Everything you need to know about Web 3.0

Web 3.0 represents the next phase of the internet which will break the monopolistic control of big corporations and governments. 

 

By wired definition of Web 3.0 refers to a decentralized online ecosystem based on blockchain. All the applications and platforms built on web 3.0 will no longer be controlled by a central gatekeeper. 

 

Difference between Web 1.0, Web 2.0 and Web 3.0

 

To learn about the differences between the internet stage, first let’s try to understand each one by one.

 

Web 1.0 | 1989-2004

 

In 1989, Tim Berners-Lee, a British scientist invented the world wide web (www) while working at CERN. The web was originally developed to share automated information between scientists in universities and institutes around the world.

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Screenshot of the recreated page of the first website (Source)

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Web 1.0 refers to the period from 1989 to 2004, when the internet was new to all the users. 

 

Web 1.0 primary use is to provide information to the users only, all the websites were only static web pages joined by hyperlinks, all the web users are the consumers of the internet.

 

In the web 1.0 era, you need to know the web url in order to get the information. Thanks to all the search engines, now we do not have to remember anything at all.

 

Web 1.0 was also called a “read-only internet”.

 

Web 2.0 | 2004-Present

 

In 2001, when the dot-com bubble burst, many thought that the web was just overhyped and nothing else, but in fact this bubble marked the point at which ascendant technology is now ready to take its place on the center stage.

 

Many startups included web 2.0 in their presentations for marketing like now startups including Artificial Intelligence & Web 3.0 in their pitches without proper understanding of the technology.

 

However it was popularized by Tim O'Reilly and Dale Dougherty later in 2004. As defined by O’Reilly summarize the core competencies of web 2.0 companies are:

 

1. Services, not packaged software, with cost-effective scalability

2. Control over unique, hard-to-recreate data sources that get richer as more people use them

3. Trusting users as co-developers

4. Harnessing collective intelligence

5. Leveraging the long tail through customer self-service

6. Software above the level of a single device

7. Lightweight user interfaces, development models, and business models

 

This new version of the internet allows users to actively participate in creating, engaging and sharing things on the internet rather than just consuming it. 

 

Due to web 2.0 technology, companies like Facebook, Youtube and later Twitter have grown by leaps and bounds where users can interact with other users on the internet.

 

However the emergence of the web 2.0 was also driven by 3 important innovations:

 

1. Mobile

2. Social Media

3. Cloud Computing

 

Web 2.0 also called “Web as a Platform”.

 

Web 3.0 | The future of the Internet

 

The term web 3.0 was first introduced in 2006 by John Markoff, a reporter of The New York Times.

 

The evolution of the web makes sense looking at the history of the internet, in the web 1.0 all the users data are static, they can only read information, companies were not aware of the user behavior.

 

Then on web 2.0 all the users can read, write and create things on the internet, it helps companies to understand the dynamic data of users. Social media revolutionized in this era, people can interact with each other and share information to one another.

 

Now in the future web 3.0 world, all the algorithms will try to understand individual data and make the internet personalize for each individual. We are already seeing Netflix, Youtube, Spotify trying to learn user behavior and making the web more familiar and personalized.

 

Web 3.0 can leverage peer-to-peer (P2P) technologies like blockchain, virtual reality, metaverse and internet of things to make the internet more open and decentralized. 

 

As we already discussed, currently users rely on big corporations that access their personal data and information, with distributed ledger technology users can track their own personal data on the web.

 

Web 3.0 is also called the “Future of the internet”.

 

For better understanding please refer to the table below:

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	Web 1.0	Web 2.0	Web 3.0
Content	Static or passive	User generated content & community platforms	User ownership for content. Eg. NFT, digital art
Technology	Basic HTML, CSS	Dynamic HTML, Javascript, Java etc.	Blockchain, Artificial Intelligence, Machine Learning
Virtual environment	None	Basic 3D use	3D, Augmented Reality, Virtual Reality, Metaverse
Advertising	Static (banners etc.)	Interactive	Personalized according to behavior
Data Storage	Stored on single website servers	Owned by large tech giants	Distributed servers owned by none
Interaction	Desktop browsers (click or type)	Mobile touch screens (touch or swipe)	Wearables, AR, VR, voice assistants and IoT devices (show and tell)
Information	Structured   (SQL)	Unstructured (Big Data)	Distributed Ledgers (Blockchain technology)

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How does web 3.0 work?

