What is Web 3.0 and how will it affect you 【】

The world is gradually moving towards the next version of the web: Web 3.0 . It describes the third generation of Internet services running on the blockchain. So what is Web 3.0 and how will it affect you? How different is it from today’s Web 2? What are its advantages, disadvantages and how will it affect you?

Let’s see the answers to all these questions in our simplified beginner’s guide to Web 3.0. Find out what Web 3.0 is and how it will affect you

What is Web 3.0 and how will it affect you?

What is Web 3.0?

Web 3.0 is decentralized, similar to Bitcoin
The data is saved on the P2P network, no party controls it
Decentralization avoids single point of failure, eradicating downtime

Credits: 101 Blockchain

For starters, Web 3.0 is an iteration of the new era of internet services based on decentralized blockchains. It means that data in Web 3.0 is not in the hands of a single party rather they are on the public blockchain, controlled by network users.

Web 3 is a peer-to-peer Internet with no single authority . You own the content you post online and have full control over it. And since the data is stored on multiple computers, there’s no need to worry about downtime. Data can be accessed from any device, anywhere.

Web 3.0 is also more private. Your digital identity does not necessarily have to match your real identity. You can read articles, download stuff, and make purchases without revealing who exactly you are.

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AI, Semantic Web and 3D Graphics

Web 3.0 has as fundamental pillars Artificial Intelligence (AI) Y the Semantic Web. With semantics, computers would understand the meaning or context behind the information and not just read the keywords. AI and machine learning will further use that data to solve our problems.

This along with edge computing , would allow computers to create or share content by analyzing the meaning of words as if they were humans. This will result in a faster and more personalized web experience.

For example, what if computers could know your intent behind the search? What if you could learn what interests you and help you find what you want? Sounds interesting, right?

Also, 3D graphics and designs they are also widely used in websites and services on Web 3. This includes museum guides, e-commerce galleries, and games based on synthetic reality; a potential example would be Cyberpunk 2077.

You can call Web 3.0 a three-dimensional Internet age where virtual avatars, virtual reality (VR) and augmented reality (AR) would be very common.

dApps and Defi in Web 3.0

With decentralization at its core, Web 3.0 integrates decentralized applications (dApps) Y decentralized finance (Defi) . dApps are digital applications or programs that run on a blockchain or peer-to-peer network. It can be a game, a social network or any other application.

On the other hand, Defi refers to financial services on public blockchain networks. It caters to everyone and does not depend on intermediaries such as banks, stock exchanges or brokers. Instead, it uses smart contracts, i.e. self-executing programs based on legalities.

Defi components include cryptocurrencies, tokens, assets, cryptocurrency exchanges, and more. Web 3.0 encompassing crypto opens up dozens of possibilities, such as people paying for things on the web directly from the crypto wallet, advertisers paying tokens for ads, and more.

For example, crypto wallets like MetaMask can be integrated with Web 3 applications to facilitate anonymous and secure international payments and transactions.

The cost factor in Web 3.0

Unlike Web 2.0, You are no longer the product of Web 3.0 . So far, we expect a model where the advertiser not only pays the creator, but even the user is rewarded for viewing the ad.

However, since the users of the network would bear the handling of the data and the related cost, those who are not part of it may have to pay in one way or another; for example, you earn tokens for watching ads and spend them. to access a certain content or service.

Evolution of the Web- Web 1.0 vs Web 2.0 vs Web 3.0

Source: Fabric Ventures

Web 1.0: The World Wide Web begins

Static web information is served from the website to the user.

Web 1.0 refers to the early stage of the Internet, which runs from 1989 to 2005. It was mainly about of static web pages that provided limited information and interaction more like taking a book or magazine and uploading its pages to the Internet.

It was a read-only web with information moving from the website to the user. There were no algorithms, ads, or social media.

Dynamic and interactive: users can interact with the website.

As of 2005, Web 2.0 is the web we use today. You can call it read-write or the social web, thanks to social networking and dynamic HTML that made it programmable, more interactive and attractive .

