Web 3.0 is the modern technology that uses deep learning, artificial intelligence, and blockchain to enable real-world human interaction.
Rather than relying on a centralized provider like Google or Apple to provide internet access to users, Web 3.0 empowers users to control and manage portions of the internet on their own.
Decentralized Finance, sometimes referred to as Defi, is a growing component of Web 3.0. It includes carrying out real-world economic transactions on the blockchain without the assistance of banks or governments.
In this blog, we’ll discuss what is web 3.0, why everyone’s buzzing about web 3.0, and where it’s headed next.
Table of Content
- 1 The Web’s Continual Development
- 2 Working on Web 3.0
- 3 Web 3.0 Architecture
- 4 Characteristics Of Web 3.0
- 5 Features of Web 3.0
- 6 Why is Web 3.0 so crucial for the Next Generation?
- 7 Pros and Cons of Web 3.0
- 8 Examples of Web 3.0 Applications
- 9 How Web 3.0 Would Benefit Businesses In The Future?
- 9.1 Automated Business Operations
- 9.2 No Third-Party Is Necessary
- 9.3 Effective Collaboration
- 9.4 Operational Transparency in Sales
- 9.5 Reduced Enterprise Hacking and Cyber-Attack Risks
- 9.6 Enhanced Data Searchability
- 9.7 Reduced Costs and Quicker Access to Information
- 9.8 Smart Contracts on the Blockchain
- 9.9 A Low-Cost, Modular Infrastructure
- 9.10 Improved Customer Service
- 10 Web 3.0 and Metaverse
- 11 Impact of Web 3.0 on eCommerce
- 12 Impact of Web 3.0 on Web Application Development
- 13 Conclusion
The Web’s Continual Development
The World Wide Web is the primary means through which billions of people trade, read, or write content and connect with each other over the internet.
Over the years, the web has undergone enormous transformations, and the apps available now are totally unrecognizable in comparison to when they were launched.
To simplify things, it’s common to categorize web evolution into these three phases:
Web 1.0 was the first version of the internet. Web 1.0 may be thought of as the read-only or Syntactic version of the web. The majority of individuals were content consumers, whereas the creators were generally web developers who created websites with primarily textual or graphic content.
In general, the 1.0 version of the Web was active from 1991 until 2004.
In Web 1.0, instead of dynamic content, sites transmitted static content in the form of HTML markup. There was little interactivity on the web pages since the data and content were pulled from a static file system rather than a database.
Web 2.0, also known as the interactive, read-write, and social web, is the only version most of us have experienced.
In the Web 2.0 world, you don’t need to be a programmer to contribute to the mobile app development process. Numerous applications are built in such a way that anybody may become a developer.
You have the ability to form your own thoughts and then share them with others. A video may be posted online and shared with millions of people, who can watch, engage with, and comment on it.
Social networking sites like Facebook, Instagram, and YouTube are just a handful of the many Web 2.0 apps.
As Web 2.0 is centered on the user, developers just have to devise a means of enabling and enticing people to participate.
In Web 2.0, you don’t have any control over how your data is accessed or kept. Users’ personal information is routinely collected and stored by companies without their knowledge or consent. The companies in charge possess and control all of this data.
Furthermore, governments routinely shut down servers or confiscate bank accounts if they suspect someone is expressing an opinion that goes against their propaganda. Using centralized servers, governments may easily intervene, control, or shut down services.
Since banks are also computerized and centralized, governments regularly meddle in them. Banking institutions have the power to limit access to cash or even shut bank accounts in times of extreme volatility.
These weaknesses will be addressed by Web 3.0, which aims to fundamentally change the way we build and interact with apps.
Web 3.0, sometimes referred to as Semantic Web, is the age that foretells the web’s future.
AI and ML help systems to examine the data in the same manner that people do, which assists in the intelligent production and deployment of valuable content based on a user’s individual requirements.
Decentralization is at the heart of both Web 2.0 and Web 3.0, despite a few major differences. Web 3.0 developers never build and deploy programs that run on a central server or store data in a centralized database.
It is common for Web 3.0 apps to be based on blockchains, peer-to-peer networks, or a combination of both. Decentralized apps (DApps) are the name used to describe these programs in the Web 3.0 ecosystem.
In order to build a safe and reliable decentralized network, developers are highly compensated for offering the best possible products and services.
