3 Aug 2022
Web 3.0, also known as the third-generation internet, is the next step in the evolution of the World Wide Web. Nobody did more to popularize the Internet than WWW. It simplified the Internet into a single web address that can be accessed from any computer in the world. The uniform resource locator (URL) allows people to surf and exchange data over the Internet by simply typing web addresses. It’s a nostalgic moment for those who have witnessed the Internet’s evolution over the last three decades.
The Internet has come a long way, from bulky computers to handy smartphones, and it is only going to get better. It offers a data-driven Semantic Web that employs machine-based data understanding to create a more intelligent and connected web experience for users. Web browsers advanced to the point where they could run web applications with sophisticated 3D graphics. The most valuable commodity to these organizations is user data, which they use to boot eCommerce or sell to third-party players. Google, the world’s largest search engine, is perhaps the most well-known example.
It is the internet’s read, writes, and trust version. It aims to build trust in the current system by using Defi-decentralized finance – on the blockchain to eliminate reliance on intermediaries or central authorities. It also promotes the formation of Decentralized Autonomous Organizations, or DAOs, in order to reduce human biases
Consider a typical day in your life: you get up and, perhaps, use your voice assistant to open the news app with your favorite podcasts. You booked a cab for the office and became frustrated when you tracked it in real-time. Your food apps seemed to read your mind during lunch and showered you with offers you couldn’t refuse. You’re scrolling through social media and notice ads that appear to be tailored specifically to you.
It also promotes the formation of Decentralized Autonomous Organizations, or DAOs, in order to reduce human biases. Binance, the world’s largest cryptocurrency exchange by value, makes it simple for anyone to enter the exciting new world of Web 3.0.
It includes everything from artificial intelligence (AI) models and big data analytics for targeted marketing to cryptocurrency and the popular virtual metaverse. It is clear that it is already a big part of our present, but what might the internet look like a decade from now? Can Web 3.0 set the standard? According to numerous sources, it can and most likely will.
Consider the current major trend shifts. Every aspect of our lives, from shopping to entertainment to socializing, has shifted dramatically online. Individual users’ main concern (indeed, more than 77 percent of millennials polled expressed concern) is the safety of their private information, its misuse at the hands of some large corporations, and also the trouble of dodging infinite following ‘cookies’ with the potential threat of knowledge leaks. It then allows for the reconciliation of these diametrically opposed trends. While Web 2.0 was dynamic, allowing users to create content and interact with one another, third-party cookies and the concentration of data in the hands of a few firms became concerning. Data leaks have multiplied, and it appears that biased, provocative, or outright funded content is now common on the internet.
The internet ecosystem, like any other type of technology, is constantly evolving to meet society’s rising expectations. Staying informed and educated about the future of the internet will help consumers avoid digital whiplash as a result of the changes that it will bring — assuming it becomes a thing. Web 1.0 was the first phase of the internet, and it displayed information but was limited in capability, difficult to navigate, and did not provide many options for monetizing content. Web 2.0 improved on its predecessor by categorizing website information, allowing data to flow freely from site owner to user, and providing content creation tools for users. Many people are now advocating for a new web generation to address the issues of the current generation.
Many of us are familiar with web 1.0, which functions as an information directory. Its evolution to web 2.0 made data highly interactive and accessible on a wide range of devices, and now web 3.0 is more open, robust, secure, and decentralized. But hold on a second,
What exactly is web 3.0? What distinguishes it from web 1.0 and web 2.0? Is the technology depicted in the movies cutting-edge?
Absolutely not. It is similar to web 2.0, but it is far more robust, open, customizable, and user-centric.
Let’s get this party started.
From single-page websites to today’s dynamic, interactive, and user-friendly database, the world wide web has evolved through several stages.
Let’s take a closer look at the evolution of web 1.0, 2.0, and 3.0.
Web 1.0 (1989-2005)
Web 2.0 (2005-present)
Web 3.0 (Present – Upcoming Future)
Cryptocurrency is frequently mentioned in discussions about this. This is due to the fact that many Web 3.0 protocols rely heavily on cryptocurrencies. Instead, it provides a financial incentive (tokens) to anyone who desires to assist and help in the creation, governance, contribution, or improvement of one of the projects. Web 3.0 tokens are digital assets associated with the goal of establishing a suburbanized net. These protocols may offer a variety of services, including computation, bandwidth, storage, identification, hosting, and other online services previously provided by cloud providers. For example, the Ethereum-based Live peer protocol provides a marketplace for video infrastructure providers and streaming applications. Similarly, Helium uses blockchains and tokens to incentivize consumers and small businesses to supply and confirm wireless coverage and send device data through the network.
People can earn a living by participating in the protocol in a variety of technical and non-technical capacities. Customers typically pay to use the protocol, similar to how they would pay a cloud provider such as Amazon Web Services. As with many forms of decentralization, unnecessary and often wasteful intermediaries are eliminated.
Furthermore, nonfungible tokens (NFTs), digital currencies, and other blockchain entities will be heavily used in this. For example, Reddit is attempting to make its inroads by developing a mechanism that uses cryptocurrency tokens to allow users to essentially control pieces of the on-site communities in which they participate. The idea is that users would use “community points” earned by posting on a specific subreddit. The user then earns points based on how many people upvote or downvote a specific post. (It’s essentially a blockchain-based Reddit Karma.)
We believe that the rise of Web 3.0 will change our lives for the better for three reasons:
1. A more tailored browsing experience
As intrusive as those advertisements can be at times, there is no denying the convenience of being able to easily click through to a special offer for something you genuinely want or need and would otherwise have incomprehensible.
It provides us all with far more personalized browsing expertise. Websites can automatically adapt to our device, location, and any accessibility needs we may have, and web apps will become far more aware of our usage habits.
2. Improved search
As previously stated, the ability to use natural language with a search engine is extremely powerful. The learning curve becomes almost non-existent, and the benefits extend far beyond the consumer; businesses will be able to take a more natural approach to search engine optimization on their websites, rather than relying on tricky keyword strategies.
3. Improved app experiences
The multifaceted Web 3.0 will benefit more than just websites; web apps will begin to provide far richer experiences for users.
Consider Google Maps, which might currently mix basic location search with route guidance, building recommendations, and real-time traffic updates. This was simply not possible during the Web 2.0 era.
Web 3.0 is removing any remaining complexity from the web and making it more accessible to a larger number of people, much like the Internet of Things (IoT) is gradually seeking to create a more digitally-centric, connected society.
Author: Akash Upadhyay
5 Sep 2022
5 Sep 2022
