The explanation of Web 3.0
The term “Web 3.0” refers to a potential future version of the internet that will be based on public blockchains. Blockchains are record-keeping systems that is most well-known for their role in facilitating transactions involving cryptocurrencies.
The fact that Web 3.0 is decentralized is one of its most appealing features. This means that rather than consumers accessing the internet through services mediated by companies like Google, Apple, or Facebook, individuals own and govern sections of the internet themselves.
Web 3.0 does not require “permission,” which means that central authorities do not get to decide who gets to access what services, nor does it require “trust,” which means that an intermediary is not required for virtual transactions to occur between two or more parties. This allows for more freedom and flexibility in how information is shared and used on the internet.
Because these organizations and intermediaries are responsible for the majority of the data collection, the user’s privacy is technically better protected in Web 3.0.
The concept of decentralized finance, more commonly abbreviated as “DeFi,” is one aspect of Web 3.0 that is gaining traction; executing real-world financial transactions on a blockchain without the assistance of banks or the government is required to complete this process.
It is difficult to conceive of a scenario in which the involvement of a large number of major corporations and venture capital firms does not result in some form of centralized power. In the meantime, a lot of money is being invested in Web 3.0.
In this post, we will discuss the development of the World Wide Web, why everyone is talking about Web 3.0, what Web 3.0 is used for, what Web 3.0 is in crypto, where it’s heading next, and why this is important.
The evolution of the web
The World Wide Web is by far the most important tool that billions of people use to read, write, and trade information with one another, as well as communicate with other people via the internet.
The World Wide Web has undergone enormous transformations over the past few decades, and its early applications are barely recognizable in comparison to those that are available today.
It is common practice to classify the progression of the web’s development into three stages: Web 1.0, Web 2.0, and Web 3.0.
What is Web 1.0?
Web 1.0 was the name given to the very first iteration of the World Wide Web. Think of Web 1.0 as the read-only web, also known as the syntactic web.
The majority of the participants were users, or consumers, of the content. At the same time, the makers were primarily web developers who created websites that featured material primarily delivered in text or graphics. Web 1.0 was in existence from roughly 1991 until 2004.
In Web 1.0, sites typically presented static content rather than dynamic content created with a hypertext markup language (HTML).
The data and content were provided from a static file system rather than a database, and the web pages featured very little interactivity.
What exactly is Web 2.0?
The majority of us have only experienced the World Wide Web in its most recent iteration, which is commonly referred to as Web 2.0. Web 2.0 is also referred to as the interactive read-write and social web.
Within the realm of Web 2.0, it is not necessary to have a background in development in order to take part in the creation process. There are a lot of apps out there that are made in a way that allows anyone to become a creator.
You have the ability to generate thought and communicate it to the people of the world. Web 2.0 enables users to publish videos online, making them accessible to millions of users who can then watch, interact with, and comment on the videos.
Web 2.0 applications include some of the most popular social media platforms, such as YouTube, Facebook, Flickr, Instagram, and Twitter, to name just a few examples.
Companies are able to develop new ideas by utilizing web technologies such as HTML5, CSS3, and Javascript frameworks such as ReactJs, AngularJs, VueJs, and others. These technologies enable users to contribute more to the Social Web.
Because users are the focal point of Web 2.0, developers need only create a mechanism that enables and engages users in order to fulfil their responsibilities.
When compared to how they are used today, popular applications such as Instagram, Twitter, LinkedIn, and YouTube were quite different when they were first released.
The following is the standard procedure that each of these companies will go through:
• The company introduces a mobile application.
• It accepts applications from the greatest number of people possible.
• Finally, it monetizes its existing customer base to generate revenue.
The user experience of a well-liked app is typically very polished, especially as the app gains more and more followers and users over time. This is especially true as the app’s popularity grows.
To begin, this is the reason why they were successful in gaining traction in such a short amount of time. Initially, many software businesses do not give much thought to how they will make money.
Instead, they are solely focused on growing their customer base and keeping existing customers happy, but they will need to start making a profit at some point.
However, the restrictions that come with accepting venture capital funding frequently have a negative impact on the product life cycle and, ultimately, the user experience of a significant number of the applications that are currently in use.
For instance, when a company seeks venture capital in order to develop a software application, the investors in the company typically anticipate a return on investment that is tens or even hundreds of times greater than the amount of capital that they contributed.
This means that rather than pursuing a long-term growth strategy that can be sustained organically, the company is frequently pushed down one of two paths: marketing or data sales.
