The Internet as we know it is arguably one of the greatest inventions since Graham Bell’s telephone invention and is constantly evolving. The advent of blockchain technology is resulting in the transformation of the modern-day Web into the third-generation internet also known as Web 3.0.
Web 3.0 aims to provide a more intelligent and connected web experience by incorporating a machine-based understanding of data. It facilitates storing data securely across a vast network of devices eliminating the need for centralized servers. Thus, becoming an omnipresent virtual present virtual entity.
Even though web 3.0 has not yet made an official entrance, the digital era is about to undergo a major transformation as a result of technological improvements.
Before diving into how web 3.0 will transform the digital world, let’s have a better understanding of its meaning, how it works, and its features.
Evolution of the Web
During the initial days of the World Wide Web, the internet was confined to only research-specific work. Since then web technology has been constantly evolving bringing new tools and technology to recruiters.
With time, these evolutions have been termed Web 1.0, Web 2.0, and the upcoming Web 3.0.
Invented by Sir Tim Berners-Lee at CERN in 1989 Web 1.0 is also known as the static web which was the basic form of the internet. Web 1.0 is the first phase of the internet which was a military computer network – ARPANET used by the Defense Department of the US. This term describes the ‘shop-front’ websites of the past that provided a static, limited, and read-only web experience to the users.
Web 1.0 consisted of technologies like HTTP, HTML, and URL. Such technologies have been a reliable source of sharing data despite being highly decentralized and providing hyperlinked content. As a result, Web 1.0 is also known as Syntactic Web.
This is the present version of the internet that we are most familiar with. By the late 90s, websites were undergoing an explosive transformation along with the advent of more custom-made services.
It evolved from its predecessor by providing interactive platforms instead of read-only access websites. Also known as the read-write web or social web, Web 2.0 in its last stages provided interactive websites and apps that enhanced communication and online services.
Moreover, users can read and write content easily on website and applications and distribute it seamlessly across sites with the help of mobile, social networks, and cloud technology.
For instance, Social media platforms like Facebook (Meta) and Twitter allow you to create your own profile, share files and interact with each other on a large scale. Likewise, Search engines and blogs became major attractions.
However, major tech giants like Meta, Youtube, and Twitter own most of the user data on the internet. As a result, it has accelerated data privacy concerns, data monetization, and power centralization.
Hence, the need for a decentralized Web 3.0 is on the rise, now more than ever.
What is Web 3.0 Technology?
As discussed earlier, the overt centralization of user data by a handful of tech giants has resulted in the need for Web 3.0.
It is undeniable that web data volumes are growing faster than ever before. Studies suggest, that in 2020 alone, 2.5 quintillion bytes of data were generated on daily basis, and 40% of that was machine-generated.
IP traffic will grow three-fold from 2017 to 2022 at a compound annual growth of 27%.
Web 3.0 or the third-generation Internet is the new upgrade of the World Wide Web. Though still in the development phase, Web 3.0 has the potential to disrupt the entire digital world.
In the present version of the internet, data is highly centralized. Leveraging blockchain technology, Web 3.0 allows users to have control over their data without losing ownership or risking privacy.
Using state-of-the-art technology Web 3.0 has developed to read, write, and execute phase, where users can interact with content. Thereby, providing a more personalized user experience.
Furthermore, concepts like the semantic web and technologies like machine learning and artificial intelligence enable Web 3.0 in making more intelligent and adaptive applications.
How does Web 3.0 work?
While web 1.0 and web 2.0 laid the foundation of the World Wide Web with Hypertext Markup Language (HTML), the foundation for web 3.0 is blockchain. It will revolutionize the modern-day internet by transforming data connection and data storage.
A blockchain network is constructed by linking blocks of data to one another in the form of a chain. Once a block is filled with data it is connected to the previous block in that timeline in an iterative process.
Due to this reason, data alteration or tampering is nearly impossible. Thus eliminating the centralized system of control and ensuring the security and privacy of user data.
Web 3.0 is built on this decentralized nature of blockchain technology while integrating the latest technological features to provide users with a personalized experience.
Features of Web 3.0
It is the core feature of Web 3.0. One of the main objectives of Web 3.0 is to eliminate the concept of centralization of data.
Previously computers used HTTPS to search information stored at a static location on a single server. Whereas Web 3.0 uses multiple locations to store and distribute data.
2. Artificial intelligence and Machine Learning
With technological features like Artificial Intelligence and Machine Learning, Web 3.0 computers study large amounts of data in order to make informed decisions.
