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Web 3.0 – The Best Version of the Internet

Web 3.0 – Imagine a new kind of Internet that correctly translates what you write and understands what you say, whether through text, speech, or other media, and where all of the material you consume is more personalized than ever before. We have arrived at a turning moment in the evolution of the Internet. Web 3.0 is a term used by particular early adopters.

What is Web 3.0?

Web 3.0 combines Web 2.0 with the concepts of trust and verifiability. Web 2.0 programmes mined users’ content and data for profit, robbing them of their privacy and control. Web 3 is a movement to give consumers more control over the Internet by making it more open, secure, resilient, and private.

In comparison to the original Web 1.0 of the 1990s and early 2000s, Web 2.0 and Web 3.0 refer to succeeding incarnations of the Web. Web 2.0 is the current form of the Internet (a word sometimes used interchangeably with the Web) that we are all acquainted with, while Web 3.0 is the next phase.

The hype around Web3 and how it can transform the internet | World Economic  ForumThe World Wide Web (WWW), the Internet’s primary information retrieval system, is the Web. When looking for a specific resource online, the WWW initialism used to (and sometimes still does) preface a web URL and was one of the first characters typed into a web browser. The phrase “World Wide Web” was used by Internet pioneer Tim Berners-Lee to refer to the worldwide Web of information and services connected by hypertext connections.

Web 1.0 is a read-only version of the Internet. A user could only read the material in this early Web version. News sites, portals, and search engines were among the applications.

Web 2.0 is a merger of Web 1.0 and interactivity. Users may interact with this version of web apps. For example, a user can leave a remark, like a post, and so on. Social networking sites, talking apps, and other apps are examples of applications.

Web 3.0 will be the next version or phase in developing the web/Internet, and it can be as disruptive and paradigm-shifting as Web 2.0 was. The main ideas of Web 3.0 include decentralization, openness, and increased user usefulness.

Some features of Web 3.0:

  1. Decentralized Web

People are talking about Web3. Is it the Internet of the future or just a  buzzword? | WAMUThe decentralized Web is the initial component of Web 3. It indicates that Web 3 online applications aren’t reliant on centralized servers. When a server goes down, Web 2 services fall. In such a situation, Web 3 services don’t fall since the data is kept in numerous copies on a P2P (peer-to-peer) network.

Data distribution protocols like IPFS are then used to manage the data. With or without internet backbone access, IPFS (InterPlanetary File System) enables the establishment of diversely resilient networks that enable permanent availability.

  1. Semantic Web

The World Wide Web has made it practicable to create a global information space of related documents. As the Internet grows increasingly integrated into our daily lives, there is a rising need for direct access to raw data that is not currently available on the Web or is bound up in hypertext pages.

Linked Data is a publishing paradigm that allows data to be treated as a first-class citizen of the Web, allowing the Web to be extended with a global data space built on open standards – the Web of Data.

  1. Blockchain

Blockchain is also one of Web 3’s main components. It assists the legitimate content owner in establishing verifiability, ownership, and a financial incentive.

The intelligent contracts preserve ownership and transaction data on the blockchain, making ownership verifiable and transferring economic advantage to content owners rather than the Web2 world’s intermediary platforms.

How can blockchain technology be used?

  1. Trustless and permissionless

Web 3.0 will be trustless (i.e., the network will allow members to engage directly without going via a trusted intermediary) and permissionless and decentralized and built on open-source software (meaning that anyone can participate without authorization from a governing body). As a result, Web 3.0 applications will operate on blockchains, decentralized peer-to-peer networks, or both, thus referred to as dApps (decentralized apps).

  1. Artificial Intelligence (AI)

Through technologies based on Semantic Web ideas and natural language processing, machines will be able to interpret information in the same way that people do in Web 3.0. Machine learning will also be used in Web 3.0, a form of artificial intelligence (AI) that combines Data and algorithms to mimic how people learn while continuously increasing accuracy. These skills will allow computers to provide faster and more relevant results in various sectors, such as medication research and novel materials, instead of the current focus on targeted advertising.

  1. Connectivity

A brave new world: blockchain and the emergence of Web 3.0 | Equal ExpertsInformation and content are increasingly accessible and omnipresent with Web 3.0, which can be accessed by many apps and a growing number of daily objects connected to the Internet, such as the Internet of Things.

Difficulties in Web 3.0

Web3.0 is still in its very early age, and there are numerous unanswered questions: Technological scalability is a fundamental difficulty, just as it was in Web1 because a decentralized network’s data processing speed is substantially slower than that of a centralized Web2. Transactions on the Bitcoin network, for example, are significantly slower than those on the Visa or Mastercard networks. Web3 apps are currently lagging behind Web2 applications in terms of user experience. For many people, taking out a loan on a Web3 platform is more complicated than on a Web2 fintech or bank.

There’s also the matter of how decentralized the Web3 is. Web3 functionality is still reliant on Web2 infrastructure, at least for now. Most Web3 apps would be unavailable if infrastructure providers such as Amazon Web Services went down. Many decentralized apps are also backed by venture capital companies, which amass a considerable number of tokens and control the network’s decision-making process. Uniswap, a crypto exchange, and Compound Finance, a crypto lending technology, are two examples.

Edited by Prakriti Arora

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