Web 3.0 The Next Iteration

What Is Web 3.0?

Web 3.0 is the upcoming third generation of the internet where websites and apps will be able to process information in a smart human-like way through technologies like machine learning (ML), Big Data, decentralized ledger technology (DLT), etc. Web 3.0 was originally called the Semantic Web by World Wide Web inventor Tim Berners-Lee, and was aimed at being a more autonomous, intelligent, and open internet.

The Web 3.0 definition can be expanded as follows: data will be interconnected in a decentralized way, which would be a huge leap forward to our current generation of the internet (Web 2.0), where data is mostly stored in centralized repositories.

Furthermore, users and machines will be able to interact with data. But for this to happen, programs need to understand information both conceptually and contextually. With this in mind, the two cornerstones of Web 3.0 are semantic web and artificial intelligence (AI).

Web 3.0 Cryptocurrency and Blockchain

As Web 3.0 networks will operate through decentralized protocols — the founding blocks of blockchain and cryptocurrency technology — we can expect to see a strong convergence and symbiotic relationship between these three technologies and other fields. They will be interoperable, seamlessly integrated, automated through smart contracts and used to power anything from micro transactions in Africa, censorship-resistant P2P data file storage and sharing with applications like Filecoin, to completely changing every company conduct and operate their business. The current slew of DeFi protocols are just the tip of the iceberg.

Web 3.0 Technologies

There are a few details that we need to keep in mind when looking into Web 3.0 tech. First of all, the concept isn’t new. Jeffrey Zeldman, one of the early developers of Web 1.0 and 2.0 applications, had written a blog post putting his support behind Web 3.0 back in 2006. But talks around this topic had begun as early as 2001.

Evolution of the Web 3.0 Technologies

Web 3.0 will be born out of a natural evolution of older-generation web tools combined with cutting-edge technologies like AI and blockchain, as well the interconnection between users and increasing internet usage. Apparently, Internet 3.0 is an upgrade to its precursors: web 1.0 and 2.0.
 

Web 1.0 (1989-2005)

Web 1.0, also called the Static Web, was the first and most reliable internet in the 1990s despite only offering access to limited information with little to no user interaction. Back in the day, creating user pages or even commenting on articles weren’t a thing.

Web 1.0 didn’t have algorithms to sift internet pages, which made it extremely hard for users to find relevant information. Simply put, it was like a one-way highway with a narrow footpath where content creation was done by a select few and information came mostly from directories.

Web 2.0 (2005-present)

The Social Web, or Web 2.0, made the internet a lot more interactive thanks to advancements in web technologies like Javascript, HTML5, CSS3, etc., which enabled startups to build interactive web platforms such as YouTube, Facebook, Wikipedia and many more.

This paved the way for both social networks and user-generated content production to flourish since data can now be distributed and shared between various platforms and applications.

The set of tools in this internet era was pioneered by a number of web innovators like the aforementioned Jeffrey Zeldman.

Web 3.0 (yet to come)

Web 3.0 is the next stage of the web evolution that would make the internet more intelligent or process information with near-human-like intelligence through the power of AI systems that could run smart programs to assist users.

Tim Berners-Lee had said that the Semantic Web is meant to “automatically” interface with systems, people and home devices. As such, content creation and decision-making processes will involve both humans and machines. This would enable the intelligent creation and distribution of highly-tailored content straight to every internet consumer.

Key Features Of Web 3.0

To really understand the next stage of the internet, we need to take a look at the four key features of Web 3.0:

  • Ubiquity
  • Semantic Web
  • Artificial Intelligence
  • 3D Graphics

Ubiquity

Ubiquity means being or having the capacity to be everywhere, especially at the same time. In other words, omnipresent. In that sense, Web 2.0 is already ubiquitous since, for instance, a Facebook user can instantly capture an image and share it, which then becomes ubiquitous since it’s available to anyone no matter where they are, as long as they have access to the social media platform.

Web 3.0 simply takes this a step further by making the internet accessible to everyone anywhere, at any time. At some point, internet-connected devices will no longer be concentrated on computers and smartphones like in Web 2.0 since IoT (Internet of Things) technology will bring forth a plethora of  new types of smart devices.

Semantic Web

Semantic(s) is the study of the relationship between words. Therefore, the Semantic Web, according to Berners-Lee, enables computers to analyze loads of data from the Web, which includes content, transactions and links between persons. In practice, how would this look? Let’s take these two sentences, for instance:

  1. I love Bitcoin
  2. I <3 Bitcoin

Their syntax may be different, but their semantics are pretty much the same, since semantics only deals with the meaning or emotion of the content.

Applying semantics in the Web would enable machines to decode meaning and emotions by analyzing data. Consequently, internet users will have a better experience driven by enhanced data connectivity.

Artificial Intelligence

Wikipedia defines AI as intelligence demonstrated by machines.

