What is Web 3.0 and how it will transform the digital era

NEW DELHI: The term Web 3.0 is becoming more popular with the introduction of NFTs and the metaverse, but it is not a wholly new phenomenon.

What is Web 3.0 and how it will transform the digital era

The co-founder of Ethereum, Gavin Wood, developed it in 2014. Tim Berners-Lee refers to Web 3.0 as the semantic web because of its potential to revolutionize the internet experience by interacting directly with users, devices, and systems in smart homes, smart transportation, and smart workplaces.

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In the expanding digital era, there is a lot more to Web 3.0 that is important to understand. We dissect and clarify all the key information about Web 3.0’s functions and features.
It’s crucial to grasp Web 2.0, which was developed in 2005, before we can fully comprehend Web 3.0.

  • Web 2.0 was an improvement above Web1.0.
  • In essence, Web 2.0 referred to the shift from static to user-generated content as well as the expansion of social media platforms that allow for user interaction.
  • Examples are Google Maps, Google Docs, YouTube, WordPress, Facebook, and Twitter.

What is Web 3.0?

  • Artificial intelligence (AI), the Internet of Things (IoT), and blockchain technology are the three key pillars of Web 3.0.
  • Blockchain will promote trust in the virtual world and assist in attaining decentralized data storage.
  • AI will assist in interpreting and filtering web data so that users are presented with the most pertinent options.
  • IoT will assist Web 3.0’s interoperability layer in bridging the gap between the internet and smart gadgets.

*It was developed to give users a better, more relevant internet experience by continuously analyzing their digital footprints.
When a user discovers related products on e-commerce sites like Flipkart that customers with similar buy profiles have purchased, that is an example of this kind of experience.
However, the aforementioned strategy favors internet governing bodies and makes them the owners of the users’ data, which is subsequently sold to outside advertisers.

  • Users’ confidential information is being used improperly. In contrast to the current system, Web 3.0 would make people the sole owners of their data and pay them the appropriate compensation in place of their internet data. It is comparable to NFTs in that it gives customers ownership of the distinctive digital art they buy. Every user will have the opportunity to share personal information thanks to semantic web. Users of Web 3.0 would also be relieved from intrusive and difficult-to-skip adverts and pop-up windows.
    In Web 3.0, users will be able to choose how many advertisements they see and will be reimbursed appropriately if they choose not to see any.
    How will the digital age be changed by Web 3.0?
  • Web 3.0 has the ability to usher in a consumer-centric, open-source future web that prioritizes security and privacy.
  • It would make it possible for individuals and computers to exchange information and value across a peer-to-peer network. Decentralized autonomous organizations (DAOs), global-scale decentralized autonomous businesses (DACs), self-sovereign identities, and decentralized data marketplaces are just a few of the possibilities that the semantic web would open up.
  • It will enable trustless data transfers, automated, cryptocurrency-based payments, and simple ownership transfers, altering significantly how people and machines interact. At the moment, Ethereum is driving the development of numerous new decentralized Web 3.0 applications ( dApps).
    These decentralized applications (dApps) are hosted by Ethereum on user-operated nodes on the blockchain, enabling anybody to access them without the requirement to pay for user data.
  • Access to Dapps cannot be restricted or stopped by a centralized authority.

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