What is Web 3.0? In a nutshell, it is the internet’s third generation, which includes concepts such as blockchain technology, decentralization, and token-based economics. But, before this undeniable technology, there were some that existed; let us take a brief look at them.
Web 1.0 and Web 2.0 are eras in the evolution of the World Wide Web through various technologies and formats. Web 1.0 roughly refers to the period from 1989 to 2004, when most sites were static pages and the vast majority of users were consumers rather than producers of content.
Web 2.0 is based on the concept of “the web as a platform,” and it focuses on user-created content that is uploaded to forums, social media and networking services, blogs, and wikis, among other services. Web 2.0 is widely thought to have begun around 2004 and continues to this day.
Web 3.0, on the other hand, is a new type of internet that not only accurately interprets what you enter, but also understands everything you say, whether through text, voice, or other media and in which all content you consume is more tailored to you than ever before.
Web 3.0 is one that gives you complete privacy control over the data you share with others, allows you to earn money by providing it to advertisers or interacting with certain applications, and is free of censorship. Let’s find out what web3 means, how web3 resolves fundamental problems in web2, and why it is the future of the internet.
What is Web 3.0?
Web3, the third generation of the World Wide Web, is intended to be decentralized, open to all, and built on blockchain technologies and Semantic Web developments, which describe the web as a network of meaningfully linked data.
Web 3.0 is built on a set of principles, technical parameters, and values that set it apart from previous versions of the World Wide Web: Web 1.0 and Web 2.0. Web 3.0 envisions a world without centralized companies, in which people own their own data and transactions are transparently recorded on blockchains, or databases that anyone can search.
Polkadot founder and Ethereum co-founder Gavin Wood coined the term “Web3” in 2014 to describe a “decentralized online ecosystem based on blockchain.” The concept of Web3 gained popularity in 2021. Particular interest peaked near the end of 2021, owing largely to cryptocurrency enthusiasts’ interest and investments from high-profile technologists and businesses.
Tim Berners-Lee, the inventor of the World Wide Web, first mentioned Web 3.0 and Semantic Web, with plans for it to be highly autonomous, intelligent, and accessible. It is founded on the fundamental ideas of decentralization, openness, and increased user utility.
Data will be interconnected in a decentralized manner, which will be a significant advancement over our current internet version (Web 2.0), in which data is primarily stored in centralized repositories. Both humans and robots will be able to interact with data. However, for this to happen, programs must comprehend information conceptually and contextually.
The use of blockchain technology by Web 3.0 has the potential to transform internet usage. It has the potential to give the Internet a whole new dimension. Individuals can buy, own, sell, and profit from the sale of non-fungible tokens (NFTs).
How Web3 Works
The idea behind web 3.0 is to make Internet searches much faster and more efficient so that systems can process even complex search queries in a fraction of a second.
Web 3.0 lacks centralized databases for application information as well as a centralized web server for backend functionality. Instead, there is a blockchain for building applications on a decentralized state machine that is maintained by anonymous web nodes. The developers create the functionality of your apps in smart contracts that are stored in the decentralized state machine.
Users keep ownership of their information and content, allowing them to trade or sell their data without giving up ownership, jeopardizing privacy, or relying on intermediaries. Customers can log onto a website without their online identity being recorded in this business strategy.
Many Web 3.0 protocols rely heavily on bitcoins. Instead, it offers monetary rewards (tokens) to anyone who helps start, control, donate to, or improve any of the projects. Web 3.0 tokens are electronic and are associated with the decentralization of the Internet.
What are Web 3 Apps
With blockchain at the foundation, Web 3.0 enables a growing number of different types of new applications and services to exist, including the following:
Brave browser is a web 3 browser that gives users far more control over their data, privacy, and preferences such as advertising by utilizing its Basic Attention Token (BAT). Brave has many innovative privacy and security features, such as an integrated VPN and firewalls, that help protect users from trackers, fingerprinting, and phishing attempts.
Furthermore, Brave’s built-in crypto wallet helps users avoid the risks associated with installing third-party extensions.
Decentraland is a browser-based 3D virtual world platform with a variety of engaging experiences. It is regarded as the most anticipated metaverse project or the future of Web3. Users can purchase virtual plots of land as NFTs on the platform using the MANA cryptocurrency, which runs on the Ethereum blockchain. It went live in February 2020 and is managed by the non-profit Decentraland Foundation. In the virtual environment, people can interact, chat, and play games with other users.
Storj is a solution for decentralized storage. It enables users to store data securely while also ensuring fault tolerance and redundancy. Storj, albeit on a dispersed network, uses blockchain technology to revolutionize the benefits of cloud storage. The most significant advantage of Storj is the ability to perform unlimited uploads and downloads at any time.
Web3 wallets can serve as gateways for accessing the world of Web3. Here are some of the best Web3 crypto wallets to store your crypto.
MetaMask is a well-known cryptocurrency wallet that supports a wide variety of Ethereum-based tokens as well as non-fungible tokens (NFTs) on supported blockchains.