This means that rather than pursuing a growth strategy that can be sustained organically over the long term.
More data means more specifically targeted advertisements for a variety of Web 2.0 companies such as Google, Facebook, and Twitter, amongst others.
This leads to an increase in clicks, which ultimately leads to an increase in ad revenue. The web as we know and use it today relies heavily on the commercialization and centralization of user information, both of which are essential to its functionality.
As a direct consequence of this, data breaches are a prevalent problem in Web 2.0 applications. There are even websites that are solely devoted to monitoring data breaches and alerting users whenever their personal information has been compromised as a result of unauthorized access.
In a Web 2.0 environment, you do not have any say over what happens to your data or how it is stored. In point of fact, businesses regularly track and save user data without first obtaining permission from those users.
After that, the data is owned and managed by the companies that are in charge of these platforms. In addition, when governments believe that someone is expressing an opinion that is in opposition to their propaganda, they frequently shut down servers or seize bank accounts in an attempt to silence that person.
When using centralized servers, governments are able to easily interfere, control, or shut down application processes.
Because banks are also digital institutions and subject to centralized control, governments frequently intervene in their operations.
However, if there is a prolonged period of high volatility, excessive inflation, or other forms of political instability, they may close bank accounts or restrict access to funds.
Web 3.0 will attempt to address a large number of these issues by fundamentally rethinking the way we build and interact with applications from the ground up, which will be one of its primary focuses.
What is Web 3.0?
The period beginning in 2010 and continuing beyond that points to the future of the internet is referred to as Web 3.0, which is also known as the Semantic Web or read-write-execute.
The development of Artificial Intelligence (AI) and Machine Learning (ML) has made it possible for computers to analyze data in the same way that humans do. This contributes to the intelligent generation and distribution of valuable content that is tailored to the individual requirements of each user.
Decentralization is at the core of both Web 2.0 and Web 3.0, despite the fact that the former features a few key differences from the latter.
Web 3.0 programmers almost never build and deploy applications that are hosted on a single server or that keep their data in a single database (usually hosted on and managed by a single cloud provider).
Web 3.0 applications, on the other hand, are constructed using either blockchains, decentralized networks of numerous peer-to-peer nodes (servers), or a hybrid of the two.
These computer programs are referred to as decentralized applications or DApps, and the Web 3.0 community makes frequent use of the term “DApps.”
Participants in the network, also known as developers, are rewarded for providing services of the highest possible quality in order to establish a decentralized network that is both stable and secure.
What is Web 3.0 in crypto?
When discussing Web 3.0, you will notice that references to cryptocurrencies are made quite frequently. This is due to the fact that a significant number of Web 3.0 protocols heavily rely on cryptocurrency.
Instead, it provides a monetary incentive in the form of tokens to anyone who is interested in participating in the creation, governance, contribution, or improvement of any of the projects.
Tokens of Web 3.0 are digital assets that are connected with the goal of developing a decentralized Internet.
These protocols may be used to provide a variety of services, including computation, bandwidth, storage, identification, hosting, and other online services that cloud providers formerly provided.
For example, the marketplace for video infrastructure providers and streaming applications is provided by the Livepeer protocol, which is built on Ethereum.
In a similar manner, Helium uses blockchain technology and tokens to incentivize individuals and small businesses to provide and confirm wireless coverage as well as send device data through the network.
People have the opportunity to make a living by participating in the protocol in a variety of different ways, including technical and non-technical roles.
Customers of the service typically pay a fee in order to make use of the protocol, very similar to the fee that they would pay to a cloud provider such as Amazon Web Services.
As is the case with many different types of decentralization, unnecessary and frequently inefficient intermediaries are removed.
In addition, Web 3.0 will place a significant emphasis on nonfungible tokens (NFTs), digital currencies, and various other blockchain entities.
Reddit, for example, is attempting to make Web 3.0 inroads by developing a mechanism to employ cryptocurrency tokens to allow users to essentially control pieces of the on-site communities in which they participate. This mechanism will allow users to control pieces of the on-site communities they participate in essentially.
The idea is that users will make use of “community points,” which they will obtain by contributing to a particular subreddit.
The user will then accumulate points determined by the number of other users who upvote or downvote a specific post. (All that it is is a blockchain-based analog of the Reddit Karma system.)
Users who have made significant contributions to the community are able to have a greater say in decisions that are made that have an impact on the community by using these points, which can essentially be used as voting shares.
