Gavin Wood, the founder of Parity Technologies, first used the term Web 3 or Web 3.0 in 2014. Tim Berners-Lee, the inventor of the World Wide Web, initially labeled this new generation of Web technologies as the Semantic Web. It aspires to build a freer, more decentralized internet with a touch of class.
It is believed that data monopolies and centralized platforms will be rendered obsolete by Web 3. One of the primary goals of web3 is decentralization. Users will also have absolute control over their data, which means they will be able to determine who can have accessibility any of their information.
What is the Difference Between Web 3 and Web 2
The platform, the cloud, and the distribution of applications in Web2 are managed and operated by a few centralized authorities. P2P communication and distributed processes are on the rise in Web3’s Edge framework. Web2 facilitates transactions in government-issued fiat currencies like the Indian Rupee. Cryptocurrencies, or encrypted digital currencies like Tether, Ethereum, and Bitcoin, can be used to pay for purchases and other activities in Web3.
As a key component of Web 2.0, databases store and organize information for websites and their content. The immutability of a blockchain is put to use in Web3. Web 2.0 enabled the rise of social networking sites like Facebook and Twitter. Web3 will help the Meta worlds merge augmented, virtual, and physical reality.
Key Attributes of Web 3
One of the main key points of web 3 is decentralization. It implies that instead of centralized corporations controlling and owning significant portions of the internet, ownership is divided among its creators and consumers.
Web3 introduces a new form of the regulatory framework for online businesses and services known as decentralized autonomous organizations (DAOs). Decisions in DAOs, like those in blockchain, are reached through a decentralized consensus mechanism. Decentralized financial services, which do not rely on traditional banking institutions, are expected to continue expanding due to Web 3, which will have far-reaching consequences for the international monetary system.
Web3 enables direct control of digital assets via non-fungible tokens (NFTs). No one on the internet has the authority to take your ownership away from you in the Web3 ecosystem. If you do not need your digital assets anymore, just sell them on online marketplaces just like we do with our physical commodities.
Web 3 is largely associated with blockchain which encrypts and secures user information. This prevents large technology companies from gaining access to or exploiting individuals’ private information. It is basically just a method of storing data.
Usually Data is stored in stored in some forms of databases which is not the most secure method as the tables containing this data can be altered and thus making it vulnerable to cyber attacks.
Instead of this traditional method, Blockchain maintains data in the forms of chunks which are called blocks. All of these blocks are linked together in a way that one block points to its previous block and this linkage keeps on going forming a chain. Hence the name “Blockchain”. All of these blocks are allocated a timestamp when they are made. Now if someone tries to change the information in any block, the hash information of that block will be altered. This will make that block and all the blocks after it to be invalidated as its recognition in the chain will be disturbed because it is connected to the previous block which is also connected further.
This is how it becomes nearly impossible to alter data in blockchain.
Artificial Intelligence (AI) is a trendy topic and links up with nearly all the computer and IT related fields. So is the case for Web 3 and blockchain.
Integrated Artificial Intelligence can assist enhance the precision and effectiveness of web3 applications. It could aid to eliminate inaccuracies and errors and enhance the application’s general quality. Moreover, AI can make the Web 3 applications to be much more relevant to every specific user and thus making the experience more user friendly.
Data Breaches are always a major concern and with help of AI and Web 3, the systems can be made more secure with added layers of security. Companies may also benefit by automating their processes using AI which can, in return, provide better scalability with decreased costs.
In addition to personal computers and mobile phones, virtually any device can be used, from anywhere at any time, to access any of the wealth of information and services available on the World Wide Web. Web 2.0 is already widespread in many respects, but the proliferation of IoT devices will propel it to new heights.
This can be really helpful because, as discussed earlier, Web 3 is decentralized and people have direct ownership of their data. So being able to access your own data and use anywhere and in any way wanted can make Web 3 applications even more usable and trendy.
Distributed IT Architecture
Web 3 is based on “Distributed Web Structure”. Here instead of processing data in a centralized databases, edge computing collects, stores, and analyzes data close to the client, and that is exactly where most of the data is generated.
This makes Web 3 more superior than Web 2 as there are no central and controlling servers, gateways, no vulnerable admin or root accounts, or firewalls, and no huge and exposed storage areas. Instead Web 3.0 is an internet model described by a set of decentralized networks and protocols operated by network participants globally.
Metaverse - The 3D Touch
The metaverse is a network of three-dimensional virtual worlds connected and accessed using the digital means like Augmented Reality and Virtual Reality. In contrast to the methods accessible today, it is a means of social engagement and interaction. People can participate in metaverse as avatars, character or other digital figures. This can bring real to life experiences but with using the digital media.
Here blockchain and Web 3 are widely used to enhance the metaverse experience. The entities and assets in metaverse are used as Non Fungible Tokens (NFTs) and are owned by people themselves over the blockchain. This is also the type of decentralization, which was mentioned earlier.
For example, let’s consider a open world metaverse game based on blockchain and web 3. Here the land, property or other assets can be brought as NFTs and even be sold later. These NFTs will be linked to the account of their owner.
Changes and Impacts Web 3 can Bring In Future
Maximize Market Research predicts that the total revenue generated by Web 3.0 will increase at a rate of 35.4% between 2022 and 2029, coming close to USD 35.12 billion. The most intriguing aspect of Web 3.0 is its potential to solve some of the most pressing issues of the modern Internet era, such as data ownership and privacy, by eliminating intermediaries and allowing users and businesses to interact with each other directly and keep most of the money they make.
The principles of Web 3.0 are the decentralization of data storage and use and the empowerment of individuals through the transfer of data ownership to themselves. Pop-up windows and other forms of advertising that are difficult to close will no longer be a nuisance for users.
Web 3.0 is incredibly exciting and offers much stronger possibilities that will affect all areas of digital transformation. It will surely transform the way we use and think of the internet in general. Well, Web 3 is already making a huge difference especially in the cryptocurrency industry and digital decentralization.