Evolution is always boundaryless. We can estimate the depth of this saying by observing the advancements in IT. The tech breakthroughs have left the entire world stunned by their exceptional progress. Whether it is Hologram Technology or Machine Learning, IT is always ahead of our imagination.
When we think the progress has concluded, the factual journey of automation begins globally. The same has happened with the renowned World Wide Web.
We all know World Wide Web (www) was an enormous turn-up years ago. Tim-Berners Lee, a British Computer Scientist (some people call him a computer pro), invented the World Wide Web in 1989, which gave birth to a revolutionary digital world. People know his version of WWW as Web 1.0. However, the later version of Web 1.0, namely Web 2.0, is quite famous globally. A well-known Computer Guru, Darcy DiNucci, did the concept construction of Web 2.0.
You have probably heard about Web 3.0 online, but this concept is new and yet to be implemented. However, we know this will likely change the site-building mechanisms and how people interact with them.
All About Web 3.0
Web 3.0 is a terminology for the next version or iteration of the world wide web (WWW). It will incorporate features like decentralization, blockchain, and token-based economies. The term “Web 3.0” was first coined by Gavin Wood (co-founder of Ethereum) in 2014. Some internet experts suggest that Web 3.0 will provide more online security and privacy of your data.
The actual concept of Web 3.0 is an online space where the internet comprehends whatever you type or speak. The online content you want to consume will be more personalized than ever. Some salient features of Web 3.0 are discussed below.
➜ A Decentralized Version
The integration of blockchain technology will allow direct communication between users. Every user of Web 3.0 will become part of a Decentralized Autonomous Organization (DAO), which will be run and owned by people from its community. So, any central authority, whether government or private corporations, will not control the web.
Web 3.0 intends to put users’ data in its own hands. There will not be a central authority that owns all data. The imagined online space will be like a democratic web version where users will control their data and generate profits based on their content.
➜ Increased Data Security
Popular social media platforms exist to farm data from their users. It is a common malicious practice that many websites steal users’ data and sell it to advertisers. Users cannot do much to combat this exploitative practice. The blockchain-based Web3 will allow users to use their data their way.
New platforms will give users crypto, cash, or tokens in exchange for their data. It will allow more personalized advertising to reach users rather than aggressive advertising these days. The best part is that users can opt out of it anytime.
➜ Better Content Creation Options
The content creators on Facebook, Instagram, and Twitter provide zero compensation for the content created by their users. No matter how much traffic they drive on these sites, there is little-to-no monetization. Platforms like YouTube take more than 50% of the advertising revenue of their creators.
Web3 aims to end this exploitation of content creators by providing them compensation based on upvotes and engagement. Newer platforms will allow users to create content on their sites and earn native cryptocurrency based on engagement with their content.
Advantages of Web 3.0
Web 3.0 is still in the conceptual stage till now, but many of its features are available in our online environment. The best thing about Web 3.0 is its decentralization. It means there will be more freedom in the absence of central authority. Every online service or application will get enabled in a distributive approach.
Following are some advantages of Web 3.0 once it gets implemented,
➜ Personalized Online Browsing
While browsing online, you will get an experience that is tailor-made for you. Newer online platforms will get equipped adequately to recognize what we want to consume online. As a result, we will get a personalized online experience.
➜ Organic Search Results
Search Engines on Web 3.0 will give instantaneous search results by detecting input from users in their native language. Businesses will design their sites more organically, unlike websites of our current online environment which rely solely on attractive keywords.
➜ Decentralized Applications
Web 3.0 will eliminate control of larger companies over the internet, like Google or Meta. As a result, decentralized apps (dApps) will take over the internet, where you will enjoy cloud-based applications without needing to submit your data to them. dApps will use Ethereum blockchains for their online computation and will be open-source.
➜ Decentralized Data Storage
Currently, users can lose access to their data if the primary server crashes. However, Web 3.0 will store its data in separate nodes. It will remove the worry of account suspension or online services disruption.
Shortcomings of Web 3.0
The 3rd generation of the world wide web sounds exciting as a concept, but in practical terms, there are plenty of challenges needed to overcome before it gets implemented. The idea of web3 will require a level of connectivity never seen before.
Web3 has not answered numerous queries about privacy, data storage, conceivable chances of fraudulent practices, etc. Following are some disadvantages of web 3.0 if it is implemented right now, in its conceptualized form.
- Web 3.0 might not be compatible with the devices we have right now. It will require more computation power in our day-to-day devices.
- The blockchain-based online browsing experience will be troublesome to explain to the average user unfamiliar with the working mechanism of crypto and blockchain.
- The user interface is very outdated and complicated for newer users.
- Regulation on Web 3.0 will be challenging in its current form. It could make cybercrimes more regular occurrence and increase the chances of fraud.
- Some internet experts say that the idea of a decentralized internet is unrealistic. Some significant corporations and venture capitalists will still control it.
Want to read more about blockchain? Visit Here.
Frequently Asked Questions
Web3 is not operational yet, as it is just a concept. However, its decentralized work has gained quite a lot of attention globally. If the inventors overcome the flaws of Web3, it can be a big hit.
Web3 or Web 3.0 is an evolution of the World Wide Web. It is the third generation of web networking excessively promoting machine learning features.
We can call Web3 the future of AI as it promotes the machine to user communication. Furthermore, it allows people to interact with the world in a more advanced manner.
Yes, before the official launch of Web3, a few of its applications are working, including Ethereum and Blockchain.
The co-founder of Ethereum and founder of Polkadot, Gavin Wood, coined the phrase Web 3.0 to step into a modern era of Artificial Intelligence worldwide.