As the internet expands, we begin to see and hear different technologies evolve. From the likes of Metaverse to NFTs, now we have at an unparalleled rate, the term Web 3.0. Hence, if you find yourself wondering what in the world it Web 3.0 means, then you are not alone. Thus, carefully read through this article to see Web 3.0 explained fully to your understanding.
Meanwhile, Tim Berners-Lee the inventor of the World Wide Web originally referred to the term as the Semantic Web. We generally picture Web 3.0 as the autonomous third generation of the internet, a decentralized online ecosystem established on blockchain technologies. However, some tech experts lack conviction that Web 3.0 could scale globally. Example of such experts includes Elon Musk the CEO of Tesla. He called it a marketing buzzword. Nevertheless, investment capitalists have invested billions into the Web 3.0 version. Here we’ll fully explain Web 3.0 and why most see it as the future of the internet.
In addition, note that this latest Internet technology leverages machine learning, blockchain, and artificial intelligence to achieve real human communication. The icing on the cake is that web 3.0 not only enables individuals to own their data but they will earn compensation for their time spent on the web.
Ensure you check out What Exactly is the Metaverse? – The Future of Technology
What Is The Concept Of Web 3.0?
Web 3.0 popularly referred to as web3 is the third version or iteration of the Internet that interconnects data in a decentralized way to provide a faster and more personalized user experience. Web3 algorithms are built using artificial intelligence, machine learning, and the semantic web. While it also uses the blockchain security system to keep information safe and secure. So in a nutshell, openness, decentralization and incredible user experience consist of the major defining features of Web 3.0.
Furthermore, we categorize Web 3.0 under the DAO model. DAO stands for a decentralized autonomous organization. This is an automated computer network organization model operated by its community members instead of a single establishment like the government or a financial institution. While its transaction records are maintained on a blockchain.
Meanwhile, the intention behind using the semantic web is that it comprehends and interprets the context and concept of the data. Therefore, when a user browses a question, web 3.0 ensures to provides the most accurate and relevant answer to the user.
Presently, tech giants like Google, Microsoft, and Facebook are some of the few companies making a huge profit from user data. However, web 3.0 will allow all of us to be paid back for our time and data. This in essence implies that users will have permission to sell their data to advertisers while still maintaining ownership and data privacy.
In addition, web3 will give websites and applications access to use data more meaningfully and properly address the information to each user. Thus, this third evolution of the web involves an Internet where you will benefit from personalized interactions with machines and websites. This includes the same way, you communicate with any other human.
What is Web3 NFTs?
First, you need to understand that Web 3.0 refers to the third evolution of web technologies and comprises the decentralized applications that operate on a blockchain, which includes non-fungible tokens (“NFTs”) and cryptocurrencies.
So, one of the incredible byproducts of Web3 technology includes the ability to tokenize digital assets, often called “non-fungible tokens (NFTs)”. Fungible and non-fungible tokens will broadly transform the world. Businesses, individuals, and content creators will achieve tremendous things with them.
What Is The Future Of Web 3.0 Gaming?
Metaverse, artificial intelligence (AI), NFT, digital currency, virtual and augmented reality, etc include some of the major technologies that have supported the advancements in the gaming industry. Web 3.0 has transformed the gaming concept, enabling developers to create innovative and futuristic games using the web3 game development technologies cited above. This new version of the Internet has created a way for integrating disruptive technologies in the gaming industry without setting too much hassle.
Web 3.0 also has good prospects in revolutionizing the gaming industry by introducing virtual avatars. Where the 3D avatars will signify the users in the virtual world of the metaverse. Thus, giving them exclusive control over everything. For instance, when you engage the avatar in a fight inside the game, the user will be the one to defend or attack in the virtual world. Through using the avatar, gamers can examine and uncover many treasures or secrets stored at different game levels.
Furthermore, without a doubt, web3 will render the gaming industry user-centric. Whatever components or features to be added to the game will depend on what the customers select. For instance, integrating blockchain or smart contracts in the game will enable gamers to make preferred purchases using digital currencies through web 3.0. This will promote interaction between gamers and improve the overall gaming experience.
