Remember the time when we are signing up for a website, social media, or any app, we have to agree to the terms and conditions. Sometimes we even agree to collect our personal information like Name, email, passwords, and even location information.All these just so that centralised companies can keep track of our activities on the Web and profit from them in the form of Marketing and advertisements and even selling out people’s personal data.
If we didn’t want to share our data, Users had no choice but to agree with them. We all have been through this. That was the era of Web 2.0.Gone are the days now for Big Companies like Facebook and Instagram. People have evolved, and the modern Web has certainly evolved as well. With the advancements of Web3 Technologies, the Internet will be much more innovative and intelligent, thanks to the Evolution of AI.
It’s high time for you to take your business into the web3 space. Hire the best web3 development company to accelerate your business success in the rapidly changing tech savvy world.
In this Blog, we will explore everything about Web3 in detail. How the Web has evolved, where’s it going next, and why this matters. Further, we will also analyse how web3 gives power back to its users instead of Centralised companies.
Web3 ( Web 3.0) Meaning: What is Web3?
Put simply, Web3 is referred to as the third Generation of the Internet, focusing on Decentralization with the use of technologies like Blockchain. At the same time, enabling the creation of decentralised applications (also known as dApps) and smart contracts.
If you want to go by the Definition, “Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web, which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
Evolution Of Web – Web 1.0, Web 2.0, and Web 3.0
To better understand how Web3 works, let’s put the evolution of the Web into these three categories :
- Web 1.0 – static and one-dimensional Web (Read Only)
- Web 2.0 – interactive and user-centric Web (Read-Write Only)
- Web 3.0 – finally, a decentralized and autonomous web (Read-Write-Own)
Lets Deep Dive into all of these:
Web 1.0: Static Read-Only Web (1990-2004)
Web 1.0 (also known as WWW at that time) was invented by Sir Tim Berners-Lee in 1989 at CERN, the European Organization for Nuclear Research in Switzerland. The vision was to create a Semantic Web, which wasn’t implemented due to hardware and technology limitations.
The Web 1.0 era was Static Pages and Websites owned by companies and Content creators with zero to no user interaction. For example, Think of it as reading a newspaper or a magazine. Content is static, and only the publisher can choose what or what not to publish. Users, on the other hand, can only read it.
Because of this limitation, Web 1.0 Can only be used for passing information with images or text using Static HTML. Making money out of it wasn’t viable.
Web 2.0: Dynamic Read-Write Web ( 2004-Present)
The emergence of Social Media platforms like Linkedin, Orkut, Twitter, and Facebook paved the way for Web 2.0 ( Web2 ). Now Users are able to create and share their content over these platforms. Web 2.0 created a boom in the Internet as more and more users started joining the Internet and connecting socially.
Facebook and youtube are the best examples of web 2.0 sites. They are also called Social Web. Another example would be Web Forums where different users have discussions or debates. This is how Web 2.0 works.
Over time this shift gave rise to new earning opportunities for creators. They could now monetize their content over platforms like Google and Youtube. This certainly gave rise to the Advertising Revenue model.
Problems With Web 2.0 ( Web2 )?
Privacy: Like I stated earlier, the major issue with existing web technology is privacy and personal data. Companies collect and use our data to gain money from advertising, sometimes selling out personal information. There have been many allegations of data theft and privacy breach on companies like Facebook, Google, etc.
Ownership: Suppose you are the content creator on Youtube or any Money making platform. You give your time and energy to grow your audience and earn income. One day Youtube decides to ban or Delete your channel. All your hard work and time become useless. Another big problem with the current Web is that we do not have control over our data.
Addictions: Remember what I said about “Big companies collecting our data.” The role comes into play. Collected data targets ads and filters content based on one’s particular interest. This further leads to brainwashing someone’s choices and beliefs or even mental health issues.Spread of misinformation, Cyberbullying, Filter bubbles, and So on.
The list is long, but these were significant issues I had faced personally.
Web 3.0 – Decentralized Read-Write-Own Web
To tackle all the above challenges in the modern Web, Web3 is introduced. Web 3.0 helps in the Decentralization of the assets. Unlike previous generations, Web3 does not store data on a single database, server, or central entity. Data is stored on nodes or in different blocks connected through chains (called blockchains).see the below.
Why is Web3 important, and How will Web3 benefit our lives?
Users will no longer need to use aged authentication methods such as 0auth and email + passwords or other Web 2.0 social logins, where they had to rely on third-party for identity verification. In Web3, each user’s identity is tied to their specified wallet address, such as Ethereum wallet, Metamask, Trezor, Trust Wallet, etc.
This enhances trust and user privacy. That is why Web3 is known as the Future. There is no fixed answer to When web3 will be launched as it’s not a single product but a next generation of the Internet. Its mass implementation and adaptation still need to overcome many hurdles, like substantial capital investments and a need for more developers and Web3 technologies.
How is Web 2.0 Different from Web 3.0 (Web3)?
Web2, also known as the “static web,” is the current version of the internet we use today. It’s characterized by centralized servers, limited user interactivity, and a lack of privacy and security for users’ data. Web2 is dominated by big tech companies like Google, Facebook, and Amazon, who control the majority of online content and user data.
