The World Wide Web’s reliable, strong infrastructure was made possible by centralization, which also assisted in connecting billions of people to the internet. The World Wide Web is simultaneously controlled by a small, centralized group of institutions, which also unilaterally decide what should and shouldn’t be allowed. Lets start about What is Web 3.0?
Web3 is the answer to this issue. The Web3, which supports decentralization and is created, run, and owned by its users, is not a network that is controlled by major technology firms. Web3 gives people more power to make decisions than corporations do.
What is Web 3.0?
Web 3.0 was originally referred to as the Semantic Web by Tim Berners-Lee, a programmer who developed the World Wide Web (WWW). Berners-Lee imagined an intelligent, independent, and open Internet that used AI and machine learning to act as a “global brain” and interpret content conceptually and contextually.
This idealized version didn’t quite work out due to technological limitations, such as how expensive and difficult it is to translate human language into machine understandable language.
Through search and analysis, the semantic web, a development in online technology, enables people to create, share, and connect content. It focuses on word understanding rather than using keywords and numbers.
Artificial intelligence and machine learning are used. As a result, Web 3.0 was created to become smarter and more receptive to user demands. The end result is a computer that employs Natural Language Processing (NLP), if these concepts are combined with NLP.
It demonstrates how various devices and programmed are connected by the Internet of Things (IoT). Semantic metadata enables this process, enabling the effective exploitation of all available data. Without a computer or other smart device, anyone can access the internet at any time and from anywhere.
It provides “trustless” data and gives users the option of interacting in public or privately without putting them in danger by using a third party.
3D graphics are employed. In fact, this has already been made abundantly clear by e-commerce, virtual tours, and video games.
It makes participation easier without requiring consent from a higher authority. It is without permission.
It functions with Metaverses: By allowing players to actually own in-game resources, blockchain video games uphold the NFTs’ principles. They are a 3D-rendered, infinite virtual world.
Privacy and digital infrastructure in this application, zero-knowledge proofs and more secure personal data are used.
A decentralization of finance. Examples of this use include peer-to-peer digital financial transactions, smart contracts, and cryptocurrencies.
Decentralized autonomous organizations. The members of online communities own those communities.
Important aspects of Web 3.0
These are the new layers of technological innovation are driving Web 3.0:
Artificial Intelligence and Machine Learning – Algorithms for artificial intelligence and machine learning have developed to the point where they can now make predictions and take actions that are helpful and occasionally lifesaving.
Blockchain – A decentralised technology, blockchain carries out transactions through the use of smart contracts. These smart contracts specify how a web 3.0 application should operate. As a result, the shared state machine is required for anyone who wants to create a blockchain application.
Edge Computing – While web 2.0 changed the commoditized personal computer technology that is currently used in data centres, web 3.0 pushes the data centre out to the edge and into our hands.
Users will own their data in web 3.0 because of the decentralized nature of the data network. Using decentralized data networks, various data producers can sell or share their data without giving up ownership or depending on middlemen.
Important uses for Web 3.0
Web 3.0, which has blockchain at its core, enables a wide range of new apps and services, including the ones listed below:
Decentralized finance (DeFi) is a new use case for Web 3.0 that enables the provision of financial services outside the bounds of traditional centralised banking infrastructure. Decentralized blockchain technology is being used as the foundation for DeFi.
Bridges that cross chains: In the Web 3.0 era, there are many different blockchains, and bridges that cross chains offer some sort of connectivity between them.
Non-fungible Tokens (NFTs) are tokens that are kept in a blockchain with a cryptographic hash and are each individually unique.
Decentralized applications (dApps) are computer programmes that are logged in an immutable ledger and are run programmatically. They are constructed on top of the blockchain and employ smart contracts to speed up the delivery of services.
Cryptocurrency: Through Web 3.0 applications like cryptocurrencies like Bitcoin, a new monetary universe that aims to be distinct from the conventional world of fiat cash is being created.
DAOs: With their ability to provide some structure and decentralised governance, DAOs are poised to potentially fill the position of Web 3.0’s governing bodies.
Benefits and Drawbacks of Web 3.0
Benefits –Â
- When it comes to data security, end users will gain the most from data encryption.
- Users will have access to data in any circumstance thanks to decentralized data storage. Users will receive numerous backups to help them in the event that the server fails.
- Since non-profit organizations create the majority of blockchain systems, there is an open source blockchain platform that enables collaborative design and development.
- The information will be made available on any device and from any location.
Drawbacks –
- It will be necessary to improve the devices’ features and capabilities in order to make the technology available to more people worldwide.
- Once web 3.0 is fully adopted on the Internet, any websites created using web 1.0 technology will be rendered obsolete.
- Web 3.0 technology is more sophisticated, effective, and available than earlier iterations. The technology isn’t quite ready for widespread use, though.
- Web 3.0 has made it easier to access a user’s information and has reduced privacy, making reputation management more crucial than ever.
Conclusion
The idea behind the next generation of the web, referred to as Web 3.0 or Web 3, is that the majority of users will be connected via a decentralized network and have access to their own data. This article provided us with information on the technologies that are expected to develop and change over the coming years. Web 3.0 will incorporate intelligent systems, semantic web, decentralization, metaverse, digital assets, and other emerging technologies.
