What is all the buzz about the Web 3.0 revolution? In today’s era, the internet arguably holds a lot of importance and is indeed the leading technology revolution in the history of humankind.

As the world is moving towards a tech-oriented world, there is no end to the evolution of the internet. The recent hype of the Web 3.0 revolution thus indicates the future era and the next generation of the internet.

But before we deep dive into the concept of the Web 3.0 revolution, let us know a little bit about the preceding and current generations of the internet– Web 1.0 and Web 2.0.

Web 1.0: An Overview

We witnessed the first generation of the internet, Web 1.0, in 1991-2004, where the internet was just a bunch of static pages that displayed information. Some called it the “read-only” phase of the internet, as it was just one-way communication.

There were no logins or interactions between the users through likes, posts, etc. It was just like a huge newspaper where users were just the consumers of the information exhibited.

In this generation, the users could not contribute anything to the internet. Gradually, Web 2.0 came into existence which brought about a drastic change to the world of the internet.

Web 2.0: An Overview

The second generation of the internet, called Web 2.0, is a much-advanced version of the previous generation of the internet. Web 2.0, which commenced in 2004, is still in existence to date.

The second generation of the internet brought in many changes to the world of the internet, the biggest change being interactivity. Now, information was being given out by the web pages, but they also started receiving information from the users, leading to two-way communication.

Users actively started posting content on the internet on the platforms like Facebook, youtube, etc. We willing started giving out our data to these centralized companies to receive better content as per our preferences.

However, these centralized companies started misusing our data for their own benefit by selling it to advertising companies for monetary value. These centralized companies acting as middlemen thus had total control over our data, and we no longer had any control over our own content and data.

Eventually, there prevailed lack of privacy in the second generation of the internet, and it was known as the ‘age of targeted advertising.’ According to recent estimates, 86% of the content on the internet is uploaded by the users and not the companies themselves.

However, the user’s content ownership still lies with the companies. The number of views, likes, the advertisements to be shown and their rates, and even the reach of the user’s content are all decided by the companies and not the users.

Thus, the future of the internet, namely Web 3.0, holds the solution to all the problems in the current generation of the internet. Analyzing the transition and development between the first two generations, a decade of transition is expected between Web 2.0 and 3.0.

Web 3.0: An Overview

The Web 3.0 revolution, with the help of blockchain technology, aims to overcome all the obstacles and problems prevalent in Web 2.0. The third generation of the internet, Web 3.0, will be a decentralized world where companies will no longer have control over the users’ data.

In Web 3.0, we won’t just be users but also the owners of the content we post on the internet. Moreover, a fascinating concept through which one can get their ownership proof is NFT.

• NFTs have a distinct value. NFTs are non-fungible tokens that use blockchain technology to store anything digitally. It is a piece of data owned by an address and can be bought and sold through various addresses on the blockchain. Thus, we will never find two NFTs of the same kind.
• Fundamentally, through NFTs, one can have ownership over assets such as art, music, videos, tickets, collectibles, games, memberships, exclusive access, ownership of physical items, etc.

Additionally, the internet will no longer be able to track our identity. For instance, if you search on google how to make a coffee, it gets a soft signal and will further display various coffee shops with the best deals and offers as google knows your identity, what you like, and what you would prefer. Google, in turn, charges these coffee brands for advertising their shops to us.

But in Web 3.0, everyone will have a different identity called the ‘Avatar’ or ‘Crypto ID’ without giving out any personal data. All the transactions and the browsing on the internet will take place through the anonymous identity option based on our crypto wallets. Thus, cryptocurrency will play a critical role in the era of Web 3.0.

As everything will work on blockchain technology and people worldwide will have access to it, the possibilities of it shutting down are almost zero. Additionally, once the content is posted here, it cannot be deleted and will forever remain on the internet.

In a recent case, the Twitter account of the ex-president of the USA was suspended. This decision was taken only by a few people like the founders and CEO of the company. However, in Web 3.0, there won’t be any middleman or CEO.

Thus, the CEOs of the big centralized companies will no longer be able to force their ideologies on us. The basic motive of Web 3.0 here is to promote peer-to-peer transactions and eliminate the middleman.

But have you wondered if the next generation of the internet will be decentralized, then who will make all the decisions? Who will be running all the organizations in the generation of Web 3.0? Well, let us welcome you to the world of DAOs (Decentralised Autonomous Organizations).

So what are DAOs?

Initially, Decentralised Autonomous Organization was a not so complicated concept. It came out as an idea and was further advanced by developers. Decentralized Autonomous Organizations are collective entities owned and managed by their community members.

