What is Web 3.0: A beginner's guide to the decentralized internet of the future

Web 3.0 has the potential to be just as disruptive as Web 2.0 and to usher in a significant paradigm shift. Decentralization, openness, and increased usefulness for consumers are the fundamental ideas behind Web 3.0. Web 3.0 refers to the next stage in the evolution of the internet, which is designed to be more user-friendly and interactive.

Now imagine an Internet that can understand you, whether you are typing or speaking. It can translate what you say, and it can make the content you consume more personalized. Things are going to get a lot more personal. You are about to enter a new era of the internet where things will become more personal. It’s been termed Web 3.0.

What is Web 3.0? exactly how will it look? how will it affect our lives? If you want to know the answer to the question above, you are in the right place. This tutorial contains answers to questions about Web 3.0.

What Is Web 3.0 Technology?

It is anticipated that Web 3.0 will be:-

Open – Open-source software will be used to build content platforms.
Trustless – Everyone will use Zero Trust, and network protection will reach the edge.
Distributed – Interaction between devices, users, and services will be possible without a centralized authority’s approval.

As blockchain technology continues to develop, it will enable users to communicate with each other directly, without going through a third-party intermediary. This will represent a major shift in the way the internet is used, and could have a profound impact on many industries. Users will communicate by joining a Decentralized Autonomous Organization (DAO), a group that is run and owned by its community.

The user’s data will be protected by a network of smart contracts that are publicly available. These contracts will be stored in a blockchain, which is a decentralized network that nodes will control.

The following are further Web 3 forecasts:

All transactions will be tracked on a distributed ledger that uses blockchain technology, and data transfers will be decentralized.
Smart contracts that are open to everyone will relieve people of the need to rely on a centralized organization (like a bank) to maintain data integrity.
The entertainment sector will significantly increase its revenue from the metaverse.
Blockchain technology will make it possible for consumers to instantly produce digital goods and non-fungible tokens (NFTs), which will protect intellectual property and personally identifiable information (PII).
Users’ data will be able to be profited from.

What Is Web 3.0?

According to Tim Berners-Lee, Web 3.0, also known as the Semantic Web, is an intelligent, self-sufficient, and open Internet that employs AI and machine learning to function as a “global brain” and interpret content conceptually and contextually.

Because it is so expensive and difficult to translate human language into a form that machines can understand, the idealized version of this didn’t work out.

Following is a list of typical Web 3.0 traits:

The semantic web is a development in online technology that enables people to produce, share, and connect material through search and analysis. Instead of using numbers and keywords, it is centered on word understanding.
It uses machine learning and artificial intelligence. The final result is the formation of Web 3.0 to grow smarter and more receptive to user demands. If these ideas are paired with Natural Language Processing (NLP), the result is a computer that uses NLP.
It illustrates how the Internet of Things connects various devices and applications (IoT). This procedure is made possible by semantic metadata, allowing for the efficient exploitation of all available data. In addition, anyone can access the internet from anywhere at any time without a computer or other smart device.
It gives users a choice to interact in public or in private without exposing them to dangers through a third party, providing “trustless” data.
3-D graphics are used. In fact, this is already evident in e-commerce, virtual tours, and computer gaming.
It makes participation easier without requiring consent from a ruling entity. It’s without authorization.
It is applicable to:

Metaverses: A limitless, virtual environment that is 3D-rendered

In-game resources in blockchain video games are not just vendor’s items to be bought and sold, but actual property of the user, who can do with it as he or she likes.

Digital infrastructure and privacy: Zero-knowledge proofs and more secure personal data are used in this application.
Financial decentralization. Peer-to-peer digital financial transactions, smart contracts, and cryptocurrencies are examples of this use.
Autonomous decentralized organizations. Online communities are owned by the community.

What Is Web 2.0?

Web 2.0 is made up of a much larger number of people creating content for an audience that is constantly growing. Web 2.0 emphasizes participation and contribution more than Web 1.0.

This form of the internet focuses on User Generated Content, usability, interaction, and enhanced connectivity with other systems and devices. In Web 2.0, the user experience is key. The result was a Web form that was in charge of establishing social media, collaborations, and communities. The term “Web 2.0” is used to describe the current state of the World Wide Web, which is focused on user-generated content and collaboration.

