WEB 3.0 (or in the more popularly referred to “Web3”) is a somewhat loose set of thoughts regarding how the next web will appear and function. The web is currently in the worlds of Web 2.0 and Web 3.0 The exact form of the web in the near future isn’t yet decided in any way. We’ll look at the concept of Web3 and examine the specific examples of technology that are in line with the Web3 mold.
The Internet and the Web are Different
A crucial fact to know before you start any discussion on the internet is the fact that it’s distinct in comparison to the Internet. Internet is the network hardware and computers that connect the world as well as the internet protocol that describes how these devices communicate to one another. If you’re interested in learning more about the internet’s architecture take a look at Who Owns the Internet? Web Architecture Explained.
Table of Contents
- The Internet and the Web are Different
- The Evolution of the Web: Web 1.0 and Web 2.0 Explained
- The Values of Web3
- Tim Berners-Lee and the Old Web 3.0
- 1. Blockchain Technology
- 2. Cryptocurrency
- 3. Initial Coin Offerings (ICOs)
- 4. Non-Fungible Tokens (NFTs)
- 5. Decentralized Apps (dApps)
- 6. Smart Contracts
- 7. Distributed Computing (Edge Computing)
- 8. Decentralized Autonomous Organizations (DAOs)
- 9. Machine Learning and Artificial Intelligence
- 10. The Metaverse
- Web3 Has Serious Challenges
The internet is a specific kind of service (or group of services) that operates on the internet. It’s the most popular interface for users on the internet However, other services (such like FTP or BitTorrent) aren’t an integral part of it. They share the identical bandwidth.
The Evolution of the Web: Web 1.0 and Web 2.0 Explained
The World Wide Web first came into being around the middle of 1990s. This is now considered to be Web 1.0. The first websites were hosted on a variety of servers. There were servers that were large in the IT department of a business as well as on personal computers of the users. Web content was not until recently centralized to the massive data centers that we have now.
Web 1.0 content was mostly “read-only” static Web pages which weren’t interactive. This means that you would visit a site for information, but not provide it with any information. This is the main difference from web 1.0 or Web 2.0.
With the advent of Web 2.0 the information flow began to flow across both directions. This was the era of social media platforms as well as user-generated content. In this age of social media users upload their pictures or personal data, as well as other information on social media platforms like LinkedIn, Facebook and LinkedIn which everyone can view the content.
Hosting services began to consolidate into data centers controlled by a handful of large tech firms. Web browsers were so advanced that they were able to run web-based applications that had advanced 3D graphics.
The data of users are the top asset for these companies which utilize it to improve sales on their eCommerce platforms as well as sell to third party vendors. The search engine giant Google is probably the most well-known instance. However, other companies such as Microsoft and Amazon invest heavily in central web services that take in personal information and transform it into lucrative data.
The Values of Web3
At its heart, the concept behind Web3 is that it’s a website that’s unsupervised by any of a limited amount of authorities central to the web. The fact that these authorities are either corporations or governments is not important, Web3 (theoretically) puts the data of users and web content in the hands of the users. It also creates the web to let users benefit by directly utilizing their information, and all the money that moves through the internet every day.
Web3 is the name that was coined “Web3” was coined back in 2014 by Gavin Wood, a co-founder of the Ethereum blockchain which we’ll talk about shortly.
Web3 is intended to be a conformity to certain values. In addition, it’s not centralized, and does not be governed by a single authority who has all the data or earns money from it. Web3 software is open-source. This means that everybody is able to see clearly the software and algorithms within the app, without worrying about the danger of getting the backdoors.
In essence, Web3 is a democratized web-based platform based on an open-source software which gives users full control over their personal data as well as the possibility of sharing the revenue generated through their content.
Tim Berners-Lee and the Old Web 3.0
There’s a bit of confusion as another entirely different concept called Web 3.0 was coined by “father of the web” Tim Berners-Lee. It was the World Wide Web Consortium (W3C) described Web 3.0 (the “Semantic Web”) as an extension of web 2.0 as an extension to Web technological standard.
The semantic web might be difficult to wrap your brain about than Web3. However, it comes down to the formal standards for metadata that allow for all sorts of machine-to machine operations. This allows the more semantic understanding of web-based content.
