What is Web 3.0? - The Benefits of the Future Web
Web3 (web 3.0) or the future of the internet is a trending topic that has gained massive interest amongst everyone. According to Google Trends, the term ‘web3’ gains almost 200,000 Google searches per month. In simple terms, it’s the futuristic decentralized version of the present internet that develops with technologies like blockchain, AI and machine learning languages to create an open, personalized, secure web.
In this blog post, you’ll read about what is web3, and how it’s shaping the internet to benefit us with new opportunities and user experiences.
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In 2014, the term ‘web3’ (also referred to as Web 3.0) was coined by the co-founder of Ethereum, Gavin Wood. As he points out, web3 is
“an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics”.
This means that the future of the internet will be built on blockchain and will be decentralized with an exclusive token system as cryptos.
If you thought the present web was easy, useful, informative, well, think again. The new web built on blockchain is faster, secure, and transparent. Hence, Web3 is here to transition how you browse the internet with personalized content and ensure the protection of data from centralized tech giants.
To everyone's question, "is the web 3.0 already here?", it's not been announced yet officially. Since the scope of the technologies and functionalities are uncertain, the infrastructure is still in its progress phase. But blockchain, AI, and graphic technology will undergo major developments.
Before we dive into web 3.0, let's check out the evolution of the internet, from its origin to the future of the internet.
The first generation of the internet, (1991-2004), or the ‘syntactic web’ was the static read-only web. Instead of users, there were only consumers who could only read web pages displayed on web browsers which utilized HTML, HTTP and URL technologies. That is why this era was restrictive on user capacity to create content.
Moreover, it was a decentralized web. But, what exactly is the decentralized web?
Before centralized organizations like Facebook, Google, and Apple existed, the web was decentralized meaning there was no third-party organization to offer an intermediary service. It was more of a community-driven, open-source code web in which creators and developers together built the web.
The second generation of the internet, or the present web 2.0 (2005-present) is the interactive read-write web. The present web enhanced creative freedom to share user-generated content and facilitated a much more user-friendly, user-to-user interactive experience.
For example, users were able to access and create content such as blogs, articles, videos and post comments, likes and connect with other users. The mobile, social and cloud facilities further extended the internet functionalities to develop apps, social networks and cloud storage. Something we're all grateful for, right?
And this led the internet to be centralized with tech giants such as Google, YouTube, Microsoft, and Meta gaining user data to provide their services. However, this also gave rise to the risk of user privacy when the central organizations followed an advertising-driven revenue model where user data was used to create targeted ads. Hence, users were deprived of content ownership and monetization benefits.
The future of the internet, web 3.0 which we're all curious about is in the progress phase with a combination of both web1 and web2 features. For example, based on the web1 decentralization concept and web2 functionalities like creating content. This means the new web is a decentralized read-write-interact web where the data ownership and control of privacy are transferred back to the end-users.
In order to understand web 3.0 and how it's distinct from the previous generations of the internet, let' 's dive into the main characteristics of web 3.0.
Since the tech giants are no longer involved, web 3.0 & decentralization leverage databases across multiple systems and devices. In essence, data, smart contracts, codes and information are all stored in multiple locations or databases over multiple systems instead of a single, centralized server.
It's a possibility that even our systems could be a source for data storage. As a matter of fact, this guarantees high security of user data and less risk from hacking or data breaches. Further, a transparent, faster web experience.
2. Semantic Web
What if machines could understand the subject matter of a piece of content to decode the meaning and emotions?
The Father of the Internet, Tim Berners Lee described the semantic web as,
“the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers.”
As the word 'semantic' refers to the study of the relationship of words, the semantic web can recognize human emotions within the content. This shows that machines will distinguish between content that is related to our feelings and content that may not. A pretty cool feature of the internet.
3. Artificial Intelligence
If the new web can decode human emotions within content, this also brings us closer to Artificial Intelligence. From machine learning tools to AI writing tools, artificial intelligence will develop the interaction on the internet.
For example, the Google Cloud AI platform was quick to censor 100,000 negative reviews which were directed at the Robinhood App. Yes, that's right! All negative comments were censored. Hence, AI will play a predominant role in filtering out negative, misleading reviews from the web.
With ubiquity or ‘omnipresence’, the web is accessible to anyone, anywhere. For example, in web2, social media users can access their accounts anytime and share content with anyone. But in web3, ubiquity will involve the Internet of Things besides electronic devices.
5. Spatial web and 3D Graphics
The new web is all about enhancing an immersive visual experience and creative content. A novel era for creators with limitless freedom to experiment and work with evolving technology. That is to say, graphic technologies such as 3D Graphics, and extended realities will also be subjected to significant advancements.
For example, we have already noticed a high rise in demand for NFTs, metaverse, and virtual events. Virtual influencers or digital humans have already achieved to merge the physical world into the digital space. And the web3 is safe to say is the next level of the internet with an array of opportunities for creative designers, artists and visual technology to thrive.
