Web 3.0 is the third iteration of the internet that is decentralized and provides a faster and more personalized user experience. Web 3 could be just as disruptive as Web 2.0 and usher in a major paradigm shift as Web 2.0 did. It is built on the fundamental ideas of decentralization, openness, and increased consumer usefulness. But what exactly is Web 3.0? Should you invest in Web 3.0? what will it look like? and how it will affect our lives? If you’re curious, this article can get you all the answers to your Web3-related questions.
Tim Berners-Lee, the brain behind the World Wide Web, referred to Web 3.0 as the Semantic Web and envisioned an intelligent, self-sufficient, and open internet that used Artificial Intelligence and machine learning to function and interpret content contextually. His idealized version did not work out due to technological restrictions and difficulty translating human language into machine-understandable language.
The following are some typical Web 3.0 characteristics:
Before getting into Web 3.0 development, you should first understand how we arrived here – Web 1.0 and Web 2.0.
Here’s a quick rundown of the Internet’s history:
Investing in Web 3.0-based business offerings can bring many benefits. Web 3.0 is intended to produce long-term results due to its decentralized nature, which is enabled by distributed ledger technology and smart contracts. Below are key features you should know before investing in Web 3.0 products and platforms.
Data encryption is the most significant advantage when investing in Web 3.0 because it protects end-user information from exposure. The encryption will be unbreakable, preventing large corporations like Google and Apple from exploiting internet users’ personal information. The users will have complete ownership over their data.
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End users will track their data and check the code behind a platform regardless of which platform they use. Most blockchain platforms are developed by nonprofits, providing an open-source platform that allows for open design and development processes. It will reduce users’ reliance on the organization that creates the platform.
Users can access data from any device and location. The goal is to improve data collection and accessibility to users worldwide, allowing smart devices to access data on their computers if they are synced. Web 3.0 will also broaden the scope of interaction, encompassing everything from seamless payments to richer information flows to trusted data transfers.
Because the blockchain network is open to all, users can create their addresses and interact with the network. Users cannot be restricted on this network based on gender, income, geographical location, or sociological factors. This feature will allow users to quickly transfer assets or wealth anywhere in the world.
Users can create separate personal profiles for each platform with Web 3.0. A single profile will work on any platform, and the user will have complete control over any information. No corporation can access or verify user data without their permission. On the other hand, users can share their profiles and sell their data to advertisers.
A few layers of technological innovation power Web 3.0:
Edge Computing: While Web 2.0 changed personal computer technology in data centers, Web3 pushed the data center out to the edge. Data centers are accompanied by an array of advanced computing resources distributed among mobile devices, laptops, sensors, and cars. Edge computing is already used everywhere, from wearables to computers that analyze intersection traffic flow. According to Gartner, less than 10% of enterprise-generated data is processed using edge today, but that figure is expected to rise to 75% by 2025.
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Data Ownership: Users will own their data on Web 3.0 because data is decentralized. Using decentralized data networks, data can be sold without losing ownership or relying on intermediaries. You can decide to sell your information in certain aspects of your life. For example, you can configure your preferences to track and monetize your business and leisure travel data: how you get there, where you stay, and what you do. However, you do not want to share any information about entertainment, shopping, or news, so you choose to keep all of that information private.
Artificial Intelligence and Machine Learning: Artificial intelligence (AI) and machine learning(ML) algorithms have advanced to the point where they can now make useful and, in some cases, life-saving predictions and actions. For example, if you are a vegetarian and ask Apple’s Siri, “Best places to have dinner,” Siri will provide some good vegetarian restaurant recommendations near your location without you having to tell it that you are a vegetarian. Advanced AI-powered virtual assistants can recognize that data based on your previous browsing history and behavior preferences if you enable tracking.
Blockchain: Blockchain is a decentralized technology that executes transactions through smart contracts. These smart contracts define the semantics of a Web 3.0 application. As a result, anyone wishing to create a blockchain application must employ the shared state machine.
A little overview before you invest in Web3 So, it has already been in many industries, like education, social networking, messaging, exchange services, etc. Suppose you want to check the availability of groceries in your home while at work. In that case, you can ask your digital assistant to examine the contents of your refrigerator by communicating with the interconnected smart devices in your home.
You can use internet-connected smart devices at home to organize your holiday plans, business trips, weekend parties, and household tasks, and even ensure your home security. The virtual assistant’s personalized recommendations can help you plan the perfect weekend, from booking discounted tickets to discovering exciting new places to visit and reserving hotels.
Here are some popular examples of Web 3.0 applications that demonstrate the breadth of their application:
Steemit is an excellent example of a Web3 social networking site. It is a decentralized reward platform based entirely on the social media model of the Steem Blockchain. It rewards content creators or bloggers with cryptocurrencies for contributing content on the site. This platform is where web3 becomes vital as it helps the platform reward contributors’ crypto in a secure environment.
Apple’s Siri is an excellent example of voice recognition software as a critical component of Web 3.0 investment. Siri and other personal assistants use this technology to communicate, share information (via linked blocks) and provide users with more helpful search results for every meaningful query, including how to, why, and what.
Decentralized storage is a key feature of Web3, and Storj effectively uses it. Storj is one of the most popular and oldest decentralized storage solutions, powered by blockchain technology and allowing users to rent free disc space. Storj has its native token that can be a network payment method. Users can earn money by renting out shared disc space on the platform. This platform uses blockchain technology to conduct transactions.
LBRY is a Web3 music and video website with a content library that includes books, music, and videos. The decentralized digital library publishes and monetizes content through its integrated payment system powered by blockchain technology.
Short answer, YES!
The world is moving towards an Internet in which people have complete control over their data and privacy while also allowing businesses to profit from it (or may not). Blockchain technology will make all of this possible.
As a result, investing in Web 3.0 will accelerate the fair and transparent use of user data, including everything from personalized search results to cross-platform development tools and 3D graphics. In the coming years, the internet will become more immersive and engaging.
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