The crypto world has been buzzing lately about Web3 (or Web 3.0), but there is still confusion about what exactly it means. This detailed manual will take you on a journey through the source of Web3, the disparities between Web 2.0 and Web 3.0, and the issues associated with Web 2.0 that Web 3.0 holds out to cure.
What Is Web 3.0?
Tim Berners-Lee, the inventor of the World Wide Web, envisaged Web 3.0, also known as the Semantic Web, to be an open, intelligent, and self- sufficient online network that would act like a global brain through the usage of AI and machine learning, so that content would be interpreted conceptually and with context.
Because of the high cost and difficulty associated with converting human language into a form that machines can comprehend, this planned model was not successful.
Following is a list of typical Web 3.0 traits:
- The semantic web is a development in online technology that enables people to produce, share, and connect material through search and analysis. Instead of using numbers and keywords, it is centered on word understanding.
- It uses machine learning and artificial intelligence. The final result is the formation of Web 3.0 to grow smarter and more receptive to user demands. If these ideas are paired with Natural Language Processing (NLP), the result is a computer that uses NLP.
- It illustrates how the Internet of Things connects various devices and applications (IoT). This procedure is made possible by semantic metadata, allowing for the efficient exploitation of all available data. In addition, anyone can access the internet from anywhere at any time without a computer or other smart device.
- It gives users a choice to interact in public or in private without exposing them to dangers through a third party, providing “trustless” data.
- 3-D graphics are used. In fact, this is already evident in e-commerce, virtual tours, and computer gaming.
- It makes participation easier without requiring consent from a ruling entity. It’s without authorization.
It is applicable to:
- Metaverses: A limitless, virtual environment that is 3D-rendered
- Blockchain video games adhere to the NFTs’ ideals by enabling users to possess actual ownership of in-game resources.
- Digital infrastructure and privacy: Zero-knowledge proofs and more secure personal data are used in this application.
- Financial decentralization. Peer-to-peer digital financial transactions, smart contracts, and cryptocurrencies are examples of this use.
- Autonomous decentralized organizations. Online communities are owned by the community.
The Origin of Web 3.0
The concept of Web 3.0 was introduced by Ethereum co-founder Gavin Wood in a blog post he wrote back in 2014, where he speculated on what the future of the Internet could look like. Wood imagined encryption being utilized to create secure digital areas where confidentiality guidelines were honored. He came up with his proposal after Edward Snowden caused alarm over the government’s monitoring activities.
Wood claims that Web 3.0 would enable the general public to view all available data but keep any individual details confidential. The best way to handle privacy procedures would be to employ an automated system that makes decisions based on agreement.
In other words, after he discussed the concept of Web 3.0, there were no quick reactions to it, and it wasn’t until 2021 that blockchain businesses started to take a second look at it. Blockchain firms have given a new meaning to Web 3.0, which they depict as a decentralized web formed by blockchain technology that is managed by its users. Web 3.0 protocols also utilize a token-based economic model.
How Does Web 3.0 Work?
Your data is kept in your web3 digital wallet for cryptocurrency. When using web3, you will be able to access apps and become involved in various online communities using your wallet. As you log off, your data will remain with you. As the proprietor of the information, you theoretically have the option of whether to generate revenue from it.
Having established the principles that we will follow, let us now examine ways in which the components of web3 development can help us reach our goals.
When you make use of sites such as Facebook or YouTube, the companies collect and control the information that belongs to you, as well as making profits from it. The information of yours is kept on your crypto-monetary wallet in the internet realm. When using web3, you can access applications and join groups using your wallet, and when you log out, you can take your data with you. As the proprietor of the information, you possess the potential to decide if you will capitalize on it.
Using a pseudonym can provide a layer of privacy for your wallet, just as owning your data is important. Your wallet is used as your recognition on the web3 system, making it complicated to associate it with your real persona. Given that wallet activity can be seen, no one would be able to tell which one is yours. Neuroth stated that, although his private information is kept out of sight, his actions are observable.
There are services that assist people in linking to the digital wallets containing their cryptocurrency which are commonly used for illicit actions. However, your identity is concealed for daily use.
Despite the privacy wallets offer for bitcoin exchanges, coins like Zcash and Monero provide a completely private transaction. Blockchains for privacy coins allow people to monitor transfers of funds, however they cannot ascertain the wallets that are involved in the transactions.
Web3 will feature decentralized autonomous entities running apps (DAOs). Decisions are no longer given by a single governing body, but instead are made by those who own governance tokens. These tokens can be acquired by participating in sustaining decentralized applications or through buying them.
The CEO of a typical company is responsible for making the alterations that have been accepted by the investors. Token owners of a DAO can cast their ballots on potential changes that will be automatically programmed into the DAO’s software code with the usage of a smart contract after being approved. Everyone is entitled to view the underlying code of a DAO as they are set up in a democratic way.
What Is Web 2.0?
In contrast to Web 1.0, which was made up of a select few creating material for a broad viewership, Web 2.0 features numerous contributors generating more content for an ever-increasing audience. Web 2.0 puts more focus on taking part in and adding to the existing content, rather than simply reading what was already there in Web 1.0.
The main focuses of this Internet form are User-Generated Content, usability, interaction, and improved links with other systems and devices. The user experience is paramount in Web 2.0. This Web form was responsible for setting up social networks, working together, and creating communities. Currently, Web 2.0 is seen as the most widely used way to interact with the web by most users.
The typical traits of Web 2.0 are broken down as follows:
- It includes dynamic content that reacts to user input
- It uses developed application programming interfaces (API)
- It encourages self-use and allows forms of interaction like podcasting, social media, tagging, blogging, commenting, curating with RSS, social networking, and web content voting
- It offers free information sorting, allowing users to retrieve and classify data collectively
- It employs developed application programming interfaces (API)
- It uses developed information; it is used by society as a whole and is not just specific communities.
