What Is Web 3.0? The Future of the Internet

What Is Web 3.0? The Future of the Internet

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Sandeep Bonagiri
·Mar 18, 2022·

9 min read

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Web 3.0 is the most recent Internet technology that uses machine learning, artificial intelligence, and blockchain to enable real-time human communication. The icing on the cake is that web 3.0 will not only allow individuals to own their data, but they will also be compensated for their web time.

Does it sound too good to be true? Welcome to the Internet of the Future.

In this article, we will discuss:

  • What web 3.0 is
  • The difference between web 1.0, web 2.0 and web 3.0
  • Connection between web 3.0 and blockchain
  • How does web 3.0 works ?
  • Real Time Web 3.0 Applications
  • Advantages and Disadvantages

What is Web 3.0

Web 3.0 (also known as web3) is the third version of the Internet that connects data in a decentralized manner to provide a faster and more personalized user experience. It is built with artificial intelligence, machine learning, and the semantic web in mind, and it employs the blockchain security system to keep your data safe and secure.

The defining characteristics of web 3.0 are decentralization, openness, and incredible user utility.

The idea behind using the semantic web is that it comprehends and interprets the data's context and concept. As a result, when a user searches for an answer, web 3.0 provides the most accurate and relevant result

Google, Facebook, and Microsoft are among the few companies that are currently profiting handsomely from user data. However, web 3.0 will allow us to be compensated for our time and data: "people have been exploited by tech firms — essentially, deceived into giving valuable data away with little or no compensation from the firms that collect and benefit from it." Instead, [with web3], people should be compensated for the information they share."

This means that users will be able to sell their own data to advertisers while maintaining ownership and privacy. Furthermore, web3 will allow websites and applications to use data more meaningfully and tailor information to each individual user.

As a result, the third generation of the web is one in which you will have personalized interactions with machines and websites in the same way that you would with any other human.

Difference Between Web 1.0, Web 2.0 and Web 3.0

Before we dive further into web 3.0, we need to understand how we got here – via web 1.0 and web 2.0.

Here’s the brief history of the Internet:

  • Web 1.0 is a read-only web where people can read information written on websites.
  • Web 2.0 is a read-write web where people can read and write content on websites and applications.
  • Web 3.0 is a read-write-interact web (powered by artificial intelligence) where people can read, write and interact with content, including 3D graphics, on websites and apps.

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Connection between web 3.0 and blockchain

In layman's terms, blockchain is an additional layer of technology that sits behind web 3.0. More specifically, blockchain is the foundation of web3, as it redefines data structures in the semantic web's backend.

Blockchain is a decentralized state machine that allows for the deployment of intelligent contracts. These smart contracts define the logic of a web 3.0 application. As a result, anyone wishing to create a blockchain application must deploy their application code on the shared state machine. (See below for more on web 3.0 and blockchain.)

How Does Web 3.0 Work?

The idea behind web 3.0 is to make Internet searches much faster, easier, and more efficient, allowing even complex search sentences to be processed in record time.

A user must interact with a web 2.0 application's frontend, which communicates with its backend, which communicates with its database. The entire code is hosted on centralized servers and delivered to users via an Internet browser.

Web 3.0 does not have centralized databases to store application state or a centralised web server to house backend logic. Instead, there is a blockchain that allows developers to build apps on a decentralised state machine that is maintained by anonymous nodes on the internet.

Your applications' logic is defined in smart contracts written by developers and deployed on the decentralised state machine:

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Anyone interested in developing a blockchain application runs their code on this shared state machine. The front end is nearly identical to that of web 2.0.

Here's an illustration of how a web 3.0 application works:

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Web 3.0 Architecture

There are primarily four elements in the architecture that make up web 3.0:

Ethereum Blockchain – These are global state machines that are maintained by a peer-to-peer network of nodes. Anyone in the world can access and write to the state machine. Essentially, it is owned collectively by everyone in the network rather than by any single entity. Users can add new data to the Ethereum Blockchain, but they can never change existing data.

Smart Contracts - Programs that operate on the Ethereum Blockchain. App developers write these in high-level languages like Solidity or Vyper to define the logic behind the state changes.

Ethereum Virtual Machine (EVM) – These machines are responsible for executing the logic defined in smart contracts. They handle the state changes that occur on the state machine.

Front End – The front end, like any other application, defines the UI logic. It does, however, communicate with smart contracts that define application logic.