Working on Web 3.0
When it comes to the future of the Internet, web 3.0’s goal is to make searching for information considerably faster, simpler, and more efficient.
A user must engage with a web 2.0 application’s frontend, which connects with the application’s backend and interacts further with the application’s database. The complete code is hosted on a central server, which is transmitted to the user via an Internet browser.
However, web 3.0 does neither have centralized databases that hold app data nor centralized web servers where the backend functionality is housed.
Instead, a blockchain is used to develop applications on a decentralized state machine administered by anonymous web nodes.
Developers write smart contracts, which are then put on the decentralized state machine, to control the logic of their apps. Anyone who wants to construct a blockchain application may use this shared state machine to do so and reduce the overall app development cost.
Web 3.0 Architecture
The web 3.0 architecture consists of four primary components:
State machines that can be accessed throughout the world are maintained via a network of nodes. It is possible for anyone around the globe to write to the global state machine.
Rather than being owned by a single company, it is owned by the entire network as a whole. In the Ethereum Blockchain, users can write, but they can’t change anything that’s already been recorded there.
The Ethereum Blockchain is used to operate these apps. App developers use high-level languages like Solidity or Vyper to write these to specify the logic underlying state changes in their apps.
Ethereum Virtual Machine (EVM)
These devices are designed to carry out the smart contract logic. A state machine’s state changes are dealt with by these agents.
User interface (UI) logic is defined on the front end, just like in any other software program. In addition, smart contracts that specify application logic are also connected to the platform’s API.
Characteristics Of Web 3.0
There is a gradual transition from Web 2.0 to Web 3.0 that is mostly overlooked by the general population. Although Web 3.0 apps seem and feel similar to 2.0 applications, the back-end of these applications is fundamentally new.
The future of Web 3.0 is universal apps that can be read and used by a variety of devices and software types, making our leisure and business activities easier.
Rather than being governed by centralized tech businesses, individuals will have more freedom and control over their data in a decentralized web.
Web 3.0 has four attributes that we may examine to better understand its complexity and intricacies. The four characteristics are:
Web 3.0 relies heavily on the semantic web. “Big Data” is a term Tim Berners-Lee devised to characterize a vast collection of data that computers are able to process.
For instance, what is the difference between the phrases “I love Bitcoin” and “I <3 Bitcoin”?
The meanings of the two sentences are comparable, despite the differences in syntax. As a matter of semantics, each of those statements conveys identical feelings.
Web 3.0 is built on two pillars: semantic web technology and Artificial Intelligence (AI).
Semantic web technology will assist in teaching computers what the data means, allowing AI to design real-world use cases that can better utilize the data.
The fundamental aim is to create an internet-wide knowledge spiderweb that will help in deciphering the meaning of words and in creating, sharing, and linking material via search and analysis.
Semantic information in Web 3.0 will make it easier to exchange data. Users now have access to a higher degree of connectivity and may make use of all available information.
The transition from a two-dimensional internet to a more realistic three-dimensional digital world will be a game-changer for the internet’s future.
In Web 3.0 applications including e-commerce, online gaming, and real estate, three-dimensional design is heavily utilized.
Many individuals from over the world are now engaging in this space to build interactive apps, regardless of how bizarre they may appear at first.
Artificial intelligence (AI) technologies including Big Data, Data Analytics, Deep Learning, and Pattern Recognition are significantly incorporated into Web 3.0 tools and development.
In order to better comprehend their customers’ feelings and sentiments, apps and websites are becoming increasingly intelligent. In certain cases, websites have improved to the point that they can recognize sarcasm!
A human-driven, rule-based approach subject to corruption, prejudice, and oversight was prevalent in the Web 2.0 era. Moreover, the procedure was too sluggish to keep up with the growing number of users.
A notion known as ubiquity relates to the ability to be present in several locations at once, or omnipresence. Web 2.0 already has this functionality.
Instagram, for example, is a popular social media site in which users publish and distribute images taken with their smartphones, which subsequently become their intellectual property. Once an image is placed online, it is accessible to everyone.
The Web 3.0 experience will be available to anybody, everywhere, at any time, thanks to the growth of mobile devices and an internet connection.
