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The Possibilities and Uncertainties of the Web 3.0 Ecosystem

Nishad Mahimkar, Project Manager - Delivery
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Introduction to the Web 3.0 Ecosystem

Nearly 30 years have passed since the World Wide Web was created, and it has changed drastically over that time period. There are many factors that influence how people use the internet today, and many of them are based on technological advances. 

One good example is how people create lyric videos now and then. With the advanced technology we have today, you can create a music video with lyrics effortlessly online with a lyric video maker tool. Tools like these let you add sound waves, artwork, and images along with your audio.

The Evolution of the Web

On September 25, 1989, Tim Berners-Lee developed the World Wide Web. And today, it has its third major version. The first version was Web 1.0, released in 1990, and Web 2.0 was released in 1995, incorporating HTML 2.0 and CSS 1.0.

While the third version, also known as Web 3.0, is designed to be more user-focused and interactive than the two previous versions, Web 1.0 and Web 2.0 were primarily designed to share information between scientists and academics at universities around the world. Keep reading to explore more about Web 3.0.

Understanding the Web 3.0 Theory

Web 3.0, based on social networks and user-generated content, is defined as the next generation of the internet. It is based on the Semantic Web Concept because it's built on top of Semantic Web Technologies that allow machines to understand natural language.

The name was also given by Tim Berners-Lee, the creator of the World Wide Web, in 2001. He gave this name because he envisioned a future where computers would be able to "understand" content on the web rather than just indexing it for search engines. He also explained that Web 3.0 would be an improved version of the World Wide Web which we currently use, allowing people to communicate, collaborate and share information much more easily than they can now. 

The Vision of Web 3.0 

Currently, the Internet of Things (IoT) is a major industry topic. Most people are expecting that IoT will be part of Web 3.0. IoT refers to a network of connected devices that transmit data without human intervention. This allows information such as temperature and air quality to be gathered from sensors in homes, offices, and factories, which can then be used to make decisions about heating, lighting, and ventilation. 

Web 3.0 is another name for this type of technology, where devices communicate directly without having to go through a centralized server or website. It's a way for machines to communicate among themselves without needing human intervention and can help reduce costs by allowing them to work autonomously instead of relying on people all the time.

Having said that, Web 3.0 governance aims to create an internet that empowers users rather than exploits them through corporations and governments. Today's internet lacks these qualities because it's built on centralized architectures that allow companies such as Facebook or Google to use your data without your permission.

With Web 3.0, this will become possible with blockchain technology that allows data storage in a secure, decentralized database. This decentralized database is accessible by anyone with an internet connection but not controlled by any single entity, such as a company or government body.

Key Features of Web 3.0

Tim Berners-Lee described Web 3.0 in 2005 as an era where "the power of computers and networks will be put directly under the control of all people". And gradually, we can see this happening. This next evolution of the internet is becoming even more well-known because of the following key features.

Decentralized Web

Web 3.0 is known for its decentralization key feature, which aims to remove the need for centralized control of the internet by companies as mentioned above. Instead, Web 3.0 will be decentralized and owned by everyone.

This means that in a decentralized web, all data on the web is stored on multiple computers instead of one server. Its decentralization has many benefits, including protecting identity, preventing censorship, and removing middlemen from transactions. 

Open-Source Web Protocol

Web 3.0 is an open-source web protocol, which means that anyone can contribute their ideas and code to help improve it. This will provide a new layer of the internet that will connect us all, not just as users but as a community. This new layer will enable privacy and security for all users, along with the ability to build decentralized applications.

Semantic Web Technology

Through the Semantic Web, data on the Web can be made more machine-readable by making the meaning of the data explicit. The Semantic Web's vision is to use resources from other sources in addition to human-readable pages. In this case, a standard data format called RDF (Resource Description Framework) can be used.

Artificial Intelligence

Artificial intelligence is the next big thing in Web3. AI has the potential to transform how we interact with technology and how we run our businesses. And AI is all around us. 

