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Web 3.0: An Introduction to the Future

The introduction of the internet is perhaps the most vital technological revolution in human history. The inception of this remarkable tech has marked the rise of the era of information.

But, the ever-changing industry is still relatively new and needs constant improvement and out-of-the-box advancements. One such unique introduction is Web 3.0.

Representing the new phase of the internet, Web 3.0, the newest buzzword, is taking the investment, tech, and venture capital world by storm. 

So, what is Web 3.0? How can this technology transform our lives? And is the world ready to adopt the third generation of the internet?

What is Web 3.0?

Driven by artificial and machine learning, Web 3.0 is a highly decentralized version of the internet that runs on blockchain technology.

The result of the third generation of the web is an open, permissionless, and trustless networks:

  • Open: The web is built from open-source software by an accessible and open community of developers.
  • Permission Less: The user and the supplier can participate without any governing body or authorization.
  • Trustless: The blockchain network will allow the participants to interact privately or publically without the role of any trusted party as a mediator.

The end outcome of such a distributed and decentralized network is the probability of incentivizing and coordinating the long tail of data, content providers, work, and services deprived of some of the world’s most acute challenges, including food, health, sustainability, and finance.

As social, mobile, and cloud drove the arrival of Web 2.0, Web 3.0 will be built on three major technological innovations:

  • decentralized data networks
  • edge computing
  • artificial intelligence

Why Do We Need Web 3.0?

The introduction of Web 2.0 drastically reduced latency and cost at which businesses and people could transfer value, information, and collaboration with geographically scattered counterparties they didn’t necessarily know via trusted intermediates.

As the trust of these trusted intermediates grew by several orders of magnitude, really global enterprises began to emerge. From Facebook, eBay, and Airbnb, today’s internet facilitates worldwide coordination via a system of intermediaries, offering a digital social trust layer enabling strangers to engage.

The dark side, however, is our escalated reliance on such platforms. When they start to extract value in the form of data, customers (whether corporations or people) pay a greater cost or risk of losing access to the site.

While today’s exchange may miraculously and consistently occur worldwide, the thriving and ever-growing $200 billion digital advertising industry with the users as products is the engine that drives this machine.

Source: Fabric Ventures

On the contrary, with web 3.0, women, men, businesses, and corporations will be able to trade information, value, and collaborate with worldwide counterparties they don’t know or expressly trust without a mediator.

The most significant change permitted by Web3.0 is reducing the level of trust necessary for global coordination. 

This represents a shift toward instinctively trusting all network constituents rather than expressly relying on each member and/or striving to obtain trust extrinsically.

Web 3.0: The Future of the Internet

Web 3.0 is the future of the internet. Where Web 2.0 was primarily driven by the introduction of cloud technologies, mobile, and socials, Web 3.0 will embark on a new era of the internet with its four core innovative technologies:

Edge Computing

While Web 2.0 modified presently commoditized personal computer technology in data centers, Web 3.0 aims to push data centers out to the edge and perhaps rights into the user’s hands.

The advancement to edge computing sparked by Web 3.0 will cater to the increasing data consumption and availability. For example, phones, computers, sensors, appliances, and automobiles will consume 160 times more data in 2025 than in 2010.

Decentralized Data Network

The decentralized nature of the Web 3.0 network allows different data producers to sell or exchange their data without jeopardizing privacy, losing ownership, or relying on mediators.

As a result, decentralized data networks will have a vast list of data suppliers in the emerging data economy.

Machine Learning and Artificial Intelligence

Machine learning and artificial intelligence algorithms have advanced to construct valuable acts and predictions. 

When brought together with the emerging decentralized network structure to facilitate today’s tech titans’ access to a multitude of data, the possibilities go beyond advertisements into areas like:

  • Medication creation
  • Climate modeling
  • Precision materials

Despite the fact that Web 2.0 has comparable capabilities, it is still mostly human-based. Thus leaving the room for corrupt behavior such as biased product assessments, manipulated ratings, human blunders, etc.

Blockchain

Blockchain is another innovative layer of the technology behind the Web 3.0 network. Blockchain is the backbone of Web 3.0 as it reshapes the data structure in the semantic web’s backend.

Web 3.0

Blockchain is a decentralized state machine operated using smart contracts. These smart contracts specify an application’s logic for Web 3.0.

Advantages of Web 3.0

Crafted to be more secure, intelligent, and transparent, Web 3.0 offers more efficient browsing and effective machine-human interactions.

Here are the top benefits of Web 3.0:

Data Privacy and Control

Data encryption in protecting their information from hacking or leakage is one of the fascinating benefits for end-users.

In every case, the encryption will be impenetrable. It will make it impossible for major corporations like Google and Apple to manage or use people’s personal information for their gain.

Therefore, consumers will have total control over their data and privacy.

Transparency

Irrespective of the blockchain platform, Web 3.0 will enable the end-users to follow their data and investigate the code behind their operations.

Furthermore, as most blockchain systems are developed by non-profits, the platforms are open-source and allow open design and development procedures.

Therefore, users will be less reliant on the platform’s developer.

Consistent Service

With decentralized data storage, users will be able to access data in any situation. Moreover, users will receive several backups, which will help them even if the servers fail.

This eliminates the user’s dependency on any government agency or private company. As a result, the chances of account suspension and distributed services denials will be lowered.

In Conclusion

Web 3.0 is the future of the internet. Still, it is already stepping into various areas, including smart wearables, virtual assistants (Google Home, Alexa, etc.), social media, messaging, digital financing, and more.

Therefore, with every advancement in blockchain technology, we are inching closer to a future where every user will have control over their data and privacy.

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