A Complete Guide To Explain What is Web 3.0 (Web3)

 

What is Web 3.0?

Web 3.0 (Web3) is the next step in the evolution of the web.

Web 3.0 (Web3) is a new version of the web built on cutting-edge web technology that outperforms the web we know today. Web 3.0 (Web3) is the World Wide Web's third generation, a decentralized, blockchain-based, open-source, and autonomous global computer network. Web 3.0 (Web3) will offer a distinct user experience. The major characteristics of Web 3.0 (Web3) will include new methods of identity and access control, decentralized apps, and a whole new sort of data.

Following the World Wide Web and the microblogging service Twitter, Web 3.0 (Web3) is the third web generation. Web 3.0 (Web3) refers to the 3rd stage of the World Wide Web phenomenon, which began in the mid-1990s with the construction of the first World Wide Web server. The utilization of the Web 3.0 language HTML5, as well as new technologies such as the Processing extension for WebGL, is a distinguishing feature of Web 3.0.

Because Web 3.0 (Web3) is continuously expanding and being defined, there is no canonical, widely acknowledged definition. But one thing is certain Web 3.0 (Web3) will place a major focus on decentralized apps and will make considerable use of blockchain-based technology. Machine learning and artificial intelligence (AI) will also be used in Web 3.0 to assist enable more intelligent and adaptable apps.

The concept of a semantic web is another component of the developing definition of Web 3.0 (Web3).

Tim Berners-Lee, the founder of the web, is among many who have urged for the incorporation of semantic technology into the web.

It took more than ten years to shift from Web 1.0 to Web 2.0, and it is predicted to take just as long, if not longer, to completely deploy and transform the web with Web 3.0.

If the trend of change is followed from Web 1.0, a static information provider where people read websites but seldom interacted with them, to Web 2.0, an interactive and social web permitting user participation, then Web 3.0 will change both how websites are generated and how people interact with them.

How does Web 3.0 (3rd Generation of The Web) work?

The most significant change in the Web 3.0 landscape will be an increase in the diversity of ways that information is shared across the Web.

Hypertext Markup Language (HTML) defines the layout and delivery of websites in Web 1.0 and Web 2.0 technologies. HTML will remain a core layer in Web 3.0, but how it relates to data sources and where those data sources reside may change from previous generations of the web.

Many Web 2.0 websites and virtually all apps rely on some type of centralized database to supply data and allow functionality. Instead of a centralized database, Web 3.0 apps and services employ a decentralized blockchain. The primary principle behind blockchain is that there is no arbitrary central authority, but rather a type of distributed consensus.

The concept of a decentralized autonomous organization is an emerging governance ideal among the blockchain and Web 3.0 communities (DAO). Instead of a centralized authority governing platform operations, a DAO, Web 3.0 technologies, and communities give a sort of self-governance in an attempted decentralized manner.

Web 3.0 is intrinsically more compatible with cryptocurrencies than with fiat cash. Finance and the capacity to pay for products and services in a decentralized manner are enabled across Web 3.0 through the usage of cryptocurrencies, which are all created and enabled on top of blockchain technology.

Both Web 1.0 and Web 2.0 were created largely with the IPv4 addressing space in mind. As a result of the web's huge expansion over the decades, there is a need for additional internet addresses in Web 3.0, which IPv6 supplies. 

Web 3.0 Core Features:

AI, semantic web, and omnipresent features may all be considered while designing Web 3.0. The purpose of adopting AI is to provide end users with quicker and more relevant info. A website that uses AI should be able to filter through and present info that it believes a given user would find useful. Because the results include websites that have been voted on by people, social bookmarking as a search engine can produce better results than Google. These outcomes, however, may be altered by people. AI might be used to distinguish between real and false results, generating outcomes akin to social bookmarking and social media but without the negative feedback.

An artificially intelligent web will also include virtual assistants, which are currently available as features integrated into devices or through third-party apps.

The semantic web concept is to categories and store information in a way that teaches a system what certain data means. In other words, a website should be able to interpret words entered into search queries in the same manner that a human would, allowing it to develop and disseminate more relevant material. This method will also make use of AI; the semantic web will educate a computer what the data means, and AI will then utilise the knowledge.

