Web 3.0 has become a buzzword and as technology advances, there are more and more people curious about it than ever. Here are the top 10 questions about Web 3.0 answered.
What is the History of Web Technology?
In 1989, Tim Berners-Lee invented the World Wide Web as a CERN employee in order to meet the automated information-sharing demand. Three fundamental technologies (HTML, URL, and HTTP) became its foundation which was followed by web browsers. Web 1.0 and its static web pages followed and were replaced by interactive Web 2.0.
So when will Web 3.0 be released? While there are early-stage applications in existence today, Web3 has not been implemented. However, it may take just as long as its predecessors to transition to Web 3.0.
Web 1.0 vs Web 2.0 vs Web 3.0
Before we dive into Web 3.0, let’s talk about its predecessors. Web 1.0 (read-only) was the first of the World Wide Web versions and was known for its few content creators but various consumers. There was little interaction between sites and users which is why Web 1.0 is known as an information portal where web users were content with passively receiving information on static web pages and would be happy with simple emails and real-time news.
Web 2.0 (read-write) is the second stage in the web evolution and replaced Web 1.0 over the past few years because of its interactive data. Web 2.0 still encourages interaction, collaboration, and information sharing which is driven by social networks, the internet, and mobile devices. Web 2.0-centric companies include Netflix, Apple, Amazon, Google, and Meta (Facebook).
So, what is Web 3.0? This is the next phase and has the potential to be as disruptive as Web 2.0. While there is no universal definition of Web 3.0 (read-write-interact), its key features include decentralization, having no need for trust or permission, artificial intelligence (AI) and machine learning, as well as connectivity and ubiquity.
What Do We Think of Web 3.0?
Semantic Web (3.0) has potential that can go beyond the current applications used by consumers such as online shopping or social media platforms. With the Internet of Things (IoT), AI, and machine learning, user interaction can be improved.
With permissionless systems and decentralization, users will have more control over their data and can limit how much information is collected without consent that is used in exploitative marketing and advertising practices.
However, the core of Web 3.0 also has potential legal and regulatory risks. There is also the fact that devices need to advance to keep up with Web 3.0’s demands. The complicated technology is also why there are still a lot of people hesitant to use Web 3.0.
What Are the Features of Web 3.0?
The five main features of Web 3.0 include:
Decentralisation & Data Ownership
Another advantage of Web 3.0 is that information will not require third parties and there will be no need for users to rely on a centralised entity as a source of truth. This ensures that users retain control over information.
The semantic web continues to improve technology to share, connect, and create content that is based on more than just keywords and numbers. Computers are then more capable of comprehending the meaning of words.
Artificial Intelligence and Machine Learning
In tandem with natural language processing (NLP), computers are able to understand information more like we do and use data and algorithms for greater accuracy.
Connectivity and Ubiquity
Information and content are more accessible via multiple applications and devices.
Three-dimensional design is already being used in various Web 3.0 websites and services such as computer games, e-commerce, and museum guides.
How Does Web 3.0 Work?
The Web 3.0 infrastructure is built with the use of AI, machine learning, the semantic web, and blockchain technology. As an electronic distributed ledger, blockchain is maintained without a central authority and is a security system that keeps user information safe.
What is the Connection Between Web 3.0, Cryptocurrency, and Blockchain?
As stated before, blockchain is the foundation of Web 3.0. You may already be familiar with Bitcoin, the originator of blockchain technology that has paved the way for the rise of other Web 3.0 crypto coins that facilitate Web 3.0 protocols. Today, Web 3.0 cryptocurrency powers Web 3.0 applications and services.
What is Decentralized Finance?
Decentralized finance, or DeFi, is a financial technology that utilises distribution ledgers that are similar to that of cryptocurrency. This means that DeFi removes the traditional control that institutions and banks have on finances, financial services, and products. DeFi has the potential to reduce the risk of asset mismanagement, fraud, and corruption as well as eliminate the costs for wire transfers and waiting for approval.
What Are Web 3.0 Applications?
There are various Web 3.0 examples that you may already be familiar with and use in your daily life. Web 3.0 applications, also known as decentralized applications (DApps), include WolframAlpha, Apple’s Siri, the Brave, and Opera Browser.
To explore a Web3 app yourself, the Opera Crypto Browser is available on Android, Mac, and Windows. You simply have to download the browser, create or use an existing Opera Wallet, and join the Opera Crypto Discord community.
How Are Web 3.0, Gaming, and the Metaverse Connected?
Web 3.0, the metaverse, and gaming are related and support each other but are not the same. A metaverse is a digital space where interactions take place with 3D objects in virtual reality (VR). The nature of Web 3.0 enables users to control their online identity and digital assets which is why the metaverse and gaming are often mentioned in relation to Web 3.0. Connect with GTECH for virtual reality app development and custom solutions that deliver immersive customer experiences and satisfy next-generation users.
For instance, gaming has been able to use non-fungible token (NFT) technology to build assets that are independent of game developers. Web 3.0 has allowed gamers to create a new type of economy where NFTs can be bought, sold, or rented which lets NFT owners grow their worth digitally but monetise the assets physically. Web 3.0 metaverse economies will extend far beyond gaming but it’s a start.
How Do I Get Started?
To get started you will need to learn about Web 3.0 tools. Whether or not you have a background in development, you can learn about the basics of blockchains, smart contracts, crypto, DApps.
Educate yourself before you create a wallet and Ethereum Name Service (ENS) domain. After becoming more familiar with cryptocurrency, you can then explore, purchase, or create your own NFT then join and contribute to a decentralised autonomous organisation (DAO).
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