Web 3.0

Web 3.0 or Web3 is an idea for a new era of the World Wide Web based on blockchain technology, which is built on decentralisation and token-based economics.

source: simplynull

Web 3.0 is the third generation of the internet where websites and apps will be able to process information in a smarter way through technologies like machine learning (ML), Big Data, decentralised ledger technology (DLT). They will process the information in a 'human like' way.

The ultimate goal of Web 3.0 is to create more intelligent, connected and open websites.

Defining features of Web 3.0 include:

1. Decentralisation, Trustlessness and Permissionlessness

2. Artificial intelligence (AI) and machine learning

3. Connectivity and ubiquity.

Web 1.0 (1989 - 2005)

Also known as static web, offers limited information with minimal user interaction. No algorithms, and hard to find relevant information

Web 2.0 (2005 - present)

Also known as the social web, there was increased level of interaction thanks to an advance in web tech like Css3, HTML5 and Javascript. We started seeing interactive web startups like Youtube, Facebook and Wikipedia. Social networks followed as there was interoperability and data sharing between various social platforms and applicatoins

Innovations such as smartphones, mobile Internet access, and social networks have driven the exponential growth of Web 2.0.

The phenomenal revenue growth of these dominant platforms has made many of the Web 2.0-centric companies—such as Apple, Amazon, Google, Facebook/Meta, and Netflix—among the world’s biggest companies.

Web 3.0

The future of the web, this stage sees the internet as more intelligent and able to process information with a human like intelligence by utilising machine learning, AI systems and smart programs to assist users. Web 3.0 will automatically interface with systems, home device and users whilst content creation and decision making will involve machines as well as humans. We will see highly tailored content and more intelligent creation of content.

“No permission is needed from a central authority to post anything on the web, there is no central controlling node, and so no single point of failure...and no ‘kill switch’! This also implies freedom from indiscriminate censorship and surveillance.” - Tim Berners-Lee in 1990

In a 2001 paper, Berners-Lee discussed the concept of what is now known as Web 3.0 in what he referred to as the Semantic Web.

Decentralisation

Web 2.0 stored data for websites on huge servers, typically at a fixed locations. Web 3.0 is different, because information would be found based on its content, it could be stored in multiple locations at the same time and would be decentralised. This decreases the control held by Internet giants like Facebook (now Meta) and Google and would hand greater control to users.

With Web 3.0, the data generated by users different computing resources, including mobile phones, desktops, appliances, vehicles, and sensors, will be sold by users through decentralised data networks, ensuring that users retain ownership control.

Trustless and Permissionless

Trustless means that the network will allow participants to interact directly without going through a trusted intermediary. Permissionless means that anyone can take part without the authority of a governing body. To achieve this, Web 3.0 application will run on blockchains or decentralised peer-to-peer networks. These decentralised apps are called dApps.

Artificial Intelligence (AI) and Machine Learning (ML)

Machines will understand information in a human like way. Web 3.0 will also use machine learning, which uses data and algorithms to imitate how humans learn, gradually improving its accuracy. It is a type of artificial intelligence.

Ubiquity

Web 3.0 will be everywhere - as the interconnectivity with applications and everyday devices grows.

Potential of Web 3.0

Semantic web would allow computers to decipher meaning from content that's created which would create a streamlined and tailored experience for users.

Decentralisation and permissionless systems would give users control of their data in a way that transforms web 2.0 business models. Now individual users will get paid for their personal data as opposed to the tech giants. This will break the monopoly that tech giants have by exploiting advertising and marketing practices.

No more central point of control which puts power into the hands of the users

Uninterrupted service as theres no centralised server to rely on

Interaction with dApps and Defi - Web 3.0 wallets like Metamask enable interoperability and innovations.