And since Web 3.0 machines can read and decipher the meaning and emotions conveyed by a set of data, it brings forth intelligent machines. Although Web 2.0 presents similar capabilities, it is still predominantly human-based, which opens up room for corrupt behaviors such as biased product reviews, rigged ratings, etc.

For instance, online review platforms like Trustpilot provide a way for consumers to review any product or service. Unfortunately, a company can simply gather a large group of people and pay them to create positive reviews for its undeserving products. Therefore, the internet needs AI to learn how to distinguish the genuine from the fake in order to provide reliable data.

Google’s AI system recently removed around 100,000 negative reviews of the Robinhood app from the Play Store following the Gamespot trading debacle when it detected attempts of rating manipulation intended to artificially downvote the app. This is AI in action, which will soon seamlessly fit into Internet 3.0, enabling blogs and other online platforms to sift data and tailor them to each user’s liking. As AI advances, it will ultimately be able to provide users with the best filtered and unbiased data possible.

Spatial Web and 3D Graphics

Some futurists also call Web 3.0 the Spatial Web as it aims to blur the line between the physical and the digital by revolutionizing graphics technology, bringing into clear focus three-dimensional (3D) virtual worlds.

Unlike their 2D counterparts, 3D graphics bring a new level of immersion not only in futuristic gaming applications like Decentraland, but also other sectors like real estate, health, e-commerce, and many more.

Potential And Pitfalls Of Web 3.0

Web 3.0 has the potential to provide users with far greater utility, going well beyond the social media, streaming, and online shopping that comprise the majority of Web 2.0 applications consumers use. Capabilities like Semantic Web, AI, and machine learning, which are at the core of Web 3.0, have the potential to greatly increase application in new areas and vastly improve user interaction.

Core features of Web 3.0, such as decentralization and permissionless systems, will also give users much greater control over their personal data. This may help limit the practice of data extraction—which refers to information collected from web users without their consent or compensation—and curb the network effects that have enabled the technology giants to become near-monopolies through exploitative advertising and marketing practices.

However, decentralization also brings with it significant legal and regulatory risks. Cybercrime, hate speech, and misinformation are already difficult to police and will become even more so in a decentralized structure because of the lack of central control. A decentralized web would also make regulation and enforcement very difficult; for example, which country’s laws would apply to a specific website whose content is hosted in numerous nations globally?

Is Web 3.0 The Same As The Semantic Web?

Web 3.0 goes well beyond the Semantic Web envisioned by web pioneer Tim Berners-Lee in 2001. Though Web 3.0 uses technologies based on Semantic Web concepts and natural language processing to make user interaction more intuitive, it also has other features, such as widespread use of artificial intelligence (AI) and machine learning, and trustless/permissionless systems, such as blockchain and peer-to-peer networks.

Outlook: The Future Of Web3

To realize the vision of a decentralized Web3, there is still much innovation work to be done. That said, the Web2 did not come into being overnight either. It has evolved in 30 years from an information economy to a platform economy. The token economy is the next logical evolutionary step.

It is not yet clear today how this evolution will continue. Decentralized protocols will likely coexist with centralized platforms in the medium term and continue to gain market share. This is already happening. Decentralized financial protocols alone already have tens of billions of US dollars in assets under management today. While this is small compared to the traditional financial industry, it is relevant, and growth continues.

Source, Defi Pulse, as of 11.02.2022

As the transition from Web1 to Web2, moving from Web2 to Web3 will be a gradual innovation process. It will become clear which technologies and business models are superior in the long term. And in the end, we will live in a new world.

There are opportunities for early investors. In contrast to Web1 and Web2, where mainly founders and venture capitalists were among the big winners, everyone can benefit more directly from Web3. As such, Web3 is the critical tool towards greater financial sovereignty for everyone.

How Does Web 3.0 Work?

The idea behind web 3.0 is to make searches on the Internet much faster, easier and more efficient to process even complex search sentences in no time.

In a web 2.0 application, a user has to interact with its frontend, which communicates to its backend, which further communicates with its database. The entire code is hosted on centralized servers, which are sent to users through an Internet browser.

Web 3.0 has neither centralized databases that store the application state nor a centralized web server where the backend logic resides. Instead, there is a blockchain to build apps on a decentralized state machine and maintained by anonymous nodes on the web.  

The logic of your applications is defined in smart contracts, written by the developers, which are deployed onto the decentralized state machine:

Anyone willing to build a blockchain application deploys their code on this shared state machine. The front end remains almost the same as in web 2.0.

