Technology is constantly changing, and the term Web 3.0 has become widespread, especially now that we are at a turning point in the development of the Internet. In addition to data decentralization, Web 3.0 boasts its ability to accurately interpret all queries both conceptually and contextually. However, its potential has been criticized for falling short of its ideals and a massive paradigm shift from Web 2.0. So what exactly is Web 3.0 – and how will it change the tech industry and cryptocurrencies in general?
What is Web 3.0?
In short, Web3 (or Web 3.0) is the third generation web. It is permissionless, decentralized and has a code design taken from open sources. Simply put, Web 3.0 processes information with human-like intelligence using artificial intelligence (AI) and machine learning without relying on centralized platforms for data sharing. Web3 users participating in governance protocols own a stake (token or cryptocurrency) that represents their ownership in the decentralized network. All governance token holders have the right to vote on changes to be implemented on the network.
Although the concept is not new, Tim Berners-Lee, the inventor of the World Wide Web, developed a concept for the Internet called the Semantic Web, later renamed Web 3.0. In principle, the Semantic Web is an autonomous, intelligent and transparent Internet. Its proponents and developers aim to create a network of interconnected data in a decentralized structure that is different from its predecessors, Web 1.0 and Web 2.0, in which data is primarily stored in centralized repositories.
Web 3.0 cannot have a single and simple definition, but we can define this structure by the following key features.
No need for a trusted party or permissions
Web 3.0 avoids access to permissions through decentralization and the use of open source software. Without the need for centralized permissions, users can interact without having to go to central authorities to access services of their choice. Virtual transactions between participants do not require an intermediary. In other words, user privacy is more secure without the intervention of intermediaries.
Unlike its predecessor applications, Web 3.0 applications are built on blockchain networks where nodes govern, contribute, maintain and improve the decentralized network. Instead of deploying an application hosted by a single cloud provider, decentralized applications (DApps) built on Web 3.0 are distributed and stored in multiple locations at the same time. Therefore, data is managed without a central control node or single point of failure.
decentralized web
Decentralization is the core idea of Web 3.0. In today's Internet, the HTTP protocol requires information to be hosted in a single location or on a single server. This single source of information represents a potential point of failure or point of control.
Decentralization places information in more than one place and prevents or limits the possibility of control or censorship. Blockchain technology provides a permanent and immutable record of digital assets.
Artificial Intelligence
Web 3.0 will improve the current state of computers. Computer scientists will continue to develop concepts for the Semantic Web so that computers learn to use information in the same way that humans do. The Semantic Web is an extension of the existing World Wide Web that uses information with well-defined meanings. The purpose of the Semantic Web is to allow people and computers to work together - in voice, text or other interfaces.
Natural Language Processing (NLP) is a branch of computer science that gives computers the ability to understand written and spoken words. Growing out of early applications such as spell checking or autocomplete, natural language processing uses advanced algorithms to enable computers to read, understand, and extract meaning from words and phrases.
Use cases for NLP include spam filters that check incoming emails. Amazon's Alexa and Apple's Siri have voice and text interfaces. Researchers continue to use machine learning and NLP to process unstructured information, such as detecting fake news.
Machine learning uses algorithms to help machines learn the way humans do. The combination of technological advances - AI, NLP and the Semantic Web - is developing the intuitive capabilities of computers far beyond those we use today.
A Brief History of Web 1.0 and Web 2.0
Web1.0
Origins of the Internet were laid Tim Berners-Lee when he was a computer scientist at the wonderful European research center CERN. Lee wrote the core technologies of the Internet: HTML, URI/URL, and HTTP.
- HTML - HyperText Markup Language - is the leading formatting language on the web. It allows you to create a unified markup system.
- URI and URL - Uniform Resource Identifier (and Locator) - provides a unique address by which each resource on the Internet can be identified.
- HTTP (HyperText Transfer Protocol) is a hypertext transfer protocol that supports retrieving related resources from anywhere on the Internet.
The era known as Web 1.0 began with the advent of web browsers such as Netscape Navigator. Web 1.0 consisted of static web pages stored on servers. Users enjoyed fetching pages, getting new things like email, and news. The early web had few interactive features until online banking and trading gradually became available.
As the popularity and use of Web 1.0 grew, innovation and development expanded the range of web pages, adding dynamic and interactive features, albeit in small numbers. However, Web 1.0 offered little to no room for user creativity.
Web2.0
Web 2.0 is the current version of the web. Compared to Web 1.0, it marked a change in fundamentals, fundamentally changing how the Internet was used.
Technological advances have turned the static web pages characteristic of Web 1.0 into interactive, socially connected, and user-generated content. From the early days of Web 2.0 to the present day, companies have followed a familiar path. At the first stage, the application is developed and launched. The company then works to recruit a large group of people. During this process, user data is collected and the database is monetized to generate revenue.
