Web 3.0

What Is Web 3.0?

Web3.0 is the latest type of internet service in which advanced artificial intelligence and machine-based learning are used to interlink web-based applications and develop an additionally autonomous web. Web 3.0 is thoroughly structured to provide the consumers a content that the customers tailor to a great extent with a more rapid speed that had never been experienced before. The exclusive web will use AR (augmented reality), VR (virtual reality), search algorithms powered by AI, and improved data analytics to make this happen.

Web 1.0 and 2.0: A Gradual Evolution

At the start of the 90s, the internet of Tim Berners-Lee was organized to serve as a collaborative source. It was an interlinked computer system to assist scientists in sharing their experiments. In this area, people were allowed to interact. Later on, Yahoo, Compuserve, AOL, and a few other portals dominated it. These organizations (that provided online services) proved to be a door toward Web 1.0, permitting the governments, businesses, and individuals to use it along with posting material occasionally. In 1994, Netscape introduced a web browser, persuading toward the dot-com advancement, and a browser competition began.

Dissimilar to Web 1.0, which – according to Balachander Krishnamurthy and Graham Cormode – had a few content creators while a huge number of people were just content consumers, Web 2.0 provided a forum where the Web was utilized to construct software applications on. In this way, numerous consumers were allowed to take part in the creation of content on blogs, social networks, as well as other platforms. Social media venues (based on user-generated material) and search engines evolved retail and advertising industries. This resulted in the extinction or a continuous struggle for survival by the great firms that did not make pace with this technology.

The business model of Web 2.0 depends on the consumers’ participation in developing new content and selling personal data to 3rd parties to carry out marketing purposes. Hence, the internet has an enormous app store, overwhelmed with centralized applications developed by Amazon, Facebook, and Google, endeavoring to create an audience, gather data, and monetize it via the aimed advertising. Nonetheless, the users are not protected from being manipulated by the central authorities. Thus, there was a need for an appropriate place to cater to the demands of the users.

Web 3.0: A Step to Meet Individual Autonomy and Future Needs

Five years back, the concept of Web 3.0 – as an advanced stage of the internet – was described as the Semantic Web. Berners-Lee coined the term to denote the web where the machine’s content would be processed in a humanlike manner, forming a Global Brain with the entirety of the data interconnected and comprehended both conceptually and contextually. Web 3.0 counts to be a place where the consumers require no permission from any central power to post anything. Individual sovereignty would be the chief aspect of this type of web. The decentralized blockchains of Web 3.0 would enable consumers to avoid an unfair and exploitative web with proper compensation for their data and time. This web type would expand the peer-to-peer information exchange by benefiting from open-source software, IoT (Internet of Things), and blockchain technologies.

Examples of Web 3.0 dApps

  • Social network dApps: Sapien, Steemit, Sola, e-Chat, etc.
  • DeFi (Decentralized Finance) Apps: AAVE, IDEX, EOSFinex, etc.
  • Insurance and banking dApps: AiGang, Everledger, etc.
  • Streaming dApps: DTube, UjoMusic, Theta EdgeCast, etc.
  • Gaming dApps: Cryptokitties, Zed Run, Splinterlands, Alien Worlds, etc
Josh Fernandez

Josh Fernandez

Josh Fernandez is a well-known crypto journalist who has been actively covering the world of cryptocurrency and blockchain for several years.

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