Dec 03, 2022
by Aisha

An internet that lets you exercise complete privacy control over the information you share with others, permits you to make money if you offer it to advertisers or use specific programs, and is unaffected by harsh third-party restrictions Web 3.0 is the type of internet that offers all of this. It is the upgraded and evolved version of the internet.

What is Web 3.0?

Web 3.0 means an idea of a new version of the World Wide Web that includes the principles of blockchain technology, decentralization, and token-based economies. Certain journalists and technologists have also tried to compare it to Web 2.0, which centralizes the data and content in a small handful of businesses called "Big Tech."

Web 3.0, Cryptocurrency, and Blockchain

We should expect major convergence between these three technologies and other relevant disciplines because Web 3.0 networks will operate utilizing decentralized protocols, which are the basis for blockchain and cryptocurrency technology. They will be able to power anything from micro transactions to censorship-resistant P2P file storage and sharing with applications, and they will be able to fundamentally alter how every company conducts and manages its business. They will also be used, interoperable, easily connected, automated, and rely on smart contracts. The DeFi standards in use today are only the beginning.

Uses of Web3

 

Metaverse

The metaverse can be viewed as both a digital recreation of the real world and a 3D version of the Internet. Fundamentally speaking, the metaverse is a virtual setting. Users can use laptops, phones, or VR/AR headsets to navigate, creating a profoundly immersive experience that will gradually straddle the lines between reality and virtual reality.

In 2022, the concept of the metaverse dominated tech news, with Facebook even rebranding to Meta and investing billions in development to claim this new digital domain before anybody else. Investors and customers are not happy with Facebook's plans for the metaverse, as shown by the company's Q3 2022 profits and falling stock price.

Blockchain Gaming

Axie Infinity's release in 2021 marked the start of the play-to-earn fad, which offered gamers the ability to earn money while playing games. Soon, tens of thousands of other imitation blockchain-powered games appeared, offering players substantial incentives in the form of native tokens that initially surged in value before continuing to decline.

Although the high-risk area of cryptocurrency gaming was destroyed by the bear market, the situation is still not over. While Web2 gaming powerhouses like Epic Games are developing Web3 games, several top-tier cryptogames are still in development. As soon as developers figure out how to make blockchain gaming enjoyable and engaging for gamers, expect a significant resurgence.

Creator Economy

One of the main complaints about Web 2.0 behemoths like Facebook, YouTube, and Spotify is that they don't fairly compensate artists and creators for the audience that their platforms attract.

Web 3.0 will allow creative communities of musicians, writers, artists, designers, and developers to communicate with their audiences and supporters without the use of middlemen. The majority of any profits made as a result will go to them because of this.

Decentralized Autonomous Organization (DAO)

There has been much discussion on the potential of decentralized autonomous organizations (DAOs) to establish a fully democratic and self-governing organization that will be immune to outside interference and geographical constraints.

While DAOs have drawn criticism for being linked to governance tokens that will eventually lose their value, the need for them still exists, and as projects figure out how to build them best, this invention may become a dominant organizational form.

Decentralized Finance (DeFi)

Midway through 2020, the value of decentralized finance (DeFi) skyrocketed, giving cryptocurrency users the freedom to freely invest, borrow, lend, trade, and stake crypto assets. Although DeFi had its share of security problems, including breaches and frauds, the sector gives Web3 the chance to sign up potentially billions of people who have been overlooked by traditional financing companies like banks.

In order to motivate their consumers, prominent Web3 protocols will surely leverage DeFi products and services.

Web 3.0 Technology

When looking into Web3 technology, there are a few things to take note of. First off, the idea isn't brand new. In 2006, Jeffrey Zeldman, a pioneer in the creation of Web 1.0 and 2.0 apps, published a blog entry endorsing Web 3.0. However, discussions on this subject started around 2001.

It is expected that Web 3.0 will have the following features:

  1. Content platforms will be built using open-source software.
  2. People will adopt a "zero-trust" mentality, and network security will advance to the edge.
  3. It will be possible to interact with devices, people, and services without the need for authorization from a centralized body.
  4. The user's data will be safeguarded through a network of publicly accessible smart contracts. These contracts will be kept on a decentralized network called a blockchain, which nodes will manage.

Web 3.0 websites

As of today, the following are a few top examples of Web3 websites:

  1. Doge Art Club
  2. Reboot Cult
  3. Cosmos
  4. Ironfish
  5. Cryptocrime Club
  6. Audius
  7. IDEX

Advantages of Web 3.0

  • End-users will have an excess benefit due to data encryption in terms of the security of their data.
  • Users will have access to data everywhere because of decentralized data storage. In case the server crashes, users will receive numerous backups to help them.
  • Since most blockchain systems are developed by non-profit organizations, a blockchain platform that is open-source and supports cooperative design and development exists.
  • Regardless of the location and the device, data will be made available.
  • Web 3.0 will be useful for complex knowledge-generating and issue-solving tasks.

Disadvantages of Web 3.0

  • In order to make this technology reach people across the world, the capabilities and capacities of devices will need to be extended.
  • Once Web 3.0 is completely adopted on the Internet, any websites created using Web 1.0 technology will be rendered outdated.
  • Even though it is a smarter, more efficient, and more intelligent version of the web. It is still not ready for widespread use as of yet.
  • Web 3.0 has made it easier to access a user's information and has reduced privacy, making reputation management more crucial than ever.

Final thoughts

In a world that is becoming more and more digital, Web 3.0's new internet will provide people with more digital ownership and sovereignty, along with other decentralized advantages that are intended to create a more egalitarian web. This will be achieved by allowing each user to control their own data and by improving the general user experience as a result of the numerous upgrades that will be put in place once the system is set up.