What exactly is Web3.0?

computing power
01 July

What exactly is Web3.0? The definition, the introduction, and the history

It would undoubtedly be a significantly different, perhaps even desirable, if a little frightening, online experience. However, it is possible that Web 3.0, the next generation of the web, will become a reality someday.

The internet will be considerably smarter as a result of the developments that Web 3.0 supporters predict will occur because artificial intelligence will be pervasive. In a so-called semantic web, all of the world's data will be united. Everyday consumers will have a greater say in how their personal information is used than affluent companies. Banks will become obsolete as people exchange digital currency and records without the use of intermediaries.

It remains to be seen whether Web 3.0 will materialise, particularly in the form now envisaged. What is obvious is that there has never been more interest in Web 3.0. Enterprises are ready to learn enough about Web 3.0 to decide what, if any, measures to take.

This guide answers frequently asked questions and includes links to publications that go into greater detail about business prospects and hazards. It also includes thorough explanations of key online 3.0 ideas, such as the effects of decentralisation on online governance and data management, as well as what organisations can do now to test the waters.

Explain the concept of "Web 3.0."

The following capabilities are anticipated to be included in Web 3.0:

Open: The open-source software development model will be utilised in the construction of content platforms.

Trustless: Everyone will use Zero Trust, and network security will reach the edge.

Distributed: Interaction between users, devices, and services will be possible without the need for authorisation from a centralised authority when the system is distributed.

Users will be able to communicate directly with one another using blockchain technology in the future generation of the internet. Users will communicate by joining a decentralised autonomous organisation (DAO), a group governed and owned by its members.

The user's data will be protected through a network of publicly available smart contracts. These contracts will be stored on a blockchain, which is a decentralised network controlled by nodes.

Additional Web 3.0 predictions are as follows:

All transactions will be maintained on a blockchain-based distributed ledger, and data transfers will be decentralised.

Smart contracts that are available to the public will eliminate the need for consumers to rely on a centralised organisation (such as a bank) to preserve data integrity.

The metaverse will greatly enhance revenue for the entertainment industry.

Consumers will be able to immediately create digital commodities and non-fungible tokens (NFTs) using blockchain technology, which will secure intellectual property and personally identifiable information (PII).

The data of users will be exploitable.

Changes in web technology

If this happens, Web 3.0 will be the web's successor to the previous two generations.

The first version, known as Web 1.0, was established in 1989 by Tim Berners-Lee, a British computer scientist who utilised Ted Nelson's (an American information technology pioneer's) hypertext concepts for linking digital text proposed in 1963. Berners-Lee also created the Hypertext Markup Language (HTML), which directs browsers how to display material, and the Hypertext Delivery Protocol (HTTP), which specifies how web servers deliver files to browsers. He also began developing software for a "semantic web" that would link data across web sites, but technology limits prevented it from being implemented.

The public was not familiar with the web until 1993, when Mosaic, the first popular browser, was released, later renamed Netscape Navigator. User-friendly graphical browsers such as Microsoft Internet Explorer and, much later, Apple Safari followed. The first major search engines, such as Yahoo! Search, Lycos, and AltaVista, appeared on the scene, but by 2004, Google had driven many of them out of business.

Around the start of the millennium, experts began championing the concept of a more interactive web, dubbed Web 2.0. They began to refer to the existing web, which provided rudimentary access to primarily static websites, as Web 1.0. Berners-Lee expanded on his Semantic Web notion by co-authoring a Scientific American essay. Tim O'Reilly, the publisher, aided in the promotion of Web 2.0 by organising a conference dedicated to it.

The promise of an interactive web was realised several years later with the meteoric rise of social networks such as Facebook. The World Wide Web Consortium, the web's standards organisation, has published a Semantic Web standard. Concurrently, two critical Web 3.0 technologies emerged: bitcoin and blockchain.

What is the significance of Web 3.0?

It is possible that, if decentralising the architecture of the web achieves even a quarter of the benefits promised by proponents of Web 3.0, it will have the ability to drastically change how people interact with one another on the internet as well as how businesses generate revenue from the sale of goods and services.

Web 2.0 behemoths such as Amazon, Google, and Facebook parent Meta expanded rapidly by gathering and centralising petabytes of customer data and monetizing it in a variety of ways. The worldwide peer-to-peer network of Web 3.0 could be the great leveller that makes it difficult for such corporations to develop by hoarding data. Individuals will have more say over web content and who has access to and profits from their personal information.

Web 3.0 business prospects, on the other hand, are expected to revolve around taking advantage of this new power to tailor web products and services to the individual. Web 3.0 marketing capabilities, for instance, may be able to assist firms in finding a better balance between the protection of private information and the individualization of content than is currently possible on the web. The disadvantage is that businesses may find Web 3.0's strong privacy safeguards incompatible with how they currently conduct digital marketing.

Because both parties have access to the record of their transactions, the additional transparency given by immutable blockchain ledgers may improve customer service. If companies used decentralised apps to break down data silos and learn what their suppliers were up to, it's possible that this would make it easier for the companies to oversee their supply chains. Sharing real-time information among supply chain actors has the potential to eliminate shortages and accelerate deliveries.

Web 3.0 is especially crucial because it serves as the foundation for the metaverse, a projected 3D virtual environment in which digital representations of people, known as avatars, interact and conduct commerce. The metaverse, like Web 3.0, does not yet exist, and it will rely on blockchain or a related decentralised technology for its data infrastructure and economics, as well as AI to make it more responsive to user desires.

