Web 3.0 was the new buzzword that took over the Internet world when the metaverse gained popularity. Web 3.0, also referred to as the decentralized web, is an advancement above the present Internet’s Web 2.0. The important turning point in the development of Web 3.0 is now.
What is Web 3.0 Technology?
The third generation of internet technology for building intelligent webpages and web apps is known as Web 3.0 (Semantic Web).
During the next stage of the internet, people will be able to contact with each other directly thanks to blockchain technology. Users will interact by joining a Decentralized Autonomous Organization (DAO), an organization that is controlled and owned by its community.
Users’ personal data will be safeguarded by a network of readily available smart contracts. These contracts will be kept in a blockchain, a distributed network that will be managed by the nodes.
Difference between Web 1.0, Web 2.0, Web 3.0
|Previously, there was no such thing as a user page or just comments on articles.||Data distribution and sharing have made way for the growth of social networking and user-generated content.||It will provide consumers intelligent applications through the use of AI, machine learning, and blockchain technology.|
|Because there is no mechanism to scan web pages in Online 1.0, users have trouble discovering useful information.||The development of the technology utilized in this internet era was pioneered by a number of online inventors, including the aforementioned Jeffrey Zeldman.||As a result, the most pertinent material can be intelligently created and distributed to all internet users.|
Main Features of Web 3.0
- Semantic Web: An advanced form of the Internet where material is evaluated based on word meanings.
- Natural language processing is the main area of artificial intelligence, where computers will learn to comprehend information more as people do in order to deliver quicker and more accurate results.
- 3D graphics: A three-dimensional design that will be incorporated into websites and other online services to give users clear pictures. Examples include computer games and museum guides.
- Information is connected to metadata, which enables users to retrieve the appropriate information.
- Everything around you will be connected to the internet, making content available everywhere.
The following technologies will also produce properties: machine learning and data mining. Peer-to-peer (P2P) networking technologies like blockchain are more prominent in Web 3.0. Applications can also be developed using other technologies, such as open APIs, data formats, and open source software.
Layers of Web 3.0
Four new levels of technological advancement are driving Web 3.0:
- Web 3.0 moves the data center to the edge (edge computing), putting it in their hands. Web 2.0 altered personal computer technology, which is now commonplace in data centers.
- Decentralized Data Network – Users will own their data on web 3.0 because the data is decentralized. Various data generators can sell or share their data without losing ownership or depending on intermediaries using a decentralized data network.
- Artificial Intelligence and Machine Learning – Algorithms for artificial intelligence and machine learning have developed to the point that they are now capable of making predictions and taking meaningful actions that, on occasion, have the potential to save lives.
- Blockchain – A decentralized technology, blockchain carries out transactions through the use of smart contracts. The semantics of the web 3.0 web application are defined by these smart contracts. Therefore, a machine with shared state is required for everybody who wishes to create a blockchain application.
How does Web 3.0 work?
Your data is saved on your web3 crypto notecase. Through your wallet, you will connect with apps and communities on web3, and you may take your data with you when you log out. Since you are the data’s owner, you have the option to decide whether or not to monetize it.
After establishing our guiding principles, we can start to consider what specific web3 development elements entail for achieving these objectives.
- Use of platforms like Facebook or YouTube results in the collection, ownership, and recovery of your personal data by these companies. Your information is kept on your web3 crypto wallet. Through your wallet, you will connect with apps and communities on web3, and you may take your data with you when you log out. Since you are the data’s owner, you have the option to decide whether or not to monetize it.
- Pseudonym: Just like data ownership, privacy is a characteristic of your wallet. On the web3, your wallet serves as your identity, making it challenging to link the wallet to your actual identity. As a result, even if someone were to watch your wallet in use, they would not be able to recognize it. It is quoted by Neuroth as saying “My personal information is hidden, but my behavior is apparent.”
Customers can connect to their illicit cryptocurrency wallets with the aid of certain businesses. Your identity is hidden for everyday use, nevertheless.
Bitcoin transactions are made more private via wallets, but privacy coins like Zcash and Monero enable totally anonymous transactions. Observers can follow transactions on privacy coin blockchains, but they are unable to see the corresponding wallets.
Decentralized autonomous entities that operate applications will be present in Web3 (DAOs). As a result, decisions are now made by users who hold governance tokens instead of by a centralized authority. These governance tokens can be acquired by taking part in the upkeep of these decentralized systems or by purchasing them.
The CEO of a normal firm is in charge of carrying out the modifications agreed upon by the shareholders. The DAO’s token holders can vote on adjustments, and if they are approved, a smart contract will immediately incorporate the changes into the DAO’s code. The DAO is democratized, and everyone has access to the source code.