Web 3.0

Aarushi Chopra

-Intern Netlawgic

Introduction

Web 3.0 refers to the next generation of the internet, in which websites and apps will be able to handle data in a clever human-like manner using technologies such as machine learning (ML), Big Data, and decentralised ledger technology (DLT), among others. It was first termed the Semantic Web by World Wide Web creator Tim Berners-Lee and was built in 2014 by Gavin Wood, Ethereum’s co-founder. It is a leap forward to open, trustless and permissionless networks.

1. They’re ‘Open‘ in the sense that they’re made of open source software developed by an open and accessible community of developers.
2. The network itself is ‘Trustless,’ in the sense that it allows participants to converse openly or privately without the need for a trusted third party.
3. ‘Permissionless’ in a way that anyone can engage without the need for permission from a governing body.

Difference Between Web 1.0, Web 2.0 and Web 3.0

1. Web 1.0 is a read-only web that allows users to read content from websites.
2. Web 2.0 is a read-write web that allows users to read and write material on websites and applications.

• Web 3.0 is an AI-powered read-write-interact web in which users can read, write, and interact with the content (like 3D graphics) on websites and apps.

Key Features of Web 3.0

To truly understand this next level of the Internet, we need to explore the six main features of Web 3.0:

1. Ubiquity

In simple terms, ubiquity denotes omnipresence, or the ability to be everywhere at the same time. In this sense, Web 2.0 is already ubiquitous since, for example, a Facebook user may instantaneously capture and post an image, which then becomes ubiquitous because it is accessible to anybody, regardless of location, as long as they have access to the social media platform.

Web 3.0 simply takes this a step further by making the internet available to anybody, at anytime, anywhere. Because IoT technology brings forth a plethora of innovative smart gadgets, internet-connected devices will no longer be concentrated on PCs and smartphones as they were in Web 2.0.

2. Semantic Web

The study of relationship between words is known as semantic(s). According to Berners-Lee, the Semantic Web allows computers to analyse large amounts of data from the Web, such as content, transactions, and links between people.

In practice, for example:

1. I love Pizza
2. I <3 Pizza

Their syntax may differ, but their semantics are essentially the same, because semantics solely deals with the content’s meaning or emotion. By analysing data and applying semantics to the Web, machines will be able to decode meaning and emotions. As a result of the improved data connectivity, internet users will enjoy a better experience.

3. Artificial Intelligence

According to Wikipedia, Artificial Intelligence (AI) is intelligence displayed by machines.

Web 3.0 machines are clever because they can read and comprehend the meaning and emotions expressed by a set of data. Despite the fact that Web 2.0 has similar capabilities, it is still primarily human-based, which allows for corrupt practises such as biased product reviews, rigged ratings, and so on.

Following the Gamespot trading incident, Google’s AI system erased roughly 100,000 negative ratings of the Robinhood app from the Play Store after it spotted efforts at rating manipulation meant to intentionally downvote the app. This is AI in action, which will soon be integrated into Web 3.0, allowing blogs and other online platforms to sift through data and personalise it to the interests of individual users. AI will eventually be able to present people with the best filtered and impartial info available as technology advances.

4. Spatial Web and 3D Graphics

Web 3.0 is also known as the “Spatial Web” because it seeks to blur the gap between the physical and the digital by revolutionising graphics technology and bringing 3D virtual worlds into focus. 3D graphics, unlike their 2D counterparts, provide a new degree of engagement in futuristic gaming applications, real estate, health, e-commerce, etc.

5. Edge Computing

While Web 2.0 modifies commoditized personal computer technology in data centres, Web 3.0 is pushing the data centre out to the edge (i.e. edge computing) and perhaps right into our hands.

6. Decentralized Data Network

Decentralized data networks allow different data generators to sell or exchange their data without losing ownership, jeopardising privacy, or relying on middlemen. As a result, in the emerging ‘data economy,’ decentralised data networks will have a vast list of data providers.

For example, when you use your email and password to enter into an app, or when you like a video, or when you ask Siri a question, all of these behaviours are logged and analysed by internet giants like Google and Facebook in order to better target their adverts. However, data is decentralised in web 3.0, which means that users will own their data. Using Internet Identity, you may log in securely over the Internet without being traced.

Advantages of Web 3.0

1. Data Privacy and Control

End-users will benefit the most from data encryption in terms of protecting their information from leaking. In every case, the encryption will be unbreakable. It will make it impossible for major corporations like Google and Apple to manage or use people’s personal information for their own gain. As a result, consumers will have complete control and privacy over their data.

2. Seamless Services

Users will be able to access data in any situation thanks to the decentralised data storage. Users will receive several backups, which will help them even if the server fails. Furthermore, no entity or government agency will be able to halt the operation of any services or websites. As a result, the chances of account suspension and distributed service denial will be lowered.

