There isn't a single, recognized definition of Web 3.0 since it is continually changing. However, Web 3.0 will heavily emphasize decentralized apps and utilize blockchain-based technology. Artificial intelligence (AI) and machine learning will both be used in Web 3.0 to provide intelligent, more adaptable apps.
Astonishing, isn’t it? But you know what else?
The idea of a semantic web is another element included in the evolving definition of Web 3.0. Web inventor Tim Berners-Lee is one of many who has pushed for semantic technology to be incorporated into the web.
The move from Web 1.0 to Web 2.0 took more than ten years, and it is predicted that Web 3.0's complete implementation and reshaping of the web will take just as long, if not longer.
It is assumed that Web 3.0 will alter how websites are created, and users interact with them. In comparison, Web 1.0 is a static information provider where people read websites but rarely interact with them, and Web 2.0 is an interactive and social web enabling user collaboration.
How does Web 3.0 work?
The Hypertext Markup Language (HTML) standard governs the design and delivery of web pages with Web 1.0 and Web 2.0 technologies. With Web 3.0, HTML will still be a core layer, but how it relates to data sources and where those data sources are located may change from past web generations.
In Web 2.0, websites and apps rely on a centralized database to supply data and support functionality. With Web 3.0, apps and services employ a decentralized blockchain instead of a centralized database. The fundamental notion behind blockchain is that there is a distributed consensus rather than an arbitrary central authority.
Think about this for a moment…
The idea of a decentralized autonomous organization is an emerging form of governance (DAO). With a DAO, Web 3.0 technologies offer a self-governance to move away from centralized control over platform operations.
The IPv4 addressing space was extensively used to create Web 1.0 and Web 2.0. There is a need for additional internet addresses in Web 3.0 as a result of the web's tremendous expansion over the years, which is what IPv6 offers.
Key Web 3.0 Features
The design of Web 3.0 may take into account universal characteristics, semantic web, and AI. The rationale for employing AI is to give people faster access to more accurate data. The AI-powered website should be able to sort through the data and present the information it believes a particular user would find practical.
Virtual assistants, a component that is currently becoming popular as a feature integrated into a device or through third-party apps, will also be introduced by an artificially intelligent web.
The goal of the semantic web is to organize and store data in a way that educates a system on what a given piece of information means. In other words, to create and share better content, a website should be able to comprehend the words used in search queries the same as humans do. The semantic web will educate the computer on what the data means, and AI will utilize the knowledge.
The following are a few crucial aspects of Web 3.0 that help define what is expected to be all about:
- A distributed method without a centralized authority will facilitate applications and services.
- Blockchain-based: The development of decentralized apps and services is made possible by blockchain. Blockchain uses a distributed way to transfer data and connections across services. In a decentralized environment, blockchain can also offer an immutable log of transactions and activities, assisting in the provision of verified authenticity.
- Cryptocurrency-enabled: The use of cryptocurrencies is a crucial component of Web 3.0 services.
- Autonomous and artificially intelligent: Web 3.0 will have more automation in general, and AI will be the main source of such automation.
Web 3.0 vs. Web 2.0
Tim O'Reilly developed the phrase "Web 2.0" in 2004. Websites and apps that leverage user-generated content for end users are referred to as "Web 2.0." Many websites currently employ Web 2.0, which primarily emphasizes user interaction and collaboration. Additional universal network connection and communication methods are other components of Web 2.0.
Web 3.0 is different from Web 2.0 in that it is more focused on using technologies like machine learning and AI to provide each user with appropriate material rather than merely stuff that other end users have contributed. Users contribute and participate in on-site content using Web 2.0, but these tasks will likely be handled by the semantic web and AI technology in Web 3.0. In contrast to Web 2.0's centralization, Web 3.0 places a heavy emphasis on decentralized services and power.
Web 3.0 Applications
With blockchain at its core, Web 3.0 makes it possible for an expanding range of new apps and services, such as the following:
- Non Fungible Tokens (NFTs) are individually unique tokens kept on a blockchain using a cryptographic hash.
- Decentralized blockchain technology will be the foundation for decentralized finance (DeFi), which allows the provision of financial services beyond the constraints of conventional centralized banking infrastructure.
- 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 Bitcoin.
- Decentralized apps (dApps) are software programs that run on blockchain and employ smart contracts to offer services programmatically and record them in an immutable ledger.
- Cross-chain bridges provide some degree of connectivity across many blockchains that make up Web 3.0.
- DAOs are prepared to potentially take on the role of Web 3.0's governing bodies, offering some structure and decentralized governance.
The idea behind the future version of the web, referred to as Web 3.0, is that the majority of users would be linked via a decentralized network and have access to their own data. And if you haven't started your adventure yet, this is the ideal moment because Web 3.0 is still in its infancy. One more thing, with so many opportunities emerging in web 3.0, it may be a thrilling venture.
“Brace yourself, Web 3.0 is coming." - House Stark