The fact that those points are recorded on the blockchain gives the people who own them a greater degree of control over them; they cannot be easily revoked, and they keep track of who you are.
To be fair, this is merely one application of the Web 3.0 concept of decentralized autonomous organizations, also known as DAOs. These organizations make use of tokens to distribute ownership and the authority to make decisions within the organization.
Web 2.0 vs. Web 3.0
Let’s examine the differences between Web 2.0 and Web 3.0 using the table that’s provided below.
What are the properties possessed by Web 3.0?
The transition from Web 2.0 to Web 3.0 is occurring gradually, and the majority of users are oblivious to it. Applications designed for Web 3.0 have the same look and feel as those designed for Web 2.0, but the back-end is fundamentally different.
The future of Web 3.0 will bring about universal applications that can be read and utilized by a wide variety of devices and software types. This will make both our professional and recreational pursuits easier to carry out.
The proliferation of technologies such as distributed ledgers and blockchain storage will challenge the centralization, surveillance, and exploitative advertising practices of Web 2.0. These developments will also make it possible to decentralize data and create an environment that is both transparent and secure.
When centralized technology companies are replaced by decentralized infrastructure and application platforms, individuals will regain the control that is rightfully theirs over the data that they create and store on the web.
Let’s take a look at the four characteristics of Web 3.0 so that we can get a better understanding of its complexities and nuances.
Semantic web
The “semantic web” is an essential part of Web 3.0 architecture. Tim Berners-Lee is the one who first used this phrase to refer to a network of data that computers can analyze.
What exactly does that mean when translated into everyday language? What exactly does it mean when people talk about “semantics”? What is the main difference between saying “I adore Bitcoin” and saying “I 3 Bitcoin”?
Even though the two phrases are constructed differently grammatically, their meanings are quite comparable.
Both of those sentences express the same feelings that were discussed in the first example, which is significant because semantics is concerned with the meaning or emotion that is expressed by facts.
The semantic web and artificial intelligence will be the two pillars upon which Web 3.0 will be built. The computer will be taught what the data means with the help of the semantic web, which will allow artificial intelligence to develop real-world use cases that can make better use of the data.
The primary idea is to generate, share, and connect content by means of search and analysis in order to create a “spiderweb” of knowledge that spans the entirety of the internet. This will assist in better comprehending the meaning of individual words.
The incorporation of semantic metadata into Web 3.0 will make it easier to communicate data.
As a direct consequence of this, the user experience advances to a new level of connectivity that makes effective use of all the data that is available.
3D graphics
When Web 3.0 is fully implemented, the internet will transform from a simplistic two-dimensional web into a more realistic three-dimensional cyber world. This will have a significant impact on the future of the internet.
Three-dimensional design is utilized extensively across a variety of Web 3.0 websites and services, including e-commerce, online gaming, and the online real estate market.
This idea might strike you as odd, but it’s a fact that thousands of people from different parts of the world are interacting with one another right now in this location.
Take, for instance, the case of online games such as Second Life and World of Warcraft, in which players are significantly more concerned with the well-being of their virtual avatars than they are with the well-being of their real-life selves.
Artificial Intelligence
With the help of artificial intelligence, users of websites will be presented with a curated selection of the most relevant information.
In the current era of Web 2.0, businesses have started asking their customers for feedback better to understand the quality of a particular product or asset.
Take, for instance, a website like Rotten Tomatoes, which allows users to rate and review the movies they’ve seen.
The term “good movies” is frequently applied to films that have received a higher grade. Through the use of lists such as these, we are able to circumvent the so-called “poor data” and go straight to the “good data.”
Peer reviews, as was just mentioned, are one of the most important contributions that Web 2.0 has made to the world wide web. On the other hand, we are all aware that human recommendations cannot be trusted because of the possibility of bias.
It’s possible for a group of individuals to conspire to give an undeservedly positive review of a movie in order to boost its ratings.
We can rely on the information that is provided by artificial intelligence because it can be taught to differentiate between reliable and unreliable data.
Ubiquitous
The idea of existing or being present in multiple places at the same time is known as omnipresence, which is synonymous with the term “ubiquitous.”
This functionality is already accessible through Web 2.0. Take, for instance, social media platforms such as Instagram, in which users take pictures with their mobile devices and then post, share, and otherwise disseminate those pictures online, where they subsequently become the users’ intellectual property.