In Decentralised Autonomous Organizations, decisions are executed via proposals and voting, ensuring equality amongst its owners. Here, the funds are stored in their own treasury and governed by smart contracts. There is no central authority having control within these organizations.

Thus, DAOs allow everyone to have an equal say and propose decisions that can shape the entire functioning of the organization. DAOs, are formed upon what is known as a “Smart Contract.”

A smart contract is fundamentally a computer program that runs on blockchain technology. Based on pre-determined conditions and guidelines, it is then further executed.

The smart contract acts like an organization’s by-laws, and the laid down rules govern the entity. With this, there remains no need for a board of directors, CEOs, or any third party to implement the decisions.

Thus, DAOs solve the problem of lack of privacy, and the power will lie in the hands of the users, and they themselves will be the owners of their content on the internet.

Examples of DAOs:

Bankless-

Bankless DAO is a decentralized community driving adoption and awareness of bankless money systems like Ethereum, Bitcoin, and DeFi through media, culture, and education.

MakerDao-

An Ethereum-based protocol issues the Dai stable coin and facilitates collateral-backed loans without an intermediary.

Yearn Finance-

A group of protocols running on the Ethereum blockchain allows users to optimize their earnings on crypto assets through lending and trading services.

How will things work in the world of Web 3.0?

Semantic Web:

The Semantic Web is one of the key elements of Web 3.0 that enhances online technologies to analyze a plethora of data from the Web, including content, transactions, and links between the users.

The application of semantics in the Web would enable machines to decode the meaning and emotions of the content by analyzing data. As a result, internet users will have a much better experience driven by upgraded data connectivity.

Artificial Intelligence and Machine Learning:

Artificial Intelligence is defined as the intelligence demonstrated by machines and is another important element of the Web 3.0 revolution. As Web 3.0 will be a semantic web where machines can read and decode the meaning and emotions conveyed by a set of data, it gives rise to intelligent machines.

In combination with this ability with natural language processing, Web 3.0 allows machines to encompass material similar to humans. Consequently, providing quicker and more relevant results to meet the demands of the users. Thus, the machines grow increasingly intelligent.

Web 3.0, with the help of Artificial Intelligence, will soon be able to seamlessly allow online platforms to screen data and alter it following every user’s preference. As AI advances, it will ultimately provide users with the best filtered and unbiased data possible.

3D Graphics:

The Web 3.0 revolution is also called the Spatial Web by a few as it aims to blur the line between the physical and digital world by advancing the graphics technology and bringing into the picture the three-dimensional (3D) virtual worlds.

The 3D graphics bring along with them a new level of immersion not only in the futuristic gaming sector but also in other sectors like real estate, health, e-commerce, and many more.

Web 3.0 vs Metaverse:

Web 3.0 and Metaverse are futuristic and imply the internet and a decentralized world, but they are not entirely the same.

Web 3.0 is the next generation of the internet and a digital world where users can create, share and codify content. With the help of Artificial Intelligence and Machine Learning, Web 3.0 will allow users to interact with the data.

On the other hand, Metaverse is a digital world where users can interact with three-dimensional (3D) objects in virtual reality. They will be able to connect with other users and objects in the virtual space through virtual reality (VR) headsets.

Thus, Metaverse basically refers to a futuristic virtual area that provides access to various entertainment and projects utilizing the full range of augmented reality.

Is Web 3.0 really the future, or is it just a scam?

Though the decentralized world of the Web 3.0 revolution sounds very futuristic and impossible to a point, there has been a time when people used to laugh at the existence of today’s internet as well.

The future era of the internet promises to solve the problems like lack of privacy and ownership. However, it is yet safe to entirely shift on blockchain technology.

In today’s time, cyber crimes can be controlled to an extent as it is possible to track down the real person behind all the wrongdoings. However, in Web 3.0, as the user’s real identity will be unknown, it may get challenging to track down the real person in case of any fraud. This may eventually lead to an increase in cybercrimes.

In Web 2.0, the CEOs and the founders of the centralized companies look after and take responsibility for the scams happening on their respective platforms. But in the decentralized world of Web 3.0, who will take responsibility for all the frauds and scams?

Is there really a need for the next generation of the internet. Many new technologies have entered the market before, but only those flourished with a demand. Similarly, if there is no demand for a decentralized world, will it actually be possible?

Thus, we can say that Web 3.0 is just an idea that offers a possibility and not a guarantee of something better and advanced.

Some people favor the Web 3.0 revolution and believe that a decentralized world is possible. While on the other hand, a few think that Web 3.0 is just a buzzword, and all the concepts related to it are a big scam. What is your take on the next generation of Web 3.0?

Last Updated on August 28, 2023 by ayeshayusuf