In 2014, Web3, or Web 3.0, was used for the first time by Gavin Wood, the founder of Parity Technologies. Tim Berners-Lee, who came up with the idea for the World Wide Web, first called this new group of Web technologies the Semantic Web. It wants to build a more free and decentralized internet with a bit of style.
People think that Web 3.0 will put an end to data monopolies and centralized platforms. Blockchain decentralization is one of the most important goals of Web3. Customers will have full control over their data, which means they can choose who gets to see what information to make money.
How Web3 is not the same as Web2
In Web2, a few centralized authorities run and take care of the platform, the cloud, and the way applications are shared. In Web3’s Edge framework, P2P communication and distributed processes are becoming more common. Web2 makes it easy to use government-issued fiat currencies like the Indian Rupee to buy things. Cryptocurrencies, or encrypted digital currencies like Tether, Ethereum, and Bitcoin, can be used to pay for purchases and other stuff in Web3.
Databases are an important part of Web 2.0 because they store and organize information about websites and their content. The fact that a blockchain can’t be changed is used in Web3. Web 2.0 made it possible for sites like Facebook and Twitter to become popular. Web3 will help the Meta worlds combine augmented reality, virtual reality, and real life.
Key Things About Web 3.0
Web3 brings a new way for online businesses and services to be regulated. These are called “decentralized autonomous organizations” (DAOs). A decentralized consensus mechanism is used to decide what to do in both DAOs and blockchains. Due to Web 3.0, decentralized financial services that don’t use traditional banks are expected to keep growing. This will have big effects on the international monetary system.
By encouraging the web3 development to use blockchain technology and smart contracts, decentralization will make it possible for applications to be spread out across the Web 3.0 ecosystem.
Most likely, decentralization, automation, and intelligence will still be important parts of what comes after Web 3.0 as it grows.
Information about users is encrypted and kept safe by this system. This keeps big tech companies from getting access to or using private information about people.
By combining semantic skills with how people process language, computers can understand information as well as people do. This lets them get faster and more accurate results. This way, they learn more about their customers and make them happier.
Aside from personal computers and cell phones, almost any device can be used from anywhere at any time to access the World Wide Web and its information and services. Web 2.0 is already common in many ways, but the rise of IoT devices will take it to a new level.
Distributed IT Architecture
Edge computing does not process data in a central location. Instead, it collects, stores, and analyses data near the client, where it is made. This is the basis of Web 3.0, which manages apps and data on high-tech devices like smartphones, desktop computers, and cars.
The blurring of the line between the real world and the abstract world that 3D graphics make possible in Web 3.0 gives the virtual world a new immersive dimension. It is used in e-commerce, computer games, health, real estate, museum guides, and many other places.
Changes Web3 Will Bring in the Upcoming Decade
Maximize Market Research says that between 2022 and 2029, Web 3.0’s total income will grow at 35.4%, coming close to USD 35.12 billion. The most interesting thing about Web 3.0 is that it might be able to solve some of the most important problems of the modern Internet age, like data ownership and privacy, by getting rid of intermediaries and letting users and businesses talk to each other directly and keep most of the money they earn.
Web 3.0 is based on the idea that data storage and use should not be centralized and that people should be given more power by giving them ownership of their data. Users will no longer have to deal with annoying ads like pop-up windows and other ads that are hard to close.
Web 3.0 is exciting and gives us much better options that will affect all parts of digital transformation. It’s up to you to decide what you want to do. To ensure your Web 3.0 presence meets your business needs, you should ensure your IT security, BI, compliance officers, and communication designers are on the same page.