Most of these systems, including Siri and Alexa, cannot recognize context or understand a wide range of commands. However, AI is becoming more powerful every day as computing power increases, and it will become even more powerful in Web3.

Virtual Reality

Virtual Reality is not just about games; it's about how we interact with technology, how we learn, and how we communicate with each other. 
In short, VR changes our lives forever.

VR is the new medium for the Web 3.0 era. It allows us to experience products and services in a different way than we do on a screen. A good example is the use of Virtual Reality for shopping. Imagine being able to try on clothes virtually before you buy them or customize your living room before buying furniture from Ikea.

Web 3.0 Technologies

Web 2.0 already lets us work easier, such as in screencasting. Today, screencast software allows us to record professional videos quickly, easily and instantly share them somewhere else. It also allows us to convert our screen to GIF, which means that we can use our screen recordings to create our own GIFs. All these can be done without having to register and click for more options before creating one.

Web 3.0 is the next stage of the internet, and we are already seeing it come to life. Web3 technologies are already being used by some companies, and it is expected to bring significant changes in the way we use the internet. What's even more exciting about Web 3.0, apart from its strong focus on decentralization, is that it will make extensive use of blockchain-based technologies. This technology can already be found in companies like Bitcoin, Uniswap, Everledger, and more. 

Each of them uses a decentralized network protocol. Where Bitcoin is known as a decentralized digital currency company, Uniswap is a decentralized cryptocurrency exchange company, and Everledger is a digital transparency company.

The Key Application of Web 3.0

The concept of Web 3.0 is often misunderstood as the third iteration of the World Wide Web. In reality, Web 3.0 is an umbrella term for a number of different technologies and concepts that will shape the future of the internet.

Web 3.0 as the third generation of the internet is expected to be much more user-friendly, decentralized, and secure than what we have today. It is now becoming more well-known because of the key features that it possesses. These key features are NFT, DeFi, Cryptocurrency, and DAOs.

NFT

NFTs are digital assets that exist on the decentralized blockchain and can be owned, traded, or used as collateral. They are natively digital and share characteristics with cryptocurrencies like Bitcoin and Ethereum. 

DeFi

‚ÄúDeFi‚ÄĚ stands for Decentralized Finance or Decentralized Financial Infrastructure. It refers to a new trend in which the process of lending money and investing money is carried out without any middlemen involved. It‚Äôs like Uber for financial services. Decentralized finance has become popular with the advent of blockchain technology, as it offers many advantages over traditional finance models.


Read More: Digital Payments: Extreme Makeover Underway


Cryptocurrency

Cryptocurrency is a form of currency used to pay for digital transactions that use cryptography. Cryptography is used in cryptocurrencies to allow transactions to remain anonymous and secure. This method of payment requires no government, credit card company, or bank that serves as a third party in the transaction. 

DAOs

Decentralized Autonomous Organizations (DAOs) are human-free companies that live within blockchain-based technology. They are used to create new currencies and to manage other types of assets like real estate and intellectual property. 

The Future of the Internet

Privacy and Governance of Personal Data

One major challenge with current web platforms like Facebook is that they have access to all your personal data. This includes your location data, search history, and even which websites you visit daily. This means that other companies can target ads based on your profile without asking for your permission first.

That is what Web3 wants to change in this newest web phase. This is to give the users control to govern their own data and protect their privacy. This way, users can choose who gets access to their information and how much they make available online.

Blockchain Technology is Becoming Mainstream

Blockchain technology has grown beyond the confines of cryptocurrencies. It has become a revolutionary tool that is transforming the way we live our lives. Many people are now starting to realize the benefits of this technology and how it can revolutionize many industries. But as the internet innovates with blockchain technology, it also comes with its own set of problems.

The internet was developed to share information freely across different networks. However, we have seen that this has led to an increase in cyberattacks and data theft over the years. With blockchain technology that uses a decentralized database, cyberattacks and data theft will be eliminated from the game. The cryptography techniques that it uses make sure that no one can tamper with any information stored on the network. Your privacy will be protected, and no one can sell your data for advertisement purposes. 

