10 Web 3.0 Examples: Is It the Future of the Internet?

What is web 3.0 technology? WEB 3.0 (or “Web3” as it is most widely called) is a loose collection of ideas about how the future should look and function. We’re currently stuck in between Web 2.0 and Web 3.0, with no clear picture of what the future web will look like. We’ll look at what is web 3.0 technology and some particular instances of Web3-compatible technologies.

The Internet and the Web are Not the Same

Before we begin any conversation on the internet, you need to be aware that it is not the same as the internet. The internet is made up of the physical network equipment and computers that keep the globe connected, as well as the internet protocol that describes how these devices communicate with one another.

On the internet, the web is one type of service (or combination of services). Although it is the most widely used user-facing element of the internet, other services (such as FTP or BitTorrent) are not included. They simply share the same amount of bandwidth.

The Web’s Evolution: Web 1.0 and Web 2.0 Explained

In the mid-to-late 1990s, the World Wide Web began to take shape. This is currently referred to as Web 1.0. Early websites were hosted in a variety of locations. Some were housed on massive servers in the IT department of a firm, while others were hosted on people’s personal computers. Web material had not yet been concentrated in the massive data centers that we see today.

The majority of Web 1.0 content was static, non-interactive “read-only” Web pages. In other words, you’d go to a website to receive information, but you’d never give it any of your personal information. The distinction between Web 1.0 and Web 2.0 is this.

With the introduction of Web 2.0, information began to flow in both directions. This was the era of user-generated content and social media sites. End-users upload their images, personal information, and other content to social media sites like Facebook and LinkedIn, where anyone can see it.

Hosting services began to consolidate into data centers controlled by a small number of large tech firms. Online browsers have progressed to the point that they can now execute web apps with complex 3D visuals.

For these companies, user data is the most precious commodity, which they utilize to increase eCommerce or sell to third-party parties. The most well-known example is Google, the search engine powerhouse. Despite this, corporations such as Microsoft and Amazon are investing in centralized web services that collect personal data and turn it into commercial insights.

Web’s 3.0 Importance

The idea of Web3 is to create a web that isn’t controlled by a small number of central authorities. It makes no difference if these are governments or companies; the internet of things Web 3.0 (theoretically) places user data and web content in the hands of people. It also enables a web in which users can earn directly from their data and all of the money that moves through the internet every day.

Gavin Wood, a co-founder of the Ethereum blockchain, invented the term “Web3” in 2014, which we’ll talk about a little later.

Web3 is designed to adhere to a set of values. For one thing, it’s decentralized, meaning it doesn’t have a single authority that owns and profits from all of the data. Web3 applications are free to use and modify. This means that anyone can transparently examine an app’s algorithms and software functionalities without the risk of backdoor access.

In conclusion, the internet of things web 3.0 is a democratized web built on an open-source application that provides users with complete ownership over their data as well as the ability to share in the profits earned by their content.

The Old Web 3.0 and Tim Berners-Lee

There’s some confusion about what is web 3.0 technology because Tim Berners-Lee, the “Father of the Web,” invented a completely separate notion called Web 3.0. Web 3.0 (the “Semantic Web”) is a Web technology standard defined by the World Wide Web Consortium (W3C).

The semantic web may be more difficult to comprehend than Web3. Still, it comes down to formal metadata standards that allow for a wide range of machine-to-machine interactions, allowing for semantic understanding of online material.

In practice, Web 3.0 has yet to materialize, despite the fact that modern web technology can already perform some of the tasks described in the Web 3.0 definition. We won’t go into detail regarding the semantic web here, but keep in mind that some content labeled Web 3.0 definition refers to something entirely distinct from Web3, but “Web3” just refers to the topic at hand.

Now that we’ve established the distinction between Web 3.0 and Web 3, let’s look at some web 3.0 examples.

1. Blockchain Technology

Blockchain technology is likely one of the most obvious web 3.0 examples, as it is the technology that most inspired the concept of internet of things web 3.0. Because a blockchain is required for many other Web3 technologies to function, it is considered basic to Web3.

Check to watch HDG Explains: What Is a Blockchain Database for a more in-depth look at blockchain technology. If you don’t have time to read it, here’s the gist of it.

The blockchain is a digital ledger that keeps track of all transactions. The blockchain can be found on various computers all across the internet in its entirety. All database copies must agree and be changed whenever a new “block” of transactions is added to the chain. All transactions are permanent and open to the public.

Any effort to tamper with the record breaks the chain, and no central authority can control it because validated copies of the database are scattered over the internet. Blockchain technology can be used to retain a record of transactions in any application, although most people relate it with cryptocurrencies, which we’ll discuss next.

2. Cryptocurrency

Cryptocurrency (sometimes referred to as “crypto”) is decentralized digital money that is not regulated by any government or central authority such as a bank. Blockchain technology is used in cryptocurrency to keep track of how much money is in circulation and who owns how much of it.

The quantity of bitcoin is grown by “mine,” which involves providing processing power in exchange for the new currency to run the blockchain. At least, that’s how “traditional” cryptocurrencies like Bitcoin work. End-users of the Ethereum blockchain, for example, pay a “gas cost,” which Ethereum miners receive in exchange for processing transactions.

3. Non-Fungible Tokens (NFTs)

NFTs are another cornerstone of Web3. You’ve probably heard of them before. NFTs are a type of crypto, but each one is one-of-a-kind and cannot be traded for another. The non-fungible component of the name refers to this. In the same manner that a paper title deed for a house signifies ownership, NFTs are connected to digital or physical assets.

One major snag is that any legal body may or may not accept NFTs, so all you’re really getting is power over a string of letters and numbers at this point. That may change when NFT technology advances and maybe benefits from regulation.

Web3 Hits Serious Obstacles

In theory, the web’s expected third generation sounds thrilling, but practical problems prevent it from becoming an actuality, at least in its pure, idealistic form. Web3 represents a degree of internet connectivity that has never been experienced before. The number of nodes engaged in the Web3 scenario concentrating on a decentralized web is little compared to the complexity of the present web.

However, the most serious issue with Web3 is not one of technology, but rather one of politics. The issue of privacy raises severe concerns. What new ways of fraud and manipulation does it enable, despite being exposed to public scrutiny? Is it possible to entirely decouple ourselves from some central authorities? We won’t know the answers to these concerns for a long time since Web 3.0 definition is such a novel concept, and the dangers of leaving tried-and-true methods may be too great for exploration in some circumstances.

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