Web 3.0: Decentralizing the Internetby@lindaho
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Web 3.0: Decentralizing the Internet

by Linda HoMarch 17th, 2022
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Tim Berner-Lee, an inventor of the World Wide Web (WWW), first mentioned Web 3.0 under the name Semantic Web in 1999. The Web is considered a new generation of the world wide web to increase user utility and the number of online applications in exploiting the power of the current decentralized network. The most significant difference between the two versions of Internet technology lies in improving user interaction in improving interaction with the content on the website. This is the reason for the birth of Web 30, which overcomes all limitations of its predecessors.

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Web 3.0 opens a new future where users and distributed machines can interact with data, value, and even other counterparties via peer-to-peer networks without the need for third parties. Therefore, Web 3.0 is increasing user utility and the number of online applications while exploiting the power of the current decentralized network.

What is Web 3.0?

Web 3.0 is the next generation of Internet technology where websites and applications can process information intelligently, just like humans. Web 3.0 is forced to rely on a lot of machine learning (ML), artificial intelligence (AI), blockchain technology, big data, and decentralized ledger technology (DLT) to make that happen.

Mr. Tim Berner-Lee, an inventor of the World Wide Web (WWW), first mentioned Web 3.0 under the name Semantic Web in 1999.

According to Berner-Lee, Web 3.0 will be developed when computers are capable of processing all the data and bringing a lot of automated interactions to the users because the ultimate goal of Web 3.0 is to create interconnected webs of things. Therefore, Web 3.0 was designed to become an autonomous, intelligent, and open Internet, far from the current generation of Web 2.0. That means that Web 3.0 will democratize the protection and control of user data because no company has the right to any user’s data.

Web 3.0 will operate through decentralized protocols — the founding blocks of blockchain and cryptocurrency technology so that one can expect a strong convergence between these three technologies and the different technology fields. They will be able to interact and integrate automatically through smart contracts. Search engines, social media platforms, and marketplaces in the era of Web 3.0 will be built on blockchain and powered by cryptocurrency. This will create new developments on the Internet, such as non-storable content and more comprehensive payment services.

Generally, Web 3.0 is an open platform that allows people to interact directly without going through any intermediaries or other third parties holding control. Web 3.0’s data is distributed and stored at peripheral devices connected to the network, rather than creating a giant server controlled by any technology corporation. This promises for the creative economy, where users can be financially rewarded for owning or bringing value and digital data to the online community.

Web 3.0 predecessor versions

Web 3.0 is the next evolution of the Internet, where data is connected decentralized. Over the past two decades, the Web has changed dramatically with two predecessors of Web 3.0: Web 1.0 and Web 2.0. To understand Web 3.0, we must review these two previous generations.

Web 1.0 (Static Web)

The first version of the Internet was Web 1.0, where websites were primarily static (read-only) and broadcast and browse information. In the early 1990s, websites were built using static HTML pages that could only represent information. Most users then became content consumers without changing the data or uploading their information.

In the Web 1.0 generation, interactions on websites were limited, so Web 2.0 was developed to overcome these limitations. Thus, Web 1.0 existed roughly from 1991 to 2004.

Web 2.0 (Social Web)

Web 2.0 is the web generation that most people are using today, where users can easily interact with the content on the website. It means that we can leave messages, comments, and chat right at the content we are reaching. This evolution has made communication on the Internet more straightforward than ever.

Besides, anyone can create content and share it publicly in the Web 2.0 generation. People can easily participate in the content creation process with adequate support from various applications. It has made it possible for people to communicate with other people worldwide and help people access more information.

Therefore, if the company wants to maintain a monopoly position in the market, now is the right time to improve their applications’ user experience. They have collected vast amounts of user data and trained their algorithms to deliver personalized experiences to every user with the goal of getting users to stay longer on the apps and their website.

However, power and control over user data will be concentrated entirely in Big Tech corporations. When using applications that support content creation on the Internet, users are required to provide some personal information. It is customer data from which Big Tech companies can profit for themselves. In addition, users also have to comply with many complex regulations and terms. Therefore, it is undeniable that the benefits that people get with the development of Web 2.0 but also have certain limitations. This is the reason for the birth of Web 3.0, which overcomes all limitations of its predecessors to create a more autonomous, intelligent, and transparent platform for all users.

The most significant difference between versions of Internet technology lies in improving user interaction. Web 3.0 will expand capabilities to give users ownership of their content. In addition, Web 3.0 will also increase the security and efficiency of what happens on the Internet through blockchain.

What makes Web 3.0 better than its predecessors?

No central control point

Web 3.0’s peer-to-peer connectivity and decentralization have contributed to the complete elimination of intermediaries. It means that people can communicate, transact and transfer value to each other on the Web 3.0 platform without going through a centralized organization. Because the third party is eliminated, no organization will control user data anymore. This freedom reduces the risk of censorship by governments or corporations. It also cuts down the effectiveness of Denial-of-Service (DoS) attacks.

Increase information connectivity

Larger data sets will provide algorithms with more information for evaluation and analysis as more products are connected to the Internet. This will allow them to provide information that is more accurate and tailored to each user’s needs.

Browse the web more efficiently

Using search engines to find the best results sometimes inadvertently challenges previous users. However, the appearance of Web 3.0 has made searching for semantically relevant results based on search context and metadata better over the years. It has led to a more convenient browsing experience, allowing people to find the exact information they need quickly.

Improve advertising and marketing

While everyone doesn’t like being interrupted by online ads, they can be helpful when tailored to the user’s needs. They will feel amazed and interested in these ads instead of feeling annoyed. Web 3.0 aims to improve advertising by leveraging intelligent AI systems and targeting specific audiences based on consumer data.

Support customer better

It is quite significant to have customer service because it makes the user experience smoother on websites and web apps. However, many web companies have been unable to scale their customer support operations due to high costs. With the generation of Web 3.0, customer support staff at companies can use intelligent chatbots to interact with many users simultaneously. This contributes to helping users have a better experience when using websites or web applications.

Is Web 3.0 the future of the Internet?

Data acquisition scandals, information leaks, large-scale data purchases, or abuse of customer information to create a monopoly position in the market of a series of Big Tech corporations have contributed to raising the need for Web 3.0 in the future. Users can interact better and have the right to proactively manage data and secure personal identities with the Web 3.0 generation. It means content creators can become exclusive data owners instead of being dominated by Big Tech corporations.

Besides, Web 3.0 will make money transfer easier and faster with cryptocurrency wallet technology on blockchain technology. It means that users will not depend on 3rd parties like Web 2.0 when using banking applications. Therefore, Web 3.0 was developed to break down barriers and overcome existing limitations of Web 2.0. Thereby opening up a world of peer-to-peer, fairness, transparency, and value for transactions.