NEW DELHI: The term Web 3.0 is becoming more popular with the introduction of NFTs and the metaverse, but it’s not an entirely new phenomenon.
Ethereum co-founder Gavin Wood developed it in 2014. Tim Berners-Lee refers to Web 3.0 as the Semantic Web because of its potential to revolutionize the Internet experience by directly interacting with users, devices, and systems in smart homes. smart transportation and smart workplaces.
In the expanding digital age, there is much more to Web 3.0 that is important to understand. We analyze and clarify all the key information about the functions and features of Web 3.0.
It is crucial to understand Web 2.0, which was developed in 2005, before we can fully understand Web 3.0.
- Web 2.0 was an improvement over Web1.0.
- In essence, Web 2.0 refers to the shift from static content to user-generated content, as well as the expansion of social media platforms that allow for user interaction.
- Some examples are Google Maps, Google Docs, YouTube, WordPress, Facebook, and Twitter.
What is Web 3.0?
- Artificial intelligence (AI), the Internet of Things (IoT) and blockchain technology are the three key pillars of Web 3.0.
- Blockchain will promote trust in the virtual world and help achieve decentralized data storage.
- AI will help interpret and filter web data so that users have the most relevant options.
- IoT will help the Web 3.0 interoperability layer to bridge the gap between the Internet and smart devices.
*It was developed to give users a better and more relevant Internet experience through continuous analysis of their fingerprints.
When a user discovers related products on eCommerce sites like Flipkart that have been purchased by customers with similar shopping profiles, that is an example of this type of experience.
However, the aforementioned strategy favors Internet governing bodies and makes them the owners of user data, which is then sold to third-party advertisers.
- Confidential user information is being misused. Unlike the current system, Web 3.0 would make individuals the sole owners of their data and pay them appropriate compensation in lieu of their internet data. It is comparable to NFTs in that it gives customers ownership of the distinctive digital art they purchase. Every user will have the opportunity to share personal information thanks to the semantic web. Web 3.0 users would also be relieved of intrusive, hard-to-skip ads and pop-ups.
In Web 3.0, users will be able to choose how many ads to see and will be appropriately reimbursed if they choose not to see any.
How will the digital age change with Web 3.0?
- Web 3.0 has the ability to usher in a future consumer-centric, open source web that prioritizes security and privacy.
- It would make it possible for people and computers to exchange information and value through a peer-to-peer network. (DAO), decentralized autonomous business (DAC) on a global scale, autonomous identities and decentralized data marketplaces are just some of the possibilities that the semantic web would open up.
- It will enable trustless data transfers, automated cryptocurrency-based payments, and simple property transfers, significantly altering the way people and machines interact. Right now, Ethereum is driving the development of numerous new decentralized Web 3.0 applications (dApps).
These decentralized applications (dApps) are hosted by Ethereum on user-operated nodes on the blockchain, allowing anyone to access them without needing to pay for user data.
- Access to Dapps cannot be restricted or stopped by a centralized authority.