Web3

What is Web3?

In a blog post on his website, "Insights into a Modern World," computer scientist and co-creator of Ethereum Gavin Wood first proposed the name web3, also written out as web 3.0, in 2014.

The meaning of Web3 may be described in two different ways. A blockchain-integrated internet or an internet where cryptocurrencies and NFTs are embedded into the platforms you use are the short and simple descriptions. An internet owned by users is a more intricate yet precise approach to consider Web3. The incorporation of blockchain technology, according to proponents of cryptocurrencies, would create an equal internet.

Apps will be managed by independent, decentralised groups in web3 (DAOs). As a result, decisions are no longer made by a centralised authority but rather by users who own governance tokens, which may be acquired by taking part in the maintenance of these decentralised programmes or by purchasing them.

Your data is kept on your digital wallet on web3. On web3, you'll interact with applications and communities through your wallet, and when you log out, you'll take your data with you. Since you are the owner of the data, you may theoretically choose whether to monetize it.

Web 3.0 Characteristics

Web 3.0 has a few distinguishing characteristics, including decentralisation, artificial intelligence (AI) and machine learning, connectivity and ubiquity, and open source software, despite the lack of a consensus conference as of yet. Let's explore each one in turn.

1. Decentralization- It is a fundamental component of Web 3.0. Information might be stored simultaneously in numerous locations and become decentralised with Web 3.0 since it would be found based on its content rather than a single location. This would give individuals more power by dismantling the enormous databases that internet goliaths like Meta and Google presently maintain. Through decentralised data networks, consumers will be able to sell the data produced by various and powerful computing resources, including as mobile phones, desktop computers, appliances, automobiles, and sensors, while still maintaining ownership control.
2. Artificial intelligence (AI) and machine learning- With the help of technologies based on Semantic Web principles and natural language processing, computers will be able to comprehend information similarly to humans in the Web 3.0 era. Web 3.0 will also make use of machine learning, a subset of artificial intelligence (AI) that mimics human learning by using data and algorithms, progressively improving its accuracy. Instead of just targeted advertising, which makes up the majority of present efforts, these skills will enable computers to deliver faster and more relevant outcomes in a variety of fields including medical research and new materials.
3. Connectivity and ubiquity- Information and content are more accessible and omnipresent with Web 3.0 thanks to a variety of apps and an increase in the number of commonplace devices that are linked to the internet. The Internet of Things is one such example.
4. Open Source- Decentralized and built on open source software, Web 3.0 will also be permissionless and trustless, allowing users to communicate with one another directly rather than through a trusted third party (meaning that anyone can participate without authorization from a governing body). As a result, Web 3.0 applications—also known as dApps—will operate on blockchains, decentralised peer-to-peer networks, or a hybrid of the two.

Web 3.0: Opportunities and Perils

Beyond the social networking, streaming, and online shopping that make up the majority of Web 2.0 services used by users, Web 3.0 has the potential to provide customers even more usefulness. Decentralization and permissionless systems, two key components of Web 3.0, will also allow consumers far more control over their personal data. This may assist in limiting the practise of data extraction, which is the collection of information from web users without their knowledge or payment, and in reducing the network effects that have allowed the technology giants to achieve a position of virtual monopoly through deceptive advertising and marketing techniques.

Decentralization also entails considerable legal and regulatory concerns, though. Because there is no central authority under a decentralised organisation, it will be considerably harder to monitor cybercrime, hate speech, and false information. As you are aware, a decentralised network would also make regulation and enforcement very challenging.

What distinguishes web3 from earlier iterations of the web?

There must always be a Web1 and a Web2 if there is a Web3. Why not gain some knowledge about them?

The majority of websites were read-only web pages during the early years of the World Wide Web, or web 1.0. Pages were just intended to be read, with no interactive features. Users acted just as consumers. The issue with the original web was that it required a significant amount of technological know-how to create your own web page and contribute to this version of the web.

The web that we presently use, Web 2.0, provided the ability for users to "write" in addition to reading. Owners of web pages may get statistics on the number of clicks and comments generated by their content. Additionally, it paved the way for social media and opened up content production to those who would not have had access to it in web 1.0.

You should be aware that although these platforms make it possible for people to create content, they also utilise our data to determine what other types of material we would find interesting. Companies can potentially profit from the sale of this data to advertisements. Users on this version of the web are both consumers and products. The third generation of the World Wide Web is known as Web 3.0 or Web3. It is a concept for a decentralised, open, and more useful Web that is still under development.

How does Web3 fit into the metaverse?

Yes. Many people think the metaverse will be the voice of blockchain technology, much as websites like Facebook and YouTube were the results of technological advancements that made data uploading and cloud storage possible. The transformation of Facebook into Meta in October marked its shift from a Web2 firm to one with a major focus on Web3. Metaverses like Decentraland and Sandbox, meanwhile, exemplify the Web3 philosophy. 

The Final Word

For instance, if you are making travel arrangements and your budget is limited, you now have to spend hours searching through multiple websites to find flights, lodging, and vehicle rentals. Personalized suggestions based on your profile and interests will be generated by intelligent search engines or bots with Web 3.0, saving you hours of labour. In the decentralised Web3 era of internet development, consumers take ownership of their own data. This is in contrast to the present Web2, which is controlled by big, centralised businesses who take the lion's share of the financial value of the internet. Web3 is still in its early stages, but in the next years, it is expected to have an influence on the financial sector and the whole economy.