Introduction
If web3’s supporters are to be trusted, the web is an idealized version created for users that is free, democratic, and owned by everyone. They are correct in theory. Web3 is still under development and won’t be fully usable for some years. How we interact with the internet, and one another may undergo a significant transformation with Web3. It may also just be a hyped-up exchange for trading NFTs and decentralized finance.
For a few years, we won’t fully understand what web3 will eventually become. In order to put together an idea of what web3 may contain, we might look at the guiding principles for its development. ๐ง
What is Web 3?
In a blog post on his website, “Insights into a Modern World,” computer scientist and co-creator of Ethereum Gavin Wood first proposed the name web3, also known as web 3.0, in 2014. He referred to it as the “post-Snowden” web since Edward Snowden had hit the news the year before. It is a brand-new, decentralized web that utilizes blockchain technology.
Wood says that as we construct the system to mathematically validate our prior assumptions, as no government or organization can fully be trusted, we have to reevaluate our presumptions regarding the confidentiality of our sensitive data and our online activities. In essence, with Web3, we will become fully aware of what is happening with our sensitive data. Online pseudonymity, which refers to individuals connecting to the web using pseudonyms rather than their true identities, was another topic of Wood’s speech, in addition to data privacy. ๐
Since then, Web3 has become significant for its supporters. Web3 enables us to redistribute internet ownership in addition to being a tool for managing your data. The basic idea of Web3 is to shift ownership and decision-making from a select few individuals to the community as a whole.
Web3.0 properties
Pseudonymization
Your wallet is designed with privacy, just like data ownership. Your wallet will serve as your identification on web3, which makes it difficult to link it to your actual identity. Therefore, even if someone can observe the activities of a wallet, they won’t be able to know whose wallet is. We can say that your actions are visible, but your private data is concealed. ๐คซ
Data ownership
When using a site like YouTube or Facebook, these corporations gather, own, and profit from the data you provide. On the contrary, when using web 3.0, y Your data is kept in your cryptocurrency wallet. On web3, you’ll interact with applications and communities through your wallet, and when you log out, you’ll take your personal data with you. Since you are the only true owner of the data, you may theoretically choose whether to monetize it. ๐ค
Autonomy
Apps will be controlled by independent, decentralized groups in Web 3.0 called DAOs. As a result, decisions won’t be made by a centralized authority but rather, by people who own governance tokens, which may be earned by taking part in the development of these decentralized projects or by purchasing them.
In a normal tech corporation, the CEO is accountable for implementing changes accepted by the shareholders. The token holders in a DAO can vote on modifications that, if accepted, are immediately included in the new DAO’s code via a smart contract. Everyone gets exclusive access to the source code of a DAO since they are democratized. ๐
Artificial intelligence & machine learning
Through the use of all technologies based on Semantic Web principles and natural language processing, Web 3.0 will enable computers to comprehend information like humans. Web 3.0 will also find use of machine learning, a subset of artificial intelligence that mimics human learning by using data and algorithms, progressively improving its accuracy. Instead of just targeted advertising, which makes up the majority of ongoing efforts, these skills will enable machines to deliver faster and much more relevant outcomes in a variety of fields, including medical research and new materials.๐ค
Ubiquitous
Ubiquitous is a crypto-term used to describe the idea of being present in several places at once, also known as omnipresence. Web 2.0 already includes this functionality. Consider social media networking sites like Instagram, where people may upload and share the photographs they shoot with their phones in order to make them their intellectual property. The photograph becomes broadly accessible after being placed online.
The Web 3.0 experience will be available everywhere, at any time, thanks to the development of portable devices and internet connections. When compared to Web 1.0 and Web 2.0, your desktop computer and smartphone will no longer be the only devices you may use to access the internet.
Differences between Web 1.0, Web 2.0, and Web 3.0
The majority of sites were read-only websites in the early years of the “World Wide Web”, or Web 1.0. Pages were just intended to be read, with no interactive features. Users acted just as consumers. The issue with the original web was that it required a significant amount of technical knowledge in order to create your own website and contribute to this generation of the web.
The web that we presently use, Web 2.0, provided the ability for people to “write” in addition to reading. Owners of web pages may get statistics on the number of clicks and comments generated by their content. Additionally, it paved the way for social media and opened up content production to those who would not have had access to it in web 1.0.
These platforms enable the creation of content, but they also utilize our data to determine what other types of content we might be interested in. Companies can potentially profit from the sale of this data for advertisements. Users on this variation of the web are both consumers and products.ย
The three main components of Web 3.0 are owning, reading, and writing. Therefore, through NFTs, tokens, and other means, builders, and creators may now control a portion of their own community. Many current loyalty programs, including those for businesses like Starbucks, will transition to token-based systems with the arrival of Web 3.0. Through these tokens, users will acquire some ownership and value that they may sell, use for benefits, or hold onto for other needs. In short, loyalty becomes valued, and ownership is everything. ๐
Pros and cons of Web3.0
Beyond the social networking, online shopping, and streaming that make up the majority of Web 2.0 services used by users, Web 3.0 has the capacity to provide even more value to customers. Semantic Web, artificial intelligence (AI), and machine learning are the foundation of Web 3.0 and have the potential to significantly increase its application in totally new areas.
Permissionless systems and decentralization, the two key components of Web 3.0, will also allow users far more control over their private data. These components can help in limiting the practice of data extraction, which refers to the collection of data from web users without their knowledge or payment, and in lessening the network effects that have allowed the technology giants to achieve a position of virtual monopoly through misleading advertising and marketing techniques. ๐
Decentralization also comes with considerable legal and regulatory concerns. Because there is no central authority under a decentralized organization, it will be considerably harder to monitor hate speech, cybercrime, and false information. Regulation and enforcement would also be particularly challenging on a decentralized web; for instance, whose country’s laws would apply to a certain website whose content is hosted across several countries globally?
What’s next?
Yes, Web 4.0 is already in development! There is a lot of speculation, and some claim it will be more intelligent and solve the problems with decentralization brought on by Web 3.0. If decentralization is implemented widely, it will need to be extensively tweaked because it isn’t ideal.
Some experts even predict that Web 4.0, in which people access the web through physical implants, will be the next zenith of web evolution. Depending on your point of view, that is either a fantastic concept or a dystopian nightmare come true! ๐
Remember that we already have wearable technology, such as FitBits or heart monitors, that feed data to the patient’s primary care provider for anyone who believes the concept is too far into the world of science fiction. The transition to an implanted device that enables on-demand Web access and does away with the requirement for a mobile device is not very significant. Nevertheless, Web 4.0 is still years away, regardless of its appearance, and the IT industry is currently focused on completely implementing Web 3.0.
Conclusion
If Web 1.0 was the “black & white” movie period, Web 2.0 would be the age of color/basic 3D, and Web 3.0 would enable immersive experiences in the Metaverse. It may be Web 3.0’s time in the 2020s, just as the 2010s have been the decade in which Web 2.0 emerged as the dominating force in the international commercial and cultural environment. Either way, all we should do now is sit back and enjoy this modern technology. ๐
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