Here is a figure depicting the working of a web 3.0 application:

Web 3.0 Architecture

There are primarily four elements in the architecture that make up web 3.0:

  • Ethereum Blockchain – These are globally accessible state machines maintained by a peer-to-peer network of nodes. Anyone in the world can access the state machine and write to it. Essentially, it is not owned by any single entity but, rather, collectively by everyone in the network. Users can write to the Ethereum Blockchain, but they can never update existing data.
  • Smart Contracts – These are programs run on the Ethereum Blockchain. These are written by the app developers in high-level languages, such as Solidity or Vyper, to define the logic behind the state changes.
  • Ethereum Virtual Machine (EVM) – The purpose of these machines is to execute the logic defined in the smart contracts. They process the state changes taking place on the state machine.
  • Front End – Like any other application, the front-end defines the UI logic. However, it also connects with smart contracts that define application logic.

Advantages And Disadvantages Of Web 3.0

Web 3.0 is the third era of internet providers for sites and applications that will zero in on utilizing a machine-based comprehension of information to give an information driven and semantic web. A definitive objective of Web 3.0 is to make more smart, associated and open sites.  

Web 3.0 has not yet been actualized, so there is no strong definition. It took more than ten years to progress from the first web, Web 1.0, to Web 2.0, and it is required to take similarly as long, if not longer, to completely execute and reshape the web with Web 3.0. In any case, the advancements that a few people accept will make up and at last characterize Web 3.0 are as of now being created. Brilliant home machines utilizing remote organizations and the Internet of Things (IoT) are two instances of how Web 3.0 is now affecting innovation.  

On the off chance that the pattern of progress is followed from Web 1.0, a static data supplier where individuals read sites yet infrequently communicated with them, to Web 2.0, an intuitive and social web empowering coordinated effort between clients, at that point it very well may be expected that Web 3.0 will change both how sites are made and how individuals interface with them You have presumably heard the expression “web 3.0” gliding around the web. Basically, web 3.0 is the new period of the web’s development. The progressions that web 3.0 is bringing to the web will take it to an unheard of level. PC researchers and Internet specialists accept that these progressions will make the web more intelligent and our lives simpler. In this way, to comprehend these outlook changing changes, we should initially take a gander at the development of the web as we probably am aware it.  

There are 4 Properties of Web 3.0  

  • To comprehend the subtleties and nuances of Web 3.0, we should take a gander at the four properties of Web 3.0: Semantic Web
  • Man-made reasoning
  • 3D Graphics
  • Pervasive

Advantages of the Web 3.0:  

  • Expanded data connecting: Semantic web will help in the network of online information.
  • Proficient looking
  • Better showcasing.
  • More productive web perusing.
  • Compelling correspondence.
  • Change human collaboration.
  • More adequate and accurate search results.
  • Working on internet becomes much more easier as the internet is personalized.
  • Sharing of knowledge is easier.

Disadvantages of Web 3.0:  

  • Less progressed gadgets won’t have the option to deal with Web 3.0.
  • Web 1.0 sites will appear to be substantially more outdated
  • It tends to be exceptionally confounded for newcomers to comprehend.
  • Technology isn’t altogether prepared for it yet.
  • Easy to get user’s Public/private information .
  • People will spend more time surfing the web.
  • Privacy policies are needed.

Difference Between Web 1.0, Web 2.0 and Web 3.0

Before we dive further into web 3.0, we need to understand how we got here – via web 1.0 and web 2.0.

Here’s the brief history of the Internet:

  • Web 1.0 is a read-only web where people can read information written on websites.
  • Web 2.0 is a read-write web where people can read and write content on websites and applications.
  • Web 3.0 is a read-write-interact web (powered by artificial intelligence) where people can read, write and interact with content, including 3D graphics, on websites and apps.
Single Grain_Web-1.0-vs-Web-2.0-vs-Web-3.0

Why Web 3.0 Is Important For The Future

Web 3.0 is a system for users, designed by users in the form of creator-driven platforms.

Here are the top reasons why web3 will become important in the coming years:

  • Less reliance on centralized repositories: Web 3.0 will attempt to make the Internet a diverse source so that hackers, leaks and reliance on centralized repositories are avoided. Using verifiable data scarcity and tokenized digital assets, there will be the possibility of users owning their own data and digital footprints. No platform will be held accountable for data usage.
  • More personalized interactions: Web 3.0 will become increasingly important in 2022, as most users continue to prioritize customized and individualized browsing encounters on the web.
  • Better search assistance powered by AI: There will be an increasing demand for humanized digital search assistants that are far more intelligent, pervasive and powered by semantics, blockchain and AI.
  • Reduced dependency on intermediaries: It will help disintermediate businesses, remove rent-seeking intermediaries, and give this value directly to the customers and providers in a network. Network users will work together to address previously hard-to-control problems by mutual ownership and governance of these new decentralized intelligence structures.
  • Rise in peer-to-peer connectivity: Through new Internet inventions, the connection between members and organizations will remain innately robust to keep in line with more adaptive peer-peer interaction and governance. With peer-to-peer connectivity, humans, businesses and machines will be able to share more data while maintaining greater privacy and security.
  • Enhanced trust: With the knowledge of the next Internet generation, we can reduce dependency on individual platforms to future-proof entrepreneurial and investment activity.

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