Web 3.0, the third loop of the Internet, is a decentralised form of the web that will modernize the digital world and bring more transparency. This latest web version will allow users to own and sell their data to advertisers.
Is it true?
Welcome to the new era of the Internet.
Web 3.0 has come of age with the latest Internet technology that uses artificial intelligence, machine learning, and blockchain to achieve real-world human communication. The new evolution of the web
It not only allows users to own their data, but it can control every aspect of their digital presence.
As per experts, Web 3.0 will put an end to the existing centralized systems like Facebook, Youtube, and Amazon that encourage data exploitation and privacy violations. For sure this step will lead to a masterstroke in the history of the web.
Now several questions will be running through your mind.
Will these multi-tech companies stop their services?
What are all the benefits we can get from Web 3.0?
Do not worry. Below, we have explained in detail. After reading this post, you will have a clear idea of about Web 3.0 is.
So, what is Web 3.0?
Web 3.0, the new buzzword taking over the Internet world, was coined in 2014 by Gavin Wood, co-founder of Ethereum. It is the third version of the Internet that interconnects data in a decentralized way to deliver a quick and unique user experience, built using machine learning, artificial intelligence, and the semantic web. The main reason for using the semantic web is that it understands and interprets the data’s context and concept. Whenever a user searches for an answer, Web 3.0 will deliver the most accurate and relevant result. To keep your information safe and secure, it uses the blockchain security system.
Currently, tech giant companies make an enormous profit from user data. Users are exploited by these companies, essentially, being deceived into giving valuable data away without getting any compensation from the firm that collects and benefits from it. But Web 3.0 will enable all users to get paid for the data they share. That means users can sell their data to advertisers while retaining ownership and data privacy.
So, in this third generation of the web, you will enjoy interactions with machines and websites in the same manner as you communicate with any other human.
Before we dive further into Web 3.0, it makes sense to understand what came before.
Let us know about the evolution of the web
Web 1.0 refers to the first stage of the world wide web, developed in 1989.
This early Internet is a read-only web where people can read information written on websites. It was composed of web pages joined together by hyperlinks. Personal web pages consist of static pages hosted on ISP-run web servers, or free web hosting services.
Web 1.0 is a content delivery network that enables the showcase of pieces of information on websites. Perhaps surprisingly, advertisements on websites are banned. An online digital photography website named Ofto was used on which users could store, share, view, and print digital pictures. It consists of directories that enable users to retrieve particular pieces of information.
The technologies that include Web 1.0 were HTML (HyperText Markup Language), HTTP (HyperText Transfer Protocol) and URL (Uniform Resource Locator).
Web 2.0 was introduced in 1999 as a result of the emergence of social media platforms, digital advertising, blogging, and various other services that allowed users to interact with the internet. This second generation of the internet is a read-write web where people can read and write content on websites and applications. Web 2.0 refers to a change in the way web pages are designed and used rather than any specific technical upgrades to the internet. From a read-only platform, the internet moved into a place for content creation and interactive experiences that brought us social media platforms like Facebook, Youtube, Instagram, etc.
The rise of Web 2.0 was driven mainly by three core layers of innovation: Cloud, mobile, and social.
With the launch of the iPhone in 2007, mobile internet access drastically increased. We moved from browsing a few hours a day on a desktop to an always-connected state. We now had a web browser, mobile apps, and personal notifications in our pockets. Other than receiving the information, Web 2.0 serves another purpose. It collects our data for analysis and adds it to the web. It can track our location, financial activities, purchasing habits, contact information, and so forth.
The Internet was predominantly a dark and anonymous place until the arrival of Orkut and Facebook in 2004. These social networks convince users to engage in specific actions and content generation, including recommendations and referrals.
The cloud commodifies the creation and alimentation of websites and applications. Companies were able to move from purchasing and maintaining their own costly and authoritative infrastructure upfront to renting warehouses, computation power, and management tools on the cheap. These low-cost resources convinced millions of entrepreneurs as their firms grew.
Now the point is, why are we switching from Web 2.0 to Web 3.0?
However, Web 2.0 has increased collaboration by introducing new ways of sorting and connecting with others. It has also created new opportunities for online stalking, cybercrime, doxing, distributing wrong information, identity theft, and other forms of online pestering.
