Updated: Apr 19
Web3 is a major breakthrough in rethinking the World Wide Web iteration. Truth be told, it is still a changing concept, thus a single definition or an exact meaning that explains what is web 3 is hard to expound. However, in this blog, we attempt to break it down into layman’s terms. To begin with, the inventor of the World Wide Web himself, Tim Berners-Lee, predicted that this iteration of the internet, which he called the Semantic Web, would be more open, smarter, and more autonomous. One could say that web 3 finds its origins in the decentralized architecture of blockchain technology to address the issues stemming from the current web version, like trust, transparency, and privacy. The Web 3 technology inherently and explicitly addresses these questions with its core concept of decentralization. The diminishing trust factor in our digital systems, the control, and ownership of data that we store online, the ability to control the data we share online are some of the problematic questions that web 3.0 is touted to solve.
Table Of Contents
What is web 3.0?
This term was created by Gavin Wood, the creator of Polkadot and the co-founder of Ethereum. The next generation of Internet technology is based heavily on machine learning, artificial intelligence (AI), and blockchains. Users will be able to better control their data on Web 3.0, which is different from Web 2.0, which looks to centralize content created by users. By improving the machine-based understanding of data, the concept behind web 3 is to create open, intelligent websites and apps. As opposed to simply using free tech platforms in exchange for our data, users can actively participate in governing and operating the protocols. Users can become shareholders and participants instead of just being customers or products.
History and Background
To make sense of this semantically intelligent web 3 technology, it becomes necessary to understand how the internet has evolved over the two decades.
Static HTML pages that only displayed information were used to create websites in the early 1990s. Information was initially displayed statically via HTML pages. Users could not change or upload data. Users could only communicate with each other through chat and forums.
During the late 1990s, Internet usage began to shift towards more interactive features. Databases, servers-side processing, forms, and social media came up as parts of Web 2.0 technology. Web experiences went from static to dynamic with the help of these tools. User-generated content and interoperability between sites and applications became more prominent with Web 2.0. Instead of being a passive spectator, Web 2.0 offered an active and participatory experience. Around the mid-2000s, most websites transitioned to Web 2.0, and the big tech started building social networks and cloud services.
The idea behind Web3 grew out of criticism that today's Internet trends favor large and centralized organizations like Google, Amazon, or Facebook over individual users. Decentralized, more autonomous infrastructures, on the other hand, are thought to be able to tilt the balance in favor of a more user-controlled internet with benefits such as the reclaiming of data sovereignty back to individuals, improved and complete transparency in our digital systems, and the lack of opportunities to co-opt or disrupt our shared digital environments that adhere to these rules. It can be said that Decentralized Bitcoins and the blockchain technology that powers them spawned Web 3.0, a technology that can leverage peer-to-peer (P2P) technologies such as blockchain, open-source software, virtual reality, and the Internet of Things (IoT). Users currently depend on network and cellular companies for access to their personal data and information. It's possible that users could take back control of their own data at some point in the future with the advent of distributed ledgers. Thus, it can be said that web 3 is the next generation of the internet that will shift power to individual users rather than the big companies.
WEB 2 VS WEB 3
Using community platforms and user-generated content
The concept of user-ownership in content creation
Blockchain, AI, machine learning
Basic 3 D
3D, VR, AR
An interactive experience
Adapted to user behavior
Owned by large tech companies
Key features of Web 3.0
To be ubiquitous is to be everywhere, especially at the same time. To some degree, web 2.0 is ubiquitous, since anyone with access to the social media platform can access it, no matter where they are. Taking this a step further, Web 3.0 makes the internet available to everyone wherever they are, at any time. At some point, internet-connected devices won't just be computers and smartphones like they were in Web 2.0 because IoT (Internet of Things) technology will create a host of new smart devices.
In semantics, meaning is determined by the correct interpretation of a word or sentence. Semantically utilizing a word means using it in a way that is aligned with its meaning. When we misuse a word, we aren't utilizing it semantically.HTML tags in general are semantic, which means they convey some information about the type of content between their opening and closing tags. The big data influx and more information available now are allowing AI to understand what is written on the web more effectively and present it intuitively. By implementing semantics on the web, machines would be able to decode meaning and emotions by analyzing data. Therefore, internet users would have a more rewarding experience because of improved data connectivity.
A smart machine is one that can read and decipher meaning and emotion from data. Since Web 3.0 machines can do this, they are intelligent machines.
AI can be defined as machines that exhibit intelligence, and since Web 3.0 machines can read and comprehend the meaning and emotions conveyed by a set of data, this brings about intelligent machines. Web 2.0, while offering similar capabilities, is still limited. Eventually, Internet 3.0 will be able to sift data and present them in ways that are tailored to each user's tastes. As AI advances, it will be able to provide users with the best filtered and unbiased data. The artificial intelligence of the future will learn and improve itself, reducing the need for human development.
SPATIAL WEB AND 3D
The Web 3.0 or Spatial Web aims to blur the line between the physical and the digital by utilizing modern graphics technology, bringing into focus three-dimensional (3D) virtual worlds. In addition to 3D video games and the metaverse, the fields of UI and UX also strive to create a more intuitive interface for web users.
BLOCKCHAIN AND CRYPTOCURRENCIES
Decentralization, data ownership, and online economies are essential elements of Web3. Blockchain provides a proven system for achieving many of these goals. It's a fact that tokenizing assets, putting information on-chain, and creating a digital identity are powerful innovations that speak to Web 3.0.
Among the benefits of the new internet are improved personalization, a smarter and more human-like search assistant, and other decentralization features that should further the development of an equitable web that will empower users. Websites and applications are evolving to provide a more immersive web experience in response to the massive explosion of available data. While there is no clear definition of Web 3.0, the innovations are already underway. It's clear that blockchain is a key component of the Web 3.0 future.Web3 is part of a key new generation of technological progress that will long-term impact business and IT. It has far-reaching consequences that can assist businesses in identifying important possibilities and avoiding roadblocks in the future. Web3 holds immense promise and will be pivotal in reshaping a variety of sectors in the process. For more information visit our digital transformation agency.