Web 2.0 is an improved version of the original Web which allows users to participate in social activities.

The typical traits of Web 2.0 are broken down as follows:

It includes dynamic content that reacts to user input
It uses developed application programming interfaces (API)
It encourages self-use and allows forms of interaction like podcasting, social media, tagging, blogging, commenting, curating with RSS, social networking, and web content voting
It offers free information sorting, allowing users to retrieve and classify data collectively
It employs developed application programming interfaces (API)
It uses developed information; it is used by society as a whole and is not just specific communities.

Key Features of Web 3.0

A focus on user-generated content, – A focus on the “semantic Web,” or Web of data, – A decentralized approach, – And an emphasis on open-source technologies. Web 3.0 has not been formally defined, however, it does have some characteristics that set it apart, such as: user-generated content, focus on the “semantic Web”, decentralized approach, and an open-source technologies.

Decentralization: A fundamental principle of Web 3.0. In Web 2.0, computers search for data that is kept at a fixed location, typically on a single server, using HTTP in the form of distinct web addresses. Information might be stored simultaneously in numerous locations and become decentralized with Web 3.0 since it would be found based on its content rather than a single location. This would give individuals more power by dismantling the enormous databases that internet goliaths like Meta and Google presently maintain.
With Web 3.0, users will be able to sell their own data through decentralized data networks, ensuring that they maintain ownership control. This data will be produced by various powerful computing resources, such as mobile phones, desktop computers, appliances, automobiles, and sensors.
Decentralization and open source software-based Web 3.0 will also be trustless (i.e., participants will be able to interact directly without going via a trusted intermediary) and permissionless (meaning that each individual can access without any governing body’s permission). This means that Web 3.0 applications—also known as dApps—will operate on blockchains, decentralized peer-to-peer networks, or a hybrid of the two —such decentralized apps are referred to as dApps.
Artificial intelligence (AI) and machine learning: With the help of the Semantic Web and natural language processing-based technologies, Web 3.0 will enable machines to comprehend information similarly to humans. Web 3.0 will also make use of machine learning, a subset of artificial intelligence (AI) that mimics human learning by using data and algorithms, gradually improving its accuracy. Instead of just targeted advertising, which makes up the majority of present efforts, these capabilities will result in faster and more relevant outcomes in a variety of fields like medical development and new materials.
Connectivity and ubiquity: With Web 3.0, content and information are more accessible across applications and with a growing number of commonplace devices connected to the internet. The Internet of Things is one such example.

Layers of Web 3.0

Web 3.0 is propelled by four new layers of technological innovation:

Edge Computing – While web 2.0 changed currently commoditized personal computer technology in data centers, web 3.0 pushes the data center out to the edge (i.e. edge computing) and into our hands.
Decentralized Data Network – Users will own their data on web 3.0 since data is decentralized. Different data generators can sell or share their data without losing ownership or relying on intermediaries using decentralized data networks.
Artificial Intelligence and Machine Learning – Artificial intelligence and machine learning algorithms have advanced to the level that they can now make useful and occasionally life-saving predictions and acts.
Blockchain – Blockchain is a decentralized technology that uses smart contracts to execute transactions. These smart contracts define the semantics of a web 3.0 application. As a result, everyone who wants to develop a blockchain application must use the shared state machine.

How Does Web 3.0 Work?

shh. The data associated with your cryptocurrency account is stored on your web3.shh notecase. When you use web3, you will be able to interact with apps and communities through your wallet. You will be able to take your data with you when you log off. You may monetize your data if you own it.

After establishing our guiding principles, we can start looking at how certain web3 development features are designed to achieve these objectives.

Data ownership: When you use a platform like Facebook or YouTube, these businesses gather, own, and recoup your data. Your data is stored on your cryptocurrency wallet in web3. On web3, you’ll interact with apps and communities through your wallet, and when you log off, you’ll take your data with you. Since you are the owner of the data, you may theoretically choose whether to monetize it.
Pseudonymity: Privacy is a feature of your wallet, just as data ownership. Your wallet serves as your identification on web3, which makes it difficult to connect it to your actual identity. Therefore, even if someone can observe the activity of a wallet, they won’t be able to identify your wallet. “My personal information is hidden, but my behavior is visible.” It was quoted by Neuroth.