Web 2.0 became a hub for content creation, online business, and entertainment. It involves the interaction between users and websites and the cross-interaction of users. Some popular apps include YouTube, Facebook, and Twitter.

Unfortunately, Web 2.0 is not free: central authorities verify your identity, authorize transfers and transactions, and control what you post online. Furthermore, despite data protection laws such as the EU GDPR, there is a lot of skepticism around data storage and privacy by data controllers.

Web 3.0- The Decentralized Web

Decentralized and private: open, trustless, permissionless with edge computing

Web 3.0 is the next stage in the evolution of the Internet. It is known as a semantic web that involves reading, writing, and executing.

Web 3 is powered by three layers of technologies: decentralized data networks , edge computing and artificial intelligence along with machine learning algorithms. It allows computers to interact and create data.

Web3 is permissionless, trustless, and self-governing. It does not require the control of a central authority to manage your data. This also makes it more privacy oriented, unlike Web 2.

Advantages and disadvantages of Web 3.0

Advantages of Web 3.0

End users will have complete ownership and control of their data; you are no longer the product.
More accurate and relevant search results with the semantic web.
Internet would be more personalized.
No single point of control: Google and Facebook will no longer control user data. No entity could kill services or websites.
Since the data is stored in a distributed manner, there would be no downtime or interruptions.
Digital assets can be quickly owned and transferred between anyone.
Non-discrimination: Anyone, regardless of gender, caste, race, or income, can interact with the blockchain network.
It opens up a whole new era of three-dimensional internet.

Disadvantages of Web 3.0

The technology is not yet ready for Web 3.0.
Web 2.0 will seem obsolete and Web 1.0 will be obsolete.
Less advanced devices would be left out.
With the change in cost model, some services may no longer be free.
With Internet providers under government control, the Internet will not yet be decentralized.
It would be easier to get the public information of any user.
So far, it is too complicated for newcomers.
Web 3 needs strict privacy policies.

How will Web 3.0 change advertising?

In today’s Web 2.0, advertisers use social networks and search engines to advertise their products and services. Backed by tons of personal data these platforms collect for targeted advertising.

However, with Web 3.0, users would control ads more than advertisers. Web users will have full control over their data and what third parties can use it. Advertisers will not access personal data or display ads to users without their permission.

Web 3.0 will learn about you and your habits with each search performed. It would discover their likes and dislikes, purchase and consumption behavior, food choices, and more to present personalized results. Advertisers will need to clearly define target customers. Content would be king.

Digital advertising will become three-dimensional. Brands will use virtual reality to serve users with their products and experiences. A perfect example would be Facebook’s Metaverse, which aims to create a virtual reality environment where you can buy things in the virtual world by paying directly from your wallet.

How will Web 3.0 affect their lives?

Web 3.0 would change the way we use the Internet. The Internet would be community-driven, that is, in control of people than any central authority.

Web 3 would eradicate data leaks and censorship. Over the years, we’ve had several data breaches from social media, banks, and other platforms, which means information isn’t really private on Web 2. Also, the giants won’t control or suppress speech or public ideas.

Users would get uninterrupted services . Downtime would be rare, as computers around the world will act as data servers.

With Web 3.0, The Internet would be more personalized and behaviorally oriented , like a personal assistant that understands your preferences and behavior to get exactly what you want. Search engines will not only look for keywords, they will also look at the search context.

Users would get more relevant search results with less effort. For example, Dev wants to go to a local dentist and then go shopping for her son. When she searches for dentists on Google, she will show dentists near her location, followed by a children’s mall. There is no need for multiple searches like we do in Web 2.0.

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Are web browsers already in Web 3.0?

Web browsers are slowly preparing for the next generation of Web 3.0. For example, has integrated a native cryptocurrency wallet to securely store crypto currencies and serve as a single sign-on for all decentralized Web 3.0 applications.

In addition, the brave browser focused on privacy has integrated a decentralized file hosting solution called…