Several significant Web 3.0 aspects, including the following, contribute to define what the third generation of the web will likely be all about:

Decentralized:

Web 3.0 will be decentralized, as compared to the earlier two generations of the web, when governance and applications were mostly centralized. Applications and services will be enabled in a distributed manner, with no centralized authority.

Blockchain-based:

Blockchain enables the development of decentralized apps and services. Data and connections between services are dispersed differently with blockchain than with centralized database architecture. In a decentralized society, blockchain can also offer an immutable database of transactions and activities, assisting in providing verified authenticity.

Cryptocurrency-enabled:

The use of cryptocurrency is a crucial aspect of Web 3.0 services, and it has essentially replaced the use of fiat cash.

Self-sufficient and artificially intelligent. More automation in general is a key characteristic of Web 3.0, and this automation will be primarily powered by AI.

Web 3.0 is the successor to the previous 2 web versions.

Web 3.0 vs Web 2.0:

Tim Berners-Lee conceived and described the first generation of the web, known as Web 1.0, in 1989. Web 1.0 was all on simple access and connectivity between static websites. The first generation of the web lasted until 2004, when Tim O'Reilly helped develop the phrase Web 2.0.

Web 2.0 refers to websites and apps that employ user-generated content to provide value to end users. Many websites currently employ Web 2.0, which focuses on user involvement and collaboration. Web 2.0 also focuses on expanding network connection and communication methods.

The distinction between Web 2.0 and 3.0 is that Web 3.0 is more focused on the use of technologies such as machine learning and AI to give appropriate material for each user rather than just the content supplied by other end users. Web 2.0 allows users to contribute and occasionally collaborate on site content, however Web 3.0 will most likely delegate these tasks to semantic web and AI technology. Web 3.0 also emphasizes decentralized services and authority, in contrast to Web 2.0's centralized approach.

Web 1.0

Created in 1989 by Tim Berners-Lee

Static website content

Information delivery

Centralized infrastructure

Relational database-driven content and application delivery

Web 2.0

Term coined by Tim O'Reilly in 2004

Dynamic content and user input

Social networks

Cloud utility infrastructure that is still largely centralized

Relational database-driven content and application delivery

Web 3.0

Modern usage with blockchain defined by Gavin Wood, co-founder of Ethereum, in 2014

Metaverse worlds

Semantic content that can benefit from AI

Decentralized, edge computing and peer-to-peer

Blockchain-based distributed services

Web 3.0 applications:

With blockchain as its base, Web 3.0 permits the existence of an increasing number of different sorts of new apps and services, including the following:

NFT:

Nonfungible tokens (NFTs) are tokens that are cryptographically hashed and stored on a blockchain, making each token unit unique.

DeFi:

Decentralized finance (DeFi) is a new Web 3.0 use case in which decentralized blockchain is utilized to provide financial services outside of the constraints of traditional centralized banking infrastructure.

Cryptocurrency:

Cryptocurrencies, such as Bitcoin, are Web 3.0 apps that attempt to establish a new world of currency distinct from the historical world of fiat currency.

dApp:

Decentralized apps (dApps) are applications developed on top of blockchain that employ smart contracts to enable programmatic service delivery that is documented in an immutable ledger.

Bridges that cross chains:

In the Web 3.0 environment, there exist numerous blockchains, and cross-chain bridges provide some degree of connectivity between them.

DAOs:

DAOs might become the organizing bodies for Web 3.0 services, offering structure and governance in a decentralized manner.

Web 3.0's 8 Defining Characteristics:

Today's Web is immobile and unable to adapt to the unique demands of each person who uses it. Web 3.0 promises to be more interactive and dynamic. It will reimagine the web experience with structural modifications to assure democratization across all elements of the internet by utilizing artificial intelligence and blockchain technologies.

Data is safely saved and spread across multiple devices in Web 3.0, eliminating the need for centralized servers. Because data is no longer housed centrally, such a design decreases the possibility of major data breaches, making it more resistant to compromise.