 

At the core of technology for web 3.0 is blockchain. The same technology is used for cryptocurrency and NFTs. 

 

The idea of web 3.0 is that data would be stored in decentralized storage, spread out on the internet as a whole rather than kept on limited servers like web 2.0 applications. There are many decentralized web 3.0 apps (dapps) that run on ethereum blockchain like Uniswap , Dark Forest, Foundation and PoolTogether.

 

Decentralization will help boom the internet because it will help the internet to be accessible from anywhere, perhaps open the internet to the people who have never used the internet before.

 

Features of web 3.0

 

The key features of web 3.0 are:

 

1. Open- open in the sense that it's made with open-source software developed by an open and available community of developers and accessible for anyone.

 

2. Trustless - It provides freedom to users to interact publicly and privately without any risk of exposing by intermediary.

 

3. Permissionless - without any permission from the controlling organization, users and providers can communicate freely.

 

4. Ubiquitous - the web 3.0 will make the internet available to everyone at any time from any location. The internet will no longer be limited by computers and smartphones, it can be accessible from anywhere because all the devices will be connected to the internet.

 

What are the benefits of web 3.0?

 

The next evolution in the web world will turn the internet a place where everyone will have better privacy, data security and human-like interactions.

 

Let’s understand the key benefits of web 3.0 one by one.

 

1. Transparency

 

The benefit of web 3.0 is that all the information is spread across distributed ledgers and decentralized networks, you can follow your own data and inspect the code behind the platform you’re using. You don’t have trust issues like we have in the Web 2.0 world, where major big corporations control all the personal information & data.

 

2. Information Ownership

 

In the web 3.0 world, the end users will completely own their information, and have the security of encryption. Information will be only shared on permission or on a case-on-case basis. 

 

Currently in the web 2.0 world, big companies like Facebook and Amazon are accessing  our personal information like incomes, interests, credit cards etc. and reselling this info to the advertisers. In the web 3.0 world, we will own our data.

 

3. Fewer Middleman

 

The whole concept of decentralization promises to connect providers to end consumers. There will be no central authority that will take a cut from an electronic transaction.

 

For instance, the best use case will be if Airbnb is running on web 3.0 world where hosts and guests will connect directly without intervening services of a central organization. Same goes for Amazon, sellers and buyers will be connected directly without any middleman. 

 

Web 3.0 does not promise that it will eliminate all the middlemen using blockchain technology, we will still need a regulation for monitoring fairness. (Source)

 

4. Privacy

 

One of the major advantages of blockchain technology and recent developments in cryptography is that you can track your personal information online, this will resolve all the privacy issues we face in the web 2.0 world.

 

The number of breaches of users data in the web 2.0 world is leading new age consumers to think twice before sharing their personal information online. Web 3.0 will solve this problem.

 

5. Uninterrupted service

 

Decentralized blockchain technology will solve the problem of account suspension, interrupted services due to server failure drastically. 

 

In the decentralized system, the data will be stored on distributed nodes to ensure the redundancy, multiple backups will prevent the single point server failure. (Source)

 

Also Read | Centralized and Decentralized Cryptocurrency Exchanges

 

6. Incentivised Creators

 

When consumers from all across the world will directly connect to producers without any gatekeepers or middlemen, it will automatically motivate producers to adapt to new technologies.

 

On web 3.0 distributed platforms and digital currencies will break down all the national barriers to producers and give them higher returns on their investment or service.

 

Conclusion

 

Web 3.0 is the future, however it is already implemented in various areas, including the social media platforms, virtual assistants (like Alexa, Google Home, etc), wearables, messaging etc.

 

For example, you can check what’s in your fridge sitting in your office from your digital assistance by communicating with an interconnected device at your home. Your groceries will be automatically placed according to your needs.

 

We are heading towards the internet where all the users can track their personal data and will have complete control of their data & privacy all thanks to blockchain technology.

 

One thing is sure that the web will become more interactive and engaging. We’ll make sure you don’t feel fomo again hearing these buzzwords. 

Next Read | What is Web 3.0? Properties and Advantages