Every new advent of the web is at first baffling(impossible to understand). Web 3.0 is the third generation of internet services for websites and applications that will focus on using a machine-based understanding of data to provide a data-driven and Semantic Web.
- Web 1.0 is a read-only web 📖
- In period: 1989 to 2005
- Web 2.0 is a read-write web 📝
- ~2005 - Present
Example: Airbnb, Facebook, Twitter, Instagram, Youtube, WhatsApp
- 📝 Websites were like user-created content uploaded to social-networking services *
- Web 3.0 is a read-write-interact web (powered by artificial intelligence) 🌏
- Decentralized apps that run on the blockchain
Apps which doesn’t use user personal information to earn money
📝 Web 3.0 is not new, Jeffrey Zeldman, one of the early developers of Web 1.0 and 2.0 applications, had written a blog post putting his support behind Web 3.0 back in 2006 *
Let's checkout in movie terms 😉
Capability of Web 2.0 and Web 3.0 🔥
- Any Social post can be deleted by the platform
- Server can go down for any service
- Payments service may decide to not allow payment for some work
- Computers use the HTTP protocol in the form of unique web addresses to find information, which is stored at a fixed location generally on a single server.
- It's not possible for the platform to delete your post
- Server can’t go down
- Can’t prevent the payment
- As information would be found based on its content, it could be stored in multiple locations simultaneously and hence be decentralized
Features of Web 3.0 🎖️
- Open: It’s open in the sense that it’s made with open-source software
- Trustless: The network will allow participants to interact directly without going through a trusted intermediary
- Permissionless: Including users and providers, can engage without the need for permission from a controlling organization.
- Distributed and robust
- Native built-in payments
Let's talk about 2 payments modules:
a. Web Payment
b. Native Payment
a. Web Payment
Companies like Stripe and Paypal have created billions of dollars of value by enabling electronic payments.
b. Native Payment
It has been built upon the root level. Features:
The best Crypto wallets for native payments are MetaMask and Torus
Decentralization is a core tenet of Web 3.0
Examples of Web 3.0 Applications 🌐
With Siri, we have Samsung Bixby, amazon’s Alexa, which is able to understand my question like where is the nearest park and gives the correct answer.
It’s a computational intelligence platform that now uses web3.)is a “computational knowledge engine” that answers your questions directly by computation.
A great example of web 3.0 social network websites.
Steemit is a great example of a web 3.0 social network website. It is a decentralized reward platform that runs entirely on the Steem Blockchain social media model. It rewards content creators or bloggers with cryptocurrencies for contributing content on the site.
As IDEX is an Ethereum-based exchange, the user would need an Ethereum wallet to trade on the platform.
e-Chat is a web 3.0 app that is powered by a decentralized blockchain. it is widely used to send cryptocurrency. App Store and Play Market have an e-Chat app for their users.
LBRY is a web 3.0 video and music website with a library of different forms of content, such as books, music, and videos.
Ethlance is a web 3.0 remote job platform. The decentralized app works on top of the Ethereum blockchain, where anyone can hire and start working in exchange for Ether cryptocurrency, which was never possible with older technology.
Semantic Web 🌐
The goal is to make internet data machine-readable.
Web 3.0 ❗= Semantic Web.
Web 3.0 uses technologies based on Semantic web concepts and natural language processing to make user interaction more intuitive, it also has other features such as widespread use of AI and machine learning.
In the evolution of the Semantic Web computers will be able to understand internet data directly. The idea behind using the semantic web is that it understands and interprets the context and concept of the data. Therefore, when a user searches for an answer, web 3.0 delivers the most accurate and relevant result to the end user.
The goal of the Semantic Web is to make internet data machine-readable.
How Identity Works in Web 3.0 🤔
Identities will be tied to the wallet address of the user interacting with the application.
Wallet addresses are completely anonymous unless the user decides to tie their own identity to it publicly.
User can choose the same wallet across multiple Dapps(Decentralized Applications).
Efficiency in search results
Big companies also will no longer have control over data, services, or sites.
- Sharing information will be easier.
- Restrictionless Platform: it is easier for users to transfer their assets or wealth anywhere across the world in no time.
Single Profile Creation: With web 3.0, users do not need to create individual personal profiles for different platforms. A single profile will work on any platform, and the user will have complete ownership of any given information.
👉 Without users’ permission, no corporation can access their data or verify its accuracy. However, users have the choice to share their profiles and sell their data to advertisers or brands.
Connectivity: Web 3.0 will provide the same content across multiple applications and services will be available on different devices accessible from anywhere.
Transactions are slower on web3 because they're decentralized.
Web 3.0 will be complicated for newcomers to grasp the concept.
- Only advanced devices will be able to handle Web 3.0 locking out the population that can’t afford such devices.
- UX- interacting with web3 applications can require extra steps, software, and education.
- most successful Dapps put very small portions of their code on the blockchain as it's expensive.
- People will spend too much time on the internet.
Roadmap of Web 3.0 🛣
If you are really interested in learning Web 3.0, then here is a quick roadmap
Web 3.0 represents the next iteration or phase of the evolution of the web/Internet and potentially could be as disruptive and represent as big a paradigm shift as Web 2.0 did. Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility.
Understood the web 3 applications and their features.
Next Section, we will look into MetaVerse and NFT 😍