Mar 24th 2023 | 12:45 | 3 min read
Web 3.0 marks a new journey in the evolution of the internet. The internet we have today is mostly controlled by major tech institutions. Though Web 2.0 transformed the static Web 1.0, it remains centralized where privacy and data security are at risk.
The Internet was supposed to be an open platform for all where people can interact, engage, transfer, and share content online. But to avail of any service on the internet, you have to depend on the tech giants. Almost 90% of the internet is in the clutches of big tech giants.
Web 3.0 will completely change the internet in the coming years making it transparent and decentralized. There are various technologies like Artificial Intelligence, Machine Learning, AR, VR and others contributing to building Web 3.0. But the blockchain technology remains the foundation pillar of Web 3.0.
How is web 3.0 going to define the future of the internet?
Web 3.0 is the re-emergence of decentralized internet where users have the freedom and authority over their content. You not only can freely use internet services but get paid for the content you create online.
Let’s dive deeper into the features of web 3.0 and its future.
6 Features Of Web 3.0 That Will Shape The Future Of the Internet
Here are some notable features of web 3.0.
The internet of Web 2.0 is mostly controlled by intermediaries. You think you are directly connected with people. However, you are using a trusted middleman that acts as the base to support your online interactions.
To access the information you are dependent on trusted intermediaries like Google, Yahoo, Bing etc. For socializing and sharing your content, you use intermediaries like Facebook, Twitter etc. Amazon rules the e-commerce sector by controlling the sales and promotion of products on its platform. You rely on Netflix and HotStar to watch movies and web series online.
The trusted intermediaries control the data and your actions online. Thus, the internet that was meant to provide free space to people is in the clutches of FAANG and other companies.
Web 3.0 will change the internet completely. It will transform how we access, interact and engage with people and content online. The third generation of the web will be a decentralized, open and permissionless internet.
Distributed & Immutable Data
Now in Web 2.0, you use an HTTP address to go to a unique webpage and access information. The data is stored on a single server and in the control of a person, group or institution. In Web 3.0, the data will be stored at various locations on a network that will be visible and accessible to all.
The users will be in control of the data. A decentralized internet will bring an end to the authority of internet giants over data. Web 3.0 leverages encryption and distributed ledger technology (blockchain) to secure users’ privacy and data.
A permissionless and trustless Web 3.0 will allow you to produce content freely in the true sense. You do not have to take any permission or follow discriminatory guidelines to post your content. Thus, you can be free to express your views online and avoid discriminatory restrictions, surveillance and censorship.
Open & Trustless Internet
Web 3.0 is here to empower the creators. It is an open, trustless, permissionless and AI-driven version of the internet. It’s open because all the data is stored securely and transparently over the blockchain network.
We call it a trustless web as you will have the freedom to publicly and privately interact with anyone you want.
AI Powered Advance Internet
There will be no central authority or controlling node. Thus, Web 3.0 will be powered by Blockchain technology, peer-to-peer networks AI, ML, and dApps.
AI and ML combined will help computers to accurately analyze large amounts of data in less time. AI algorithms help computers know how humans act. Thus these technologies will help in imitating and incorporating human intelligence into machines.
In Web 3.0, with the help of AI and ML, computers can produce more relevant, accurate and faster output. AI and ML technologies will be beneficial in healthcare, education, robotics, manufacturing, drug development, predictive policing, business automation and other sectors.
Web 3.0 is in the process to take Semantics Web functionality to another level. Berners Lee thought of giving meaningful and proper structure to the webpage content so that the software can carry out sophisticated human tasks easily.
Converting human language with precision to computing codes is expensive, and complicated and requires an ample amount of time and hard work. Web 3.0 will support machines in understanding human words. It will allow machines and humans to easily interact and work.
Top 5 Web 3.0 Trends
Web3 is the future of the internet, and it is set to disrupt the current infrastructure built on web2.
This article enlists some key web 3.0 trends that will shape the future of web 3.0.
Metaverse is one of the most promising products built on web3 and blockchain. A combination of AR/VR/MR/XR and blockchain creates a new virtual space with the 3D rendering of real-life objects and experiences.
The global market revenue of the metaverse in 2021 was 58 billion USD, and it is set to reach a market capitalization of 1525 billion USD by 2030.
Non-Fungible Tokens (NFTs) are the most popular and sustainable web3 by-product.
These are digital tokens built over a blockchain that gives proof of ownership and authenticity of the asset it represents.
NFTs have demonstrated their versatility and value in various industries, from tokenizing real estate properties to supply chain management and patent registration.
In real estate, NFTs offer fractional ownership and boost profits, while in supply chain management, they make tracking more efficient and transparent. NFTs also have potential in digital identification, licensing, contract management, loyalty schemes, and record digitalization.
NFTs are also used in healthcare, retail, logistics, sports and entertainment industries.
Survey and market insight firms like Forbes believe the market value of NFTs to increase in the coming few years. It will reach a capitalization of 231 billion USD by 2030.
SocialFi is the emerging market of decentralized social media platforms. It is set to take over the centralized social media marketplaces.
Twitter co-founder Jack Dorsey announced that his team is building the first-ever decentralized free-speech social media platforms that users will control solely.
Smart contracts are the basic building blocks of any DAO-based application.
Due to its core being built on blockchain, it is impossible to make amends after its deployment to favour any specific condition or individual, making it the best use-case of blockchain technology.
Decentralized applications and Decentralized finance are the two most promising verticals developed on web3.
dApps, or decentralized applications, are computer applications that run on a decentralized network or blockchain. Unlike traditional applications that are run on centralized servers, dApps use a distributed peer-to-peer network where all the participants have a copy of the application and the data. dApps are designed to be transparent, secure, and tamper-proof because they are powered by smart contracts, which are self-executing agreements that run on the blockchain. These applications can be used in various industries, such as finance, gaming, social media, and more
DeFi, or decentralized finance, refers to a new financial system built on decentralized blockchain technology. In contrast to the traditional financial system, which is controlled by centralized institutions like banks and governments, DeFi is designed to be open, transparent, and accessible to everyone.
DeFi applications are powered by smart contracts that run on the blockchain and eliminate the need for intermediaries like banks, brokers, and other financial institutions. This allows users to access a wide range of financial services, including lending, borrowing, trading, and investing, without relying on traditional financial institutions.
DeFi has the potential to revolutionize the way we interact with money and financial services by making them more accessible, efficient, and democratic.
The advancements in web3 have demonstrated the potential success of this technology in the future. Furthermore, the benefits of decentralization, data privacy, and control over digital identities can serve as crucial advantages for internet users.
With web3, users can have greater control over their data and digital identity, ensuring their privacy and security.
Decentralization eliminates the need for a central authority, which reduces the risk of data breaches and hacking attempts.
As web3 continues to evolve, it has the potential to revolutionize the way we use the internet and provide users with more control over their digital lives.
Top 9 FMCG Companies Using NFTs In Their Marketing Campaigns
Non-fungible tokens (NFTs) are revolutionizing marketing and brand interactions, attracting the attention of major global food companies equipped with substantial marketing budgets. These companies are embracing the opportunities presented by emerging virtual realms. NFTs offer