Content Developer Associate at almaBetter
Web 3.0 is a term that is making headlines worldwide. You’ve probably heard or read about it, especially if you are interested in blockchain, cryptocurrency, and the future of the internet. What exactly is Web 3.0? Is there a Web 2.0 and Web 1.0? And how will the Web 3.0 Internet transform social media and provide a possibility for decentralized ownership.
In this blog, we will talk about the history, the present, and the future of the Internet.
Imagine the Internet and the crucial landmarks of how people have interacted with it since the advent of the World Wide Web. This journey unofficially diverges into three generations known as Web 1.0, Web 2.0, and Web 3.0.
The Web 1.0 era was mainly one-way media consumption where users would browse the internet to consume data and then leave as there was no easy way to share, react or engage.
Web 2.0 and the evolution of social networks like Facebook, Twitter, and YouTube changed this dynamic completely, steering towards an era of two-way communication, with the added prospect of user-generated content, which could be quickly distributed.
The significant difference between Web 1.0, 2.0, and 3.0 is the level of involvement between users. With Web 1.0, users were restricted to viewing static pages.0. On the other hand, Web 2.0 allowed users to create and broadcast their content. Web 3.0 allows users to engage instantly by enforcing smart contracts.
Web 3.0 is the next evolutionary step for the Internet. It is a decentralized online backdrop built on the blockchain at its most basic level. It will allow users to own platforms and apps developed on Web3 rather than a central authority. Users earn their privilege by building and maintaining the services.
Data Privacy is the key issue with the current state of the Internet. Social media networks have been collecting and exploiting user data for advertising revenue. We are already aware of the net worth of social media companies which is proof of how much they have earned through selling personal information. Web 3.0 will change the Internet for the better by introducing decentralization.
For example, content creators on decentralized social network platforms can retain greater control of their digital essence while being rewarded for their valuable contribution to the platform.
The perfect example of Web 3.0 is a cryptocurrency, a decentralized currency that is not governed or controlled by a single government. Cryptocurrencies are managed by the people using and minting them in a simultaneous process.
The next significant element of Web3 is blockchain, the backbone of cryptocurrency. Blockchain will also be used to verify and validate ownership of digital assets soon. Moreover, just like NFTs (non-fungible tokens), other blockchain-based technologies are expected to develop where only verified content owners will gain monetary advantages from the assets.
Web 3.0 is also expected to transform how monetization and marketing work on a larger scale, with Artificial Intelligence (AI) powering tech like Natural Language Processing (NLP). This technology makes interacting with computers more like interacting with fellow humans.
-New Beginnings- Many experts believe that Web 3.0 will begin from scratch. Rather than using HTML as the primary language, it will rely on a new unidentified language. The experts believe that starting from scratch might be easier than improving the current web.
-Data Ownership- End users will regain total control of their data while profiting from encryption security. On a case-by-case and permission basis, information can then be shared.
-No Single Point of Control- Because mediators are eliminated, blockchains such as Ethereum provide a trustworthy platform with unbreakable rules and completely encrypted data.
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There’s no telling when the shift to Web 3.0 will be observed. It could be swift or a gradual one that perhaps we’re already experiencing right now. Either way, Web 3.0 is anticipated to alter how the web works, how we interact with it, and what we use it for in the future.