Review Web 3.0 – Is this the next big thing – How it could change the future

There’s not some internet encyclopedia that’s verified by the institute of global technology that has a strict definition of what Web 3.0 is. So this article going to give a rough definition of what the internet says web 1.0 is, what a lot of people say web 2.0 is and then will explain this new phenomenon that many are calling web 3.0 is. 

Web 1.0 – Where everything started

If you want to learn about web 3.0, then you should start with Web 1.0 and Web 2.0. Between the years 1991 and 2004, the internet was mostly a group of static pages, meaning when you loaded them, they just showed some stuff and that was it. Some called it ‘read-only’. There wasn’t any logging in or interacting with posts or viewing analytics. Most of the early internet wasn’t even profitable by ads.

Web 1.0 was unidirectional. The corporations and big companies created content for people to read. There was little to no interaction with the flow of data. But things were too boring. The contents didn’t speak of the people. The websites had long monologues filled with linear information only.

It was mostly just like one big Wikipedia hyperlinked together. With time slowly we made improvements, and things like Flash and Javascript added many different new features. However, during that time, the users of the internet were consumers, they went to the internet to consume information. 

The users could only read the data. Only content curators could edit and write the contents. So, it was like reading books in a library. The users didn’t have much right, they were just mere consumers.

Then started the plagiarism. People started copying other’s contents and simply pasted them on their websites. Unique contents became rare. It was time the internet evolved. Even the universities – the highest level of education didn’t believe in the internet. You would have to rush to libraries for simple information.

There were no social media. Without any doubt, the internet had a shaky start at the beginning. But things took a turn. The internet started to grow.

Web 2.0 – The Revolution

Next, we have Web 2.0, from around 2004 until now. During this time, the web evolved a lot, but one of the biggest changes was the interactivity of the internet. This meant that not only did we get information from the pages, but the pages started getting information from us. As we viewed Facebook and Youtube and performed Google searches, these centralized companies started collecting data about us to serve us better content so that we would stay on their websites longer.

This meant more money for them, but eventually, they realized they could package up all the data they had on us and sell it to advertisers. Web 2.0 is the age of targeted advertising and the lack of privacy for users.

It refers to the second generation of internet services, which focused on enabling users to interact with content on the web. Web 2.0 fostered the growth of user-generated content alongside interoperability and usability for end-users. The second-generation web does not focus on modifying any technical specifications. On the contrary, it emphasizes changing the design of web pages and the ways of using them. Web 2.0 encouraged collaboration and interaction among users in P2P transactions, thereby setting the stage for e-commerce and social media platforms. 

Apart from the favorable implications of interoperability, interactivity, and usability, web 2.0 also fosters interoperability across various services. Another important highlight about Web 2.0 in the Web 2.0 and Web 3.0 differences would refer to web browser technologies. AJAX and JavaScript have emerged as formidable instruments for the creation of web 2.0 websites. 

What is Web 3.0? The new era of internet

Web 3.0 is the next evolution of the internet, probably utilizing blockchain technology and the tools of decentralization. In Web 2.0 you were the product as you were browsing social networks, but in web 3.0, some believe that you will be the owner of your content, the stuff that you post online. This is true, so if you want a post to stay up, it’ll stay up, but if you want to take it down, they say you can control that, but not really, because as we know usually when something is on the Internet, it’s always on the Internet. 

Web 3.0 is all about a more transparent and fairer network where everyone can participate without fearing a loss of privacy and security. The shift from Web 2.0 to 3.0 is evident with the evolution of technology around us.

Technologies such as artificial intelligence, big data, and others will make it easy to provide a more personalized web experience than ever. Also, web apps will be more intuitive and will make them more accessible for people to use in their daily lives. We now have a lot of Web 3.0 app examples that we will discuss in this article.

In Web 3.0, experts say we will reach a point of the internet when every company is run by a decentralized group called a DAO, which stands for Decentralized Autonomous Organization, and if you want to learn more about what those big words mean, we have a whole video on that topic and what they are used for. However, DAOs mean there are no CEOs or Presidents to impress, only shareholders and those that the shareholders decide who to hire to work on the company they own tokens of. Those with the most tokens get to vote on how the company changes, not limited by the government or some family tradition. This means no censorship of social networks like Facebook or Twitter. 

One of the biggest things in web 3.0 is that your digital identity is not 100% connected to your real-world identity. This means I can view pages, download things, make purchases, and any other activity on the internet without being traced to the real me. There are many ways we can anonymize ourselves online.

So these may be long-term ideas of those who think about web 3.0, but in reality, what web 3.0 really means for us in this decade is that you can buy Amazon gift cards with Metamask and pay with Ethereum, or that you could anonymously leave a like on your friend’s posts using one of your hidden wallets, nothing life-changing all at once. It’ll likely be a series of ideas that grow together until centralized companies like Facebook and Google are disassembled by the legislature while decentralized, unregulated DAOs grow to replace them. 