Web 2.0 can be described as an interactive read-write network and social web. User-generated content has become a major departure from Web 1.0. The design of most Web 2.0 applications allows anyone to manage the software or develop content. On today's Internet, anyone can write and share a thought, post a video for the world to see, and interact on social media platforms like Twitter or Facebook.
The ongoing evolution of Web 2.0
Today, millions of users design and create content in various forms, including text, graphics, and video. The Internet's explosive growth in Web 2.0 is due to its wide distribution of user-generated content that can come from a variety of devices such as tablets, iPhones, and Android devices.
Mobile phones support continuous interaction and communication with applications that provide rich online communication and interaction, such as Facebook (Meta), Twitter, TikTok and Instagram. Companies such as Airbnb and Uber are also using Web 2.0's enhanced interactive capabilities to promote their business models.
Companies may use a wide range of web technologies or languages, such as HTML5 or JavaScript. Developers can use languages to create applications that allow users to interact on the existing web. The widespread use of company applications has led to the accumulation of data and information about users. These accumulations or databases become marketing tools or are used as tradable assets.
The exploitation of data through advertising, data sales and marketing has become a massive global enterprise. The loss of control over user data has led to the emergence of an entire industry of personal data protection software. Centralized servers that store huge databases, in turn, are objects of unauthorized use and control.
Web 2.0 evolved as users took advantage of the many benefits of social networking, e-commerce, and individual capitalism. The rapid growth of the Internet has led to the emergence of dominant platforms with huge revenues. Among the largest web companies are Google, Facebook (Meta), Apple and Amazon. The dominant Web 2.0 companies are among the largest companies on the globe by market capitalization. No less impressive than their size is the surprisingly young age of these companies. Of the top tech companies, Apple is a retiree in his mid-45s, Amazon and Google are in their mid-twenties, and Facebook is a teenager in their mid-17s.
Today, Web 2.0 is a system dominated by big technology companies monetizing databases. As a result, Web 2.0 has centralized authorities that require permissions, and users consequently lose control over user data. The original vision for the WWW was much more user-centric and democratic.
How Web 3.0 relies on NFTs and DAOs
Fireproof tokens and cryptocurrencies can qualify participants for blockchain governance roles and special status. Web 3.0 relies on cryptocurrencies and NFTs to create systems of value. For example, protocols may use NFTs as voting shares or for other policy and decision-related privileges. For example, Twitter can use tokens to reward helpful tweets and comments. Reddit has experimented with using tokens to authorize control over virtual property in communities on the site. Posts and comments can earn points associated with upvotes or downvotes on a particular topic.
Decentralized Autonomous Organizations (DAOs) are Internet-based organizations owned and operated by their members. A typical DAO makes decisions by group voting during certain election periods. DAOs are flexible, functioning as networks for freelancers, charities, and venture capital pools. Owning your own DAO token is generally a way to join the community and participate in decision making and governance. To fulfill the conditions of membership in the DAO, smart contracts are used.
The DAO framework offers many unique benefits. Membership is available and governance is exercised by majority vote from the bottom up. DAOs support pooling of funds or assets by sharing risks and rewards. There is no conflict between agent and client, or conflict between CEO and stakeholders. Community governance provides a unified voice. Thus, when the DAO votes on a decision, there is no need to be distracted by either side acting in their own interests and not in the interests of the group.
Pros and Cons of Web 3.0
The original vision for Web 3.0 was that it would be a semantic web where humans and computers would work closely together. Machine learning, artificial intelligence, and semantic web concepts will continue to make computers more accessible by incorporating text, voice, and other interactive capabilities.
Web 3.0 will continue to grow in new areas of use and ease of use for users. With a greater focus on utility, Web 3.0 will evolve in a different direction than Big Data-centric Web 2.0. With Web 3, large technology companies can modify their products to include user freedom.
Decentralization, permissionless access, and greater connectivity will take Web 3.0 far beyond the existing web system. User access and control will expand as people need fewer interactions with major platforms. Users will have greater control over their data and the benefits derived from its use or sale.
Potential traps and pitfalls are also significant. Government regulation will be more complex in a decentralized web structure. Issues such as misinformation, disinformation and hate speech will be more difficult to control and prevent without centralized platforms. Business models will change to include more decentralized features than Web 2.0.
A decentralized web will create complex relationships with governments as activities cross physical borders between countries. Disputes that may arise may involve the laws of more than one state.
What will happen after Web 3.0?
If we trace the history of the development of web technologies from 1.0 to 3.0, we can see that they are increasingly integrating computers into our business, social interaction and everyday life. Web 3.0 promises to bring humans and machines into a close and harmonious relationship of tasks, communications, and dependencies.
So far, people are interacting with the Internet, defining their needs and desires, and computers are learning to understand and execute commands. The next step could be immersive environments, where computers participate in the creation process, guide the best course, and perform extensive and complex sets of actions.
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