Web 3.0 is the next evolution of the Web. Its development brings a change that will enable us, humans, to improve as a society, and collective growth could result. We can already see glimpses of Blockchain establishing web 3.0 ground rules. This more advanced ecosystem incorporates a decentralized server system mitigating the need to log in to platforms to write content and provides a level of anonymity not available outside of the dark Web.
According to Fabric Ventures, more than 3 billion people use the Internet daily. Any significant change in this massive network will elicit ripples of change. So, when can the average web user expect to interface with the wonders of web3, or is it here already? Let’s find out.
Ref: https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b
But, What was Web 1.0?
(1990s – 2000s)
It was the baby internet, where everything from HTML to HTTP developed. Every website was like a document file you could access over a network. With time the content became colorful, but it was still “Static,” which means it wasn’t interactive. Web1.0 became synonymous with “the read-only web.”
This web version enabled quick transference of information and became commercially popular. Many limitations existed with web1.0, as the content was not dynamic. The advent of social media platforms did not exist, i.e., there was no Instagram to tag your friend in a meme. But things changed when Mr. O’Reilly introduced Web 2.0.
Understanding WEB 2.0.
Is it decentralized? – No. What does this mean?
(1999 – till now)
Facebook, Instagram, Google, Twitter, Uber, every big website rose during the days of Web 2.0. After the .com bust, the world changed. It brought three core innovations: Mobile, Social & Cloud. The results saw companies store your data to share on a single platform. The world and the Web forever changed when the iPhone launched in 2007. Internet easily accessible on a mobile phone fueled the social media craze that is still in full bloom today.
With the advancements in Web 2.0, one major issue abounds – a lack of decentralization. Every company has vast services with vast amounts of data collected about us all. Data collected about us is the proverbial double-edged sword. It helps companies track and monitor us to provide targeted ad experiences and facilitate sales growth. The truth is, Facebook knows more about you than most of your relatives!
Cloud services, a form of internet-based computing, facilitate shared information resources across software, hardware, and mobile devices. These resources provide information about you (assuming you have internet connectivity) to companies interested in selling products and services. Google maps keep track of your movement, where you go, and when. Shared location data across multiple platforms gives marketers ammunition, so they can better target you with relevant ads, among other things. It is not magic when you near a Mcdonald’s and suddenly see a tasty mouth-watering ad pops up, compelling you to purchase a snack on the way to your intended destination.
You need data; I need data; we all need data!
How do we live in a world where data is everything, ensuring data protection and privacy?
Web 3.0: The future is here.
Open Source | Trustless | Permissionless | AI | Connectivity
Web3 is somewhat synonymous with the futuristic premise of the Semantic Web coined by Tim Berners-Lee in 1999. His vision expressed in his pivotal book, Weaving the Web, encompasses his dream of what the Web is to become,
“I have a dream for the Web [in which computers] become capable of analyzing all the data on the Web – the content, links, and transactions between people and computers. A “Semantic Web,” which makes this possible, has yet to emerge, but when it does, the day-to-day mechanisms of trade, bureaucracy and our daily lives will be handled by machines talking to machines. The “intelligent” people have touted for ages will finally materialize.”
The development of Web3 has an open-source software foundation, which will be accessible for the global community of developers developing decentralized applications. Reachability is another integral component. In other words, how do we get it to a broader audience and facilitate greater penetration? Satellite internet may play a role.
But how would that keep my data safe?
Decentralization enables better data privacy protection utilizing blockchain technology. Blockchain provides a distributed ledger technology where blocks store hash-encrypted data. Security threats and vulnerabilities, i.e., hacking Hash codes, aren’t likely until quantum computing advances significantly.
Cryptocurrencies utilize blockchain technology, some using Proof of Stake, others using Proof of Work. Essential to understanding Web3 as it relates to cryptocurrency is the concept of decentralization of finance. Web3 will decentralize the collection and storage of myriad other aspects of personal data on the Web, providing users with greater privacy and protection.
A decentralized data collection system is beneficial for all Web users. You will be able to interact on your terms, publicly or privately; that’s totally up to you.
How is AI involved?
The Internet would understand human languages better through technologies based upon Web3 and underlying Semantic Web concepts, and machine learning will play a significant part in the experience. Imagine yourself wearing a VR device, landing on a spaceship, and killing 100s of aliens while colloquially communicating with other players globally as if the universal translator from Star Trek existed. This reality is closer to becoming commonplace than you may think!
Artificial Intelligence will thrive in a decentralized ecosystem, enabling continuous learning and better prediction and prescription with it.
How will it affect your life?
A short and straightforward answer sees a greater emphasis on the interconnected devices and how they are to play a more significant role in our everyday lives. Greater implementation of IoT (Internet of Things) will impact us all.
Web 3.0 brings more connectivity and ubiquity. Sharing content over multiple applications seamlessly provides a better everyday life experience; one example is IoT devices. As the metaverse develops now and into the future, interaction in daily life is likely to change in unimaginable ways. The question of whether or not we live in a simulation will take on new meaning and become more difficult to disprove. Don’t move at all! Just tell your google assistant to get your food from the grocery store. Or order your E-vehicle to park itself in your garage.
Does Web 3.0 exist in 2022?
Yes and no. Web3 is in its infancy, and yet, is taking shape more with each passing day. We already discussed glimpses of it in the tech Industry. Sooner, rather than later, Web3 will be upon us all.
What Else don’t we know about Web3?
There are many questions regarding the impact of censorship and moderation across the Web. As we’ve recently seen, disinformation is a destructive force, and Web3 may add fuel to its coals. How will digital crime be controlled as tracking becomes more complex and decentralized? What will be, or will there be, a governing body making the ground rules? How will Blockchain be implemented on such a scale, and how will it impact other technologies?
What is the bottom line?
Web 3.0 will dramatically broaden the extent and scope of human and machine interactions far beyond anything we can now anticipate. These interactions will be feasible with a broader spectrum of potential counterparties, from faster transaction payments to richer information flows and trustworthy data transfers.
Web3.0 will allow us to engage with any person or computer on the planet without charging an intermediary aside from internet access itself (until the removal of this last remaining obstacle). This transition will enable previously inconceivable firms and business structures, from global co-operatives to decentralized autonomous organizations and self-sovereign data marketplaces.
The Next Web 3.0 wave stretches well beyond the first use case of cryptocurrency. Web 3.0 will cryptographically connect data from individuals, corporations, and machines with efficient machine learning algorithms, resulting in the rise of fundamentally new markets and associated business models due to the richness of interactions now possible and the global scope of counterparties available.
Final thoughts.
We all understandWeb3.0 will be an upgrade for the majority of Web users. But many questions remain. How the world handles censorship and controls digital crimes is top of mind, as are many other questions still to be considered. With Web3.0, the world will be more connected than ever before.
Let us know some questions you have about Web3.0. Do share your thoughts with us.
References
- https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b
- https://www.youtube.com/watch?v=nHhAEkG1y2U
- https://www.investopedia.com/web-20-web-30-5208698
- Berners-Lee, Tim; Fischetti, Mark (1999). Weaving the Web. HarperSanFrancisco. chapter 12. ISBN 978-0-06-251587-2.
- https://en.wikipedia.org/wiki/Semantic_Web
2 thoughts on “What is web 3.0, and what does it mean for you? ”