Web 3.0 is the third iteration of the internet with its crypto, blockchain, and metaverse use cases being touted as the movement of the upcoming generation’s internet. This movement aims at taking control from a fixed organization to bringing it to the user’s hand. Web 3.0 would see it residing on blockchain networks which eventually get owned by users themselves.
What exactly is a blockchain? You might wonder over this question. A system of recording information, a digital ledger of transactions in a way that makes it difficult or impossible to change, hack, or cheat the system.
Web 1.0 was basically where we had the static system of approach, blogs taking you to a particular form of web pages to read or search about a particular thing. Interaction came with the coming of web 2.0. We could interact through messages on the internet, use photographs to interact with our co-members or the people of the internet, making it read-write specific. It gained a lot of space with the coming of great user interaction but also made a few organisations a lot more powerful to be able to control what’s going around. Learning the powerful aspects that built our generation’s internet from the web2.0 with its downfalls the internet is moving into the new space called web3.0. Built using artificial intelligence, machine learning and the semantic web and uses a blockchain security system to keep your information safe and secure.
Semantic web usage comes into play as it understands and interprets the context with the concept of the data. This helps the user while searching for an answer to get the most accurate and relevant result.
Decentralization, openness and incredible user utility are the defining characteristics of the new generation’s internet that is web3.0.
Tech giants such as Google, Facebook and Microsoft are some of the few companies currently making an enormous profit from user data. Web 3.0 is here to create that difference with taking the power of big giants.
WEB 1.0 started in 1989, until the coming of web 2.0. The primary technologies used by it were HTML(Hypertext markup language), HTTP(HyperText Transfer Protocol) and URL(uniform resource locator).
Finding information used for the primary purpose of web 1.0 makes us only read through it. Interaction was not possible online because of this web generation.
WEB 2.0 is the web most of us are familiar with. Started around the near 2000s, this led to people interacting online in discussion forums and creating content that could be interacted, shared, and also liked. This began the read-write era; with the interaction word brought to the online space. From static desktop web pages created for information usage via expensive servers and towards interactive encounters and user created content.
Facebook, airbnb companies started emerging during this time.
This generation space was driven by 3 core layers of innovation named,
- mobile
- Social
- cloud
The coming death of web 2.0 and the fast need of web 3.0
Web 2.0 became more obsolete during the end of 2012, and people were starting to be aware of web 3.0.
Most of the currently used services over this internet are owned by behemoths such as Google, Facebook and Amazon. This slowly started deflecting as it raised some complaints. Limited management of their data usage caused numerous allegations against these big giants. The blames states that businesses treat users unfairly, take advantage of their data, and put a serious threat on democracy and free speech.
Frances Haugen, a data designer and scientist who worked as a product manager, blew the whistle on facebook’s misconduct. In an interview, she told,
“The thing I saw at Facebook over and over again was there were conflicts of interest between what was good for the public and what was good for Facebook. And Facebook, over and over again, chose to optimise for its interests, like making more money.”
This is one such reason why blockchain specialists believe WEB 3.0 could be a safer version with this.
The term Web 3.0 was coined by John Markoff, a reporter for The New York Times.
LAYERS OF WEB 3.0
1: Edge Computing
With data centres in web 2.0, the shift is moving the data centre out to the edge(edge computing-Edge computing refers to processing, analysing, and storing data closer to where it is generated to enable rapid, near real-time analysis and response) and sometimes straight into our hands.
2: Decentralized Data Network
Decentralized data networks enable various data generators to sell or trade their data without losing ownership, risking privacy or relying on intermediaries. As a result, decentralized data networks will have a long list of data providers in the growing ‘data economy.' For example, when you log in to an app using your email and password, or when you like a video or ask Alexa a question, all these activities are tracked and monitored by tech giants such as Google and Facebook to better target their advertisements.
In web 3.0, data is decentralized which means that users will own their data.
3: Artificial learning and Machine learning
With the coming of AI and ML algorithms there have been advancements in life saving predictions. The applications extend far beyond targeted advertising into areas such as :
- Precious materials
- Medication creation
- Climate modeling
4: Blockchain
Blockchain is one more layer of technology behind web 3.0. More specifically, blockchain is the foundation of web3, as it redefines the data structures in the backend of the semantic web.
HOW DOES WEB 3.0 WORK?
With web 3.0 coming we aim at making the searches on the internet much faster, easier and efficient to process even more complex search sentences within no time.
In our current web 2.0 system internet User interacts with the frontend, it further communicates with its backend then to its database. Web 3.0 has neither centralized databases that store the application state nor a centralized web server where the backend logic resides. Instead, there is a blockchain to build apps on a decentralized state machine and maintained by anonymous nodes on the web. The logic is defined in smart contracts which are written by developers, which are further deployed onto the decentralized state machines.
There are basically 4 elements that form the web 3.0 in the architecture,
1: Ethereum blockchain
Globally accessed machines maintained by a peer-to-peer network of nodes. Anyone has access to the state machines and can write to it. Basically owned collectively not as a single entity.
2: Smart contracts
These define the logic behind the state changes, written by app developers in high-level languages. These are programs run on the Ethereum blockchain.
3: Ethereum virtual machines
Also called EVM, they serve the purpose of executing the logic defined in smart contracts.
4: Frontend
The front end defines the UI logic. Also connects the smart contracts that define application logic.