After it has been uploaded, the picture will be easily accessible in every location. The Web 3.0 experience will be available to users whenever and wherever they want it to be, thanks to the proliferation of mobile devices that can connect to the internet.
You will no longer be restricted to using the internet solely on your desktop computer, as was the case with Web 1.0, or solely on your smartphone, as was the case with Web 2.0.
It will have complete and utter dominion. It’s possible that Web 3.0 will be known as the web of everything and everywhere because the majority of things in your immediate environment will be connected online (via the Internet of Things).
How to get your brand ready for the Web 3.0 revolution?
As futuristic as it may sound, the early stages of the use of the spatial web, also known as Web 3.0, are already here.
The time has come for executives in businesses to gain an understanding of what the next computer era will entail, how it will have an effect on businesses, and how it will create new value as it progresses.
In addition, people need to be ready to grasp how some of the more established and experimental Web 3.0 business models will accrue value in the coming years by looking at existing and practical Web 3.0 business models. This is something that can be done by examining existing and practical Web 3.0 business models. The following sections contain a listing of some of the possible approaches.
Issuing a native asset
These native assets are necessary for the operation of the network and derive their value from the security they provide. The cost for malicious actors to carry out an attack rises in tandem with the price of the native asset. The additional security drives further demand for the currency, which in turn drives up its price and value.
As a direct consequence of this, an exhaustive analysis and valuation of the value of these natural resources have been carried out.
Building a network by holding the native asset
Some of the earliest companies in the cryptocurrency network space had a singular objective: to maximize the financial potential of their networks.
The business model that emerged as a result of these considerations can be summed up as follows: “grow their native asset treasury; build the ecosystem.”
In its capacity as one of the most important Bitcoin Core maintainers, Blockstream is dependent on the value generated by its BTC balance sheet.
In a similar vein, ConsenSys has expanded to a thousand employees and is developing essential infrastructure for the Ethereum (ETH) ecosystem in order to increase the value of the ETH that it already possesses.
Payment tokens
A new wave of blockchain initiatives has built their business models around payment tokens within networks. These initiatives frequently form two-sided marketplaces and demand the use of a native token for all payments. The rise of the token sale has been a driving force behind this trend.
According to the hypotheses, as the economy of the network continues to expand, there will be a greater need for the restricted native payment token, which will lead to an increase in the token’s value.
Burn tokens
It’s possible that communities, corporations, and initiatives that are created through the use of a token won’t always be able to pass earnings on to the token holders directly.
For instance, the concept of buybacks and token burns as one of the aspects of the Binance (BNB) and MakerDAO (MKR) tokens generated a great deal of interest among cryptocurrency investors.
Native tokens are repurchased from the public market and then burned as revenue flows into the project (through Binance trading fees and MakerDAO stability fees), which results in a decrease in the supply of tokens and an increase in the price of those tokens.
Taxation on speculation
The next generation of business models focused on developing the necessary financial infrastructure for these native assets. This included the establishment of exchanges, custodians, and derivatives suppliers, among other entities.
They were all established for the sole purpose of catering to users who were interested in engaging in speculative activity regarding high-risk assets and providing them with the means to do so.
Because the networks that underpin cryptocurrency are open and do not require permission to access, companies like Coinbase are unable to establish a monopoly position by offering “exclusive access.” However, the liquidity and brands of such companies provide defensible moats over the course of time.
What are the advantages of Web 3.0 over its predecessors?
When Web 3.0 is fully implemented, there will be no need for intermediaries, which means that user data will no longer be under anyone’s control.
This reduces the likelihood of censorship by governments or corporations and reduces the efficiency of denial-of-service (DoS) attacks.
As more things become connected to the internet, datasets that are more extensive supply algorithms with more information to evaluate.
Because of this, they will be able to provide information that is more accurate, and that is tailored to the needs of the individual user.
Prior to the release of Web 3.0, it was a difficult task to locate the most refined result on search engines.
On the other hand, over the course of time, they have become better at discovering results that are semantically relevant based on the information and context of the search.
Because of this, surfing the web is made easier, and it is now possible for anyone to acquire the specific information they need in a manner that is comparatively simple.
It is essential to have a customer service department in order to provide a satisfying experience for users of websites and web applications.
However, due to the high costs involved, a significant number of web companies that are successful are unable to scale their customer support operations.
Users will have a more positive experience interacting with customer service representatives if they make use of intelligent chatbots that are able to converse with multiple users at the same time. This is made possible by Web 3.0.
