at web 1.0 and web 2.0 before moving forward with web 3.0.
For those interested in learning about the origins of the Internet, here it is:
- In Web 1.0, users can only consume content by reading web pages.
- Websites and programs in the Web 2.0 era encourage users to read and create content.
- People in Web 3.0 can read, write, and interact with content on websites and apps, such as 3D graphics. This is all made possible by AI.
- Data transfers and record-keeping will be handled in a decentralized manner thanks to blockchain-based distributed ledger technology.
- The need for individuals to rely on a third party (such as a bank) to safeguard their data will be eliminated with the advent of publicly accessible smart contracts.
- The metaverse will bring in a lot more money for the entertainment business.
- Digital assets and non-fungible tokens (NFTs) can be created instantly by consumers thanks to blockchain technology, safeguarding intellectual property and personal information in the process (PII).
- Users’ information can be used for commercial gain.
What Is Web3 Used For?
Although Web3 technology is in its infancy, it has many potential applications already. You can find the current top 5 here:
The metaverse is a digital representation of the physical world and the Internet in three dimensions. Users can move around using their computers, smartphones, or virtual reality (VR) or augmented reality (AR) headsets, creating a highly immersive experience that will increasingly distort the boundaries between virtual and real life. Web3 marketplace development proposes a metaverse vision very different from the current state of affairs; one accessible to anyone is decentralized, interoperable, open-source, and will equitably reward creators and security contributors.
Axie Infinity’s success in 2021 sparked the play-to-earn craze in blockchain gaming, which offered players the chance to turn their gaming time into real cash. After the initial success of the first blockchain-powered game, thousands of imitators emerged, all promising users the opportunity to earn native tokens through playing their games, the value of which skyrocketed at launch before crashing.
With Web3, creator communities such as artists, writers, musicians, designers, and developers can connect with their audiences and patrons without intermediaries. Because of this, they’ll be able to keep most of the money they make.
Distinctive Characteristics of the Third Generation World Wide Web
Part of what makes Web 3.0 so special is its emphasis on decentralization. In Web 2.0, information is stored in one central location, accessible via a single server, and accessed by computers via HTTP or specific web addresses. Data could be stored in multiple locations simultaneously in Web 3.0 because it would be found based on its content.
Trustless and Permissionless
Web 3.0 will be both trustless (in the sense that users can communicate with one another without going through a central authority) and permissionless (meaning that anyone can participate without authorization from a governing body).
Connectivity and Ubiquity
The Internet of Things is just one example of an ever-increasing number of commonplace devices that can connect to the web, making for a more interconnected and pervasive Web 3.0.
For Web 3.0 to be a reality, edge computing, in which apps and data are processed at the network edge on devices like mobile phones, laptops, appliances, sensors, and even smart cars, must continue to develop.
With the help of AI, computers can understand information on a human level, allowing faster, more accurate results to be returned in various contexts. They gain intelligence and improved ability to meet user requirements as a result.
Potential Real-World Uses for Web 3.0
Among the most important features of Web 3.0 is voice recognition software, and Siri is the best example of this. Using this innovation, personal assistants like Siri can collaborate, share data (via linked blocks), and return more relevant results for users’ queries (whether “how to,” “why,” or “what”) than ever before. Before this update, Siri was limited to performing only the most basic tasks using pre-programmed algorithms.
Wolfram Alpha is an online system that uses computational intelligence to solve problems. It is especially well-liked by those studying and working in scientific fields like mathematics, nutrition, and biology. Using Web 3.0 principles, this system compiles data from various sources and presents it in a streamlined format for end users.
Popular web2 browsers like Chrome today provide extra features via a wide variety of user-created extensions; many of these extensions also have applications in the crypto space, such as wallet add-ons developed by MetaMask, Phantom, and others. But it’s also simple for bad actors to make fake or modified versions of these applications, lure potential victims with phishing techniques, and trick them into handing over access to their wallets or sending their cryptocurrency to an illegitimate address.
Here comes Opera’s Crypto Browser and the similar Brave Browser. Using its Basic Attention Token, Brave gives its users much more agency over their personal information, online security, and ad preferences than competing browsers (BAT). With Brave, users are protected from trackers, fingerprinting, and phishing attempts thanks to the browser’s innovative privacy and security features, such as an integrated VPN and firewall.
Flickr is well-known as a place to share pictures with others and to discover new concepts and photo albums from other users. More than 17 million people a month visit the site. It’s a public image archive that includes many different types of pictures. In addition to viewing the images in slideshows, users can access several other, more sophisticated tools and customization options. Image searches will be more efficient and faster thanks to Web 3.0’s implementation of Ajax and other user-friendly features.
Audius, web3 streaming platform, is a decentralized music streaming service built on the Web3 protocol and blockchain technology. It is one of the largest non-financial blockchain applications and relies on blockchain technology to protect users’ rights to their content. Due to the low transaction costs of the Solana blockchain, which power many components of Audius, creators on Audius do not have to pay anything to tokenize their content by minting NFTs.
How Web 3.0 Can Change Our Lives
With these improvements, we can more precisely define Web 3.0. In Web 3.0, computers can interpret meaning from data thanks to semantics and machine learning advancements. They can pick up on your preferences, speed up your search times, and comprehend the world’s interconnectedness.
How is Web3 changing the world?
Blockchain technology is largely responsible for this paradigm shift first there are no centralized servers on web3. Second. there is no ownership and control centralization.
What is the future of Web3?
A recent study by Market Research future suggests that by 2023, the web3.0 blockchain technology sector will be worth more than six trillion dollars.