With the age of discoveries still fresh in our minds, Web 3.0 can easily bring that anxiety back to some extent as it’s a different concept that most business owners and entrepreneurs cannot understand at first. When you have just finished adjusting to new Web 2.0 ideologies, you hear about Web3.
While it isn’t invented yet, Web 3.0 will significantly and imminently change how people operate on the Internet today! Web 3.0 incorporates much of what we’ve come to know as a result of technological improvements aligned with the way people interact in the digital era.
Web3 is a most recent extension of the World Wide Web, one that can potentially be transformative in how enterprise operations are run by introducing decentralization and transparency into business governance models – thereby heralding an innovative and convenient surface for businesses seeking platform-enabled applications.
Before we proceed ahead, let’s get the basics right about web 3.0 definition:
What is Web 3.0?
Web 3.0 is the next level of the Internet evolution. Built on blockchain technologies, Web 3.0 encapsulates the shift away from centralized architecture and embraces distributed applications and systems that are open, transparent, and secure.
Platforms or applications running on web3 will not be on servers owned and managed by a single central authority. The next generation of the web will be more diverse and decentralized than ever before, greatly enhancing its power to change the world.
In recent times, blockchain has emerged into a new platform where the technology is designed with a decentralized approach. Web 3.0 shows how the underlying blockchain system will operate with greater efficiency and hold more storage capacity.
Although Web 3.0 might be at its initial stages, the technical advancements will most likely push the entire industry to new heights. The main advancements include decentralized data networks, edge computing, and artificial intelligence.
Benefits of Web 3.0:
The growth of the internet has led to significant changes in modern society, and Web 3.0 is inevitable. This new stage of the internet will benefit users in the following ways:
It allows users to interact with data through artificial intelligence and machine learning – allowing for a hybrid of the Semantic Web and AI.
Use of AI:
According to recent research, the use of AI will be more evident. Thus, the technology can use the internet to showcase products or services through algorithms based on user’s previous searches and history
With open-source technology, networks are built from open-source software where an open and accessible community of developers can execute the applications in full view of the world.
Future of Cryptocurrency:
Web 3.0 crypto is a term used to describe the next wave of cryptocurrencies – decentralized projects that are built on smart contracts and use blockchain technology.
Imagine a world where you can carry around a Visa chip in your pocket, one that holds all funds and all information about your money.
What is Web 2.0?
Web 2.0 is the concept behind the World Wide Web, which mostly includes a better and improved version of the original worldwide web.
The term Web 2.0 was coined by Darcy DiNucci in 1999 to refer to rich web applications, web-oriented architecture, and social web, thus focusing on changes in the ways web pages are designed and used by the users, without any change in any technical specifications of the World Wide Web.
Why does Web 3.0 matter?
The shift to Web 3.0 is being called unimaginable. That’s a major statement for some, but why will it matter to you and your business landscape? Let’s check out.
- Breakthrough oligopoly markets – Web 3.0 helps create the next wave of social media designed to transcend the current oligopoly market where only a few select companies profit.
- Dissolve boundaries – Web 3.0 will remove the boundaries between digital content and the physical world. How? The three-dimensional (3D) graphics and the convergence of augmented reality, 5G networking, and the internet of things (IoT) can break these boundaries.
- Regain ownership of personal data – For those looking at regaining ownership of personal data, Web 3.0 offers exciting solutions to the challenges of data privacy and the centralization of services.
- Create more resilience – Web 3.0 creates more resilience by using adaptable peer-to-peer (P2P) communication and governance bonds between participants.
Web 3.0: Features
Will it change the internet as we know it? Let’s take a look at what Web 3.0 has in store for us!
Semantic Data and Information
You may wonder what the next evolution of the Web is. If you do, we want to point out a few key things. It involves presenting data in a semantic form through Google’s Knowledge Graph. The results are more organized and concisely summarized.
The end goal is to make it easier for people to communicate between applications and communities by generating, sharing, and connecting content in a way that can be used by machines.
Basically, the Internet needs to be more AI-oriented. This means that a user can navigate through the web with extreme ease and be certain of the information found. AI plays a significant role in banks where it will transform money management in upcoming years.
The third version of the blockchain revolution will be fuelled by AI. Google’s recent effort to remove user bias from Play Store is a fine example of how AI can help weed out dishonest reviews and fake ratings, etc.
So, the next-gen internet will leverage natural language processing to empower all stakeholders with user-friendly data and UI.
Spatial Web and 3D Graphics
Web 3.0 is also known as the Semantic web, Intelligent web, mesh, or the Spatial Web. It focuses on building a web that not only connects people but provides intelligent assistance in our lives too.
With the new semantic web, Web 3.0 will be more autonomous, intelligent, and open. With semantic metadata, the user experience evolves and gets to another level of connectivity by leveraging all available information.
Web 3.0 is an improved version of Web 2.0. It would enable users to create more engaging content from more devices through user-friendly features, making the internet a much more personal experience.
In the context of Web 3.0, it makes the internet accessible to everyone anywhere, at any time. Furthermore, this ubiquity is positive thinking about the web. It refers to an interconnected network of information that makes it easy to share content across multiple platforms.
Five Web 3.0 App Examples
Everything’s connected. That’s the power of blockchain technology. Here are just a few single-blockchain use cases in Web 3.0 blockchain:
Sapien, a Web 3.0 social network, is an excellent example of the type of platforms we will see emerge if and when Web 3.0 social networks become the norm.
It’s a tokenized, democratized social news platform that takes advantage of the Ethereum blockchain to give users back control of their data and privacy.
IDEX is another contender for the top spot in decentralized exchanges. It provides several features for buyers, such as its ability to allow transactions to be paused to wait for confirmations on the blockchain, or trade cancellation options.
Through a clever set of features that make the exchange act as a centralized one, without actually being one, it manages to provide faster transactions and lower fees.
Spend less time managing and more time learning. Obsidian powered by Web 3.0 consists of a cloud-native microservice architecture that’s suited for multi-cloud business environments. The new architecture offers a secure atmosphere where users can even send funds to each other.
AiGang as a DAO insurance protocol offers crowd-sourced insurance pools discovery. The very platform facilitates users to win rewards by the prediction that is driven by DAO smart contracts simply for the reason of helping expose insurances that otherwise remained unnoticed.
Sia is a decentralized storage solution, which works by encrypting customers’ files while transferring. Furthermore, it breaks down the file into smaller chunks and distributes them across a network of nodes around the world.
With the introduction of Web 3.0, there are many possibilities for the future. Nonetheless, the web will continue to evolve and progress. We may not see it tomorrow in our lifetimes, but the internet is poised to grow exponentially.
This means that a new era of technology-based advancement is just around the corner, with endless opportunities to explore untouched corners and uncharted territory.
Businesses and consumers should embrace this new technology and help shape what comes next. If you’re looking for professional help to make the most out of Web 3.0 in your business, contact us today.
We’re a competent web development firm that is ready to work with you to develop a solution tailored to your specific needs, goals, and objectives.