ADVANTAGES OF WEB 3.0
- Data Privacy and Control
- Seamless Service
- Transparency
- Open accessibility to Data
- Restrictionless Platform
- Single Profile Creation
- Enhanced Data Processing
DISADVANTAGES OF WEB 3.0
- Requires Advanced Devices
- Web 1.0 websites would become obsolete
- Not ready for widespread adoption
- Demand for reputation management with increase
- Complicated Functionality
There have been certain reasons why web 3.0 is important for the future, namely less reliance on centralized repositories, more personalized interactions, better search assistance with AI, reduced dependency on intermediaries and enhanced trust.
An example of web 3.0 in real life, while you're sitting in the office, if you wish to check the availability of groceries in your home, you can ask your digital assistant to examine the contents of your fridge by communicating with the interconnected smart devices at your house.
Metaverse generally refers to shared virtual world environments or a computer-generated environment, which is accessible to users via the Internet. Basically a digital space, extended reality space with the combination of augmented, virtual and mixed reality.
At the moment, people interact with each other through social media platforms or by using messaging applications. In the virtual space, users will have their own “character” that can walk around and interact with other users. They can communicate with one another through avatars, text messages, sounds, music videos, video games, etc.
This means that people will have a 3D experience on the Internet. They can interact, play, work, or join in digital environments as if they are experiencing it in reality rather than just watching the content.
Web 3.0 is vital in making the Metaverse a reality, specifically if it uses blockchain technology. Enabling the virtual world to exist online and be accessible through a web browser.
In an education web 3.0 Metaverse, a user can enter an immersive classroom and also interact with their teacher and other students.
This is a complete new chapter, a generation of internet and cryptocurrencies, NFTs being just the abc’s of it. One of the biggest entrepreneurs, Mark Zuckerberg with his company Facebook which is now called Meta, is moving into this world of web 3.0.
Let’s understand the fundamental metaverse with real life examples and what it actually means to the new coming generation.
To understand more what the Metaverse means in simpler terms, it is where people would live digitally. The concept of this virtual world is different to what our generation looked upon. For example, our generation used to play smartphone games to have an escape or to be competitive but for the upcoming generation it’s a place to actually hang out. Meaning these new generation children would come to these virtual games, talk over headphones and just chill, the same way we used to play cricket in our streets and walk around doing nothing with the mindset of escaping from our daily life. This trend got accelerated with the coming of the pandemic. It became a necessity to get involved in this virtual world which is taking a serious turn. For the younger new generation going into these game platforms is more natural then actually meeting in real life. They have their minds implanted in 3D structures which look like them and eventually make them behave like what we call the coming of the metaverse, the digital living.
The identity changes when we talk about being on platforms like Facebook, Twitter or Instagram and so on but in real life an identity of a person is one, the identity in the metaverse needs to be wholesome. This world also allows users to not be part of the regulations like these social companies put upon on interactions. Predominantly the control over my interactions would be in the user's hand and not to a certain authority. With the coming of web 2.0 it also brought a great user experience but to do that, to achieve economies they took full control over the systems and also access to the personal interactional data. Now being taught this full user experience technology, this web 3.0 brings the control and power back to the user.
What happens in making or bringing the ownership of something to the user is it brings or provides the autonomy of what I can do with it.
For example, in the game CLASH OF CLANS a user has a particular pass which he bought for a certain amount but it cannot be used outside of the game which creates a problem as it's unusable or of no value outside the game. Bringing the decentralised space the pass could be used somewhere else which makes the value similar to the pass or token you own. So making the user give the same progression as he owned in a particular game like we discussed about clash of clans.
With the coming of this digital web 3.0 space a lot more companies would be created to provide the required space to create more jobs in this world. Bringing a lot more money in hands of many people because of the bringing of more interaction control and with these increases a lot more financial exchanges would take place. The transactions and interactions measure would probably keep rising, making the economy also to go up. This is a way to understand the concept of money: it's how much interaction is taking place through a particular value provided item or interaction.
For example, two people decided to purchase two candies every month so let’s assume the valuation is two here. Now they decided it would be four every month. So the valuation doubled because the interaction doubled. So this could be used to understand the concept of money.
UNDERSTANDING A COMPANY'S PERSPECTIVE WITH THE WEB 3.0 SPACE
Metaverse is not a new term coming into the news. It's been discussed for over a decade and companies have already started working on the future. A company named Totality is creating a product called Zionverse, it’s a playable NFT, combining economic values along with social status, art and also entertainment by converting to playable. With the first NFT named Lakshmi NFT, combined together of 9 god/goddesses. You would either get all 9 or subsets of them, making you rarer as you get more and more of them. This NFT would provide you with monthly rewards. They want the community to understand NFTs are not just digital arts, they have economic value, playability and also bring the entertainment factor. It would have 3D art, special audio music based on methodologies, making it a great collectable alongside playing a game with it to earn more value. Zionverse is also working on bringing aspects of Indian mythology to bigger spaces. Bringing into this world would be something that is loved by a lot and making it a lot more popular. The founder also mentions cryptos are going to be a small part of NFTs and NFTs are going to be the gateway to the web3.
Source: Zionverse
Understanding more about the metaverse space, as discussed, it’s a digital living space. Now a particular person who is visible in the digital space is one sort of what we call a NFT. Which will further have more identities or collectables again called NFTs. This is how our web 3 gateway is going to look. A decentralised identity can’t cheat as it is verified on a chain in the blockchain protocol, making it easier to know more about the identity and its skills.
Before the pandemic the sales in the US were merely 11% which used to happen online. It took almost 2 decades to get there and suddenly during the pandemic it reached to around 27% and the coming of the web3 space is only going to accelerate much faster and much higher.
The future of web3 has already started, it's high time to get involved in this digital space.
Disclaimer: This blog has opinionated information which does not make us liable for anything.
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