Main Web 3.0 Features
It is anticipated that Web 3.0 will outdo Web 2.0 in a number of ways. Below is a description of a few key qualities of Web3.
The Blockchain Factor in Web 3.0
Blockchain is essential to the functioning of Web3 networks because of its ability to maintain the core values of transparency, democracy, and internet safety. Blockchain tech allows content producers to generate income from their works using existing token systems, employed in the art, music, and online gaming sectors.
One of the greatest advantages is the utilization of blockchain technology to move away from having centralized, private businesses act as guardians of the web. Organizations like Google and Facebook exercise tremendous control over the internet and have very little competition in providing online material.
It is believed that Web 3.0 will revolutionize the way online services are structured by enabling users to manage their personal systems on the Internet through a network of dispersed nodes. The design will permit all Internet-connected devices to make use of the same computing power and eliminate the need for centralized server systems.
Some companies that utilize blockchain technology for Web 3.0 are already exploring the concept of distributed file storage systems. Distributed, person-to-person data systems are one of the most encouraging answers.
Users are given the opportunity to save portions of files on multiple linked computers. Certain ingenious Web 3.0 activities are using de-duplication approaches to enhance decentralized file-sharing networks.
Artificial Intelligence in Web 3.0
AI and ML will be essential components of Web3. AI and ML will be extremely useful in supplying precise data transmission platforms.
Artificial Intelligence and Machine Learning will also play a crucial role in minimizing manipulations on the web and guaranteeing data protection. The greatest advantage of employing blockchain is that it can be incorporated into networks to improve on-chain activities.
Nowadays, large Internet businesses are deploying artificial intelligence for the purpose of analyzing data. AI and ML applications at an advanced level enable businesses to create a comprehensive representation of their customers’ digital doings to facilitate ad targeting and remarketing. AI systems can gather large amounts of data from customers, including device IDs, IP addresses, locations, and the frequent websites they visit, and use that data to create an overall picture.
Blockchain networks in Web3 will be able to incorporate identity safeguarding features on their decentralized frameworks. AI will permit the gathering of data sets without making people identifiable while still protecting their private information.
AI and ML will be used to detect and prevent cyber-assaults by locating vulnerabilities on the blockchain. This trustworthiness enhances confidence in genuinely inventive decentralized Web3 blockchain designs.
Tokenization and NFTS
Web 3.0 will enable content producers to make money from their creations using tokens. NFTs are being used in the finance and entertainment sectors right now as part of this model. Non-fungible tokens enable devotees and financial backers to purchase digital duplicates of real resources.
They range from rare artworks to music albums. Certain real estate businesses are venturing into NFTs to make it easier for crypto-based investors to complete asset transactions. NFT technology allows for the purchase of fractions of ownership, thus creating collective ownership.
Nowadays, Non-Fungible Tokens are commonly applied in the realm of game-related finance, otherwise known as GameFi. The GameFi field has been the focal point of the shift towards NFTs and has experienced a huge growth in the past few years. Eventually, private venture firms poured a total of $4 billion into GameFi during 2021.
Capital injection is expected to grow multifold in 2022. In January of 2022, around one billion dollars of capital was propped into the GameFi industry.
This emphasizes the expanding trust in tokenization methods of assets among both financiers and users, an imperative factor for the rise of Web 3.0 utilization.
In order to get the technology to reach a larger audience around the world, it will be necessary to improve the functionality and characteristics of the gadgets.
Once web 3.0 technology is fully implemented on the Internet, all websites that have been created using web 1.0 will become outdated.
Web 3.0 technology has superior intelligence, performance, and availability than before. However, the technology isn’t quite ready for general use.
Due to the more open access of personal data and lowered levels of privacy brought about by web 3.0, looking after one’s reputation will be even more critical than before.
What are Web 3.0 tools?
When creating the Web 3.0, Artificial Intelligence, the Semantic Web, and capabilities that can be available everywhere should all be taken into account. The justification for AI comes from the requirement to give people quicker entry to more precise information. A website powered by AI should be capable of sorting through data and displaying the most helpful details that would appeal to a certain visitor. The results from social bookmarking as a search engine can be better than those from Google as they are based on the choices of users. However, humans are also capable of manipulating these outcomes. AI could be employed to differentiate truth from falsity and provide results that are comparable to social media and social bookmarking, without any negative judgement.
Artificial intelligence web technology will be introducing virtual assistants, which are becoming increasingly popular either as components integrated into a device or via third-party apps.
The aim of the semantic web is to arrange and retain information in a manner that can be used to instruct a system regarding the importance of a given piece of data. In order to create and share more effective material, a web page needs to understand language to the same degree as humans. AI can convert data into insight only if it has an understanding of the data.
Is Web 3.0 the future of the internet?
Web 3.0 utilizes Artificial Intelligence, Machine Learning, and the blockchain approach. It is expected to achieve real-world communication. People will be in control of their own data and given remuneration for the hours they devote online. This appears to be something of an advance, and the security and confidentiality of users will be bolstered by blockchain technology. Consequently, if all proceeds as planned, Web 3.0 will be the internet’s destiny.
How do I create a Web 3.0 website?
First, you need to buy an NFT domain name. Next, you can make a website. It is essential to keep in mind that the website can be created utilizing one of these three approaches:
- Use existing templates on website builders.
- Host the website on an InterPlanetary File System Protocol or IPFS.
- Redirect to an existing Web 3.0 Website.
It is predicted that Web 3.0 will emerge as the next step in the development of the Internet, spearheaded by decentralised blockchain technology. It will be fascinating to observe if the projects that are still in beta form will demonstrate enough resilience to make the move worthwhile.