Because the metaverse and Web 3.0 are technically and conceptually intertwined, they are likely to evolve in tandem. The metaverse is unlikely to materialise until its Web 3.0 foundations are solidly established.

How does Web 3.0 function?

HTML defines the layout and delivery of webpages in Web 1.0 and 2.0. It will continue to play an essential role in Web 3.0, but the manner in which it connects to data sources and the locations of those data sources are expected to undergo significant change.

In order to deliver data and make it possible for applications to function, a large number of websites and almost all Web 2.0 apps rely on some kind of centralised database. Instead, Web 3.0 applications will employ a decentralised blockchain with no arbitrary central authority. In theory, this more democratic approach to content generation and validation will provide users greater control over the web and how their personal data is utilised. This is because users will have more input into the process.

Another distinction between Web 2.0 and 3.0 is that Web 3.0 will give AI and machine learning more prominence in delivering relevant material to each user rather than content chosen by others. While Web 2.0 allows users to contribute to and sometimes collaborate on site content, Web 3.0 will most likely delegate these responsibilities to the Semantic Web and AI.

Since data will be more logically arranged in the Semantic Web framework that Berners-Lee envisioned for the first version of the web, and AI will be better at comprehending it, Web 3.0 will therefore be more "intelligent" and responsive.

The decentralised autonomous organisation (DAO), an emerging governance mechanism in today's blockchain and online 3.0 communities, has the potential to revolutionise online administration by removing power from central authorities and transferring it to self-governed digital communities.

Furthermore, because Web 3.0 is primarily based on cryptocurrency rather than government currency, financial transactions will take place on decentralised blockchains rather than through traditional financial service providers.

Both Web 1.0 and Web 2.0 were created primarily with the IPv4 addressing space in mind. Web 3.0 will require many more internet addresses as a result of the web's huge growth over the decades, which IPv6 delivers.

Important Web 3.0 attributes and innovations

Several significant Web 3.0 aspects define what the third generation of the internet will most likely be about:

SDecentralised: Unlike the past two generations of the web, which relied heavily on centralised governance and applications, Web 3.0 will deliver applications and services through a distributed method that does not rely on a centralised authority.

Blockchain-based: Blockchain decentralisation enables distributed apps and services in Web 3.0. Data is handled and validated on a widely dispersed, peer-to-peer network using blockchain. Blockchain also uses a theoretically immutable log of transactions and activity, which aids in the verification of authenticity and the development of trust among blockchain participants.

Cryptocurrency-enabled: The term "fiat currency" refers to the currency that is issued by government central banks. Cryptocurrency is a crucial component of Web 3.0, and it is expected to mostly replace "fiat currency."

Semantically structured: The Semantic Web concept is to categorise and store information in such a way that it can "teach" an AI-based system what data means. Websites will be able to interpret the words in search results in the same way that humans do, allowing them to create and disseminate more relevant information.

Self-sufficient and artificially intelligent: More general automation will be a key aspect of Web 3.0, and it will be largely powered by AI. AI-enabled websites will filter through and give the data that particular consumers require.

In what ways might users benefit from Web 3.0?

Web 3.0 advantages and disadvantages are difficult to say firmly because most Web 3.0 components are new or still in development, all of which are touted by partisans who tend to ignore the downsides. Nonetheless, these are some of the advantages of a decentralised web regulated by its users:

Privacy and control Users will reclaim control of their online identities and data from centralised suppliers.

Transparency: Web 3.0 will improve transparency in transactions and decisions.

Resilience: Decentralised networks make applications less sensitive to single points of failure.

Transparency: Web 3.0 will improve transparency in transactions and decisions.

Personalization and predictive intelligence Prediction and personalization offered by AI and ML will make the web more responsive to users.

Finance is decentralised: This would enable transactions like buying and selling products and services, as well as securing loans, to be carried out without the need for intermediary permission.

When can we expect the launch of Web 3.0?

Much of Web 3.0 is already here as blockchain and its uses become more common. Nonetheless, it took more than a decade to migrate from Web 1.0 to Web 2.0, and most observers anticipate that it will take at least as long, if not longer, to completely deploy and restructure the web into Web 3.0.

Some Web 3.0 tendencies that have been on analysts' radars for a few years are beginning to yield fruit. Web asset tokenization is already taking place. According to Gartner, 25% of firms will have decentralised apps by 2024; however, they will be wrapped inside centralised applications. Users' metaverse content is being offered by social media firms, most notably Meta. Starbucks and the NBA, for example, have begun to offer NFTs.

Separate semantic webs have been used in search engine optimisation for years to organise information so that search engines like Google can scan and summarise their pages more accurately. To help reduce the process of cataloguing words, semantic webs are frequently targeted to certain categories or functions, such as items or staff talents.

Web 2.0 behemoths like Google, Meta, and Microsoft have implemented blockchain functionality in several of their products and dubbed them "Web 3.0," possibly to capitalise on the Web 3.0 hype.

Nonetheless, forecasts concerning the coming of Web 3.0 are notoriously incorrect. Some optimists said it would arrive 15 years ago. Analysts in the industry are in agreement that Web 3.0 won't be here for at least ten years since the core technologies that will power it are only just beginning to mature and find applications in the real world.