The future of the internet has been called Web 3, which is not a single platform like the Web we use today but rather a series of technologies that will form a more open and decentralized internet.
The first step toward this new Web came with the invention of the blockchain, the technology that underlies cryptocurrencies like Bitcoin. Today, we’re seeing the next step in the evolution of the Web, with the creation of a new generation of decentralized services and apps that offer users unprecedented control over their data.
Industry professionals have differing perspectives on web 3.0; some see it as a hoax, while others see it as the way of the future. We will discuss both of these views in this article. However, to comprehend the relevance of web 3, it is vital first to understand what web 1.0 and web 2.0 are.
Also Read: Web 3 and Blockchain: Overview for 2022 — Blockchain Shiksha
The internet was initially introduced to the world in the late 1980s. Web 1.0 was limited to static read-only’ messages that only a few people could see. It was a significant technological advancement at the time.
Unlike the current dynamic HTML, the websites serve static material. Organizations were storing the data and content in static file systems rather than databases, which was the main characteristic of web 1.0, a read-only web with no interactivity.
What is Web 2.0?
The social and interactive online is referred to as Web 2.0. It is a user-friendly internet, and anyone without being a member of the developer team can share their opinions with the world. It enables users to establish their distinct personas.
Scope in social media platforms and e-commerce have evolved due to this upheaval, affecting societal structures worldwide. Cascading Style Sheets 3 (CSS3), Hypertext Markup Language 5 (HTML5), and JavaScript are examples of breakthrough web technologies developed by Web 2.0.
Data breaches have often occurred in Web 2.0 apps. Users had no control over their data or how it was stored or hacked. Thanks to the centralized servers, the government can easily manage, intervene, or shut down applications that contradict its propaganda.
In high inflation, volatility, or political turmoil, the government can get access to bank accounts and restrict access.
Now, the globe is transitioning to a new phase of web 3.0, which comes with many unique benefits.
Web 3.0 combines the advantages of previous versions with the power of IoT, AI, and blockchain. This version of the internet focuses on cutting-edge technologies like machine learning and artificial intelligence and improved data security.
Self-governance, verifiable, trustless, native built-in payments, distributed and robust systems, permissionless, and self-governing systems are all features of Web 3.0 over previous versions of the internet.
Web 3.0 creates a crypto-economic protocol by deploying, building, and implementing its applications on a decentralized network of many servers or nodes, blockchains, or two servers. These programs are known as Dapps, or decentralized apps, in Web 3.0.
Web 3.0 combines the advantages of previous versions with the power of IoT, AI, and blockchain. This version of the internet focuses on cutting-edge technologies like machine learning and artificial intelligence and improved data security.
Self-governance, verifiable, trustless, native built-in payments, distributed and robust systems, permissionless, and self-governing systems are all features of Web 3.0 over previous versions of the internet.
Web 3.0 creates a crypto-economic protocol by deploying, building, and implementing its applications on a decentralized network of many servers or nodes, blockchains, or two servers. These programs are known as Dapps, or decentralized apps, in Web 3.0.
Web 3.0 also provides significant support for developing the governance layer on the existing internet. This governance layer has established confidence between two unidentified players in the transaction, allowing them to reach an agreement. Web 3.0’s blockchain technology has ushered in a backend revolution.
Some industry professionals believe that web 3.0 may lead to more scams and fraudulent activity despite these advantages. Even though web 3.0 has a network of linked systems that creates a trustless environment, there are still a lot of expensive flaws, ineptitude, outright scams where scammers steal investor funds in a short amount of time, and so on.
In web 3.0, the rule of supply and demand still applies. Poor people are willing to work for less money than wealthy persons with equal qualifications. Axie Infinity’s example best describes it. Its play-to-earn game has risen in popularity in the Philippines, resulting in a workforce. As a result, it has provided people with a new method to earn money by playing. Because the game is based on crypto tokens, there is a risk of instability and catastrophic loss, as was the case last year for players.
The regulator’s role is critical in this issue. Crypto tokens, which are currently in the grey zone for regulators worldwide, are used in most Web 3.0 applications. According to Gary Gensler of the Securities and Exchange Commission, platforms that issue tokens should follow restrictions comparable to firms that issue stocks and bonds to investors.
Final thoughts: Web 3.0 is still in its early stages as the internet evolves worldwide. Technology will grow, and new patterns will emerge. It would be fascinating to monitor fresh advances and launch new items. If you want to know more, please comment in the box below. Team Blockchain Shiksha would be happy to solve your queries.©
Originally published at https://blockchainshiksha.com on April 13, 2022.
New to trading? Try crypto trading bots or copy trading