May 8, 2023

What is Web 3.0?

What is Web 3.0?

Today we have dedicated this article to Web 3.0, which is said to revolutionalize the internet just as Web 1.0 did in the 1990s. The first webpage in history was created in 1991. Any new technology can be overwhelming and a bit hard to comprehend in the beginning, and there is no shame in admitting that.

Therefore I have compiled this article for everyone who is intrigued by this technology and how it works. Before we get into Web 3.0, let's take a look at Web 1.0 and Web 2.0 to brush off some facts so we can better understand Web 3.0.

Web 1.0:

Web 1.0 was also known as a static website that was "read-only," where users couldn't interact with the content.

In 1996 the number of users of Web 1.0 amounted to 45 million on a global scale. This number has increased to 5.3 billion, according to recent statistics, which is 66 percent of the global population. Which all started with Web 1.0 and grew from there.

It was characterized by basic HTML websites, limited graphics, and slow loading times. The primary purpose of Web 1.0 was to share information and provide access to resources rather than offering dynamic and interactive experiences for users.

Web 2.0:

The era of Web 1.0 was from 1994-2005, and then began the era of Web 2.0, which we use nowadays. The purpose of Web 2.0 was to encourage users to provide content and run the show.

"What defines Web 2.0 is the fact that the material on it is generated by the users (consumers) rather than the producers of the system. Thus, those who operate on Web 2.0 can be called prosumers because they simultaneously produce what they consume, such as the interaction on Facebook and the entries on Wikipedia."-George Ritzer.

Youtube was launched in 2005, which was a big part of the vision of web 2.0. The social media era emerged, and the start of smartphones was initiated by the launch of the iPhone in 2007.

Now we can create content, purchase items online, interact through various social media platforms, and much more. If web 1.0 was defined as "read-only," we can say web 2.0 can be seen as a read/write upgrade or what the internet is as of today.

Now that we have covered our basis let's start with the star of today's show, Web 3.0.

What is Web 3.0?

The next iteration of the web is the third generation Web 3.0. Think of Web 3.0 as a "read/write/own" upgrade to the internet. Web 3.0 is a vision for the future of the internet that emphasizes decentralization, security, and intelligence. It aims to create a web that is more equitable, accessible, and empowering for all users.

"Web 3.0 will bring about complete upheaval in the way businesses and consumers interact with each other online, making the customer experience more personalized. Users can collectively contribute to product creation, being fairly paid for their contributions as co-investors and creators with no central authority authorizing these payments."
– Alexandra Pitkevich, principal, business consulting, EPAM Systems

To put it into simple terms, with web 3.0, you will have full control over your data and personal information without relying on any cooperation or big tech company. In addition, you will be able to manage and store your data without any dependency on a third party.

Features of Web 3.0:

Web 3.0 uses advanced technologies to create a more decentralized, intelligent, and secure online experience. Some of the critical components that make this possible include:

1- Blockchain: Blockchain technology provides the foundation for Web 3.0 by creating a decentralized and secure ledger of transactions that cannot be altered or deleted. This allows for the creation of decentralized applications (dApps) and services that run on a peer-to-peer network rather than relying on centralized servers.

2- Decentralized Identity: Web 3.0 uses decentralized identity systems to give users control over their online identity and personal data. This includes using digital wallets and self-sovereign identity solutions that allow users to securely store and manage their information without relying on centralized companies.

3- Artificial Intelligence: AI and machine learning algorithms are used in Web 3.0 to create more personalized and intelligent experiences for users. This includes using natural language processing, computer vision, and predictive analytics to create more intuitive and human-like interactions with applications and services.

4- Interoperability: Web 3.0 creates a more interconnected web by allowing applications and services to communicate and share data with each other in a seamless way. This is made possible by the use of common protocols and data formats, as well as the use of decentralized infrastructure like the InterPlanetary File System (IPFS).

5- Semantic Web: Web 3.0 uses semantic web technologies to create a more interconnected, machine-readable web. This includes using metadata and linked data to create a web of relationships between information, making it easier for machines to understand and make connections between different data sets.

Using these and other advanced technologies, Web 3.0 aims to create a more equitable, secure, and intelligent web that empowers users and allows for greater innovation.

Difference between Web 2.0 and Web 3.0

There are some vital differences between Web 2.0 and Web 3.0.

1- Centralized vs. Decentralized:

Web 2.0 are Centralized; therefore, all the apps and platforms are centralized on servers owned and controlled by cooperations. But when it comes to Web 3.0, the whole idea is to make users own their data which peer does to peer networks and blockchain technology.

2- Data Ownership:

In Web 2.0, the data is stored and owned by cooperation, which gives users limited access to the data and is dependent on the cooperation.
However, in Web 3.0 as the data is encrypted and stored on a decentralized network. This gives users data ownership without relying on any cooperation.

3- User Authentication:

In Web 2.0, user authentication has a single point of authentication which can lead to security breaches and phishing.
In Web 3.0, user authentication is done by digital signatures and other cryptographic methods. This ensures that the passwords and user accounts are more secure.

4- Advertising:

With Web 2.0 uses data for user experience and to deliver ads relevant to user activity. This, however, creates clutter for each user with a bunch of ads they didn't ask for.
In Web 3.0, the ads target a user rather than a community, and you will only get what you seek.

Additionally, Web 3.0 platforms are exploring alternative advertising models, such as token-based rewards systems, which incentivize users to engage with advertisements and provide a more equitable distribution of advertising revenue.

5- Platforms:

Web 2.0 platforms which are quite popular such as Facebook, Twitter, Instagram, Amazon, etc.A bunch of platforms uses Web 3.0, such as Mastodon, Sola OpenBazaar, and OpenSea.

In Conclusion:

Web 3.0 is a growing technology, and there is still much to cover as it progresses and. I'll keep you guys up to date. Hopefully, this article has given you a quick overview of what you have in store for you in the future.

We have also worked with Web 3.0 for one of our clients Contrax. If you have any queries or need help regarding the Web 3.0 platform, Contact us and get a free consultation with our experts. We are looking forward to hearing from you

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