Web 3.0 is the next iteration of the World Wide Web, and it is bringing with it the blockchain.
For those who don’t know, Web2 is the internet we know and use today. It’s dominated by the tech giants Microsoft, Meta, Apple, Amazon, and Alphabet.
However, there’s a new version on its way that wants to put the power back in the hands of the everyday user.
Web 3.0, commonly known as Web3, is what people dub the next iteration of the World Wide Web. However, it has now integrated cryptocurrency.
Web 3.0 is one of the latest technological advancements along with the Metaverse. It’s gaining supporters throughout the world.
The fundamentals upon which it’s built appeal to those who are also interested in AI, NFTs, blockchain technology, and more.
As of today, Web3 is a work-in-progress. It isn’t defined yet properly. However, the main idea is that it will be decentralized, instead of being controlled by companies and governments.
In addition to that, it’s also connected to the concept of the “Metaverse” to some extent.
What is Web 3.0?
Web 3.0 is a potential future version of the internet based on public blockchains – a record-keeping system commonly known for facilitating transactions in cryptocurrencies.
The appeal of Web 3.0 is that it’s decentralized. This means that instead of users accessing the internet via services mediated by tech giants, they can own and govern sections of the internet.
Web 3.0 will not require permission. This means that central authorities do not get to choose who gets access to what services.
It also doesn’t require trust. This means that an intermediary is not needed for virtual transactions to happen between 2 or more parties.
Web 3.0 technically protects the privacy of the user better since these intermediaries and agencies are doing most of the data collection.
DeFi, short for Decentralized Finance, is a component of Web 3.0 that is gaining popularity. It involves performing real-world financial transactions on the blockchain without the help of the government or banks.
On the other hand, a lot of venture capital firms and major corporations are pouring money into Web 3.0. It is easy to think that their engagement will lead to some type of centralized power.
Benefits of Web 3.0
The next evolution in the World Wide Web will transform the internet into a place where every user will have better data security, privacy, and human-like interactions.
Here are some of the most common benefits of Web 3.0:
Incentivized Creators
When users from all across the globe will connect directly to producers without any middlemen or gatekeepers, it will motivate producers to adopt new technologies automatically.
On Web 3.0 digital currencies and distributed platforms will break down all the national barriers to producers and offer them higher ROI.
Uninterrupted Service
Decentralized blockchain technology will get rid of the issue of interrupted services and account suspension due to server failure.
In the decentralized system, the data will be secured on distributed nodes to guarantee redundancy. Several backups will prevent single-point server failure.
Privacy
One of the biggest benefits of blockchain technology and the latest advancements in cryptography is that you can monitor your personal information online.
This will resolve all the privacy problems people encounter in the Web 2.0 version.
In Web 2.0, the number of breaches of user data is resulting in new-age users thinking twice before they share their details online. Web 3.0 will solve this issue.
Fewer Middleman
The entire idea of decentralization promises to connect providers to end-users. There will be no central authority that will take a fee from an electronic transaction.
For example, the best use case will be if Airbnb is running on Web 3.0 where guests and hosts will directly connect without intervening services of a central authority.
This can also be applied to Amazon. Buyers and sellers will be directly connected without any middleman.
Information Ownership
In the Web 3.0 version, the users will own their information. They’ve got the security of encryption. They can only share information upon permission or on a case-on-case basis.
As of today, tech giants such as Amazon and Facebook are accessing our data in Web 2.0. This includes credit cards, interests, incomes, and more.
Then, they resell the data to the advertisers. In Web 3.0, people will own their data.
Transparency
The advantage of Web 3.0 is that all the data is spread throughout decentralized networks and distributed ledgers.
You can follow your information and check the code behind the platform you are utilizing. You do not have trust issues like people have in Web 2.0, where tech giants control all the data and personal details.
Should You Care About Web 3.0?
Consider Web 3.0 as an extension of Web 2.0. It integrates the advanced technologies we see coming today.
The concept of Web 3.0 isn’t only fueling the expansion of cryptocurrency and the formation of the Metaverse. However, it touches on other major tech industries. This includes VR and AR devices, NFTs, and gaming.
A decentralized internet might start the demise of tech giants online. Of course, people don’t expect Microsoft, Meta, Amazon, and Alphabet to disappear from the Nasdaq.
Still, they should expect these companies to work a bit harder to compete with everyday internet users striving to claim their stake in Web 3.0.
Web 3.0 might also prompt a more extensive acceptance of what cryptocurrencies and blockchain can provide.
Ethereum supports both NFT and cryptocurrency systems. This enables users to build apps, make payments, and everything in between.
Conclusion
Web 3.0 is the future. We’re heading towards a future where every single user can track their personal information and will have complete control of their privacy and data all thanks to blockchain technology.
With Web 3.0, people can guarantee that the web will become more engaging and interactive. However, it’s still crucial to understand that there are still limitations to overcome.
If people want Web 3.0 to enter the mainstream, these issues have to be resolved.
Would you like to take advantage of new technologies in your company? Contact us today and we will advise you on the best way to do it.