It imitates how humans learn by using data and algorithms to imitate how they learn in Web 3.0. ML is a branch of AI that uses data and algorithms to improve accuracy over time.
3. Semantic Web
The Semantic web is an extended form of the World Wide. In the semantic web, computers are capable of understanding data by extracting information via descriptors.
By using semantics, web apps can better understand the meaning, emotions, and hidden patterns. For example, a semantic web will consider the text “happy” and “ 🙂 ” the same. As a result, this will provide users with a near-similar experience of conversing with a human.
Furthermore, IoT technology will add a whole new level to web 3.0 with its wide range of applications and smart devices.
Check out our blog on how IoT is revolutionizing the healthcare care industry.
4. Permissionless and Trustless
Besides being decentralized and featuring open-source software, web 3.0 is also trustless and permissionless. Web 3.0 allows participants to interact directly eliminating the need for trusted intermediaries or the approval of governing bodies.
5. 3D Graphics
The third generation of the internet focuses deeply on bringing the virtual world to the same level as the real world. Implementing technologies such as Augmented Reality (AR) and Virtual Reality (VR) along with 3D Graphics will help make web 3.0 more spatial.
Online shopping, museum guides, hotel booking, and other geospatial applications are a few examples that could greatly benefit from web 3.0.
In web 3.0, data is decentralized meaning information can be accessed through multiple devices besides computers from any location, at any time.
Web 3.0 Applications
Despite being a brand new concept, the deployment of Web 3.0 is benefitting various industries. Some of the best web 3.0 use cases are:
Non-fungible tokens or NFTs are unique tokens stored on the blockchain platform using a cryptographic hash. The hype for NFTs in the past couple of years has grown at an exponential rate.
OpensSea is one of the largest NFT marketplaces with a trading volume of more than $20 billion.
Decentralized finance is a popular use case of blockchain in financial services. DeFi makes financial transactions possible with the help of smart contracts. Eliminating the need for a central governing institute or any intermediaries.
Cryptocurrencies play a major role in turning the decentralized vision of web 3.0 into a reality. They are web 3.0 applications that aim to break free from the traditional fiat currency.
Bitcoin is one of the most famous and trending decentralized digital currencies.
Decentralized applications or dApps are a type of distributed open-source application that runs on a p2p network. They generally operate via smart contracts on a distributed ledger system.
Decentralized Autonomous Operations provide structure and governance to organizing entities for web 3.0 services.
6. Cross-chain bridges
A cross-chain bridge facilitates communication between closed-off blockchain protocols and allows digital assets to cross-chain borders. They are essential interoperability solutions in the blockchain space.
Advantages of Web 3.0
1. Data ownership
No more monetizing and exploiting user data. Web 3.0 gives its end users full ownership and control over the data.
2. Personalized user experience
Users can choose the option to share specific data with businesses and organizations for monetization. Moreover, by analyzing habits, internet usage, and user preferences web applications can adjust accordingly providing a more personalized experience to users.
3. Increased efficiency
Searching and accessing data is now possible at the touch of a click. Integrating with IoT-enabled devices allows easy access to data instantly.
4. No need for intermediaries and increased transparency
Customers will be able to interact directly with companies through a blockchain-based internet. Instead of centralized institutions, web 3.0 will provide trustless and decentralized networks.
The decentralized feature allows users to track their data along with the ability to view the source code of platforms. Access to data will not be reliant on intermediaries.
5. Improved marketing
Using core technologies like AI and ML, businesses can gain useful insight into buyers’ activities and spending patterns. Allowing businesses to promote products efficiently and wisely and providing buyers with relatable advertisements.
Disadvantages of Web 3.0
Web 3.0 uses top-of-the-line technologies such as blockchain, AI/ML, semantic data, 3D graphics, and others. Therefore, you need to update your devices to surf the internet.
Moreover, existing websites that run on web 1.0 or older web 2.0 versions should update to keep their business running.
According to some expert opinions, decentralization will hinder monitoring and regulating Web3. You must also make necessary security upgrades before jumping to web 3.0.
Codesis Bottomline: Web 3.0 disrupting digital industries
Since the beginning of web 1.0, the internet has been in a constantly evolving state and it is constantly growing exponentially. With the new generation of the internet right around the corner, the world still lacks a basic understanding of Web 3.0 and how it will transform industries.
At Codesis, our web development team of experts is always in sync with the latest technologies and solutions. We deliver products integrated with cutting-edge tools and technologies to help you stand out in the market while streamlining your operations and increasing efficiency.