LifeNFT & Blockchain

June 15, 2022

What Is Web 3.0? A Beginner’s Guide To The Blockchain Technology

Stan Sakharchuk

Co-Founder & CEO

June 15, 2022

1016

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Web 3.0 is a buzzword in the modern development world. Being a possible future version of the internet based on public blockchains, Web 3.0 represents a record-keeping system well-recognized for facilitating various cryptocurrency transactions. The attractiveness of Web 3.0 lies in its decentralized nature. Therefore, individuals will have an opportunity to own and govern sections of the internet rather than access it through services provided by larger companies like Google, Apple, and Facebook. 

Web 3.0 also doesn’t require “permission,” meaning that any authorities won’t have to decide whether someone gets access to services or not. No ” trust ” is also required, meaning an intermediary isn’t essentially needed for virtual transactions between two or more parties. Since these agencies, as well as intermediaries, are performing most of the data collection, Web 3.0 will protect user privacy and ensure higher protection. 

Decentralized finance, more known as DeFi, refers to a component of Web 3.0 that’s gaining popularity. It enables providing real-world financial transactions based on the blockchain ledger without any need for banks, government, or third parties. We carefully curated this beginner’s guide to most discussing technology today to help you learn more about what is internet 3.0, how it works, and what its uses are today and in the future.

Web 3.0 Meaning

Web 3.0, also called web3, works on a decentralized platform and processes information in an intelligent human-like way. Web 3.0 uses technologies such as artificial intelligence (AI),machine learning (ML),semantic web, as well as blockchain. Web3 relies on them to provide higher transparency while also ensuring a fast and more personalized user experience.

In an original version, Web 3.0 was called the Semantic Web, delivered by Tim Berners-Lee, who also invented the World Wide Web. He delivered this technology with the goal of building the next internet, which should be more intelligent, trusted, open, and autonomous than its predecessor.

However, today’s goal of Web 3.0 has changed due to many reasons. Now, this technology focuses on giving control of the data back to consumers. Therefore, instead of using platforms and providing their data in exchange, consumers can participate in the governance of all these tech platforms. For example, users will be able to sell their own data to advertisers on the web but still have all rights and ownership.

How does Web 3.0 Work?

Being aware of web 3.0 definition and the benefits Web 3.0 is going to offer, it will become more engaging to know how exactly this technology works. As we mentioned above, Web3 works on the blockchain. Therefore, all the benefits provided by this technology also relate to what blockchain offers.

Let’s first go through the blockchain definition. To put it simply, a blockchain represents a digital chain of blocks of data that form a vast system that cannot be deleted, changed, or hacked. Every time this block of digital information is created, it links to the previous block in the chain. The process continues every time when blocks are created. 

Blockchain is a digital record of information that can be distributed but not edited or deleted. Therefore, there is no centralized system of control placed on the blockchain. This guarantees the security and privacy of our information. Since blockchain is decentralized, it offers the basis for the development and growth of Web 3.0. By integrating AI, ML, and IoT to Web 2.0 while using blockchain, a new version known as Web 3.0 hopes to provide a significantly different user experience that is highly tailored to needs.

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The Evolution of the Web

What is Web 1.0?

Web 1.0 is the earliest version of the internet which is also known as web1. Web 1.0 has been available only for reading or Syntactic web. Most users were content consumers, while the makers were engineers who usually built websites delivering content delivered primarily in text or graphic format. Web 1.0 was produced in 1991 and existed till 2004.

What is Web 2.0?

We all have probably seen the web in its current version, known as Web 2.0, which has been estimated as the interactive read-write and social web. The key thing is that you don’t always need to have coding skills to participate in the creation process in the Web 2.0 universe. Many modern applications have been created in such a way that almost everyone can become a creator.

Web 2.0 allows users to share their thoughts, create videos, and make them freely available to millions of others to watch, comment on, and interact with. For example, Youtube, Facebook, Instagram, Twitter as well as other social media are really great cases of Web 2.0 applications.

Companies who want to develop new ideas and go with more Social Web use technologies like HTML5 and CSS3. There are also some Javascript frameworks, including ReactJs, AngularJs, VueJs, and others, that are used for this purpose. Therefore, everything required from developers is to create a mechanism to enable and engage users since Web 2.0 is built around them.

What is Web 3.0?

Web 3.0, also called Semantic Web or read-write-execute, is the last version that has existed since 2010 and allows for the web’s future. Since Web 3.0 uses Artificial Intelligence (AI) and Machine Learning (ML),the new version helps computers to easily analyze data almost in the human way. This aids intelligent generation as well as provides distribution of relevant content according to a user’s specific needs, offering a highly tailored user experience.

Even though there are several differences between all these versions, decentralization is the key in both the latest ones. Today’s developers working with Web 3.0 rarely develop and deploy applications that run on a single server or store data in a common database.

Most modern Web 3.0 applications are crafted on blockchains, which represent a decentralized network of numerous peer-to-peer nodes (servers). And these programs also got the name programs are known as decentralized apps (or shortly DApps),which are highly popular in the Web 3.0 community.

Below you will see key differences between all three versions:

What are the Advantages Of Web 3.0?

