What is Web 3.0?
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The up and coming third generation of the internet, better known as the web3, is being ushered in as a completely decentralized internet, where users will have more power than ever over the content they consume and the personal information they share. Web 3.0 will be able to process data in a fashion akin to human comprehension and make use of technologies like DLT (decentralized ledger technology), AI (artificial intelligence), and ML (machine learning).

The inventor of the World Wide Web, Time Berners-Lee, had called the concept of web3 the Semantic Web, with the aim of being a more intelligent, autonomous, and open internet than web 1.0. How far has web 3.0 come into being this smart, open internet? What are its key features? In this post, we find out all there is to know about web3!

What is Web 3.0?

Truth be told, since web3 is still in the earliest stages of development, the notion of the latest generation of the internet is yet to be defined with any clarity. What we do know is that the web 3.0 will allow information to be connected in a more decentralized fashion, as opposed to the current internet we have, where most data gets gatekept by centralized organizations. Moreover, information will be processed with more efficiency both contextually and conceptually, so users can access the exact data they want quickly.

Web 3.0 is being strongly associated with the blockchain technology, as the level of decentralization it aims to achieve is something only blockchains can help with. As mentioned before, web3 will also be making use of ML and AI to facilitate smarter, more interactive applications.

Web 3.0 will further necessitate the use of cryptocurrencies over fiat currency, so there is a decentralized, global method for payment in place to grant easy accessibility to users from all over the world.

Berners-Lee’s ‘semantic web’ is also defining the emerging web 3.0 in many ways, through the incorporation of semantic technology to help programs be more adaptive by reading data better.

Web 1.0 to Web 3.0: How’s the Journey Been So Far?

Web 1.0, brought forth by Tim Berners-Lee back in 1989 was the first generation of the internet we know today, and it was active up to around 2005. Web 1.0 was also known as the ‘Static Web’, since there was only very limited data on offer with user interactions being essentially non-existent. There was no algorithm to sort through search pages either, which made it quite hard to find the information you are looking for.

Web 2.0- what the internet of today is called- was an upgrade to web 1.0. The main appeal of web 2.0 was the arrival of interactive web applications, such as Facebook and YouTube. What’s more, web 2.0 allowed for data to be shared among multiple platforms and brought algorithms so users can enjoy content specifically curated for them. The American web designer Jeffrey Zeldman is among the notable names behind the creation of web 2.0.

The still nascent web 3.0 marks the next major upgrade to the internet we know. With web 3.0, the procedures of content creation, data collection, and decision-making will involve end users a lot more. Web3 overall is expected to be intelligent enough to enable the creation of content specifically customized for every single consumer.

With web 1.0 and 2.0, HTML or Hypertext Markup Language was integral in both the layout and presentation of web pages. While HTML will still be important in web3, the way it connects to sources of information is expected to be very different. Plus, as opposed to the centralized databases earlier generations of the internet relied on, web 3.0 products and applications will make use of decentralized blockchains. This way, a distributed consensus will remove the need for a central authority to be in charge of information.

Significant Features of Web 3.0

Some key features likely to define the web 3.0 would be:

Decentralization: At this point it goes without saying that web3 will be putting a lot of emphasis on decentralization. All platforms and services will have a distributed outlook, eliminating the need for any central authorities.

Semantic Web: As per Berners-Lee’s definitions, applying semantics (for those not in the know, semantics is a branch of linguistics concerned with the study of word meanings and correlations between them) in internet applications would allow them to decode exactly what the user wants by analyzing their input- be it spoken or written. This way, it’d be easier to get a user to the exact data they are seeking.

Blockchain and Cryptocurrency Based Infrastructure: The blockchain tech will be powering the decentralization of web 3.0, and cryptocurrencies are poised to replace fiat currency to further enable the new decentralized web.

Artificial Intelligence: Web3 will have AI to enable content creators and providers to tailor information to every individual user’s liking, and also to separate genuine data from any fake or wrong information.

Ubiquitous: Web 2.0 already has this particular feature implemented in the sense that once some sort of data is put on an internet application, all users can find it as long as they have access to that platform. Web 3.0 will take the ubiquity factor a notch higher by decentralizing this data so it can be shared and seen across different applications and platforms.

3D Graphics: Web 3.0 is expected to enable a more enjoyable user experience by bringing 3D virtual worlds not only into sectors like gaming, but to every aspect of the internet.

Applications of Web 3.0

Web 3.0 will be facilitating a slew of brand new applications, namely:

DeFi: An exclusive use case of the web 3.0, DeFi (decentralized finance) applications aim to provide financial products and services that give users better control over their funds than traditional finance.

DApps: Decentralized applications are built on top of blockchains, and they use smart contracts (digital contracts coded to self-execute when all predefined conditions are met) to bring a range of services to users.

DAOs: DAO stands for decentralized autonomous organization. Keeping up with the general theme of decentralization, DAOs will prove integral in implementing order and proper governance into decentralized web3 spaces.

NFTs: These are non-fungible tokens based on blockchains that are capable of storing all kinds of media. As the rising NFT marketplaces all over the world have already shown us, people are quite positive regarding the effectiveness and potential of these particular web3 components.

Conclusion

To sum it all up, we do not yet have a concrete idea of all the new components the third era of the internet will bring us. However, we can expect this latest upgrade to the web we know to be more interactive, perceptive, and omnipotent than ever. As a matter of fact, web3 is expected to merge even more seamlessly with our daily lives than web 2.0- as hard as that may be to believe.

Web 3.0 is expected to largely operate through decentralized platforms with the help of the blockchain technology and cryptocurrencies. There will be AI in place to better comprehend the context of user input and deliver relevant data, as well as content specifically tailored to a user’s tastes. All web 3.0 platforms are also expected to be interoperable, and decentralized applications would be there to enable everything from cross-border financial transactions (through cryptocurrencies) to censorship-resistant P2P storing and sharing of data (supported by protocols like Filecoin).

In conclusion, web 3.0 is shaping up to be a truly decentralized internet powered by the blockchain technology. While there are quite a few exciting web3 projects and developments already underway, only time will tell how successful web 3.0 will be in bringing true decentralization to all aspects of the internet. Meanwhile, we remain positive regarding the bright future of the third generation of the internet.

Did you find the facts about web 3.0 interesting? Visit WazirX blog for more such interesting blog articles.

Disclaimer: Cryptos are unregulated virtual assets, not a legal tender and subject to market risks. The views and opinions expressed in the article are those of the author(s) and don’t represent any investment advice or WazirX’s official position.

Also Read | How to start trading in Crypto?



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