What is Web 3.0 Technology?

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Web 3.0 (Web3) is well-defined as the third generation of the advancement of web technologies. The Web is also known as the “World Wide Web”, is the foundational layer for how the internet is used, providing website and application services. Web 3.0 is still evolving and being defined, and as such, there isn’t a canonical, universally accepted definition.

What is clear, though, is that Web 3.0 is going to have a strong prominence on decentralized applications and it will use extensively blockchain-based tools and technology. In Web 3.0 technology, users will observe extensive use of machine learning and artificial intelligence (AI). The use will help to authorize more intellectual and adaptive applications. Another aspect that is part of the emerging definition of Web 3.0 is the notion of a semantic web. Among those that have advocated for the integration of semantic technology into the web is the creator of the web, Tim Berners-Lee.

To come up with the third generation of web, it took almost 10 years of research to make the evolution from Web 1.0, to Web 2.0, and it is predictable that web 3.0 will also take the same time span or even longer to fully implement and to become available for use. It could be supposed that Web 3.0 will alter both how websites are created and how users interact with them if the trend of change is traced from Web 1.0, a static information provider where people read websites but rarely interacted with them, to Web 2.0, an interactive and social web that enables user collaboration.

What is the difference between Web 2.0 and 3.0?

Web 3.0 is different from Web 2.0. Web 2.0 technology is more focused on using technologies like machine learning and AI to supply each user with appropriate material rather than merely stuff that other end users have contributed. Users may essentially contribute to and occasionally work on on-site material with Web 2.0, but these tasks will likely be handled by the semantic web and AI technologies with Web 3.0. In contrast to Web 2.0’s centralization, Web 3.0 places a heavy emphasis on decentralized services and power.

When web 3.0 was created?

However, the web 3.0 denomination appeared for the first time in 2006. The term was introduced by John Mark off of the New York Times and referred to a supposed third generation of Internet-based services that collectively comprise what might be called ‘the intelligent Web.

How does web 3.0 work?

With Web 1.0 and Web 2.0 technologies, Hypertext Markup Language (HTML) defines the layout and delivery of webpages. HTML will continue to be a foundational layer with Web 3.0, but how it connects to data sources and where those data sources reside could be somewhat different than earlier generations of the web.

Many websites and nearly all applications in the Web 2.0 era rely on some form of a centralized database to deliver data and help to enable functionality. With Web 3.0, instead of a centralized database, applications and services make use of a decentralized blockchain. With blockchain, the basic idea is that there isn’t an arbitrary central authority, but rather a form of distributed consensus.

An emerging governance ideal within the blockchain and Web 3.0 community is the concept of a decentralized autonomous organization (DAO). Instead of having a central authority that governs the operations of a platform, with a DAO, Web 3.0 technologies and communities provide a form of self-governance in an attempted decentralized approach.

Web 3.0 also fundamentally works with cryptocurrency, more so than with fiat currency. Finance and the ability to pay for goods and services with a decentralized form of payment are enabled across Web 3.0 with the use of cryptocurrencies, which are all built and enabled on top of blockchain technology.

Both Web 1.0 and Web 2.0 were primarily built with the IPv4 addressing space. As a function of the massive growth of the web over the decades, there is a need in Web 3.0 for more internet addresses, which is what IPv6 provides

Web 3.0 applications

With blockchain at the foundation, Web 3.0 enables a growing number of different types of new applications and services to existing, including the following:

  • NFT. Nft is explained as Nonfungible tokens (NFTs) are tokens that are stored in a blockchain with a cryptographic hash, making the token unit unique.
  • Defi. Decentralized finance (Defi) is an emerging use case for Web 3.0 where decentralized blockchain is used as the basis for enabling financial services, outside of the confines of traditional centralized banking infrastructure.
  • Cryptocurrency. Cryptocurrencies like Bitcoin are Web 3.0 applications that create a new world of currency that aims to be separate from the historical world of fiat currency.
  • dApp. Decentralized applications (dApps) are applications that are built on top of blockchain and make use of smart contracts to enable service delivery in a programmatic approach that is logged in an immutable ledger.
  • Cross-chain bridges. There are multiple blockchains in the Web 3.0 world, and enabling a degree of interoperability across them is the domain of cross-chain bridges.
  • DAOs. DAOs are set to potentially become the organizing entities for Web 3.0 services, providing some structure and governance in a decentralized approach.

Why web 3.0 is not fully implemented?

Cryptocurrency (tokens) — are the main source of payment for any transactions in the blockchain, and there is no way Web 3 can exist without it. And cryptocurrency doesn’t bring any other values, you cannot buy a house or car using crypto or NFT. It makes the crypto market quite fragile. Ironically, it exists only because of groups of enthusiasts and speculators. On the other hand, the price of some cryptocurrencies is skyrocketing without any meaningful reason. Such a bubble can explode at any time, and a domino effect will make Web 3 fade into the past.

Theoretically, any web application can be built using the Web 3 stack. Well, cryptocurrency, blockchain, and decentralization sound great, but what is the point to convert your business to a decentralized application, it is equal to giving away your assets for no reason. There is no clear understanding of why everyone has to do it, for example, banks. Too many people are working in the financial industry, and making life on it, and suddenly, they have to give up their job and business. Blockchain technology is powerful and perspective, but it will take time to find the best use for it.

There are still a lot of issues to solve in Web 3 to make it more human-friendly. For some people, it will be a major argument to exclude such technologies from their life, because such a future will never come true, and they will be right. For others, it will be a huge opportunity to make this future closer and take a benefit from it. Some smart human said: “Pessimism sounds smart, but optimism makes money.”

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