Web3 is the 3rd generation of Internet services for web pages and applications. It will focus on the use of machine-based data understanding to provide a semantic Web. The ultimate goal of Web 3.0 is to create smarter, more connected, and more open websites.
It is not implemented yet, so there is no clear definition. To give you an idea, making the transition from the original web, from Web 1.0 to Web 2.0, took more than ten years. That said, it is expected to take as long, if not longer, to fully implement and reshape the web with 3.0.
But not everything will take so long to arrive. There are some technologies that will define this new web that is already being developed. For example, smart home appliances using wireless networks and IoT are examples of how Web 3.0 is already impacting technology.
When did Web 3.0 Emerge?
Web 1.0, also known as the World Wide Web, appeared first. Most of us will remember those days when connecting to the Internet was a very noisy process. Web pages were static and took forever to load.
As more people began to use the Internet, its potential it had begun to be understood. For this reason, new infrastructures were created to promote it. The Internet became faster and empowered heavier applications and websites, which gave rise to the era of social networks and platforms such as Netflix, YouTube, and Amazon.
On the other hand, Apple’s Siri and Alexa are examples of Web 3.0, since they combine artificial intelligence with voice recognition. This network is still developing and there is still a long way to go.
Benefits of Web 3.0
Now that we know what Web 3.0 is, let’s see some of its benefits:
Reliability
This network will provide creators and users more freedom in general. It will ensure that the latter always have control over their online data by using decentralized networks. The next version of the Internet is also expected to be more reliable given its decentralized nature, which eliminates the possibility of a single point of failure.
It’s for Everyone
It does not need to be controlled by a single entity. The largest companies may no longer have full control over the Internet. As a result, decentralized applications or apps cannot be censored or restricted in any way.
The Personalization of the Internet
We will also be able to personalize our browsing experience because this type of website will be able to understand our preferences. This will also allow us to plan and direct more productively.
Allows Sellers to Sell Better
Sellers will be more aware and better understand our purchasing needs and will show us those products and services that we are interested in buying with the help of artificial intelligence. This will allow us to see better, more relevant ads that are more likely to be beneficial to us.
Why Web 3.0 is Important for the Company
The impact of Web 3.0 on companies will take place in different ways. For one, it will make them highly user-centric and more transparent. Everything that was incorrect in terms of user data will undergo a total transformation.
Traditional and new businesses alike will happily adopt Blockchain technology and all the possibilities it brings. You will see that your applications will receive blockchain updates in which everything will be made public and accessible.
Web 3.0 will bring about a major change in how the Internet works by focusing on user privacy. In fact, this is a problem that has been discussed for a long time but has not been effectively solved. Web 3.0 uses blockchain technology, unlike Web 2.0, which takes advantage of the Internet to develop applications.
Web3 and Blockchain
For now, the application of Web 3.0 is limited to blockchain and cryptocurrencies. Web 3.0 applications are built on blockchain — decentralized networks of numerous peer-to-peer nodes. These applications are called Decentralized Applications, or dApps. In Web 3.0, there are no central regulatory authorities. The network relies on users — they create, govern, improve, and maintain a specific project and get rewarded for their efforts. Depending on a network, users can provide different services:
- Computation power
- Storage
- Bandwidth
- Hosting, and similar.
In other words, users will provide all the services that used to be provided by internet or cloud service providers.
Cryptocurrencies based on Web 3.0 are decentralized, have smart contracts, and automate transactions. Blockchain technology has gained considerable traction recently. It is speculated that it will show progress most prominently on the Internet.
Those who have a working knowledge of blockchain will also be able to grasp Web 3’s concept. The system is based on the concept of a completely decentralized, interconnected network system, where readers, writers, and owners can connect to each other.
So web3, whether in the crypto world or not, is the technology of the future that will make our Internet experience better and easier.