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Web 3.0 is the next evolution of the internet which utilizes blockchain technology and the tools of decentralization.
Although there are multiple explanations, there is no universally accepted definition of what Web 3.0 is. To give you a better insight, let’s take a look at the evolution of the World Wide Web, from Web 1.0 to Web 3.0.
Evolution of The Internet
Web 1.0 (1991-2004)
Between the years 1991 and 2004, the internet was just a bunch of static pages which just showed results of searches.
With Web 1.0, there was no interaction between users and posts, no analytics and no ads. Results were just there to read.
Web 2.0 (2004-present)
This is the second generation of the internet. With this version of the internet, we witnessed a huge evolution. With Web 2.0, not only did we get information from the internet, but it also started getting information from us.
As we viewed different apps and web pages, they collected data about us and used it to improve their content to benefit us, which would make us stay on their pages longer which meant more money for them. They also sell this information to advertisers.
Web 2.0 facilitates interaction between users and websites. Driven by mobile, social networks and cloud technology, Web 2.0 users can read and write content on websites and apps and distribute it between sites.
People often bring up the lack of privacy Web 2.0 brings about, which brought up the concept of Web 3.0
As earlier defined, Web 3.0 is the next evolution of the internet which utilizes blockchain technology and the tools of decentralization.
The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
With this new generation of the internet, users hold control over their data and content and they can decide to trade them without losing ownership, risking their privacy or relying on intermediaries.
Web 3.0 relies heavily on blockchain technology, machine learning and artificial intelligence.
It will give users control over their online data.
Features of Web 3.0
1. It is Decentralized:
instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
2. Everyone has access to it:
everyone has equal access to participate in Web3, and no one gets excluded.
3. It makes use of native payments:
it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
Benefits of Web 3.0
- You have full ownership over your data and content and if you wish to share them with businesses, you can make money from it.
- Blockchain-based Web3 will connect companies directly with customers, and there will be few or no central authorities that will receive a share of earnings from electronic transactions.
- Improved data processing
- Web 3.0 doesn’t require the control of a single entity. Larger businesses may no longer have complete control over the internet. As a result, decentralized apps, also known as dApps, cannot be filtered or limited in any way.
Limitations of Web 3.0
- It will be inaccessible to less advanced gadgets
- With the freedom Web3 brings, there is the possibility of illegal or hateful things being posted online.
- The neural network also makes it simple for anybody to obtain access to the public and private information you provide online.
- Newbies might have a hard time understanding the concept.
- Existing websites will need an upgrade: As Web3-based websites and applications become popular, the pressure will come on existing businesses to upgrade. They will be under pressure to upgrade their digital offerings so that they don’t lose their captured market.
Web3 gives you ownership of your digital assets in an unprecedented way and allows for direct ownership through non-fungible tokens (NFTs).
There are a lot of upsides and downsides to this third generation of the internet and although Web2 is not completely out the window, we are seeing the introduction of the Web3 concept with things like NFTs, cryptocurrency and Decentralized Finance (DeFi) and we are looking forward to how the world evolves with it.