WHY IS WEB 3 THE FUTURE
Web 3 and blockchain have been the buzzwords for 2021-22. Venture capitalists, college students, and working professionals are all jumping into the space, aiming to make the world decentralized. Somehow it just feels like the internet revolution of the 1990s, as if the world is going to change because of web3. So here’s an introduction to what some people call the internet of the future.
The Journey Of The Internet
Simply put, platforms like Google, Facebook, and Amazon make up Web 2.0. It made it simpler for people to connect, interact, and transact using the internet. However, over time, these platforms/companies accumulated far too much power for the internet to remain a safe place. More than two-thirds of consumers in the United States feel that big tech companies wield too much power. This is where web 3.0 comes in!
What Is Web 3.0?
Web 3.0 is the future internet, a new iteration of the World Wide Web based on blockchain technology that will have decentralization built into its core principles. It will facilitate the rise of new social platforms, search engines, and marketplaces owned by the community rather than by a corporation. It aims to provide a more personalized experience for all of us. End users would reclaim their power over their data.
They would be able to move around from platform to platform on the internet using a single personalized account, rather than having to log into multiple different versions for each respective company and platform. Web3 will be the pathway to cutting the middleman out of the internet, data, and information exchange itself. It would make the internet become a place that is run by the collective, using digital tokens. Web3 aims to:
- Improve data security,
- Increase scalability
- Increase the privacy of users
- combat the influence of large technology companies
WEB 1.0 VS WEB 2.0 VS WEB 3.0
To know the principles of web3, we must first look at the history of the internet as we know it.
Web 1.0 refers to the early development of the World Wide Web. In Web 1.0, the users were primarily content consumers. Personal websites were widespread and mainly included static pages maintained on free web hosts or servers controlled by ISPs. It was an open, community-driven space. However, this changed with the development of web2.0.
Users could now independently interact with websites thanks to the addition of multimedia. The newly created search engines allowed even non-technical people to use and browse the internet. In addition, users worldwide could now share information globally, creating an entirely new world.
Web3 is now expected to combine the best features of previous generations, including the interactive, high-engagement aspects of Web 2.0 and the community-governed mindset of Web 1.0. Here’s another way to consider it:
- Web 1.0 = read
- Web 2.0 = read/write
- Web 3.0 = read/write/own
Challenges With Web3.0
Just like any new piece of technology, web3 has got its own set of challenges, too these include:
- Increased latency due to the decentralized nature of web3
- Lack of regulation around privacy and ownership to protect user-owned data
However, these issues can be solved with the right intent and investment. Latency can be reduced by increasing investments into edge computing. This will move computing capacity closer to users and reduce latency. It will be expensive business though
Web 3.0 Tech
Now that we have talked quite a bit about web three and understood its core principles let’s talk about some web3 technologies to get a feel about what the world will look like. Some of them are:
- Smart Contracts: Smart contracts are programs or pieces of code stored on a blockchain that run when predetermined conditions are met. They are typically used to automate an agreement’s execution so that all participants can be immediately sure of the outcome without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the following action when conditions are met.
- Blockchain: A blockchain helps store data in a decentralized manner across distributed databases shared among the nodes of a computer network. Nodes are computers that store the information at the same time verifying it. It allows digital information to be recorded and distributed but not edited. In this way, a blockchain is a foundation for immutable ledgers or records of transactions that cannot be altered, deleted, or destroyed.
- Cryptocurrencies/Crypto Tokens:
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- Machine Learning And Artificial Intelligence: This new world will also use new-age computer technologies like Machine Learning and Artificial Intelligence to improve user experience and perform better than its predecessor(web2.0)
- Augmented Reality, Virtual Reality, and GeoLocation: The metaverse is a big part of the web3 pitch. Web3.0 will use the technologies mentioned above to create an interactive 3D world where users can interact with each other using their avatars. We have talked more about this in our previous articles.
- Advanced Networking, Edge Computing, etc.
Web3 is currently only at its very initial stage of development; only time will tell us how this will play out. However, the world of web3 and the metaverse is unique and exciting. It is undoubtedly happening, and the internet as we know it is about to change.