Time Berners-Lee, Photo by Uldis Bojars, CC BY-SA 2.0 via Wikimedia Commons
In actual practice, Web 3.0 hasn’t become a reality, even though modern web technologies can accomplish some of the things which it Web 3.0 idea describes. We’ll not go into more detail regarding the notion of the semantic internet in this article However, it is important to remember that the information you find under the guise of Web 3.0 is about something totally different from Web3 and “Web3” only refers to the topic we’re talking about here.
After we’ve clarified the differences of the Web 3.0 and Web3 Let’s take a look at the web technologies that are regarded as Web3.
1. Blockchain Technology
Blockchain technology is possibly the most significant technology that in the beginning sparked the idea of Web3 which is why it’s probably the most obvious illustration. Numerous other Web3 technologies depend on blockchain technology to function and is the basis to Web3.
To get a more in-depth understanding the blockchain tech, read HDG’s explanation of the technology: What is Blockchain Database? But if you aren’t in the mood you’re looking for, here’s a brief overview of the concept.
A blockchain can be described as a recorder that records transactions. The blockchain is present in its entirety across multiple computers that are scattered throughout the internet. When an additional “block” of transactions is added to the chain the database copies of all databases must be in agreement and be updated. Every transaction is open for the public and are permanent.
Any attempt to alter the database can cause damage to the chain. Moreover, since authenticated replicas of the database exist scattered throughout the internet and no one central authority is able to manage the database. Blockchain technology can be utilized in any way to track transactions, however, the majority of people think of it in relation to cryptocurrency, which we’ll discuss next.
2. Cryptocurrency
Cryptocurrency (also called “crypto”) is decentralized digital money that isn’t governed by any government agency or central authority, like the bank. Cryptocurrency makes use of blockchain technology to track the quantity of currency and who is the owner of what amount of it.
The amount of cryptocurrency available can be increased by “mining,” which provides computational power that allows the blockchain to create new currencies. This is how it works for “classic” cryptocurrencies like Bitcoin. For that of the Ethereum blockchain for instance the end-users pay the “gas fee,” which is paid by Ethereum miners, who are responsible for processing transactions.
3. Initial Coin Offerings (ICOs)
The Initial Coin Offerings are connected to cryptocurrencies since they are “coins” on offer are cryptocurrency. When you come up with a novel kind of cryptocurrency (presumably using an innovative idea) you will require first money to start the process.
Investors who invest money in an ICO are purchasing your cryptocurrency even though it’s worth nothing and hoping, just like Bitcoin and Ethereum the value of the cryptocurrency will increase and earn them a fortune within a short time.
The ICOs can be sold than shares of a company but they don’t confer ownership to purchasers. The worth of the coins is dependent on how valuable the business or the products it sells promise to be. This is the reason why they’ve become very popular among entrepreneurs looking for alternative funding that does not require a bank or angel investors. venture capital.
There’s been plenty of hype surrounding ICOs, however frauds have also been a problem and many have lost funds. It’s because ICOs haven’t yet regulated in the same way as they are regulated by the way an IPO (Initial public offering) does, but anybody is allowed to start an ICO.
4. Non-Fungible Tokens (NFTs)
You’ve probably had heard of before however NFTs are a different important element of Web3. NFTs are in essence a form of cryptography, however each NFT is distinct and can’t be traded with another. This is what the non-fungible portion of the name refers to. NFTs are tied to physical or digital assets in the same manner that the title deed on paper for a house is proof of ownership.
A major issue is that any lawful authority is not required to recognize NFTs which means that ultimately what you’re purchasing currently is the control of the numerals and letters. But when NFT technology advances and gains from legislation, that might be changed.
If you’re looking to learn more about NFTs, take a the look at five apps that can create NFTs on your iPhone and the best way to sell the NFTs.
5. Decentralized Apps (dApps)
When you utilize cloud-based services like Google Docs, you’re using an application that is centralized. Google can access every single piece of information contained in your documents, which means that it can access it all and even control it. However, the trade-off is that we can keep our documents on the cloud and quickly work with other users and benefit from a vast list of additional cloud-based apps.
But what if you were able to benefit from cloud services without having to submit to an authoritative authority? This is where decentralized applications or “dApps” come into the scene. The majority of dApps utilize the Ethereum blockchain for their online computations and thus computation is paid for with Ethereum “gas” fees.
But, dApps are in compliance with Web3 specifications to be publicly open-source, free, and secure by cryptography. This means that dApp users have control over their information and can access it, while using cloud-based computing to execute whatever purpose that a particular dApp was designed to perform. If you’re interested in knowing the dApps accessible, visit the Status of the Apps that list the top ones.
