Web 3.0 explained

Web 3.0 explained

Web 3.0, which is a possible future version of the internet based on public blockchains, has gained the attention of many due to its attractive decentralized nature. Unlike the traditional internet where consumers access services through intermediaries such as Google, Apple, and Facebook, Web 3.0 gives individuals the power to own and govern sections of the internet themselves.

It is noteworthy that Web 3.0 doesn’t require permission nor trust, which means that the central authorities don’t get to decide who accesses which services, and an intermediary is not necessary for virtual transactions to occur between two or more parties. As a result, user privacy is technically protected better, as intermediaries and agencies are responsible for most of the data collection.

Moreover, Web 3.0 is home to decentralized finance or DeFi, a component that is gaining popularity. DeFi involves conducting real-world financial transactions on the blockchain without the involvement of banks or the government. Interestingly, major corporations and venture capital firms are investing in Web 3.0, resulting in some form of centralized power. With the evolution of the web and the immense attention given to Web 3.0, it’s crucial to understand what Web 3.0 is used for, its importance in the crypto world, and where it’s heading next.

The evolution of the web

The World Wide Web has revolutionized the way billions of people convey, share, read, and write information, as well as communicate with others over the internet. Its applications have been continuously evolving and are now dramatically different from its initial days. It’s awe-inspiring how the web has transformed into a plethora of tools and services to enhance our day-to-day lives.

The web’s evolution has been divided into three stages: Web 1.0, Web 2.0, and Web 3.0. Web 1.0 was the initial phase with static pages, while Web 2.0 featured dynamic pages and user-generated content, where users could create accounts, comment, and share content. Web3.0, on the other hand, has gone beyond this and introduced personalized content, natural language search, and smart communication where the web learns the user’s preferences and adapts accordingly. This highlights how the web has emerged from a simple tool to a more complex network of resources.

What is Web 1.0?

During the early days of the internet, the first version of the World Wide Web was introduced, known as Web 1.0. This version was commonly referred to as the Syntactic web or read-only web in which most of the users were restricted to consuming content rather than contributing to it. Primarily, web developers were responsible for building websites, which were delivered mainly in text or graphic format. This version of the web was prevalent from 1991 to 2004.

The websites during this period were primarily static and did not have many features that are currently available. Web 1.0 sites delivered data in a static file system rather than using dynamic HTML or a database to deliver content. Due to the limitations of technology during this time, there were minimal or no interactions on the web pages. This version of the web laid the groundwork for future versions that provided more dynamic and interactive experiences to users.

What is Web 2.0?

The internet has come a long way since its inception. Most of us have only experienced the current version of the web, which is commonly referred to as Web 2.0. This version of the web is interactive and social, also known as the read-write web. Being a developer is no longer a prerequisite for participating in the creation process of the web. Many applications are designed to be user-friendly so that anyone can become a creator.

With Web 2.0, people can share their thoughts and ideas with the rest of the world with ease. Those who have a passion for creating videos can upload them to platforms like YouTube, Facebook, Flickr, Instagram, Twitter, and other social media sites and make it available to millions of others globally for viewing, interacting with, and commenting on.

Thanks to the vast array of web technologies like HTML5, CSS3, and Javascript frameworks such as ReactJs, AngularJs, VueJs, and others, companies can develop new ideas that allow users to contribute and engage more with the Social Web. Today, developers only need to design a mechanism that enables and engages users because the Web 2.0 is designed to enable users to become co-creators of the content they consume.

Consider how different prominent apps like Instagram, Twitter, LinkedIn and YouTube were in their early days compared to how they are now. All these companies go typically through the following procedure:

• The company launches an app.

• It enrolls as many people as possible.

• Then it makes money off of its user base.

When it comes to popular apps, the user experience can often be incredibly smooth. This is because many developers initially focus on building a sizable user base before concerning themselves with making money. However, the pressure to monetize can eventually lead to compromises that impact the quality of the app.

For example, when a company raises venture capital to build an app, its investors typically expect a significant return on investment. This often results in the company focusing on two main paths to generate revenue: marketing and data sales.

Many Web 2.0 companies rely heavily on user data to drive targeted ads, resulting in potential breaches and privacy concerns. Despite this, users have little control over how their data is collected and stored by these platforms. Governments can also interfere with centralized platforms, shutting down servers or seizing bank accounts in times of political instability. While Web 3.0 aims to address these issues, it is clear that the world of digital applications still has a long way to go in terms of balancing user experience with privacy and security.

What is Web 3.0?

Web 3.0 has opened up a world of groundbreaking and exciting opportunities, with many labelling it as the “Semantic Web.” This new era of the internet officially kicked off in 2010, and we’ve since seen an array of innovative and transformative developments emerge.

Perhaps one of the most impressive changes that have arisen as a result of Web 3.0 is the extensive capabilities of artificial intelligence and machine learning, allowing computers to analyse data in ways that were once only possible for humans. This has subsequently led to more intelligent and personalised content distribution, catering to the individual needs of each user.

In addition to these incredible developments, there are significant differences between Web 2.0 and Web 3.0 that are worth mentioning. The decentralisation concept has been at the forefront of both, but in Web 3.0, this is taken to a whole new level, with the majority of applications being built on blockchains.

This makes them more decentralised in nature and often run on peer-to-peer nodes. Decentralised apps, or DApps, are increasing in popularity every day, with the potential to reward developers for creating and maintaining a technologically advanced and safe decentralised network, potentially transforming the internet as we know it in the process.