So Web3 is not a cryptocurrency and a blockchain, in my opinion. Decentralization, openness, and transparency are what Web3 means to me. Gavin Wood, the creator of Parity Technologies and the person who first created the term “Web 3.0,” characterizes it in this manner. Tim Berners-Lee, who founded the World Wide Web, first referred to this third generation of Web technologies as the Semantic Web. Its objective is to build a more independent, open internet with added sophistication.
Web 3.0 is anticipated to end centralized platforms and data monopolies. The main emphasis will be on decentralization. Users will have complete control over their data, so they can decide which details to share for financial gain with whom.
What Sets Web3 Apart from Web2
In Web2, the platform, cloud, and application deliveries are managed and controlled by centralized authorities. Peer-to-peer communication, the Edge framework, and distributed processes are all becoming more and more common in Web 3. For transactions in Web2, fiat or government-issued currencies are used, such as INR. Cryptocurrencies, or encrypted digital currencies, like Tether, Ethereum, and Bitcoin, can be used to finance transactions in Web3.
Cookies are used in Web 2 to track users and aid in personalization. Users can acquire non-fungible tokens (NFTs), also known as distinct digital identifiers, in Web3. These tokens have a value or other advantages. Web2 is characterized by layout tools that provide more dynamic control than Web1. At the same time, Web3 is defined by autonomously smarter technology, including AI and machine learning.
Databases assist Web2 apps and content. Blockchain immutability is used in Web 3. Social networking has been made possible by Web2 thanks to services like Facebook and Twitter. To combine augmented, virtual, and physical reality, Web3 will aid in developing the Meta worlds.
Decentralized autonomous organizations, or DAOs, are a brand-new governing framework for web businesses and services in Web3. Like blockchain, DAOs make decisions decentralized rather than through a centralized authority. Web 3.0 will probably lead to the continued growth of decentralized financial services that sidestep traditional banking institutions, substantially impacting the global financial system.
By encouraging the development of decentralized applications that use blockchain and smart contracts, decentralization will also enable distributed applications throughout the Web 3.0 environment.
As Web 3.0 evolves, decentralization, automation, and intelligence will likely remain the pillars of what comes after it.
User data is encrypted by blockchain technology. This prevents huge tech companies from having access to and/or taking advantage of the personal data of individuals.
By combining semantic abilities with human language processing, computers can read information almost as well as people can. This leads to faster and more accurate outcomes. They get more intelligent and improve customer satisfaction by doing this.
Anyone, anywhere, at any time, can access internet content and services via devices, including PCs and cell phones. Web 2.0 is already widespread in many ways, but the rise of IoT devices will give it a much greater public image.
Edge computing gathers saves, and analyses data near the client, where it is generated, instead of processing it in a centralized database. Web 3.0, which manages apps and data on intelligent devices like smartphones, smart PCs, and even smart vehicles, is built around this.
The 3D touch
Web 3.0’s 3D graphics capacity gives the virtual horizon a new, immersive dimension by muddying the boundaries between the actual and abstract worlds. Its applications can be seen in several industries, including e-commerce, computer gaming, health, real estate, and museum tours.
A survey by Maximize Market Research projects that overall revenue from Web 3.0 will increase by 35.4% between 2022 and 2029, or about USD 35.12 billion. The intriguing thing about Web 3.0 is that it might be able to solve some of the most pervasive issues of the current Internet Era, like data ownership and privacy, by cutting out the middlemen and allowing people and businesses to interact directly with their audiences while keeping the majority of the profit.
The main ideas of Web 3.0 are decentralizing data use and storage and giving people more power by allowing them to own all of their data. Customers will no longer be subjected to intrusive, difficult-to-skip advertisements and pop-up windows.
Web 3.0 is still tremendously exciting and provides far wider potential despite the murky side that has just been revealed, which will impact all aspects of digital transformation. You will be the one to choose what your objectives are. You’d better get the go-ahead from your IT security, BI, compliance officers, and communication designers to ensure you have a free-flowing Web 3.0 presence that fits the needs of your firm.