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Web 3.0: A New Era of the Internet for Mankind

The advent of blockchain-based technologies such as cryptocurrencies, NFT, metaverse, blockchain and distributed ledger technology … are seen as harbingers of the new internet era – a transparent and open version of the web tech giants like Google and Facebook.

Some experts believe that the decentralized web (also known as Web 3.0) will bring more transparency and democratization to the digital world. Web 3.0 can build a decentralized digital ecosystem in which users own and control every digital aspect they participate in. Some even hope that it will put an end to the existing centralized systems that encourage data mining and invade privacy.

Ideas and conflicts as a prerequisite for the birth of Web 3.0

In 1999 the British computer scientist Tim Berners-Lee introduced the term Semantic web, a further developed version of the current Internet, is mainly operated by “intelligent agents” or machines that can process content in a human-like manner. Berners-Lee and others described this vision in an article, The Semantic Web, published in Scientific American in May 2001. Specifically, it is “an extension of the current web where information has a clear meaning that enables computers and people to work and collaborate better”.

Recent developments suggest that Web 3.0 may not be quite the same as Tim Berners-Lee’s proposed Semantic Web, but rather is described as a giant step forward that creates open, trustworthy, and trustworthy networks.

When Berners-Lee founded the World Wide Web, he envisioned the web as an open information center, a common space that is not controlled by a central authority so that anyone can access it without permission. Some experts say that Web 3.0 goes back to Tim Berners-Lee’s original Internet idea.

It has been more than 30 years since the World Wide Web was born, and the Internet world has gone through various stages of development over time. To date, there is no standard definition for Web 3.0, but these phases can give an indication of how Web 3.0 will shape the future Internet.

Web 1.0: read-only internet era

This is the first version of the Internet, the development of which began in 1989. The early Internet consisted mainly of web pages that were linked together by many hyperlinks. It is also known as “read-only” web, which is in no way interactive and mostly imports user information offline. Individual web pages are static pages that are hosted on a web server operated by an Internet service provider. People use this Web 1.0 mainly to read about things, get updates, or chat in a linear text form. Perhaps the most surprising thing about this version is the ban on running ads.

Web 2.0

Web 2.0 emerged around 1999 thanks to the development of social media platforms, digital advertising, blogging, and many other services that allow users to interact with the Internet. Web 2.0 does not refer to a specific technical upgrade of the Internet, but to a change in the use of the Internet. From a read-only platform, the internet has become a place for content creation and interactive experiences.

The iPhone, launched in 2007, popularized cell phone internet access and enabled users to stay connected at all times. However, Web 2.0 also means that the web not only allows users to add information to the web, but also gathers information from them. It can monitor the user’s location, shopping preferences, financial transactions, etc.

There is no doubt that in this day and age the Internet has become more useful, interactive, and an integral part of our lives, but this has also led to the centralization of the web.

Web 2.0 has created new ways to organize and connect with others, encouraging a higher level of collaboration. But it also facilitates online tracking, cyber bullying, information theft, disinformation, identity theft, etc.

Some people point out that most of the internet services we use today are controlled by technology giants like Google, Microsoft, Amazon, and Facebook. Users have very little control over how their data is used, and many already exist accusations These multi-billion dollar companies (as well as many smaller companies that thrive online) manipulate users, exploit data for profit, and seriously threaten democracy and freedom of expression.

Frances Haugen, data engineer and scientist and former Chief Product Officer of Facebook, recently accused the company of deliberately not taking any action against the spread of hate and misinformation on its social media platforms. In an interview with CBS, Haugen said:

“What I see a lot on Facebook is a conflict of interest between what’s good for the public and what’s good for Facebook. And again and again Facebook has decided to optimize its own interests, for example to earn more money. ”

While Facebook has vigorously denied Haugen’s claims, this is not the only time tech giants have been held accountable for their actions. There have been numerous reports of Amazon’s aggressive business strategies, Facebook’s privacy breaches, and Google’s use of artificial intelligence, all of which raise major web 2.0 security concerns.

For this reason, many experts in blockchain technology see Web 3.0 as a much-needed and more secure version of the Internet.

Web 3.0: The Internet of the Future

John Markoff, a reporter for the New York Times, coined the term Web 3.0 in 2006. In many ways, Web 3.0 is seen as a return to Berners-Lee’s original idea of ​​the Semantic Web, without the need for central authority approval and no central control node.

While Web 2.0 was driven by the growth of mobile internet, social networks, and cloud computing, Web 3.0 was built on novel technological innovations such as edge computing, decentralized data networks, etc., centralization, blockchain, and artificial intelligence.

While we’re not fully migrating to Web 3.0 just yet, technology experts and blockchain enthusiasts have made a few suggestions. suspect promising in terms of the future internet version. Here are some interesting assumptions:

Web 3.0 is an extension of various components of Web 2.0. For example, combining two or more applications is now done by developers, but in Web 3.0, users can combine different programs and services themselves to customize their use of the Web.

– Currently, users are getting information over the Internet from many different servers and databases located in different parts of the world. Unsurprisingly, more than 50% of these data centers are jointly owned by Amazon, Google, and Microsoft. In Web 3.0, data is stored in decentralized cloud networks and autonomous storage units. As a result, Web 3.0 does not depend on a central data center to provide information to users. However, the process of creating such a powerful distributed data storage system is fraught with difficult challenges.

– Internet search works differently in Web 3.0 as well. It’s similar to the ads and personalized feeds you see on Facebook and YouTube. Using advanced AI, the Web 3.0 search engine provides each user with personalized results based on their interests and needs. For example, if a meat eater and a vegetarian enter “Best restaurants in the area” in the search bar, they will get different results depending on their preference. Of course, this also means that the algorithms know more about us.

– As a user, you have a single identity in Web 3.0, which enables access and control of all assets, data and services without having to log into a platform or obtain permission from a specific service provider. You can access the internet for free from anywhere and be the sole owner of your digital assets.

In addition to experiencing the Internet on a 2D screen, users will also participate in more diverse 3D environments. From anywhere you can visit the 3D VR (Virtual Reality) version of any historical location you are looking for, play games and immerse yourself as a 3D gamer, try on clothes on your virtual you before buying. In Web 3.0, you can also spend time in the immersive Metaverse 3D to collect or buy virtual assets. In short, through the combined use of VR, AR (Augmented Reality), Semantic Web and AI (Artificial Intelligence), Web 3.0 can offer users a better way of interacting with the virtual world than Web 2.0.

Nobody can confirm exactly when we will have a full Web 3.0, but some online communities like the Web3 Foundation, Ethereum Network, Polkadot … are currently working on various projects to bring Web 3.0 to life.

However, experts say the Web 3.0 architecture will require more resources and additional infrastructure. At the same time, there are many challenges in creating an ecosystem that can end the monopoly of the big tech guys or expect big tech to allow it to. The recent announcements by Facebook to move its business to Metaverse suggest that we can have Web 3.0 and it is also controlled by the same actors as Web 2.0.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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