You won’t be restricted to using the internet just through your PC or smartphone anymore, as was the case with Web 1.0. It’s going to be a godsend. Web 3.0 may be referred to as “the web of everything and everywhere” since so many of the objects you interact with are now connected to the web.
Features of Web 3.0
Web 3.0 will improve the efficiency of web browsing and the effectiveness of machine-human interaction by making the web more intelligent, safe, and transparent. Web 3.0 benefits include the following:
Data Security and Privacy
Data encryption provides the most important benefit to end-users, who will be able to keep their information private. There will be no way to decrypt the data under any circumstances.
Google and Apple will no longer be able to manage or use people’s personal information for their own benefit because of this. As a result, consumers will have full control over and privacy over their personal information.
Users will always be able to access their data thanks to decentralized data storage. Even in the case of a server failure, users will benefit from several backups.
Furthermore, no government agency or entity will have the power to halt any services or websites. Account suspension and service denials will be less likely as a result.
It doesn’t matter whatever blockchain platform end-users choose, they will be able to trace their data and see the code that powers the platform.
Blockchain platforms developed by non-profits are open source, allowing for open planning and implementation processes to take place. This will alleviate the user’s dependence on the platform’s developer.
Access to Data with No Restrictions
The data may be accessed from any location and any device. By letting smartphones and other smart devices retrieve data on a computer if it is synchronized, the objective is to expand data collecting and accessibility to people globally.
Web 3.0 will broaden the range of interactions, from frictionless payments to trustworthy data transfers. Web 3.0 will make this possible by allowing us to communicate directly with any machine without having to go through a middleman who charges a fee for their services.
Platform with No Limits
It’s possible for everyone with an internet connection to join the blockchain and generate their own address. This network does not discriminate against users based on their gender, wealth, region, or any other social variable.
User assets or money may be transferred throughout the world quickly and easily with this new capability.
Creating a single persona
Web 3.0 eliminates the need for users to create separate personal accounts for various sites. A single profile may be used on any platform, and the user retains full control over whatever information they want to share. No company can access or verify the correctness of a user’s data without the consent of the user.
As a result, consumers have the option to share and sell their personal information to advertising and corporations.
Improved Data Processing
Problem-solving and knowledge-creation tasks can benefit from Web 3.0. Data is filtered by AI in order to get the most relevant information from a large amount of it.
The capacity to foresee consumer demand and provide individualized customer care, both of which are essential for thriving organizations, would also be beneficial to users.
Why is Web 3.0 so crucial for the Next Generation?
When it comes to the Internet, Web 3.0 is a platform built by users for users. In the future years, web 3.0 will be critical for the following reasons:
Reduced Dependency On Centralized Data Storage
Hackers, data breaches, and over-reliance on centralized repositories will all be reduced or eliminated with the implementation of Web 3.0. Tokenized digital assets and provable data scarcity will make it possible for consumers to own their data and digital imprints.
Toward the end of 2022, web 3.0 will become increasingly significant, as most online users continue to value personalized and customized web experiences.
Semantic, blockchain, and artificial intelligence (AI)-powered digital search assistants that are more like real-life people will be in high demand.
P2P Connectivity Rises
Connecting people and organizations will be easier than ever before because of advancements in the Internet’s infrastructure and new technologies.
People, organizations, and machines will be able to exchange more data while ensuring more privacy and security through peer-to-peer networking.
We can lessen our reliance on specific platforms by learning about the next Internet generation and use that knowledge to future-proof our entrepreneurial and investment activities.
Pros and Cons of Web 3.0
|It ensures enhanced data connectivity with the help of the Semantic web, which helps in fetching online information with ease.||Web 1.0 and 2.0 websites will appear more outdated.|
|Competent looks and better showcasing of information.||Less advanced or legacy gadgets will not be compatible with Web 3.0.|
|Offers valuable web perusal.||Current technology isn’t ready for it yet.|
|Captivating correspondence and improved human collaboration.||It is slightly difficult for newcomers to understand this technology.|
|Accurate and adequate search results.||User’s information is easily available, hence robust privacy policies are required.|
|A higher level of personalization makes sharing and utilization of knowledge easier.||Users will spend more time on the web.|
Examples of Web 3.0 Applications
Here are a few well-known examples of web 3.0 apps that demonstrate their widespread use:
Siri, Alexa, and Google Assistant
We’re seeing the term “Web 3.0” pop up more and more in our daily lives, thanks to AI-powered assistants like Apple Siri, Amazon Alexa, and Google Assistant, which all use speech recognition technology.