Metamask has over 30 million users because of its trusted set of features. The non-custodial wallet gives you complete control over your assets and allows you to reap the full benefits of decentralization. However, Metamask is an online wallet, and you are responsible for keeping your private key secure.
Exodus was one of the first blockchain wallets. Exodus has maintained its position as a top Web3 wallet by consistently improving and introducing new features. Exodus now offers a Web3 wallet that works seamlessly on Chrome and Brave browsers. It also provides comprehensive support for accessing functionalities on Android, Windows, macOS, and iOS devices. Exodus’ multi-asset support enables users to interact with the Ethereum, Algorand, and Solana blockchains.
Trust Wallet is another well-known web3 wallet with innovative features. It takes a unique approach to using Web3 wallets with the multi-asset support feature. Furthermore, Trust Wallet is completely independent of the blockchain network on which the web3 applications are run.
You could install the wallet on any iOS or Android device, giving you greater flexibility in using the wallet. It includes a built-in dApp browser that allows you to interact with various decentralized applications directly from the wallet.
Web 3 vs Web 2
Web 2.0 describes the current state of the internet, which has more user-generated content and end-user usability than its predecessor, Web 1.0. It enables users to interact and collaborate with one another as creators of user-generated content in a virtual community through social media dialogue. This is in contrast to the first generation of Web 1.0-era websites, where people could only view content.
Social media sites such as Facebook, blogs, wikis, video-sharing sites such as YouTube, image-sharing sites such as Flickr, hosted services, Web applications, collaborative consumption platforms, and mashup applications are examples of Web 2.0 features.
Tim Berners-Lee, the inventor of the World Wide Web, has questioned whether Web 2.0 is significantly different from previous Web technologies, describing the term as “jargon.” His original vision of the Web was as “a collaborative medium, a place where we could all meet and read and write.”
Berners-Lee, on the other hand, coined the term “semantic web” (also known as “Web 3.0”) to refer to a web of content whose meaning can be processed by machines.
Web 3.0 is the next stage in the evolution of the web/internet and has the potential to be as disruptive and represent a paradigm shift as Web 2.0 was. Web 3.0 is based on the fundamental concepts of decentralization, openness, and increased user utility.
|Web 2.0||Web 3.0|
|Dynamic content and user input||Semantic content that can benefit from AI|
|Social networks||Blockchain technology|
|Cloud utility infrastructure that is still largely centralized||Decentralized, edge computing and peer-to-peer|
|Term coined by Tim O'Reilly in 2004||Term by Gavin Wood, co-founder of Ethereum, in 2014|
How Web3 resolves Fundamental Problems in Web2
Web 3 is a decentralized, permissionless, and trustless ecosystem that transfers control from centralized entities to users. Find out how.
Data stored in centralized databases is extremely vulnerable to attack. Hackers only need to breach one system to compromise sensitive user information. Insiders frequently contribute to the disclosure of sensitive information to malicious outside parties. Decentralized systems are designed to withstand such behavior by some players, making Web3 security more effective at protecting data than Web2 security.
On the other hand, as almost every business moves toward being data-driven and digital, the potential for hostile attacks has skyrocketed. Vandalism in cyberspace has become a major issue, threatening both financial and reputational harm. Decentralization improves security while not completely eliminating problems.
Smart contracts are used to automate the system so that it can run without human intervention. The code reflects the agreement of multiple parties to carry out irreversible transactions. Smart contracts significantly reduce operational costs, eliminate prejudice, and boost transaction security.
However, projects must be aware of security flaws in the coding of intelligent contracts that thieves can use to seize funds. Security flaws in smart contracts can be avoided by assembling a team of vulnerability assessment experts who will audit the smart contract code with a combination of manual and automated tools.
Transparency is built into decentralized ecosystems. Nodes work together to ensure that the system runs smoothly, and no node can act independently. Other people can participate in the decision-making process of the government by voting.
No one can make database changes after a Web3 transaction because they are virtually irreversible and traceable. As a result, Web3 is now a powerful anti-fraud tool.
Bottom line: Why Web3 is the Future
Web 3.0 enables a future in which distributed users and machines can interact with data, value, and other counterparties without the use of third parties via a peer-to-peer network substrate. Unlike previous versions of the internet, Web 3 has some distinguishing features that set it apart, including:
The core belief of Web 3.0 is decentralization. In Web 3.0, information can be found based on its content and stored in multiple locations at the same time, making it decentralized. This would deconstruct the massive databases currently held by internet behemoths like Meta and Google and give users more control.
Artificial intelligence (AI)
Through technologies based on semantic web concepts and natural language processing, computers in Web 3.0 can be trained to understand the information in the same way that humans do. Machine learning, which uses data and algorithms to mimic how humans learn, will also be used in Web 3.0. These capabilities will allow computers to respond to search queries more quickly and accurately.
Trustless and permissionless
Web 3 being trustless means that the network will allow participants to interact directly without going through a trusted intermediary, whereas Web 3 being permissionless means that anyone can participate without authorization from a governing body.