Categories	Web 1.0	Web 2.0	Web 3.0
Websites	Static	Dynamic	Semantic
Web Type	Simple	Social	Semantic
User Capacity	Millions	Billions	Trillions
Timeframe	1990-2000	2000-2015	2015-unknown
Search Engines	Domain name speculation	SEO	AI-based search engines
Purpose	Connecting information	Connecting People	Connecting Knowledge
Precedence sequence	1st	2nd	3rd
Network Type	Centralized	Centralized	Decentralized
File Interaction	Read-only	Read and write	Read, write and execute
Contents	Curated by experts only	Blogging and social media	More personalized streams
Artificial Intelligence	Not available	Not available	Available

Web 3.0 is a completely new era—the era of decentralization where applications that use the decentralized network will reign supreme. Also, no traditional business model will not go affected by this change. You will see new types of blockchain business models to slowly gain popularity. Almost everything can be improved and envisioned with new technologies, especially with blockchain.

The benefit of Web 3.0

Anti-monopoly and Pro-privacy

Web 3.0 will bring a pro-privacy and anti-monopoly structure to the network. It will not incentivize centralized platforms.

In short, we will see a complete turnaround where the central theme will be privacy and decentralization. The middle-man will know no business or need for this kind of platform. This move will be facilitated with the help of blockchains such as Ethereum, Hyperledger, Corda, and others.

The government, on the other hand, will also see decentralization. For the best interest, it is wise for corporations to adapt to new standards of Web 3.0 by providing decentralized services that focus on privacy and security rather than control.

Secure Network

Web 3.0 features will be more secure than its predecessors. This is made possible by two factors, including distributed nature and decentralization. Hackers or exploiters will find it difficult to penetrate the network. Also, if they are able to do so, each of their operations can be tracked and retracted within the network.

Without centralization, it will also become hard for hackers to take full control of an organization. However, blockchain platforms do suffer from some form of exploits such as 51% attack, but most of the blockchain apps and platforms can quickly be patched to protect these types of threats.

Data Ownership

Users will find it easy to trust Web 3.0. Until now, the data generated by the users were stored and used by big corporations. With Web 3.0 features, end-users will have full data ownership. The data that is transferred through the network will be completely encrypted.

Also, users will be able to decide which information they want to share with corporations or 3rd party advertising platforms. However, the current trend is completely different.

With Web 3.0 features, the users can now sell their data to corporations and earn from it.

Interoperability

Interoperability is one of the key features of Web 3.0. With a decentralized network, it will become easy for applications to work across different devices and platforms such as T.V.s, smartphones, smart roads, and so on.

Developers will also find it easy to develop Web 3.0 apps.

No Interruption in Service

Distributed systems are less prone to service interruption. As there is no central entity for functioning, it becomes hard for a distributed denial of service (DDoS) or other forms of service malfunction attempts to have an impact. This makes Web 3 a great place to share data and critical services without worrying about service interruption.

Permissionless Blockchains

The idea behind Web 3.0 is to power blockchains that don’t need a central authority. This means that anyone can join the blockchain and participate by creating an address. Permissionless blockchains open up a new array of possibilities, including access to people who are early discriminated against due to their gender, income, geography, and so on. It means that there won’t be any restrictions on Web 3.0.

Semantic Web

Web 3.0 will also host the properties of a semantic web. The semantic Web is an improvement over the last set of technologies that are used for Web 2.0. It enables data to be shared across multiple systems, platforms, and community boundaries. It will act as a bridge between different data formats and platforms.

By using the semantic Web, we will be able to connect better, share, and enjoy the internet as never before.

Ubiquity

Ubiquity is the result of interoperability. With Web 3.0, we can access data and information across multiple applications without the need for a particular device. This means that you don’t have to worry about getting a particular device to get access to Web 3.0. If a device has basic internet functionality and connectivity, you will be able to access the Web.

All in all, our lives will be completely changed as we will be connected through a better set of technologies such as artificial intelligence, the blockchain, and much more.

Web 3.0 dApps

The transition has already started with the Web 3.0 dApps. To get a better understanding, we will be divided into different categories and discuss the dApps that will replace traditional services and applications. Using the dApps, one can easily create decentralized organizations‘ business models as well. The transition is inevitable, and it is only time when mass adoption of these apps will take place. To really get a clear picture of what is Web 3.0, you need to deeply understand dApps.

To make it easy for you to follow, we will be listing the different categories. They are as follows.

• Social Networks
• Exchange Services
• Messaging
• Storage
• Insurance and Banking
• Streaming (Video and Music)
• Remote Job
• Browser

Verdict

The role of blockchain in web 3.0 is quite clear from basic observations about the third generation of the web. Blockchain arrived as a formidable force and transformed conventional enterprise processes with its distinct traits. However, the most significant trait of blockchain which presents an ideal foundation for web 3.0 is decentralization. The prominent issues identified with web 2.0, especially centralized control and concerns of data integrity, present the need for a new variation of the internet. With the third iteration of the web, users could gain access to an autonomous and open internet. At the same time, it is also important to note how machine learning, AI, and IoT would support the rise of the third generation of the web.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

VinceH

Coincu Ventures