Complaints were raised against the multi-tech companies like Google, Facebook, Microsoft, and Amazon that dominated the news cycle. Customers were given limited management over their data usage, which raised several allegations against these multibillion-dollar tech companies.
Finally, Web 2.0 became more superannuated at the end of 2012, and people were starting to be aware of Web 3.0.
Web 3.0 refers to the evolution of web utilization and interaction that transforms the Web into a database. After focusing on the front-end for a long time, Web 3.0 enables the up-gradation of the back-end of the web. With this current web era, humans, machines and businesses can trade value, information and work with counterparties across the globe they don’t know or trust without the help of any intermediary.
Web 3.0 will intrinsically expand the scale and scope of both human and machine interactions far beyond our imagination. These interactions, ranging from seamless payments to richer information flows to trusted data transfers, will become possible with a broadly increased range of potential counterparties. This change will enable a whole new wave of previously unimaginable businesses and business models, from global co-operatives to decentralized autonomous organizations and self-sovereign data marketplaces.
Web 3.0 is actuated by five layers of technological innovation: Edge Computing, Decentralization, Artificial intelligence & Machine learning Blockchain Technology and Internet of Things(IoT).
1) Computing at the Edge
In Web 2.0, the commodification of personal computer technology was modified in data centres. While Web 3.0 is moving the data centre out to edge computing.
What are data centres?
Data centres are accompanied by an array of advanced computing resources distributed among phones, laptops, appliances, and sensors that will produce and consume a hundred times more data in the coming years.
2) Network of Decentralized Data
Let us start with an example. When you log in to a website or an app using your email address and perform any activities, Your activities are tracked and monitored by tech giant companies to target their advertisements. Let us take another example. If you post any article on social media or any blog on your website, if that violates their company policy, it gets removed. That means you do not own any rights to your article or post.
Anyways, in Web 3.0, data is decentralized, which means that users will own their data. And it will enable various data generators to sell or trade their data without losing ownership, risking privacy, or relying on the moderator. That means you can log in securely over the Internet without getting tracked.
Now the question is, will these multi-tech companies stop their services?
The answer is no, but as it will be decentralized, these companies will not have any control over your policy or usage. Web 3.0 will run on NFT (non-fungible tokens). Alternative platforms have evolved where users will not face these types of problems.
For example, A platform named Odyssey has emerged, where to upload or view content, you need tokens, and there will be a monitoring value for them.
3) Machine Learning and Artificial Intelligence
Integrating this proficiency with natural language processing, in Web 3.0, computers can distinguish between humans and provide faster and more relevant results.
For example, Internet review services allow customers to leave feedback on any product or service. Woefully, firms pay a large group of people to write excellent reviews of their products or services.
Accordingly, to deliver accurate data, the Internet needs artificial intelligence to distinguish between genuine and fraudulent.
Know how Artificial Intelligence will highly transform these 5 Industries in the coming years.
4) Blockchain Innovation
Blockchain is another layer of the technology behind Web 3.0 or can be said as the foundation of Web 3.0, as it redefines the data structures in the backend of the semantic web.
Blockchain is a decentralized state machine that uses intelligent contracts to define the logic of a web 3.0 application. So anyone who wishes to build a blockchain application needs to place their application code on the shared state machine.
Know how Blockchain works in Logistic and how Blockchain is transforming industries.
5) Internet of Things(IoT)
The reason behind using IoT is to improve the info-exchange layer of Web 3.0. The reason behind using IoT is to improve the info-exchange layer of Web 3.0. It will help to connect the internet to smart devices. This means Smart devices will not only use the internet but will be able to communicate with each other via machine to machine communication to complete the task with any human intervention.
What are the advantages of Web 3.0?
- Data Ownership
- Effective looking.
- Minimize Intermediaries.
- Improvised Sharing Experience.
- Continual Services.
- Uninterrupted Services
- Productive web experience
The upcoming wave of Web 3.0 goes far beyond the initial use case of cryptocurrencies. Through the copious interactions now possible and the global scope of counterparties available, Web 3.0 will cryptographically connect data from individuals, corporations, and machines with efficient machine learning algorithms, which will lead to the rise of fundamentally new markets and associated business plans.