Decentralizing the Internet Will Restore Trust and Reduce Control by Big Tech Companies

The internet is at a crossroads. We must make a choice about whether we want to continue living in a world where our data is controlled by big tech companies or take back ownership of our digital lives. This simply asks the question; do we want to live by Web 3.0 or to remain in Web 2.0?

The web today is dominated by centralized technology, which shows that it is owned and controlled by a handful of powerful companies. These giant corporations control all the data you create, including your search history, emails, photos, videos, documents, and other files. They also decide what information you see online, such as the news articles displayed in your social media feeds.

The concept behind decentralization is simple. This is to decentralize the internet, reducing the control of large tech companies. Instead of having a single central authority that controls everything, there are multiple nodes that each perform some part of the task. These multiple nodes share information with each other. This approach makes it harder for any one entity to crack down on your freedom of speech or privacy. That is through the many different places where data could live instead of just one central place (like Facebook or Google).

Challenges of Web 3.0

We are about to witness a change in the future of the internet. Web 2.0 was a revolution in how we use the internet, and Web 3.0 will be even bigger. But as it grows bigger, just like the two previous internet web phases, it may also encounter challenges along the way. These challenges include the following:

The Web is a Vast and Growing Place

The web is a vast and growing place, with millions of websites, apps, and services all competing for attention. The challenge for businesses is to stand out from the crowd.

The vast internet can also be challenging for both users and developers. The sheer amount of information available online can be overwhelming for anyone who wants to get started. On top of this, there are also many different platforms to choose from, making it difficult for developers to know where to start when building their apps or websites.

The Vagueness of Web 3.0

The most important challenge of Web 3.0 is the vagueness of the concept itself. One can say that it is a challenge because it is not clear or definite how it will look like, how it will be used, or what its impact on people’s lives will be. This challenge is related to a lack of knowledge about all the changes that can occur in the future and what impact they will have on the world.

Uncertainty about security

The internet was never designed to provide security and privacy. It was mainly aimed at making information available to everyone who needs it across the globe. But because of this lack of security, many people are reluctant to use the internet because they do not want their personal data exposed online. This has resulted in many governments restricting access to certain sites and services that allow anonymity, such as VPNs and TOR networks, among others.

Inconsistency problem

The inconsistency problem is one of the major challenges faced by Web 3.0 developers. This problem arises because HTML5 and CSS3 are not fully supported by all browsers. Also, there are some browsers that don’t support certain features, like IE8. And the lower versions do not support most of the HTML5 elements or CSS3 properties. For example, a developer cannot use HTML5 tags such as <header> or <footer> because they don't exist in IE8 and lower versions and thus cannot be used in these browsers.

Disadvantages of Web 3.0

Web 3.0, a global system of interconnected computer networks, uses the standard internet protocol suite (TCP/IP) to serve billions of users. This includes blogs and wikis, social networking sites like Facebook and Twitter, and popular websites such as Google and Yahoo.

Despite the many benefits that it offers, which have been discussed in this article, Web 3 also has disadvantages, too. Read on to find out the disadvantages of using Web 3.0.

  • Web3 uses more bandwidth because it requires more complex graphics and videos than Web2 does.
  • It requires more storage space than Web 2.0 because it stores more information on your computer.
  • Web3 takes longer to load. This is because it takes your browser longer to load all of the graphics from various websites into one page.
  • It may not work with older computers or operating systems that are unable to keep up with the new technology.

Finale

Just a decade ago, we witnessed the mainstream adoption of Web 2.0. Now we've reached a new level of maturity with Web 3.0. With Web3, it is clear that the next generation of innovation in technology has something greater and bigger to offer us. Although it is still in its infancy, this technological revolution will have far-reaching implications for our everyday lives. It changes how we work and play, how we learn and share, how we socialize, and more.

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