The Upcoming Amazing World of Web3
Web3 (also called Web 3.0) is an idea for a fresh version of the World Wide Web that incorporates concepts such as decentralization blockchain technology and token-based economics.
Envision an altogether new sort of web that precisely deciphers your feedback, yet in addition understands each word you type, through voice, text, or some other medium that guarantees that the data you consume is more customized to your requirements than ever before. We are near the start of a new era in the development of the internet. The early pioneers of the web called Web 3.0.
Background Beside Web3:
Let’s start with knowing the History of the Web.
The World Wide Web (“WWW”, “W3” or, simply, “the Web”) is a global information medium that users can access via computers connected to the Internet. Tim Berners-Lee(Co-Founder and CTO of Inrupt.com) invented the World Wide Web while working at CERN (European Organization for Nuclear Research) in 1989, applying the concept of hyperlinking that had by then existed for some decades. He invented his first Web server, the first internet browser, and an application for formatting documents, known as Hypertext Markup Language (HTML).
After releasing Markup Language in 1991 and releasing the source code for use by the public in 1993, a variety of web browsers were developed with Marc Andreessen’s Mosaic (later Netscape Navigator) which was particularly easy to use and install and is often credited with igniting the Internet explosion in the early 1990s. It was a graphic browser that ran on a variety of well-known home and office computers and brought multimedia content to people who are not technical by incorporating text and images within the page.
AJAX programming provided interactive content to users, which led to a new era of Web design, which was dubbed Web 2.0. The popularity of social media, which was becoming more commonplace in the decade 2010, allowed users to create multimedia content without programming expertise and made the Web an integral part of our lives.
Presently, Web 3.0 is in process and is gaining attention due to its distinctive and multi-talented properties. Web 3.0 also known as Web3 represents the 3rd generation of Web3. While it is still a work in progress and a concept of an open, decentralized web that is more useful for users.
Terminology of Web 3.0:
“Web3” is a term coined by “Web3” was invented by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, refers to the concept of a “decentralized online ecosystem that is based in blockchain”. By 2021, the concept of Web3 became popular. Particularly, interest grew towards the closing of the year 2021 largely due to interest from cryptocurrency enthusiasts and investments from prominent technologists and corporations.
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CEOs of the venture capital company Andreessen Horowitz traveled to Washington, D.C. in October 2021. Just to push the terminology for the possible solution to issues regarding the regulation of the internet that policymakers have been wrestling with.
How Web 3.0 Works?
Web 3.0 is the upcoming third generation of the internet in which apps and websites can process data in a human-like manner. Using technologies such as machine learning (ML), Big Data, Decentralized Ledger Technology (DLT), and many more. It’s still in the process of being defined, so there isn’t yet a definitive term that is universally accepted. However, what is certain, is the fact that Web 3.0 will have a significant emphasis on applications that are decentralized and will heavily rely on blockchain-based technology.
Potential of Web 3.0:
Web 3.0 will have the potential to provide users with more value, going beyond streaming, social media, and online shopping which comprise the majority of Web 2.0 applications consumers use. The capabilities of the Semantic Internet, Artificial Intelligence(AI) as well as machine learning, which form the heart of Web 3.0, have the potential to dramatically increase applications in new areas as well as enhance the user experience.
The fundamental capabilities included in Web 3.0, such as decentralization and permission-less systems will also allow users more security over personal data. However, decentralization brings the risk of significant risks to the law and regulation. Crimes like hate speech, cybercrime, and false information are difficult to control and increase when a system is decentralized due to the absence of central oversight.
Cryptocurrency, Blockchain, and Web3:
Cryptocurrency refers to any kind of currency that is digital or in virtual form and utilizes cryptography to safeguard transactions. They don’t have a central authority for issuing or regulating and instead use an independent system to keep track of the transactions of customers and to issue fresh units. It’s a payment system that doesn’t depend on banks to confirm transactions.
It is a direct peer system that allows anyone from anywhere to make transactions. Instead of being actual money that is carried about and traded within real-life Bitcoin payments function as digital entries into an online database that outlines specific transactions. When you transfer funds to cryptocurrency these transactions are stored in the public ledger.
Cryptocurrencies are based on a public ledger, also known as the blockchain. It is a record of transactions, which is maintained by the holders of currencies. Cryptocurrencies are generated through the process of mining, which requires computers to solve complex mathematical problems to generate coins. Customers can also purchase currencies through brokers, and later save and use them with cryptocurrency wallets.
Relationship of Both with Web 3.0
As the Web 3.0 networks are operating, they will use decentralized protocols. Which are the foundation blocks of cryptocurrency and blockchain technology. It is possible to expect an intense synergy among these technologies as well as other areas. The three technologies are interoperable and seamlessly integrated by smart contracts, and utilized to power everything including micro-transactions in Africa and P2P data that is censorship-resistant storage and sharing through applications such as file coin, to changing how businesses conduct their business.
Features of Web 3.0:
To fully comprehend the next phase in the evolution of internet technology. We have four major aspects that are part of Web 3.0:
- Semantic Web
- Artificial Intelligence
- 3D Graphics
The internet of the future will provide an enhanced and personalized surfing experience. There will be a more intelligent and more human-like search engine. And other decentralized advantages that will hopefully aid in creating an equal web. This is achieved through empowering each user to have a greater say over their data, as well as giving users a better overall experience due to the myriad of innovations that will be available when it’s in place.
Just like the decade, 2010 was the decade in which Web 2.0 became the dominant influence in the culture and business landscape. And now it could be the time for Web 3.0’s time to take over in the 2020s. The name change of Facebook to Meta in October. 28th, 2021 could prove to be a sign that the transition toward Web 3.0 is picking up momentum.