3. Transparency

End-users will track their data and inspect the code behind the platform regardless of which blockchain platform they choose. The majority of blockchain systems are developed by non-profits, which implies that they provide an open-source blockchain platform that allows open design and development procedures. This will help consumers become less reliant on the platform’s developer.

4. Open Accessibility to Data

The information will be available from any location and on any device. Web 3.0 will broaden the scope of engagement by allowing smoother payments, richer information flows, and secure data transfers. This is because Web 3.0 will allow us to interface with any machine without having to pay a fee to a middleman.

5. Restriction-less Platform

Users can build their own addresses or engage with the blockchain network because it is open to anyone. This network does not discriminate against users based on their gender, income, geographic region, or sociological variables. Users will be able to quickly move their assets or wealth anywhere in the world.

6. Single Profile Creation

Users no longer need to create separate personal profiles for multiple platforms. With Web 3.0, a single profile can be used on any platform, and the user retains complete control over any data. No corporation can access or verify the accuracy of user’s data without their authorization. Users, on the other hand, have the option of sharing their profiles and selling their data to advertising and brands. This is already started to take place.

A company called “Gener8 Ads” based in the UK allows users to either keep their personal information private or share it with various brands in return for a monetary award. It gives users complete control over their data.

7. Enhanced Data Processing

Problem-solving and intensive knowledge generating tasks benefit from Web 3.0. It makes use of AI to extract useful information from a large amount of data. Users will also benefit from its capacity to estimate client demand and provide individualised customer care, both of which are essential for successful enterprises.

Disadvantages of Web 3.0

1. Requires Advanced Devices

Less advanced computers won’t be able to take advantage of Web 3.0’s features. To make the technology accessible to more people around the world, the devices’ capabilities and qualities will need to be expanded. Given the current situation, only a small number of individuals will have access to Web 3.0.

2. Web 1.0 Websites Will Become Obsolete

Any websites built using Web 1.0 technology will become obsolete if Web 3.0 becomes fully functional on the Internet. The outdated technology will be unable to update its features to keep up with the new ones. As a result, those sites will be significantly older, losing their competitive advantage.

3. Not Ready for Widespread Adoption

Web3 technology is smarter, more efficient, and more accessible. However, the technology is not yet ready for general use. To meet the expectations of users, much work is needed in the areas of technical progress, privacy laws, and data use.

4. Demand for Reputation Management Will Increase

Because of the easy availability of a user’s information and the loss of anonymity brought on by Web 3.0, reputation management will be more important than ever. Brands and businesses will have to maintain their internet presence, reputation, and image. They will need to assist customers in obtaining crucial market intelligence, valuable business insights, attractive content, and cutting-edge internet marketing.

5. Complicated Functionality

For any new user, Web 3.0 is a difficult-to-understand technology, which makes them cautious to use it. It’s a mix of older-generation online tools and cutting-edge technology like AI and blockchain, as well as increased user interconnection and Internet usage. Only advanced gadgets will be able to operate Web 3.0, making it difficult for individuals and businesses who cannot buy such gear.

6. Costs of Operation

In the event that we are ready to own our data, who will host it? Facebook and Amazon, for example, have massive facilities (servers) that hold massive amounts of data generated by us. How can this storage model be sustained if these companies aren’t making the same amount of money?

7. User Friendliness

While owning your own data may sound like a fantastic notion, the user interface for doing so is currently lacking. Creating a wallet, remembering seed words, and storing your funds are all common tasks. Because there is no central authority, no one is liable if you lose your keys and, as a result, your data.

 

Conclusion

Web 3.0 is no longer a dream but a reality. We’re on our way to an Internet where people have complete control over their data and privacy while also allowing companies to exploit it (or not). All of this will be made possible by blockchain technology. Although, as astounding as it sounds, much work is needed. With data privacy concerns growing by the day, Web 3.0 technologies will emerge faster than ever.

References

1. Max Mersch and Richard Muirhead. “What Is Web 3.0 & Why It Matters” https://medium.com/fabric-ventures/what-is-web-3-0-why-it-matters-934eb07f3d2b Fabric Ventures; December 31, 2019
2. Werner Vermaak. “What Is Web 3.0?” https://coinmarketcap.com/alexandria/article/what-is-web-3-0

Alexandria; 2021

3. Joydeep Bhattacharya. “What Is Web 3.0? The Future of the Internet” https://www.singlegrain.com/web3/web-3-0/

Single Grain

4. Team Nas Academy. “What is Web 3? How is it Different from Web 2?” https://nasacademy.com/blog/article/what-is-web-3?campaignid=16446611641&adgroupid=&creativeid=&gclid=CjwKCAjwrqqSBhBbEiwAlQeqGmZqeeTIyJjFjpufiaidY24XKWT6qwI3b6OOD44TSxFXrjYjxc3UFRoCZgcQAvD_BwE

Team Nas Academy; 18 February