Every relevant question may be answered by these voice assistants and they interact with users to share useful search results.
Voice assistants are increasingly being included in smart home products, changing the way people interact with and utilize them.
The Metaverse has now entered the mainstream thanks to Facebook’s latest rebranding as “Meta.”
Metaverse is a 3D virtual world in which we may socialize, work, play, and study all at the same time in a safe and secure environment. The Metaverse and Web 3.0 are mutually compatible.
In terms of its potential uses, the Metaverse is anticipated to be a different genre that merges social media, employment, leisure, and education.
An AI platform called Wolfram Alpha currently runs on web 3.0. Mathematicians, nutritionists, and scientists may all benefit from the platform’s ability to compute complex solutions.
For end-users, it connects to other apps rapidly so that they may get data from their own databases and make it easier for them to understand.
Consequently, it now performs better and is quicker than it was with web 2.0. Wolfram Alpha is frequently used by Siri.
As a web 3.0 social network, Steemit is an amazing illustration. The Steem Blockchain social media architecture is used to power this decentralized reward system. It pays bloggers and content providers in cryptocurrency for their work on the platform.
As a result, web 3.0 plays a critical role in allowing the platform to safely reward cryptocurrency payments to users.
e-Chat is a web 3.0 app that uses a decentralized blockchain. As a secure messaging platform, it is also renowned as the fastest-growing social network.
Sharing any data without worry of theft is an advantage for users. This means that a lot of people utilize it to transfer Bitcoin. E-Chat apps are available on both the App Store and the Play Market.
Video and music streaming service LBRY have an extensive library of content that includes a variety of genres. An integrated payment mechanism is built into the decentralized digital library, which employs blockchain technology to publish and commercialize content.
There’s a web 3.0 job portal called Ethlance. For the first time, anybody may recruit and begin working in exchange for Ether money, which was never feasible with earlier technologies.
How Web 3.0 Would Benefit Businesses In The Future?
Automated Business Operations
Web 3.0 will make it simple for businesses to keep track of all the parties involved in a transaction. Supply chains may be created and managed with little effort thanks to the new technologies.
It is possible to automate all contracts, making corporate processes more efficient.
No Third-Party Is Necessary
With the advent of blockchain, digital currencies, and decentralized apps, third-party service providers have become obsolete.
Businesses will be able to save expenses and increase their profits as a result. To put it simply, Web 3.0 will empower any business owner to take charge of all internal processes and engage directly with clients without the intervention of other parties.
Making companies more visible to their customers is the goal of Web 3.0. Transparency is ensured by maintaining a permanent record of transactions that can be viewed by all parties involved in the blockchain.
As a result, organizations are able to easily meet their governance standards since accountability is maintained.
Operational Transparency in Sales
On Web 3.0, each transaction might be monitored to hold businesses accountable for their conduct. Therefore, it becomes easy for customers to purchase things from firms they trust, rather than spending an excessive amount of time researching products and services.
The decentralized ledger may be used by businesses to keep track of their transactions and supply chain activity.
Reduced Enterprise Hacking and Cyber-Attack Risks
A secure ledger system makes it more difficult for hackers to gain access to important information about consumers in Web 3.0 because everything is decentralized and transactions are public.
Businesses may thereby minimize consumer or company data breaches with relatively little effort. Additionally, it aids them in ensuring the security of their economic transactions.
Enhanced Data Searchability
Web 3.0’s decentralized, irreversible ledger system makes it simpler for businesses to get real-time information on their clients, allowing them to get important insights from the massive amounts of data accessible.
The next generation of the Internet will make it easier to find information about your clients and future consumers.
Reduced Costs and Quicker Access to Information
The most significant asset for businesses is the data they utilize to build new products and services. With decentralized design and immutable systems, Web 3.0 technology gives them access to more consumer data across more channels at a lower cost than previously.
Smart Contracts on the Blockchain
All parties benefit from Web 3.0 since the contract is kept on a blockchain rather than on a single computer system.
There will be no data leaks or hacks because all exchanges will take place between two computers only. Contract administration becomes more efficient and the danger of contract disputes is reduced as a result.