The Ethereum blockchain was built to be compatible with Web3 technologies right from the bottom to the top and has an incorporated JavaScript library known as Web3.js to help developers begin their Web3 projects swiftly.
6. Smart Contracts
If you purchase a vehicle today and then take out a loan from a bank there’s a great deal of paperwork to be completed. The bank creates the contract with you, which outlines what rights and obligations both sides have. In the terms of the contract, when you are in default of your payments the bank is required to apply specific actions (such as repossessing your car) in accordance with the agreement.
Smart contracts are able to perform exactly the same thing, however they don’t need an authority central to enforce or supervise any aspect. Everything is done automatically, according to the rules and the logic in the agreement.
Smart contracts allow you to offer financial services or create legal agreements between two parties at a lower cost approach than traditional contacts. They also are more fair and aren’t able to be altered after they are they are activated.
As with every contract smart contracts are only as useful as the logic and terms that are contained within it. However, assuming it is fair one and a smart contract can be enforced in a fair and impartial manner.
7. Distributed Computing (Edge Computing)
Edge computing is about providing online service and data as close as they are being requested or created as much as is feasible. Edge computing is the exact opposite to “Big Data” computing in huge central computer centers, where edge computing takes place in the very edge of the network.
For instance, data could be processed locally on your PC, before being transmitted to a central server for aggregation. This allows you to combine the power of your devices that are located at the edges of your network into a gigantic supercomputer decentralized. There are millions of IoT ( Internet of Things) devices collecting data from factories, smart homes, as well as retail shops, having the computer power and processing capacity to handle the information is a major issue. Edge computing can help to meet these demands reduce bandwidth usage, and respond to information requests in a short time.
8. Decentralized Autonomous Organizations (DAOs)
An organization, similar to an organization, whether it’s a charity or a business is a centralized structure. It has command and control by management and executive at every level , to manage every person who are involved in the work that needs to be accomplished.
A DAO eliminates the entire structure. There is no CFO, CEO or something similar to that. Everyone in the organization is able to make a decision and determines how much money is transferred from the Treasury and what it is spent on.
The rules of the organization are encoded with the help of a revolutionary contract technology that is stored in an unrestricted (aka trusted) blockchain. There’s no need for bureaucratic and costly departments that traditional businesses have built to keep things running. DAOs make it nearly impossible to perpetrate fraud because each transaction’s history and transaction is available to the public,
9. Machine Learning and Artificial Intelligence
In the last couple of years, we’ve witnessed the explosive growth of machine learning technologies and other fields of Artificial Intelligence. Smartphones are loaded with these advanced technologies and that’s how apps like Siri from Apple Siri operate. With the help of Natural Language Processing (NLP) You can talk directly to an intelligent computer and they’ll understand the query you’ve made.
Machine learning is also utilized to process huge quantities of data in real-time to anticipate our behavior and needs. With the Internet of Things (IoT) devices, we now have smart connected devices all over the world. This provides many opportunities to collect data and create something useful out of it.
Let’s examine services like Wolfram Alpha, which makes use of artificial intelligence in order to create knowledge from data. We can get a glimpse of the possibilities of a democratic web that has accessible data to all could look like.
10. The Metaverse
The Metaverse is a different concept that is not well-defined that appears to connect and overlap with Web3 concepts, should they ever be realized.
The Metaverse is a concept of what the future web interface will appear to be. It heavily relies upon virtual reality (VR) in addition to Augmented Reality (AR) to give a consistent and seamless user experience.
In the Metaverse the digital objects that you own merge with the natural world while you are interacting with the internet in a more real way. It’s similar to the world of Ready Player One, but perhaps a little less futuristic.
Web3 Has Serious Challenges
The third-generation of the web is exciting on paper, but real-world issues are preventing it from realizing its potential at most in its basic and idealistic version. Web3 is a new high level of connectivity that’s not been previously seen in the world of internet. While the current web may be but nothing compares to the massive amount of nodes that are involved within the Web3 scenario that is focused on a decentralized internet.
But, the main issue with Web3 isn’t one with technology but one that is a matter of the political system. There are serious concerns about privacy. While it is open to scrutiny by the public What innovative methods of fraud and manipulation do it allow? Are we able to completely disengage from central authorities? Web3 is so revolutionary in its concept that it could be a while before we are able to answer these questions. In some instances, the dangers of abandoning established and tested systems could be too risky for experiments.