The future internet is great but how will you as a user benefit from it? Will you really enjoy the benefits of web3? Let's find out.
1. Data Ownership
Decentralized data allows users to own their data. For example, in a web2 game, you will lose your in-game purchases, and assets, if you lose your account or your account was restricted by the company.
In web 3.0, with non-fungible tokens, users can own digital assets that they can later sell or trade in an open marketplace to earn a considerably higher value. Finally, gone are the days when we risked losing our data or encountering restrictions on our accounts.
2. Open Accessibility
To ensure the future internet is transparent, web3 is in open source code. As a result, anyone can view codes, develop, and make changes. No more working with the same programs and applications when you can access an open-source platform with design, and develop capabilities as you require.
3. Permissionless Blockchains
When using social media, you need to log into your own account. And there are several steps to ensure that no one can access your account without permission. But on the decentralized web, there's no one to say 'no'. The majority of the blockchain systems are developed by non-profits and allow an open design and development process. That's how you can enjoy the web with no centralized organization imposing restrictions.
In web2, we usually need a trusted third party to conduct an online transaction like Paypal. However, in web 3, this is 'trustless' meaning there is no third party like an online exchange or wallet to complete the transaction. Because of the encryption enabled by bitcoin technology, any transaction can be secure, and risk-free.
One of the most inconveniences we go through is losing our data or being interrupted by a service provider. Since the decentralized web provides multiple data backups and decentralized data storage, the end-user will be able to access the data conveniently. And no organization or service provider can restrict access or charge for the use of their services.
6. Personalized Search results
Another key benefit of web 3.0 is the ability to deliver personalized search results. With the integration of AI in web 3.0 technology, the web will understand, and analyze the user search history to retrieve personalized search results similar to the user's interests.
Web 3.0 features and benefits would be impossible if it wasn't for the web 3.0 technologies. In this section, you will read about web3 technologies and what you need to understand about the backbone of web3.
Web 3.0, Cryptocurrency and Blockchain
Blockchain technology is the foundation and the primary technology of web 3.0. A blockchain is a digital record or a ledger of past transactions duplicated and distributed across a network of computer systems. Hence, the ‘blockchain’ refers to a chain of data transactions included in discrete blocks. On the other hand, cryptocurrency is a digital currency with a monetary value accepted as the economic model for digital transactions.
In web 3.0, creators can own content and earn as well. Hence, cryptocurrencies are considered as the reward system for content creators by which creators will be rewarded in tokens for their content. For example, Steemit and LBRY are a few such platforms with reward systems for creators.
Web 3.0 and Metaverse
Metaverse is a virtual world in the digital space accessible globally to everyone. It’s an immersive space where users can interact with others and create their own avatars to represent themselves. So far, the web has evolved from static to dynamic content. In the future internet, we can expect an interactive 3D space where users can experience virtual reality, augmented reality, mixed reality, and CGI content daily.
For this year’s Coachella, organizers together with Epic Games created the “first Livestream to add augmented reality (AR) tech into a music festival performance”. From building Accounting Firms to Vans skate theme parks, Jose Cuervo unveiling the first metaverse distillery, the metaverse is reaching massive attention from major brands.
Read more about metaverse marketing.
Web 3.0 and Digital Marketing
Contrary to web2 marketing, which emphasized keywords, SEO, and paid media, marketing in web 3.0 is more about experimenting with creative concepts. NFT marketing, metaverse marketing, and virtual influencer marketing to name a few. Moreover, hyper-personalized user experiences are expected to help brands target the right audience and for users to retrieve the search results relevant to them.
Web 3.0 applications are known as dApps which are powered by tokens on each blockchain such as ETH, and BTC. So far, over 1000 dApps have been developed and in progress. They are built on blockchains and function as per the codes of the smart contracts deployed by the Decentralized Autonomous Organization (DAO).
01. Apple’s Siri:
Everyone’s favorite voice assistant, Siri by Apple is an AI voice recognition software. Siri’s capacity to understand, filter information coherently and communicate is a distinct characteristic of the AI integration.
Alternative to Reddit, Steemit is a social network in web 3.0. It’s a platform where bloggers and content creators are rewarded with cryptos for their contributions.
Storj is a private, secure, open-source decentralized cloud storage system that allows users to rent free disk space and earn in crypto for the shared space.
05. Brave Browser:
Brave is a fast and high secure browser focused on user privacy. Built using highly distributed blockchain technologies, Brave blocks any malicious attacks, and advertisements to ensure the protection of user privacy.
So how will web 3.0 improve our lives in the future?
Well, web 3.0 is evolving to build a transparent, secure network owned and benefited by the users. Less centralized, users will finally benefit from data ownership and control of privacy.
It is also expected that the web3 will lead to a better-personalized web experience and save us from targeted ads. Further, an increase in automation will result in a higher level of productivity in our lives. Therefore, With the integration of web 3.0 technologies, an array of opportunities will further broaden the functionalities of the internet. So stay curious and look forward to it!