How can it be possible that what you were searching for on the internet a few hours ago is now popping right beside the article you’re reading or the video you intend to watch next? This happens because we are living in an era of Web 2.0.
It all started in 1994 when web 1.0 was introduced to the internet; basically, web 1.0 was all read-only content that was not interactable and could only be downloaded, similar to a significant Wikipedia page. Only static sites could be browsed in Web 1.0. Information was hard to get, and a small set of people regulated the development of the content. Web 1.0 is also termed the “Static Web.”
When we seek out information or data from any web platforms present on the internet, at the same time unknowingly, we also provide them with information related to our choice of interest, which is stored in cookies. This information is later sold to various companies who use this information to advertise what you were looking for, and this is how you can see advertisements of your concerned interest.
Isn’t the evolution of the internet fascinating, but at the same time, should we be concerned about the lack of privacy options it offers? The big question is how can we get rid of these loopholes of the web2.0. This is where web3.0 comes into the equation.
You must be wondering what exactly is web3.0
Web 3.0 is the next big step in the evolution of the internet. It allows us to process data with near-human intelligence through artificial intelligence (AI) and blockchain technologies that run innovative programs to help users by providing them with suitable choices. It’s a massive step toward open, permissionless, and trusted networks.
Defining features of Web 3.0
• Artificial intelligence (AI) and machine learning: With the help of the Semantic Web and natural language processing-based technologies, Web 3.0 will enable machines to comprehend information in ways similar to humans. Web 3.0 also uses machine learning, a subset of artificial intelligence (AI) that mimics human intelligence by using data and algorithms, progressively improving its accuracy. Instead of just targeted advertising, which makes up most of the current efforts, these skills will enable computers to deliver faster and more relevant outcomes in various fields, including medical research and new technologies.
• Trustless and private blockchain: Web 3.0 will also be decentralized and built on open-source software. It will also be trustless (i.e., participants can communicate without using a trusted third party). As a result, Web 3.0 applications—also known as dApps—will operate on blockchains, decentralized peer-to-peer channels, or a hybrid of the two.
• Accessibility and prevalence: With Web 3.0, material and information are more linked and widely available, accessible by numerous apps, and more commonplace items are becoming web-connected. One such example is the Internet of Things.
• Decentralization: The basic principle of Web 3.0. In Web 2.0, users search for information kept at a fixed location, often on a server, implementing HTTP as the unique web address. Data can be stored simultaneously in multiple locations and become decentralized with Web 3.0. As it would be found present in its content rather than in a single place. This would give users greater power by dismantling the enormous databases that web goliaths like Meta and Google maintain.
Through decentralized data networks, consumers can sell the data produced by various powerful computing resources, including mobile phones, desktop computers, appliances, automobiles, and sensors, while still maintaining ownership control.
Here are some Web3 technologies that are beginning to find applications in today’s world:
Non-Fungible Tokens (NFTs)
It is a class of digital assets on the blockchain known as non-fungible tokens (NFTs).
Since NFTs are non-fungible, no two NFTs are the same. For example, money is fungible, meaning that one dollar is precisely the same as any other dollar.
NFTs might be used in a broad range of situations, according to their proponents, but up until now, digital artwork has been their sole significant use. NFTs for digital art regularly sold for millions of dollars when the cryptocurrency market soared in 2021.
However, the NFT market fell in 2020 as the crypto winter came in. NFTs were mocked by professional investors and critics of the art world as nothing more than a massive bubble.
NFTs are still being used in the crypto industry, and Web3 proponents view them as helpful for confirming intellectual property, authenticating documents, and several features in crypto games.
Decentralized Finance (DeFi)
DeFi, or decentralized finance, is a fascinating industry in web3.0.
DeFi aspires to transform the financial industry by doing away with the need for central authorities like banks, payment systems, and other mediators. A peer-to-peer financial system based on the blockchain would take its place.
Advocates claim that this strategy would result in lower costs, faster transaction times, and more effective capital allocation.
Since all loan amounts, securities, and other data are displayed for everyone to view on freely searchable blockchains, as with other Web3 services, there would be more transparency.
Additionally, improved accessibility is significant for some countries. Anyone with internet connectivity can use DeFi without any documentation or external authentication.
DeFi, according to its proponents, can be used to accomplish the majority of what banks and other financial institutions have to offer, covering, among other things, cash flows, asset trading, and insurance.
Decentralized Autonomous Organizations (DAOs)
Although decentralized autonomous organizations (DAOs) may sound complex, the fundamental idea is straightforward. A DAO is a group established for a single purpose, with all its guidelines, strategies, and goals recorded on the blockchain.
Members of DAOs have power over them. A DAO, according to proponents, lacks administration, hierarchy, and red tape. They often function under a democratic system, where users’ holdings of crypto tokens determine how votes are cast.
Conclusion: Immersive experiences in the metaverse would be part of Web 3.0. It may be Web 3.0’s time in the 2020s, just as the 2010s were the decade in which Web 2.0 emerged as the dominating force in the global commercial and cultural environment.