Web 3.0, the third version of the Internet built on blockchain technology, is a hot topic in the world of information technology. The third generation of web technologies is known as Web 3.0. It continues to change. As a result, its recognized meaning is still ambiguous.
- The term “Web 3” or “Web 3.0” refers to the subsequent iteration of the global web, which is expected to succeed Web 2.0.
- Web 3 may be more decentralized than Web 2 and might pose a threat to the dominance of IT behemoths.
How does it work?
- Web 2.0 is more centralized and user-generated content is the main focus.
- Few firms in this area wield data power. We do not possess or control such data, and Web 3 has altered this idea.
- In Web 2.0, we repeatedly submit our personal information when we join up for a platform.
- The third-generation web is meant to be more decentralized.
- Placing more control and access to information in the hands of the people undermines the supremacy of tech companies.
- This indicates that data is distributed across networks and is owned by several parties.
- When you sign up for new platforms, you won’t have to repeatedly enter your personal information; instead, you’ll only give the platforms permission to use it.
Different versions of the web
|Web 1.0||It is regarded as the beginning of the web’s development when the majority of the material was “Read-only,” allowing users to merely read it and not truly engage with it. Search engines, portals, and news websites all have content in this category.|
|Web 2.0||Interaction is the main new factor introduced by Web 2.0. It became increasingly common to “like” things on social media, “comment” on videos, and share engaging information. Additionally, during this era, advertisements began to appear on pages based once again on these data points, and the monetization of content began to increase.|
|Web 3.0||Web 3.0, a visually dynamic, semantic, and spatial Web with the concepts of decentralization, openness, and increased user utility marks a new stage in the evolution of the internet. It incorporates a wide range of disruptive technologies, including blockchain, augmented reality, virtual reality, cloud, edge, the internet of things, and cryptocurrency, and it utilizes an AI-based analytics layer for data-driven insights.|
Pros of Web 3.0
- Web 3.0, a visually dynamic, semantic, and spatial Web with the concepts of decentralization, openness, and increased user utility marks a new stage in the evolution of the internet. It incorporates a variety of disruptive technologies, including blockchain, augmented reality, virtual reality, cloud, edge, internet of things, and cryptocurrency, and it operates atop an analytics layer powered by AI for data-driven insights.
- With Web 30, which uses smart protocols on blockchain to do away with the requirement for third parties, the centralized control over data held by platform businesses is transferred into the hands of the person.
- Technology may also do rid of intermediaries so that buyers and sellers can communicate directly.
- User-generated material normally belongs to the platform it is published on in centralized content management, however, Web 3 can empower authors by offering them more opportunities to profit.
Cons of Web 3.0
- Increase in Cyber Crimes: Some experts believe that it would be challenging to regulate Web 3. They further assert that decentralization may result in the emergence of new varieties of cybercrime. Among other things, it may cause a rise in online abuse and cybercrime.
- It presents a question regarding who to contact in the event of complaints and who is responsible for data breaches due to its decentralized character.
- Due to the fact that Web 3.0 is built on blockchain technology, scalability is still a significant challenge. Because of the append-only data storage technique used by blockchain technology, which cannot be updated and has limited storage due to rising demand,
- The regulatory landscape for the Web 3 industry in India has not yet been fully established.
- The applications are more extensive and bizarre. Beyond its financial foundations, like cryptocurrencies, it is expanding.
- The new financial global order in the metaverse will be driven by Web 3.
- People can live in a digitally built and programmed environment (similar to a pokemon game) in the metaverse, which combines virtual and augmented reality with video.
- Although it differs from reality, it was created by drawing influence from our immediate surroundings.
- Online gaming innovation and the tokenization of assets in virtual environments will be unleashed.
- Decentralized Autonomous Organizations (DAOs), Decentralised Finance (DeFi), Stable Coins and Central Bank Digital Currencies (CBDCs), private and digital infrastructure, and creative economy enablers like NFTs and blockchain-based games are some of the use cases for Web3.
- The fact that decentralized networks are public assets is their primary drawback. It is challenging to motivate their upkeep and development without a central organization in charge of making decisions and collecting income.
- Cryptocurrency offers decentralized coordination and financial incentives for development, which aid in solving this issue.
- A lot of effort needs to be done to establish the groundwork for Web 3; thus, users, developers, tech corporations, and others must agree on how the Web3 protocols will operate.
- Web 3 won’t start to become a reality until this effort gets underway and when the financial incentives align behind it.