There are services that help customers connect to their cryptocurrency wallets that are used for illegal behavior. However, your identity is concealed for daily use.

Zcash and Monero are known as privacy coins because they give transactions total anonymity, as opposed to wallets which only increase the level of privacy. While blockchain technology allows observers to track cryptocurrency transactions, they are not able to view the wallets involved, providing a degree of privacy for the users.

Web3 will feature decentralized autonomous entities running apps (DAOs). As a result of decentralization, decisions are no longer made by a centralized authority but by users who own governance tokens. Governance tokens may be acquired by taking part in the maintenance of decentralized programs or by purchasing them.

The CEO of a corporation is typically responsible for carrying out changes that have been approved by the shareholders. Dao holders can vote on code modifications which, if approved, are automatically and immediately updated in the Dao’s code through a smart contract. Since DAOs are democratized, everyone gets access to the source code.

How Will Web 3.0 Change Our Lives?

Web 3.0 is designed to have a decentralized structure, which is possible because of distributed ledger technology and smart contracts. The goal is for Web 3.0 to create sustainable outcomes. Doing away with middlemen, manual mediation, and arbitration also lowers costs.

Web 3.0 offers a more personalized experience for everyone. According to the author, in the future: -Websites will be able to automatically adjust to our individual devices, locations, and any accessibility needs we may have. -Web apps will become far more responsive to our usage patterns.

We believe that the emergence of Web 3.0 will improve our lives for the following three reasons, which we believe are fairly appropriate:

1. A More Customized Browsing Process

Although advertisements can be intrusive, there is no denying that it is easy to click through to a particular offer for something you need or desire.

2. Improved search

Searching in natural language is much more effective than other methods. The benefits of this improvemenr are widespread. Consumers have an easier time finding what they’re looking for, and businesses can more easily optimize their websites for search engines without having to use complicated keyword techniques.

3. More Advanced App Interfaces

The Web 3.0 will not only improve website but also web apps by providing users with a more enjoyable experience. A mapping service like Google can include route planning, lodging suggestions, and real-time traffic updates in addition to the fundamentals of location search. This was not possible in the Web 2.0 age.

Key Applications of Web 3.0

With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:

NFT: Non-fungible Tokens (NFTs) are tokens that are individually unique and are kept in a blockchain with a cryptographic hash.
DeFi: Decentralized blockchain technology is being utilized as the foundation for decentralized finance (DeFi), a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of conventional centralized banking infrastructure.
Cryptocurrency: A new universe of money that strives to be distinct from the traditional world of fiat cash is being created through Web 3.0 apps like cryptocurrencies like Bitcoin.
dApp: Decentralized applications (dApps) are programmes that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and use smart contracts to facilitate service delivery.
Chain-crossing bridges: In the Web 3.0 age, there are numerous blockchains, and cross-chain bridges provide some kind of connectivity between them.
DAOs: DAOs are poised to potentially take on the role of Web 3.0’s governing bodies, offering some structure and decentralized governance.

Advantages and Disadvantages of Web 3.0

Advantages –

In terms of data security, end-users will benefit the most from data encryption.
Due to decentralized data storage, users will be able to access data in any situation. Users will receive multiple backups that will aid them if the server crashes.
Most blockchain systems are developed by non-profits, which provides an open-source blockchain platform that allows for collaborative design and development.
The data will be provided from any location and on any device.
Web 3.0 is useful for problem-solving and heavy knowledge-generation tasks.

Disadvantages –

To make the technology accessible to more people worldwide, the devices’ capabilities and qualities will need to be expanded.
Any websites built on web 1.0 technology will become obsolete once web 3.0 is fully implemented on the Internet.
Web 3.0 technology is more intelligent, efficient, and accessible than in previous generations. However, the technology isn’t quite ready for general use.
With easier access to a user’s information and reduced privacy thanks to web 3.0, reputation management will be more important than ever.