Web3, on the other hand, is the next evolution of the internet, often referred to as the “decentralized web.” It’s built on top of blockchain technology and is designed to be more secure, private, and user-centric. Web3 enables peer-to-peer interactions and transactions without the need for intermediaries or middlemen, which reduces costs and increases transparency.
Additionally, web3 provides users with more control over their data and online identities.
To sum up, the key differences between web2 and web3 are centralization vs. decentralization, limited interactivity vs. peer-to-peer interactions, and lack of privacy and security vs. enhanced security and privacy.
To understand the difference, Follow the below Web2 vs. Web3 Chart :
|Decentralization||Centralized,Web 2.0 is controlled by companies and central entities||Decentralized, not controlled by a single entity.ensures privacy|
|Security||Relies on central authorities and is vulnerable to hacks Mainly Google and Social logins||Uses advanced encryption techniques and is more secure because of blockchain technology|
|Transparency||Data is controlled by companies and not always publicly accessible||Transactions are recorded on a blockchain, which is publicly accessible and cannot be altered by entities|
|User Control||Users have limited control over their data and how it is used||Users have more control over their data and can decide how it is used|
|Interoperability||Applications and services are siloed and don’t always communicate with each other.Cannot transfer data between different apps or platforms.Users have to recreate or reupload||Applications and services can communicate and interact with each other therefore enabling data and assets like NFTs transfers easy.|
|Innovation||Limited opportunities for innovation and disruption||A platform for innovation and creativity, with new decentralized applications and services being built regularly.|
|Examples||Web 2.0 examples include Facebook, Twitter, Google||Web3 Examples include Ethereum, IPFS, Filecoin and other cryptocurrencies|
Key features of Web3
The Key features of Web 3.0 technologies include :
Decentralization: Web3 is a decentralized network that any single entity or organization does not control. Instead, it is built on top of a decentralized blockchain network maintained by a global community of users.
This means no governance over customer data.
Being Secure and Trustworthy: Web3 is built on a foundation of trust, with transactions recorded on a transparent public blockchain that cannot be altered. This creates a more secure and trustworthy online environment. Web3 uses advanced encryption techniques and protocols to protect user data and prevent hacks and other security breaches.
Use of Smart Contracts: Web3 allows for the creation of smart contracts, self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This enables automated transactions and eliminates the need for intermediaries.
Interoperability: Web3 allows different applications and services to communicate and interact, creating a more seamless user experience. This interoperability also enables new types of dApps to be built on top of existing ones. It is an open network, with anyone able to participate and contribute to its development, thus creating a democratic online ecosystem.
Tokenization: Web3 allows for the creation of digital tokens that can be used to represent assets or value on the network. This enables new decentralized finance (DeFi) application types and innovative use cases.
Metaverse and Virtualisation:AR and VR technologies in Metaverse With Web3 architecture make virtual environments more realistic and engaging, increasing commercial possibilities.
Web3 is the third generation of the internet that will change our online experiences forever. Whether we will completely shift to decentralized web or not is a question of the future. But one thing is sure that web3 is here to stay.
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Is Web 3.0 the same thing as the metaverse?
Web3 and metaverse are two different things. Web3 is the third generation of the internet which will make our internet decentalized and more transparent.
While metaverse is a subpart of web3 which is currently a rising trend in the world. Metaverse is virtual reality or virtual world that replicates the elements and experiences of the digital world.
Is Web 3.0 the same thing as the semantic Web?
No, Web 3.0 and the Semantic Web are not exactly the same thing, although they are related concepts.
Web 3.0, also known as the “decentralized web,” is the next generation of the internet that aims to build a more secure, private, and decentralized web infrastructure. It is based on the blockchain technology, which provides a decentralized and trustless environment for data and applications.
On the other hand, the Semantic Web is a concept that was first proposed by Tim Berners-Lee, the inventor of the World Wide Web. It refers to an extension of the web that enables machines to understand and interpret the meaning of data and information, allowing them to make intelligent connections and perform more sophisticated tasks.
How are Web 3.0, Blockchain, and AI related?
Web3 blockchian and AI are interrelated to one another. Blockchain and AI are the futuristic technologies that power the development of web3 services, products and solutions.
Is AI part of Web3?
Yes, AI (Artificial Intelligence) is considered to be a significant part of Web3. With the increased use of blockchain technology, decentralized autonomous organizations (DAOs), and smart contracts, AI can help facilitate more efficient and accurate decision-making processes. Additionally, AI can assist in analyzing large amounts of data on the decentralized web, helping to make sense of the information and provide valuable insights.
How to invest and make money from Web3?
To invest and make money in Web3, you can buy cryptocurrencies, invest in Web3 startups, participate in Web3 protocols, and learn new skills. However, it’s important to note that investing in Web3 involves risks, and it’s crucial to do your research and invest wisely.
How will Web3 change the Future?
Web3 is a type of decentralized web that will change everything we do online. By establishing a decentralzied, transparent, trustless, permissionless and secure internet and its related services, web3 is sure to change our future. Further, web3 is a semantic web that will lay the foundation of smart web applications capable to understand and respond in human language.