1. Ownership of Data and Information 

With Web 3.0, users will gain complete ownership and control of their data or information with the security of encryption. These data can be shared only with permission, need, or/and case-by-case basis. Today, market giants like Facebook and Amazon have a vast number of servers that store personal information regarding income, dietary preferences, credit card information, and more. And this data is collected not only to provide better and more user-oriented services but also sold to the marketers who pay millions every year for this.

2. Easy Access to Information

One of the key benefits of Web 3.0 is the ability of users to access data from anywhere, which is primarily driven by the immense smartphone and cloud use worldwide. The goal is to guarantee consumers have easy access to information as much as possible regardless of where they are based. 

3. No Need in Central Point of Control

The blockchain leader offers an all-in-one trusted platform where all data is encrypted while the applications are unbreakable. Therefore, there is no need for intermediaries. No government or third parties will be able to kill sites or servers, while no one will be able to control the identities of others.

4. Uninterrupted Service

The suspension of accounts, as well as denial of distributed services with Web 3.0, are reduced dramatically. This is because there is no single point of failure; the disruption of the server will be a bare minimum. All data is stored on the distributed nodes to ensure redundancy, while multiple backups are going to prevent a seizure or any kind of server failure.

What are the Disadvantages Of Web 3.0?

1. Ownership Concerns

Even though Web 3.0 is popular, it is still in its development stage, and not everything can be realized. For example, experts believe that regular consumers won’t be able to have ownership of Web 3.0 projects as everyone expects. It seems that only venture capitalists and investors will own them. 

2. Tough to Regulate

Some experts also think that decentralization may add difficulties in monitoring and regulating Web 3.0. Therefore, it may lead to an increased number of hacker attacks, cybercrimes, online abuse, and more.

3. Surfing Web 3.0 Requires Better Processors

Outdated devices won’t be able to handle Web 3.0. It means people will require new devices that are going to have above-average specifications to be able to provide hassle-free use of the new version of the internet.

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Web 3.0 Use in Real Life

Apple Siri

All Apple’s device owners are already familiar with Web 3. 0. Siri, that exists on any Apple device, represents an intelligent Web 3.0 app. This app also shows how much Web 3.0 can be maturing. Even though Siri previously often answered with “I don’t know,” now it is able to answer almost any question.

Wolfram Alpha

Wolfram Alpha represents a great combination of AI and machine learning on distributed systems. It operates with numerous computers to analyze information and relevantly respond to inquiries. When a user inputs an item, like an apple, he will get a wealth of data, such as nutritional information.

Facebook

Facebook is also one of the greatest voices in Web 3.0. It has been updated by putting a huge amount of development with a focus on the metaverse. The existing APIs make it much easier for engineers in and outside Facebook to update existing communities into Web 3.0 spaces. 

Web 3.0, Crypto and Blockchain

Okay, now we know what Web 3.0 is and how it works, but why does everyone connect it with crypto and blockchain? Let’s learn about Web 3.0 blockchain. 

As we mentioned above, Web 3.0 apps and websites will heavily rely on blockchain as well as blockchain entities like non-fungible tokens (NFTs) and crypto. To be more specific, Web 3.0 tokens are usually associated with the vision of creating a new version of a decentralized internet.

By using Web 3.0 tokens, people can create control and contribute to various projects. For instance, Reddit refers to creating a mechanism that is going to make cryptocurrency tokens freely available to consumers to control elements of the on-site communities. Therefore, blockchain will be the key driver of Web 3.0 and is going to bring the creation of multiple Web 3.0 blockchain apps. It will also guarantee security, encryption, and a user-centric network that can provide users with complete control and ownership over their information.

Why Web 3.0 Is Important for the Future

The idea of Web 3.0 is still in its infancy, which makes it questionable whether it will be important for the future and whether or not it is worth investing in. However, one thing is obvious: businesses should pay close attention to this new version of the internet as it brings many benefits to both business and people in upcoming years.

Experts believe that Web 3.0 will have a tremendous impact on numerous industries, from banking and finance to asset management. For instance, rather than using a centralized bank, people will have an opportunity to access a global suite of financial products by allowing services to interact directly with their digital wallets.

It is also clear that Web 3.0 will boost the use of NFTs and digital assets, allowing users to monetize their skills in brand-new and engaging ways, which, in turn, provide businesses with multiple investment opportunities.

How Can Interexy Help?

Being on the list of top Dubai and Miami Blockchain development companies in 2022, Interexy always tracks the latest technologies to boost the industry’s standard from the inside. We have in-depth experience in blockchain development services, providing projects with highly-skilled and specialized resources.

We crafted a GameDay – a unique web application developed from scratch. It is a sports platform with marketplace elements, which allows users to always stay informed about the latest sports matches, make bets, watch matches, post something and earn NFTs just for using the platform.

Alongside NFT creation, NFT marketplace development, smart contract audit, and blockchain development, we also provide outstanding crypto development services. Being the leader in this niche, we work with larger well-known companies and people, like American rapper Lil Durk and Sandbox.

Bottom Line

We bet you have heard of Web 3.0 somewhere. But we also bet you didn’t fully understand what this technology represents and why all this buzz around it happens. This guide contains all the needed information regarding Web 3.0 and shows why you should invest your attention in it. Let’s book a free call to talk with our experts about your idea!