With the latest technological advancements like Cryptocurrencies, NFTs, metaverse and DeFi ( Decentralized Finance spaces) in place, you may have come across a buzzy term Web 3.0. In case you feel you missed the bus, don't worry we got your back. Let's dive in together to explore what Web 3.0 is and why it matters.
Knowing a little history does no harm. In 1989, the term Web 1.0 was first coined by Tim Berners-Lee. Web 1.0 was decentralized, open-source and read-only. Fast forward a decade, Web 2.0 made it possible to not just read but publish information online. Tech giants like YouTube, Facebook and Twitter continue to pull in millions of users around the world, until today. The Web 2.0 internet is centralized, social and more open. It is the Web 2.0 that still keeps us connected. But is the Web 2.0 picture as rosy as we are presented with?
What's wrong with Web 2.0?
In this digital era, the increasing network pull has left the customers with no choice but to pay a price not in $$ but in the form of personal data and content. Before you know, you are all locked in this web of secret algorithms that aim to hijack your data and sell it online.
There are multiple problems with Web 2.0:
The lack of trust in these centralized systems suggests a possibility of fraud. Society can never be a good record keeper since humans are bound to be self centered. Question arises, how can we keep records that are immune to human biases. The answer is, remove the humans from this equation by enabling the use of blockchain technology.
What is Web 3.0? Why does it matter?
Web 3.0 which is often referred to as the semantic web, stands to be the next iteration of the internet. It is the latest internet technology that makes use of Artificial Intelligence, machine learning and blockchain technology, to achieve real-world human communication.
This is the latest internet iteration that allows users to not only own the data but also compensate them for their time spent on the internet. The ultimate goal is to create more intelligent, connected and open websites. In order to achieve this intelligence and transparency, it focuses on decentralization.
Web 3.0 ought to have the following properties:
Web 2.0, essentially uses the user generated content to provide end results for end users. It allows users to contribute and collaborate on websites and applications. As against Web 2.0, Web 3.0 will turn over this task to semantic web and AI technologies.
Future with Web 3.0!
Web 3.0 aims to control the user data and transactions in place of the centralized organizations. This is being religiously explored keeping in mind the rapid expansion of Cryptocurrencies and other digital assets. Web 3.0 will help carry successful automated transactions online.