Web 3.0 represents the concept of the third-generation World Wide Web (WWW). Its main objective is to completely decentralize the interconnected system of networks, which enables the users to read, write, and own data over the internet. It is expected to be the game-changer in the transition of the internet. It will be leveraging artificial intelligence, machine learning, and blockchain to attain real human communication between robots. The defining characteristics of the Web 3.0 are decentralization, permissionless, trustless, and semantic web, where the computers will be able to understand the meaning beneath the data. They will be able to learn things in which you are interested and will assist in discovering what the user requires much faster, hence, providing a better user experience. As the user data is the most valuable entity, Web 3.0 will provide control and ownership of the data to the user. Hence, Web 3.0 will be the era that will provide increased information security, privacy, and scalability to users.
The evolution of the Web:
Starting back in 1990, Tim Berners-Lee invented the World Wide Web while working at the CERN organization. He developed the basic components to make the automated information-sharing operational: HTTP, the WorldWideWeb, HTML, a server, and the first website to manage documentation. Further, in 1993, CERN made the source code of the WorldWideWeb available freely, where the public could easily access it. This is how the web was invented and as time passed, it kept on growing and improving. The following is the classification in which the different stages of the World Wide Web are classified:
- Web 1.0, also known as the read-only web, was the first generation of WWW where the users could only read the information written within the websites.
- Web 2.0, also known as the read-write web, was the second generation where the users could also perform both operations: read and write.
- Web 3.0, also known as the personal-portable web, is the third generation where the users will also be able to interact with the information apart from reading and writing operations.
Four pillars of Web 3.0:
- Semantic Web: This pillar signifies that the web will comprise the power to recognize, understand, perceive, and respond accordingly. Here, the data on the web is associated with each other in such a way that they can be easily processed by machines without any human assistance.
- Decentralization: This pillar signifies that instead of the internet being owned and controlled by a centralized organization, the ownership of the internet is distributed among the builders and the users. Hence, no single entity will be responsible for controlling the internet.
- Permissionless and trustless: This pillar signifies that the web will be permissionless as there won’t be any governing body and trustless as it doesn’t require the assistance of a trusted intermediary.
- Artificial Intelligence: This pillar signifies that the computers in the network will be able to understand data similarly to humans. This will be achieved via technologies depending upon Semantic Web concepts and natural language processing.
Disadvantages of the Web 3.0:
- Less available to gadgets: As Web 3.0 is an emerging technology, the old gadgets of the users are not compatible with it. Web 3.0 gadgets require a faster processing unit and will need a bigger storage unit as compared to the gadgets used nowadays. However, Web 3.0 gadgets have already begun to come into the market. For instance the Metaverse headset.
- Complicated for new beginners: It might be complicated for new beginners to understand the concepts of Web 3.0.
- Might be difficult to regulate: It is possible that monitoring and regulating Web 3.0 in a decentralized network will be challenging. This might result in a high rate of cybercrime.
The Web 3.0 economy:
- Blockchain: Blockchain technology allows the digital ledger of transactions to be distributed throughout the network and stored on several nodes. With time, the blockchain has evolved into a system for storing information in general. For instance, it can be now utilized for storing all sorts of information, such as academic and medical.
- Crypto Wallets: The crypto wallet is the digital platform that facilitates users to store their crypto assets securely by accessing the Web 3.0 space. They are usually user-friendly interfaces that allow the users to interact with the blockchain while storing the backup and the seed phrase for recovery.
- Smart Contract: Smart contracts are programs that are stored on the blockchain and are implemented whenever a predetermined condition is fulfilled. They help the user to automate the implementation of the agreement without any requirement of the intermediary or time loss.
- Decentralized Finance (DeFi): DeFi incorporates peer-to-peer financial services over the public blockchains, Ethereum.
- Non-Fungible Token (NFT): The NFT facilitates proof of ownership and the entire history of the digital asset that represents the non-fungible token. This allows the development of unique digital assets and items that anyone can trade or purchase freely over the open marketplace.
The WWW has changed the world in a better way and has involvement in each and every task that we do today. Web 3.0 is the next generation of the internet and it will ensure that the users are able to take benefit from information residing over the internet. It is essential as it enables businesses to streamline their operations by eliminating the middleman and directly linking the computers. This allows collaboration and communication among organizations, customers, and users for efficient business.
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