The world of the internet as we know of today is about to enter into a ground-breaking revolution that is going to change the way we perceive and intake information. While today’s worldwide web is characterized by social media and online marketing, the new version of the internet will be more evolved. Pioneers of the world of technology call this computerized advancement Web 3.0 also known simply as Web3 in short. Snoop Dogg Is Now The Official Owner Of Death Row
One of the defining features of this new type of internet will be its ability to curate tailored information based on the data that you feed it with. This could vary from text searches to media or voice notes. If you are feeling that you are already familiar with technology like this, then you are absolutely right. Experts say that such applications and features already exist in some devices around us. However, they are still in their early stages waiting to be upgraded to a level where they can work flawlessly.
We might have to wait a few more years until we get to witness the full potential of Web3 applications. While we wait for it to be embedded in the web infrastructure, let’s take a look at what it aims to offer us:
How can one define Web 3.0?
Originally known as the Semantic Web by Tim Berners-Lee (inventor of the world wide web), this third-generation internet aims at adding a touch of humanness to the existing technology. Website and apps in this realm will be able to process, analyse and present data with the help of technology like Machine Learning (ML), Decentralized Ledger Technology (DLT) and Big Data.
These words might already have given you an idea of how is this going to be made possible! Decentralization, contrary to the pre-existing property of centralized repository in Web 2.0; will help users store data that will stay interconnected.
On the other hand, AI and the semantic web will help in better understanding of information which in turn will be helpful in the fruitful conclusion of results arising from the user query. In short, machines will be able to interact with and comprehend data as humanely as possible.
The advent of Web 3.0 in the modern age
Although 2021 was notable for the imminent boom in discussions and interest around Web 3.0, the idea was already born in 2014. That particular year, Ethereum co-founder, Gavin Wood coined the term “Web 3.0”.
The newfound interest in this upcoming technology was a result of enthusiasm that spiked when cryptocurrencies started making huge profits. As decentralization and token-based economic (tokenomics) form an integral part of the mechanics centred around this third-generation internet, high profile investors, technologists and companies started paying more attention to its recent developments.
Journalists and experts in the field have often compared it to the version of the internet that we know of today, i.e., Web 2.0 saying how it aims to create more transparency in data. With decentralization will come the eradication of companies (referred to as ‘Big Tech’) where data used to be centralised earlier. Resultantly, instead of these centralised organisations, smart contracts will control the transaction of user data.
Now that you have learned what essentially differentiates this new internet version from the pre-existing ones, let’s take a look at an earlier version of the same for a better understanding:
History and evolution of the World Wide Web as we know it today
As it’s clear from above that Web 1.0, Web 2.0 and Web 3.0 are different versions of the internet throughout history.
The period from 1991 to 2004 is referred to as Web 1.0 where most websites were static webpages. Its usage was centred mostly centred on production rather than consumption.
Web 3.0 or the smart web as I would like to term it uses more powerful technologies like AI and blockchain to offer you something that can have cutting-edge applications in various fields. The evolution of this internet has resulted in near-human-like intelligence that consequently enables clever creation and brilliant interface with other systems.
What does Web 3.0 aim to do?
Since Web 3.0 is still in the early stages of its evolution, renowned software company Bloomberg describes its purposes as “hazy”. However, here is a more defined list of things that developers are working at. Various experts aim to look at it from different angles and hope for it to satisfy the expectations that they have in view.
- Generation of tokens as a form of financial assets into any online activity is one of the main purposes that Web3 will be built for
- Upliftment of Decentralized autonomous organizations will be another area of focus
- Developers will also prioritise decentralization. Blockchain technology for the benefit of cryptocurrencies and NFTs will be another major concern.
- The technology also aims to solve the issue of identification wherein self-sovereign identity will be the new normal instead of a third-party authentication system.
To add to this it might not be entirely necessary that Web 3.0 application would overthrow Web 2.0 sites. Either these platforms may continue to run side by side with the new generation applications or simply incorporate the base of these technologies in their existing design for smooth functioning.
Key Characteristics of Web 3.0
To really understand the next stage of the internet, we need to take a look at the four key features of Web 3.0:
Ubiquity which in general means the ability to be present everywhere at all times, is a technological feature that we have already experienced with Web 2.0 applications. While the current technology allows data to be present at the end of our fingertips, Web 3.0 will be able to take it a step further by adopting this in not just devices like your phone and computer but an array of smart devices that will make living and performing tasks easier. Examples of these can already be seen in instances where you would say, “Alexa play a song for me”.
Encoding semantics or a deeper understanding of words will provide Web 3.0 with the capacity to generate responses that are even more accurate and customized to user needs. Imagine when your computer will be able to decode what you’re actual emotions are and eventually offer you a more enhanced experience.
Spatial Web and 3D Graphics
Apart from that, Web 3.0 will also pave the way to a world where physical and digital objects have very blurred boundaries. Also called the “Spatial Web” by futurists, 3-D virtual worlds will be the new craze that subsequently will lead to a more immersive experience in the gaming world. However, experts say that instead of restricting itself to this field, it will also expand its influence in real estate, health, e-commerce and much more.
You might think that AI is not a relatively new technology so why are we including this in our list. To be more accurate, although Web 2.0 uses AI to bring you better experiences, it is not as efficient as you would expect it to be. In fact, it often leaves room for nefarious activities and immoral behaviour. With a more advanced form of AI in the spin, Web 3.0 aims to present you with the best filtered and authentic data as possible untainted with corrupt tasks.
Pros and Cons of Web 3.0
We all know how our world is dominated by social media thanks to Web 2.0 applications, Now, with the advent of Web 3.0, developers are aiming to level this up by improving user interaction to a new level.
On one hand, where AI and the Semantic Web aim to enhance human experience multifold and consequently, increase its application across various sectors, decentralization plays a major role too. In fact, combined with the permissionless system where users have rights to the personal data stored over the internet, the entire technology becomes way more powerful, safe and secure for usage.
While the safety of data would be a concern that will get minimized to a great extent as rigorous marketing practices slow down, this technology could be an open invitation to some new problems. Cybercrime and all other such degenerate activities like hate speech and more will be even more difficult to regulate in the absence of a centralised body. Lawlessness and immoral behaviour might take over in the ambiguity of rules that one should adhere to. This argument is something that must be treated with its fair share of attention for a successful new generation of the internet.
With an aim to elevate the web surfing experience by employing a smarter and more efficient AI technology, Web 3.0 is sure to be the version of the internet that takes the world by storm. From customised browsing through the semantic internet to establishing an equitable web and freedom of sovereignty over data, prepare yourself to dive into a far richer and diverse world of the world wide web.
Innovations in devices incorporated with Internet 3.0 through IoT technology continue to be more than ever before. It is only a matter of time when devices not only become an integral part of our lives but something that we come to rely on throughout every waking moment.
Web 3.0 is all set to give the most discernible boost to the IoT economy. From your light bulb to your daily mode of transport, it is all going to be a part of the computer that interacts with its autonomous server and decentralized application. Blockchain technology will hold a new power that we all witnessed a small part of in 2021 as digital assets become even more valuable than real-life objects. In conclusion, Web 3.0 is not just a revolution of the internet but virtual reality as we know it.