Web3.0 is defined as a "Decentralized Web Architecture" that is based on blockchain, artificial intelligence and token-based economics. We can also call it as a "Read-Write-Own" web as it will allow its users to interact without any intermediaries and provide control over their data.
This new era of the Internet will provide more a personalized and customized web surfing experience to the users. It has potential to change the way of managing information and monetization of Internet. However, it is still in its early stages and there is ongoing debate regarding its development and implementation.
Features of Web 3.0
Web 3.0 which is the next era of the Internet provides several features that differentiate it from previous versions of the Web. These features are as follows:
Decentralized: In Web3.0, the user’s data might be stored at distinct locations and data sharing will be based on peer-to-peer connection. Some research suggests that Web3 will ensure the ownership of data to be maintained by its users. Currently, tech giants like Meta and Google have an unspoken agreement with their users that their data will belong to Web2.0 platforms which leads to centralization of data.
Permissionless: Since Web3.0 will run on a decentralized peer-to-peer network, anyone can use it without any authorization and interference from the governing body. The exchange of information will rely on only the sender and receiver.
AI and ML: Applying Artificial Intelligence and Machine Learning algorithms will make computers smarter than ever before. They can be able to understand the meaning or context of user requirements and needs.
Connectivity: The resources and services available on the Internet will be more interconnected than ever. The information will become more accessible from anywhere, to everyone and through any application or platform.
Drawbacks of Web 3.0
The features of Web 3.0 look promising at first glance, but there are some drawbacks that we need to consider:
Data and Privacy: In Web 3.0, users will have more control over their data as data storage will shift from a centralized to a decentralized model. However, as a result, individual users may face difficulties in managing and protecting their data. Scammers can misuse the user’s data in digital fraud and phishing attacks. Therefore, Web3 users must be aware of its potential risks and challenges.
Complexity: We all are aware that Web 3.0 is based on the blockchain and artificial intelligence. Developing and deploying applications using these technologies requires advanced skills and expertise. According to some experts, decentralization will make technology more complex and rather than making the Internet more accessible and simpler, it will become out of reach for basic users.
Regulatory Challenges: Without any intermediaries and regulatory bodies, spreading hate speeches and misinformation becomes easy. Additionally, blockchain is immutable which means it is nearly impossible to track and erase data that could be troublesome.
Scalability: The biggest challenge for Web3 is scalability. Unlike Web 2.0, which is based on a centralized model, Web 3.0 is based on a decentralized model, which may make it difficult for users to adopt. Due to its complexity and the required investment, the adoption process is expected to be slow.
Energy Consumption: You must have heard about Bitcoin which is based on blockchain. Some researchers claim that the e-waste generated by Bitcoin mining can be equivalent to the amount of e-waste produced by a country like Netherlands. Moreover, running and saving data on a decentralized network consumes a tremendous amount of energy.
Applications of Web 3.0
Web 3.0 is going to shape a new digital environment which can be explained by the following applications:
Internet of Things: As the name suggests, IoT (A short form of Internet of Things) is a network of physical things. These physical objects could be anything from your kitchen appliances to cars and many other real-world objects. They are equipped with sensors and software that enable them to exchange data with other devices, such as your smartphone, over the internet.
Decentralized Finance: Decentralized finance, or DeFi in short, is a modern financial technology that uses blockchain to manage financial transactions. Unlike Web 2.0 which requires a third-party (banks) intervention to complete a financial transaction, Web 3.0 eliminates the middleman by allowing us to perform transactions by using peer-to-peer financial networks.
Non-Fungible Tokens: The non-fungible token, also known as NFTs, is a form of unique digital asset that can be bought and sold using cryptocurrencies like Bitcoin. This asset could be anything from the real world, say paintings, music, videos and so forth. Each NFT contains the information of seller, buyer and who owns it currently which makes it easily verifiable.
Trends and Technologies Driving Web 3.0
The vision of Web 3.0 is to create a Web that is less controlled by large companies through decentralized social networks. Despite of major developments in this new era of Internet, the adoption of Web 3.0 is still not accelerated. However, it is continuing.
Here is the list of trends and technologies driving Web 3.0:
Use of Decentralized apps: Decentralized apps, also called as dApps, are those applications that are operated outside the authority of a single organization. Some of the examples of dApps are OpenSea, Uniswap, BitTorrent, etc.
Metaverse: It is a three-dimensional virtual reality space where humans, as avatars, interact with each other and the environment. In October 2021, Facebook rebranded itself as Meta with a vision of building metaverse. The company is developing a VR social platform that allows users to enter a computer-generated world and interact with it in a way that feels real.
Development of Digital Currencies: In recent times, various decentralized organizations have launched digital currencies. They are only accessible through smartphones or computers over the Internet. Bitcoin and Ethereum are examples of such digital currencies.
Smart Contracts: They are a type of transaction protocol that is automatically executed when the terms agreed by the buyer and seller are met. Once executed, the transactions can’t be reversed but they are traceable and transparent.
Conclusion
Progress is being made gradually in the emerging Internet era, indicating that Web 3.0 could shape the future of the Internet. Therefore, it is essential to grasp its capabilities and get ready for the forthcoming transformations. Web 3.0 holds the promise of a more interconnected and tailored online experience, yet it also presents challenges. It is important to educate ourselves about security measures to safeguard against digital fraud and phishing attempts.
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