Today, you can find headlines on many resources that blockchain and cryptocurrencies will be associated with Web 3.0. Currently, this is the most popular and favorite topic of many technology experts, crypto enthusiasts and investors. Many of them use the term Web 3.0 to refer to all the innovations that will soon improve the Internet that we currently use.
Analyzing the projects that work in this direction and are listed on Coinmarketrate.com It becomes clear that at the next stage of the development of the Internet, the emphasis will be placed on decentralization, artificial intelligence (AI) and an economy based on blockchain technology and cryptocurrencies.
Why is there a sudden need for Internet development? If we explain this in an abbreviated version, then the need for a new version of the network arose after many users realized that they do not control their own data and depend too much on the rules imposed by third parties.
These are the functions of the Internet that we use today, better known as Web 2.0. To make it easier to understand the chronology and understand what Web 3.0 should improve, let’s go back to the very origins of the Internet.
The first generation of the Internet, or Web 1.0, was used from the 1990s to the early 2000s, when the Internet was seen as a means of democratizing access to information. From the point of view of user experience, the pages were mostly static, without the possibility of creating high-quality content.
Monitor with a first-generation website (web 1.0).
The situation has changed with the advent of Web 2.0, which we now use. Static websites have been replaced by interactive content (which users can create themselves), and millions of people can get quick and easy access. Web 2.0 has experienced exponential growth thanks to innovations such as mobile Internet access and social networks.
Web 2.0 and the problem of centralization
Thanks to the Internet, 2 billion people got access to amazing technologies that made life easier, and many of them were free.
But Web 2.0 has its drawbacks, first of all, the centralization of large companies such as Google, Amazon, Twitter, etc. Technology giants were created in order to bring “order” to the Internet.
Critics say they have gained too much power over time. Centralization has negatively affected startups, creators, and many other groups. Since everyone is present on the channels of centralized companies, their actions and, ultimately, their success depend on the rules dictated by centralized companies.
The simplest example is when Google or Twitter change the algorithm that will affect the visibility of the post. Such changes most often reduce the reach of posts, affecting content creators, businesses and small artisans who have to spend more money on advertising if they want to interact with more people.
Centralization has also indirectly affected many social tensions that we can often observe in discussions on social networks, the explosion of fake news and the appearance of bots whose comments influence public opinion.
All these problems will be discussed in the coming years. It is precisely because of these shortcomings that the need to improve the Internet has intensified, and Web 3.0, combined with blockchain technology and cryptocurrencies, has become a solution that completely democratizes the Internet.
What is Web 3.0 and how it should work
It should be noted that Web 3.0 does not have a precise and structured definition, because we are still in the early stages of development, and a standardized solution has yet to be found that will allow adapting and integrating new technologies into a new network.
Web 3.0 is a term used to describe a new generation of Internet that will use peer-to-peer (P2P) technologies such as blockchain, open source software, the metaverse and the Internet of Things (IoT).
Web 3.0 will build on Web 1.0 and Web 2.0, combining their best features.
What benefits will the user get from the new Internet? Web 3.0 will make the Internet more decentralized and open. Today, users still rely on network service providers to monitor the information passing through their systems.
With the advent of Web 3.0, people will be able to control their own data and use all applications and services from a single account, while all actions will be stored in the blockchain.
Is Web 3.0 the same as Semantic Web?
Semantic web is a term coined by Tim Berners Lee, the man who invented the concept of the World Wide Web, which is why he was nicknamed the “father of the Internet”.
With this term, Berners Lee wanted to describe a new and more effective way by which users will receive more realistic data that can be easily correlated with real life situations.
In Semantic Web, the browser should serve as a personal assistant to users. What will it look like in practice?
Let’s say you want to buy a new TV, and after the purchase you plan to go for a snack. Your first step will probably be to find stores that have the best offer for the type of TV you need. After that, you will search for the nearest cafe.
For all this, you probably would have searched several websites and read a lot of reviews. But a semantic web browser should make a “best offer” based on your previous purchases and interests, location and budget to save you time.
This is a simplified example explaining the idea of the Semantic Web. Many of these functions are similar to what should be in Web 3.0, so experts consider them to be the same.
However, web 3.0 should be more advanced than the semantic web. In addition to the previously mentioned peer-to-peer technology, blockchain, artificial intelligence, Web 3.0 should use elements of the Semantic Web and its web predecessors to provide the most advanced capabilities.
4 Main Elements of Web 3.0
Although there is still no standardized definition, Web 3.0 should have the following features:
Major technology and Internet companies today decide how each piece of information will be ranked and filtered, which content creators will be promoted and which will be banned. Web 3.0 should shift decision-making on such issues to the users (community) through open and transparent mechanisms.
Instead of storing information in a single database (for example, the Amazon database as one company), everything will be stored in several places to ensure decentralization, and the user will decide how his data will be used.
- Registration on the website without additional authorization
The English translation of this function is “without permission” and “without trust”. When interacting with websites and content, you must leave all the information on the central server, and you must re-register for each new page.
“Without Permissions” and “Without Trust” means that you will be able to access everything with a single account. A good example of this practice is digital wallets, which you can easily connect to, after which you can easily use the content of the website.
All applications and websites in Web 3.0 will be able to function in this way thanks to decentralized applications.
- Artificial intelligence
Some artificial intelligence functions are already in use. You’ve probably noticed that when writing emails or chat messages, apps or services offer you pre-prepared forms based on what you wrote at the time.
It is expected that Web 3.0 will be able to understand information like people with the help of powerful and more advanced computers. Web 3.0 will also apply machine learning, a branch of artificial intelligence that uses data and algorithms to simulate how people learn, gradually increasing accuracy.
- Communication with all devices
The shared content will be easily accessible on all devices and in all applications connected to the Internet. The number of devices that could connect to the Internet increased. It is believed that with the advent of Web 3.0, the Internet of Things will also become widespread. Currently, the most famous project in the crypto industry developing Internet of Things solutions is IOTA with the innovative “Tangle” technology.
4 Main Advantages of Web 3.0
There is no central authority
Since intermediaries are excluded from the equation, they will no longer control user data. This reduces the risk of censorship by governments or corporations.
Better information flow
As more devices connect to the Internet in the future, it will be possible to analyze larger datasets, which may eventually help provide accurate information that better fits each user’s specific needs.
More efficient internet search
Finding the best results through a web browser can sometimes take a long time. With Web 3.0, the results of what we are looking for will become more accurate thanks to metadata and understanding the context of what we are looking for.
Today, few people like to be bombarded with advertising at every turn. However, advertising can be useful if it meets someone’s needs. Web 3.0 will use artificial intelligence systems to improve and customize advertising according to user needs.
Blockchain and Internet 3.0 have similar principles, the most important of which is decentralization. But blockchain contributes a lot to the concept of Web 3.0.
One of them is a unique digital identification that provides all users with complete security, as well as transparency in the execution of all transactions.
But perhaps the biggest contribution that blockchain technology would make to Web 3.0 is manifested in the ability to create cryptocurrencies, and especially in using them for payments.
The reason why cryptocurrencies are most often mentioned in the context of payments (along with transparency and security) is low transaction prices and speed.
The cost of paying online will be much easier and cheaper than paying by card or online banking. It will also be convenient for sellers of content, services or goods, as it will initially eliminate the commission for payment service providers.
It is important to emphasize that the cost of transactions made through cryptocurrencies may vary. Many cryptocurrencies have different purposes, therefore, network fees may be different.