A Low-Cost, Modular Infrastructure
Using Web 3.0’s decentralized design and immutable ledger systems, businesses may access information on the blockchain more easily, reducing the cost of infrastructure.
Using a less expensive infrastructure, companies may store their data in a decentralized manner and have real-time access to consumer data.
Improved Customer Service
When utilizing Web 3.0, all transactions are recorded in a public ledger for all parties to observe, hence increasing their customer-facing transparency and accountability.
Businesses may build long-term connections with clients because of the ease with which transactions can be logged.
The decentralized ledger system makes it easier for companies to exchange information about their company operations with customers, which helps to develop confidence among potential clients.
Web 3.0 and Metaverse
Even while Web 3.0 and the metaverse aren’t exactly the same thing, they aren’t competing for entities either. The metaverse and Web 3.0 will most likely be based on blockchain architecture, allowing for new levels of participation in the digital economy.
Both are projected to be cutting-edge technologies that improve over time and rely on the most current web technology to do so.
Artificial intelligence will likely be used by both organizations to enhance the user’s overall experience. Web 3.0 and the metaverse are expected to leverage AI for semantic correlations and 3D building, respectively.
Impact of Web 3.0 on eCommerce
The goal of Web 3.0 from an eCommerce standpoint is to make use of the vast social web network. It’s now feasible to get a better understanding of a shopper’s interests and preferences by analyzing their online behavior using new and improved approaches.
With today’s targeted marketing, a user’s online search for wedding gowns may result in an ad after an ad of non-specific wedding gowns being shown to them.
In a Web 3.0 context, tailored marketing may result in ads of wedding dresses for plus size, middle-aged ladies, better fitting a person’s profile and making these adverts significantly more valuable and likely for a sales conversion.
Impact of Web 3.0 on Web Application Development
The present generation of the web is still advancing at a rapid rate. And as contemporary technology progresses toward the creation of hyperintelligent devices and autonomous ecosystems, the web is not far behind.
According to experts, the web of the future will be more intelligent and complex than the one we have now.
Web 3.0 changed the Internet during the past few years, and its long-term benefits are still being examined.
This web evolution is also influencing the development of websites, providing Web developers with new technologies that allow computers to better comprehend and interpret data.
We are moving toward an Internet in which individuals retain total control of the data and privacy while allowing businesses to use their data. Blockchain technology will be used for all of this.
From tailored search results to cross-platform developer tools and 3D visuals, web 3.0 will expedite the authentic and genuine use of user data.
FAQs for Web 3.0
- What is Web 3.0 and why is it important?
Web 3.0 leverages advanced technologies such as artificial intelligence, machine learning, blockchain, and virtual graphics to create a next-generation user experience. A few tech giants will lose their domination as a result, which is good for consumers and businesses alike. As a result, the internet will become more democratic, open, and inventive.
- Is Web 3.0 a blockchain technology?
A blockchain is a decentralized, distributed, and encrypted public ledger of all transactions. Because no single server has access to the whole collection of records, no single organization has authority over it. Web 3.0 thus utilizes blockchain in some way.
- How long will it take for web 3.0 to become fully operational?
Web 3.0 requires a wide range of new technologies, some of which have already been created and implemented. It may take years to make the shift from Web 2.0 to Web 3.0 since the semantic web is a complicated idea with certain technical challenges.
- Is web 3.0 easy to navigate?
Yes, web 3.0 is consumer-friendly because it uses big data, AI, and deep learning to evaluate the user’s data and behavior to deliver a tailored experience. If you’re using the web in the 3.0 generation, you can converse with gadgets like Alexa or Siri in the same way you’d converse with a friend.
- What is the difference between Web 2.0 and Web 3.0?
There are several differences between web 3.0 and web 2.0. However, one critical aspect of web 3.0 is humanization – the capability to comprehend. Web 2.0 allows users to tag, categorize, and otherwise organize their information in order to make it more easily shared. Web 3.0, on the other hand, thinks for itself and links users with the most accurate results.
- What kind of influence will Web 3.0 have on businesses?
When it comes to marketing your business, 3D graphics are a must-have. If you’re a product-based firm, a 3D product model can help you attract customers and increase sales.
It’s not only that you may use the technology to start a new business, but you can also use it to make a digital clone of your online store, show customers your production process, and more.