Why Is Web 3 Important In The Technology Space?
Web3 serves great importance to the technology space. We’ve disclosed in brief 3 important web3 renders to the technology space below;
1. Faster And Fairer:
Web3 has come to make technology run faster and fair enough for everyone. An instance includes more people investing in cryptocurrency. And they also use it for the full range of transactions that fiat currently permits. Transactions like lending and borrowing, investing in assets and making payments.
2. Direct Relationship Between Sellers And Customers:
Web 3 technology has also eliminated middlemen to a great extent. Thereby, enabling customers and sellers to interact directly. For instance, consumers can now effortlessly connect with creators or artists via social media platforms.
Web 3 possesses the ability to decentralize the business world by enabling community ownership of companies. This is as opposed to the current standard of hierarchical corporate control. We see this happening now with DAOs (Decentralized Autonomous Organizations). Here all buyers have a stake in the decision-making.
How Can I Make A Profit From Web 3.0?
There exist a plethora of ways to profit from Web3. One of the ways include businesses monetizing content even faster than before. With web3 helping them gain more real-time leads on their pages and helping to engage more customers through the use of artificial intelligence. Meanwhile, we’ve highlighted numerous other ways you can profit from web3 below;
- Decentralized Advertising Networks
- Blockchain-based transactions
- Using Crypto Tokens as Currency
- Virtual Products such as NFTs
- Decentralized storage systems
- Distributed Ownership
- Creator Economy
- Personal data ownership
How Can Web 3.0 Change The World? What Problems Does It Solve?
We’ve discussed numerous benefits web3 offers to technology. Thus, if those technologies solve problems, then invariably web3 has severed great benefit and changed the world.
Furthermore, Web 3.0 integrated with blockchain technology allows one to move beyond centralized architecture. Hence, its decentralized architecture immensely offers good features for enterprises outperforming the new generation of the web.
Still yet, in a nutshell, we’ve highlighted how web3 has changed different aspects of the activities of the world thereby solving problems. See them below;
- Decentralization: Web3 has made banning sites difficult for the government.
- Security: Since web3 also possess the cryptographic security layer of the underlying blockchain characteristics, it has created together online security. Therefore, hacking or phishing sites have become much more difficult.
- Immutability: Once on the blockchain, constantly on the blockchain. Thus, data altering/tampering on a web3 setup is next to impossible
- Sharing economy: Web3 also facilitates content creators to receive a share of the profits by holding tokens of the underlying blockchain.
- Anti ads: Since web3 includes holding tokens to access the web product, it prohibits ads, because by paying, you become a customer and no longer an audience.
Is Web 3.0 And Metaverse The Same?
The Metaverse covers many critical technologies that enable running the entire ecosystem. To develop the Metaverse we require connection, decentralization, interfaces, a creator economy, and advanced technology. While Web 3.0 targets the creation of a decentralized web based only on the blockchain. In web3 users can connect with online services using blockchain, regulated by a decentralized peer-to-peer network platform.
Although they both share similar technologies to run, Metaverse and Web 3.0 are not the same. While Web 3.0 is primarily concerned with who rules and governs the internet in the future (the tech giants or individuals), the Metaverse is interested in how users will interact with it.
Furthermore, the metaverse consists of a 3D world where you can interact with 3D friends, objects, and places. For instance, you can play games with your friends from the creator’s floor. However, in the case of Web3, the users can develop, own, buy, and sell their content. In addition, users can charge their innovations.
Will Web 3.0 Replace The Current Technology?
There is a high possibility that Web 3.0 will eventually replace the current technology, but it seems too early to determine when. Web 3.0 provides a lot of benefits over the current technology, so, likely, it will ultimately replace it.
Therefore, it’s worth keeping an eye on. EPNS, which functions as a communication layer is an excellent example of a web3 application in use today. When a dex or app integrates EPNS, users get an option to receive notifications or not.