What is Web 3.0 and How It Can Transform the Internet

What is Web 3.0?

If you are reading this, you are an Internet user. Web 2.0 is the platform made available to you now, the better and improved futuristic version of the Internet is Web 3.0. Web 3.0 is the third generation of internet services designed to focus on using a machine-based understanding of data to provide a data-driven and Semantic Web. The goal is to provide more decentralized, intelligent, secure and connected websites that provide anonymity.

Web 3.0, originally called the Semantic Web by World Wide Web Inventor Tim Berners-Lee, aims to enable humans and machines to interact with data. The use of technologies like Machine Learning, Big Data, Decentralized Ledger Technology, etc., will create an Internet where websites and mobile applications will be able to process information in a smart human-like way. This is a major development from our current version of the Internet, where data is mostly stored on centralized repositories.

Benefits of Web 3.0

The main advantage that Web 3.0 has over the previous internet versions is the provision of full data ownership for end-users. With the introduction of Web 3.0, tech giants will no longer have the monopoly of data control and Internet users will be guaranteed privacy.

The decentralization that Web 3.0 provides also ensures that few or no central authorities will receive a share of earnings from electronic transactions. There will be reductions in the number of middlemen required for transactions: stakeholders will be aware of the value and commerce they are dealing with in business.

Web 3.0 is linked with the blockchain: with the advent of Web 3.0, user access to permissionless blockchains will be granted. Internet users like you and I will be able to create addresses on the blockchain regardless of income, location, orientation, gender and other factors. This will result in efficient transfers of digital assets all over the globe.

The user experience that Web 3.0 provides is second to none: since there is no single point of failure, service disruption is limited. Data is stored on distributed nodes to ensure redundancy and multiple backups will prevent seizure or server failure. This reduces the suspension of accounts and disruption of services on the internet. In addition, search engines will be designed to display the most accurate search results, instead of the most popular searches online.

Reservations on Web 3.0

The main drawback that Web 3.0 has is that it is difficult to regulate: as a result, there might be an increase in cyber fraud, cyberbullying, online abuse and general activities on the dark web. There is also the argument that instead of giving data control to the end-user, venture capitalists and proprietors will have ownership of Web 3.0 enterprises. This could generate data security concerns for Internet users.

Web 3.0 has the problem of increased complexity: the concept will be difficult for newbies to understand. In addition, less sophisticated gadgets with older software may not have the option to shift to the use of Web 3.0. The Web 1.0 websites and mobile apps will become outdated, forcing the owners to commence systemic upgrades. Web 3.0 may be difficult to understand and adapt: maybe we are not ready for it yet.

Web 3.0 will give a lot of people access to financial, personal and political information of others. There are security concerns about what users will do with such available information. Hence, updated privacy policies will be required. The Semantic Web could also be addictive for users, reducing work productivity and negatively affecting the health of Internet users.

Web 3.0 Tokens

Web 3.0 Tokens are decentralized projects that will use smart contracts to automate blockchain transactions over the internet. 

Basically, cryptocurrencies associated with Web 3.0 are known as Web 3.0 tokens or Web 3.0 cryptocurrencies. Examples are:

1. Filecoin(FIL): Filecoin's mission is to create a decentralized, efficient and robust foundation for humanity's information. It can be thought of as a paid version of IPFS which creates a free market bridge between storage users and crowdsourced storage providers.

2. Chainlink(LINK): Chainlink is an Ethereum based token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs and payment systems. 

3. The Graph(GRT): The Graph Token is an Ethereum based token that powers The Graph, a decentralized protocol for indexing and querying data from blockchains. The Graph indexes blockchain data from networks like Filecoin and Ethereum: this data is grouped into open APIs called subgraphs that anyone can query.

4. Polka Dot(DOT): The Dot Token are token native to the Polka Dot network for the purpose of carrying out the key functions of the platform. The key functions of Polka Dot are providing governance for the network, operating the network and creating parachains by bonding DOT. 

5. Octopus Network(OCT): This token is owned by Octopus Network, a crypto network for launching and running Web 3.0 application-specific blockchains (appchains). The Octopus Network token is a fungible, non-inflationary utility token required for staking on appchains built on the protocol.

How Web 3.0 Can Transform The Internet

Web 3.0 comes with numerous possibilities: the multilayer technology that combines machine learning, artificial intelligence and the blockchain can work wonders on the internet. Web 3.0 will allow users to have control over their data and earn from the time spent on the internet.

The best part of the new Web 3.0 is that it takes control from the tech giants, giving content creators the right to their work and the opportunity to monetize their work appropriately. Instead of firms collecting royalties from content, Web 3.0 will give every content creator a token on the blockchain for each time a user accesses their work, resulting in the accumulation of monetary value.

User experience on Web 3.0 is predicted to be personalized. Like those YouTube ads you find for the genre of music you like, search results will vary based on user preference and need. Users will possess unique identities that will enable them to access and control all their digital assets, data and services without logging in on a platform or seeking permission from a service provider. 

Web 3.0 is predicted to be a free and democratic decentralized platform that should give Internet users freedom of expression and privacy, but how feasible can it be? For some people, Web 3.0 is the revolutionary change that will make everyone see the Internet as more than it currently is. For others, it is just a pipe dream sold to dreamy Internet users. Who knows? Time will tell.