Data Expansion and the Road to Web 3.0:

What exactly is Web 3.0? Is this the internet's future? If you seek for a Web 3.0 definition, you are unlikely to discover a clear and distinct answer. "People keep wondering what Web 3.0 is," Tim Berners-Lee commented in 2006. Maybe when you have an overlay of scalable vector graphics atop Web 2.0 — everything rippling and folding and looking misty — with access to a Semantic Web integrated across a massive data space, you'll have access to an incredible data resource..."

To get a sense of how much online data is being created, consider that consumer IP traffic will triple from 2017 to 2022 at a compound annual growth rate of 27%. By 2022, global consumer IP traffic will exceed 332.7 EB each month. Every day in 2020, 2.5 quintillion bytes of data were created, with machines accounting for 40% of that total. By 2025, 152,200 IoT devices will be connected to the internet every minute.

While it is indisputable that data volumes are increasing faster than ever (and we will continue to produce more information to manage every second), the discussion over a Web 3.0 definition and its linkages to the digital universe of data is still ongoing.

Web 1.0: Static, Ready-Only:

This earliest version of the internet is regarded as the beginning of the evolution of the world wide web. It is referred to as a read-only online experience. Online browsers, HTML, HTTP, and URL technologies enable users to read content on web sites. There are no search engines and the experience is largely decentralized. Web 1.0 content, on the other hand, is static and linked together. Web 1.0 is also known as the Syntactic Web, and the user's role is restricted.

Web 2.0: Centralized By Giants:

Web 2.0, the second generation of the internet, is also known as the read-write Web or the social Web since it allows users and sites to interact with one another. Web 2.0 users may view and publish information on websites and applications, as well as share it between sites, thanks to mobile, social networks, and cloud technologies.

The majority of the user data linked with Web 2.0 is owned by a small handful of large Internet corporations, including Meta (formerly Facebook), YouTube, and Twitter. With these tech behemoths, data is extremely centralized. The commercialization of users and the concentration of data (and power) is driving the demand for Web 3.0.

Web3 More Features:

Semantic Web:

The Semantic Web is the next step in the evolution of the Web. The Semantic Web enhances web technologies' capacities to produce, share, and link material via search and analysis by comprehending the meaning of words rather than keywords or numbers.

Artificial Intelligence:

By integrating semantic skills with natural language processing, computers may comprehend information on a human-like level, resulting in faster and more relevant outcomes. As a result, they grow more intelligent and better meet the demands of consumers.

3D Graphics:

Three-dimensional design is widely employed in Web 3.0 websites and services. Museum guides, computer games, eCommerce, geographical settings, and more examples abound.

Connectivity:

Because of semantic metadata, information is more linked in Web 3.0. As a result, the user experience transforms into a new level of connectedness that makes full use of all accessible data.

Ubiquity:

Internet information and services may be accessible from any device at any time, rather than only PCs and smartphones. Web 2.0 is already pervasive in many ways, but the proliferation of IoT devices will push it to new heights.

Blockchain:

Blockchain technology protects and encrypts user data. This prohibits major corporations from controlling and/or exploiting consumers' personal data.

Decentralized:

Decentralized data networks use peer-to-peer connections to store data. Users retain control of their data and digital assets and may safely log in over the internet without being traced.

Edge Computing:

The advancement of edge computing, in which apps and data are handled at the network edge on devices such as mobile phones, laptops, appliances, sensors, and even smart automobiles, is at the heart of Web 3.0.

How Web 3.0 Will Impact Our Lives?

These characteristics move us closer to defining Web 3.0. Web 3.0 is an evolution in which computers can grasp the meaning underlying information thanks to the integration of semantics and machine learning. They can learn what you're interested in, help you locate what you're looking for faster, and grasp the connections between things.

Let's look at an example that combines these eight features:

In Web 3.0, you may ask your automotive assistance a question while driving: "I'd like to watch a romantic movie and eat Japanese food." The search engine incorporated in the vehicle assistant gives you a tailored answer based on your location, recommending the nearest theatre that fits your request and an excellent Japanese restaurant by automatically examining social media evaluations. The display may then show a 3D menu from the eatery.