Here are some Web 3.0 Applications

Real-World Examples of Web 3.0

Web 3.0 is already being used in a variety of fields such as virtual assistance, education, social networking, messaging, exchange services, browsing, and so on.

For example, if you want to check the availability of groceries in your home while you're at work, you can ask your digital assistant to examine the contents of your fridge by communicating with the interconnected smart devices in your home.

Furthermore, you can use your ubiquitous Internet-connected devices at home to organize your holiday plans, business trip, weekend party, household tasks, and even ensure your home security. The personalized recommendations of the virtual assistant assist you in planning the perfect weekend, from booking discounted tickets to discovering exciting new places to visit to reserving hotels.

Examples of Web 3.0 Applications

Here are some popular examples of web 3.0 applications that explain the scope of its adoption:

Apple Siri's

Siri is an excellent example of voice recognition software as a critical component of web 3.0. Siri and other personal assistants use this technology to communicate, share information (via linked blocks), and provide users with more helpful search results for every meaningful query, including how to, why, and what. Previously, Siri could only perform simple tasks such as reminders and directions to the nearest grocery store using pre-programmed algorithms.

Wolfram Alpha

Wolfram Alpha is a computational intelligence platform that now uses web3. The platform can compute answers of users from different fields like mathematics, nutrition and science. It quickly connects with other apps to gather information from their databases and streamlines the information for end-users. As a result, it is now faster and provides more accurate results than it used to be with web 2.0. Siri is a frequent user of Wolfram Alpha.

Steemit

Steemit is a great example of web 3.0 social network websites. It is a decentralized reward platform that runs entirely on the Steem Blockchain social media model. It rewards content creators or bloggers with cryptocurrencies for contributing content on the site. This is precisely where web3 becomes vital as it helps the platform reward contributors' cryptocurrencies in a secure environment.

Sola

Another example of a web 3.0 social network website is Sola. It is a decentralized social platform powered by distributed nodes, IPFS, and the Ethereum blockchain.

Unlike Steemit, Sola utilizes blockchain AI to build social networks and media hybrids. It incentivizes and benefits all involved parties, including users, third-party developers and the core team for viral content.

The website uses AI algorithms to filter in only good content to endorse and doesn't rely only on user reaction to spread posts. Also, Sola pays users its internal virtual currency, known as Action Points, and users can spend it on their own content or for endorsing other users' content.

IDEX

IDEX is a renowned decentralized exchange for trading ERC-20 tokens that work on web 3.0. As IDEX is an Ethereum-based exchange, the user would need an Ethereum wallet to trade on the platform. Also, they would need to use MetaMask (a cryptocurrency wallet used to interact with the Ethereum blockchain) to get the best experience of IDEX.

e-Chat

e-Chat is a web 3.0 app that is powered by a decentralized blockchain. Essentially, it is a secure messenger, but it is also known as the fastest-growing social network. Users get the benefit of sharing any data without fearing its theft. Therefore, it is widely used to send cryptocurrency. App Store and Play Market have an e-Chat app for their users.

Storj

Decentralized storage is one of the primary features of web3, and Storj utilizes this feature wisely. It is one of the oldest and leading decentralized storage solutions, powered by blockchain technology that allows users to rent their free disk space.

Storj has a native token that is used as a payment method on the network. Users can earn based on the shared disk space paid for by the renters on the platform. The transaction is made on this platform through blockchain technology.

Everledger

Everledger is an example of insurance and banking on web 3.0. This distributed digital global registry is designed to allow users to store their data digitally and access them anytime at their convenience while ensuring their data security. Since web 3.0 has a data encryption feature, Everledger can protect the data and minimize the risk of fraud to the users, banks, open marketplace, and insurers.

LBRY

LBRY is a web 3.0 video and music website with a library of different forms of content, such as books, music and videos. The decentralized digital library uses blockchain technology to publish material and monetize it with its integrated payment system.

Ethlance

Ethlance is a web 3.0 remote job platform. The decentralized app works on top of the Ethereum blockchain, where anyone can hire and start working in exchange for Ether cryptocurrency, which was never possible with older technology.

What is the advantage of web 3.0?

Here are some of the benefits of web 3.0:

  • Data ownership
  • Decentralization
  • Easy access to information
  • Change of human collaboration
  • Streamlined workflow
  • Accurate information
  • Personalized web experience
  • Better marketing

What are the disadvantages of web 3.0?

Here are some of web3’s drawbacks:

  • Technologies are yet to be prepared
  • Computer advancement is required
  • It can be addictive
  • It may be complex for newbies
  • Privacy policies are needed

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