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Web 3.0: The next era of digital transformation

The Internet is no longer limited to social media and emailing. Today’s internet is smarter, faster, and bigger than ever before. It is a vast network of interconnected devices that are getting smarter by the minute. The future of the Internet looks even more exciting with the emergence of Web 3.0.

Humankind has come a long way since we first connected with each other through AOL chat rooms in the ‘90s, Facebook feeds in the early 2000s and Google searches in the 2010s. With every new technological innovation comes a new version of the World Wide Web. Hence, we can now speak about Web 3.0 - an up-and-coming version of the world wide web that will transform how we use online services as it brings blockchain and decentralised services to our browsers. Let’s explore this topic in detail:

What is Web 3.0?

Web 3.0 is the third major iteration of the World Wide Web. The internet has been an evolving technology since its creation in the 1960s. It’s currently in the third version of its technology stack. The first version was predominantly made up of basic HTML websites, which formed the foundation for what we now know as the internet. As this technology evolved, the rise of mobile devices, apps, and the shift to cloud computing all brought about the second iteration of the internet. Web 3.0 refers to the next stage in the internet’s evolution, which is characterized by the rise of artificial intelligence, blockchain technology, and a focus on decentralized networks.

What's Different in Web 3.0?

Web 3.0 is a new iteration of the internet that will be decentralized, open-source and more secure than previous iterations. The way users interact with and monetize websites will be very different in Web 3.0. Some of the key differences between Web 3.0 and Web 2.0 include:

Decentralization of the web:

Decentralization is a process in which something that used to be centralized is redistributed to the masses. In the context of Web 3.0, this means that apps and websites will be decentralized. This will prevent hackers and malicious apps from gaining access to your data. This is a drastic change from the centralized apps used today. The current apps are controlled by a few groups. For example, if a social media app is hacked or if the app stops working because of server issues, the users don’t have another option. In Web 3.0, apps will be decentralized and open source, so if one app stops working, the user can simply switch to another open source app. This will allow the user to maintain control over their data and choose what information to share.

Open-source technology:

In Web 2.0, users who wanted to create a new app or business model would try to get investors to help fund their project. Once they collected the money, they would go to a lab and create the new app. In Web 3.0, things will be very different. Instead of creating a prototype with funding that may or may not be successful, developers will be able to post their ideas on an online platform and fund their projects using open-source tokens. This means that if someone wants to create a new social media app, they can simply post their idea online and token investors will give them money to create the app. When the app is complete, the developers will distribute the tokens to their investors. This will make it easier for businesses to raise money and create new apps.

More security for the user:

This is another drastic change from Web 2.0. In Web 3.0, the user will have more control over the data. The user will first have to approve people to access the website. If someone wants to buy a product on the website, the user can verify the person’s identity and approve the transaction. This will make it harder for hackers to access sensitive information.

Better user-friendly interface:

Web 3.0 will be more user-friendly because everything will be decentralized and open source. In Web 2.0, users have to create accounts on each app and website. They also have to input information about themselves, like their email address, social security number, or credit card number. In Web 3.0, the user will only need one account and one set of information. They will be able to access any website or app and share their identity with others. This will make it easier for everyone to use the internet without having to create multiple accounts.

Different monetization approach:

Web 2.0 is mostly advertisement-based. Companies make money by showing ads to users while they are browsing the internet. In Web 3.0, the advertisement model will be different. Users will be able to choose what information they share and they will be rewarded for it. These tokens can then be used to purchase items or gift cards from the website. This will make it easier for businesses to profit and streamline the monetization model.

Blockchain: The technology behind Web 3.0

Decentralized apps are applications on the internet that are not controlled by a single group. If a group suddenly shuts down the app or stops making money, the app doesn’t shut down. Blockchain is the technology behind decentralized apps. It is a decentralized ledger that records who owns the tokens and who transferred the tokens. This makes it so that one person can’t access the information of all the token holders. Furthermore, blockchain provides transparency and auditability. This transparency allows everyone to view the transaction history and confirm its legitimacy. Auditability means that the chain of custody can be traced back to the original source. This is critical in stopping fraudulent behaviour such as money laundering and drug trafficking.

Blockchain also provides immutability and robustness by recording an online “truth” about events without the possibility of being changed or forged afterwards. It also offers tamper-proof data storage, as well as greater efficiency through shared computing power.

Blockchain technology has huge potential in web 3.0.

Web 3.0 will have a lot to offer. It will bring blockchain technology to the masses, decentralize everything and make the internet more secure and user-friendly. It is certain that once this technology arrives, the way of the world will be changed. But, it's still some time before we reach there. But, don't worry, Web 3.0 is on its way!

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