What is Web 3.0 and Why Does it Matter?

What is Web 3.0 and Why Does it Matter?

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Updated on Dec 30, 2022 15:11 IST

Web 3.0 represents the next iteration of the internet. Let’s understand what is Web 3.0 and how it can change the future of the internet.

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Web 3.0 is one of the important tech topics dominating digital discussions and debates lately. Also known as the decentralized web, Web 3.0  is the third version of the internet – an iteration of the current Web 2.0. But why do we need web 3.0? What are the benefits of Web 3.0 that web 1.0 and web 2.0 don’t offer? What are its features, and how will Web3 work in real life? Let’s find out in this article.

Table of Contents

Evolution of the Web

Since it was created, the internet has evolved in different phases over the years. Let us understand each stage in detail:

Web 1.0

Web 1.0 is the first phase of the World Wide Web with flat data. It consists of static web pages that serve content from the file system of servers.

Check out: Difference Between WWW and Internet

It is the ‘read-only’ phase where interaction between sites and web users is limited. People can only read information written on websites.

We can think of it as an information portal, where users receive information passively. Users cannot with the content. They cannot post comments, reviews, or feedback. The setbacks in web 1.0 led to the development of web 2.0.

Also Read: Difference Between Internet and Intranet

Web 2.0

The ‘read-write’ phase of the World Wide Web allows interaction between sites and web users. People can read and write content on various websites and applications. The foundations of Web 2.0 are interoperability, interactivity, and usability.

Web 2.0 enables participation, collaboration, and information sharing among web users. A few examples of Web 2.0 applications are Wiki, Youtube, and Facebook.

Web 3.0

The ‘read-write-execute’ phase lets web users read, write and interact with content. It comprises dynamic applications and machine-to-machine interaction. This iteration interconnects decentralized data to provide a quick and more personalized user experience.

Must Read: Decentralization in Blockchain

In this stage, computer systems can interpret information like humans and smartly provide meaningful content per users’ needs.

Web3 is a decentralized internet run on blockchain technology to keep your information safe and secure. It will give users ownership stakes in platforms and applications rather than tech giants controlling the platforms.

Web3 will use artificial intelligence (AI), machine learning(ML), and the semantic web. The semantic web will help computer systems to understand and interpret the context and concept of the data. This results in providing the most accurate and relevant result to the end-user.

While web 2.0 is driven by the platforms such as Facebook and Twitter, web3 will have decentralized services or DApps. Crypto tokens will power these DApps.

Must read: Difference Between Web 1.0, Web 2.0, and Web 3.0

Features of Web 3.0

Let’s take a look at some of the key features of Web 3.0:

  • Semantic Web: The semantic web deals with the meaning of data instead of the structure of data. Semantic web technologies generate, share, and connect content through analysis based on the ability to understand the meaning of words. Web 3.0 will go beyond keywords and numbers to understand complex associations between products, locations, and specific behaviors.
  • Permissionless: Web 3.0 would allow users to interact with each other without the need for centralized authorities and intermediaries.
  • 3D Graphics: The third generation of the internet will use 3D graphics and VR technologies to deliver results related to diverse products, real-life places, etc.
  • Ubiquitous: Web 3.0 will make the internet available to everyone at any time and at any location. Internet-connected devices will not only be limited to computers and smartphones. IoT (Internet of Things) technology will help develop intelligent gadgets.
  • Web 3.0 Crypto: Cryptocurrencies and NFTs will likely become a way for users to generate value. Tokens of work or a currency could be exchanged for service in the system or a job. For example, content creators could receive a token when someone accesses their material.

Also read: Web 3.0 – The Digital Evolution of Internet

Why Web 3.0 Matters?

Tech giants like Google and Facebook have been dominating the internet. They make huge profits from user data. These organizations ask users to share their personal data to access their platforms and services. They monetize this data and use it to generate profit.

Web 3.0 will help you gain data ownership by providing equal benefits to all users. It means that you can sell your personal data to advertisers while still retaining ownership and data privacy.

In the next generation of the internet, you would not require different accounts for different social platforms. You could browse different platforms, information, and shops with just one account.

Furthermore, web 3.0 will enable websites and applications to deliver tailored information to each user. In web3, you can enjoy personalized interactions with machines and websites just like how you communicate with other humans.

Explore popular online courses –  

The Metaverse, NFT & Web 3.0 – Evolution of Internet Metaverse Web 3.0 and DeFi: A Fintech Masterclass
Introduction to Blockchain and Web3 Bitcoin and Cryptocurrencies

How will Web 3.0 Work in Real Life?

You can organize your birthday party, vacation, business trip, household tasks, and more with the help of ubiquitous IoT devices at home.

Let us take the example of planning a birthday party. Typically, you would search separately for a cake shop, decorator, restaurant, invitations, etc., which can be exhausting.

However, Web 3.0 will enable you to use a complex search query like ‘I want to throw my birthday party on Sunday next week, book a chocolate truffle cake, and order food from a premium restaurant’.

Or, ‘I am shifting over from Delhi to Bangalore with my spouse and I am searching for accommodation. What would be the cost of living in Bangalore?’

Now, the search engine will analyze this query and deliver more detailed results. The idea behind web 3.0 is to make even the most complex internet quick and efficient.

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Web 3.0 Architecture

The following are some of the key elements that make the Web 3.0 architecture:

Blockchain

The Ethereum blockchain is a globally accessible state machine maintained by a peer-to-peer network of nodes. It is designed in a way that anyone can access and write to.

A single entity does not own this machine. It is owned collectively by everyone in the network. One can write data on an Ethereum blockchain but cannot update existing data.

Explore Popular Blockchain Courses

Smart Contracts

Smart Contracts are codes or programs that run on the Ethereum Blockchain. They define the logic behind the state changes that take place on the blockchain. App developers write these codes in high-level languages like Solidity.

Must read: Smart Contracts in Blockchain

Ethereum Virtual Machine (EVM)

EVMs execute the logic defined in the smart contracts. It also processes the state changes occurring on the state machine.

Front End

It represents the UI logic. It also interacts with the application logic defined in smart contracts.

Explore- Best Resources To Learn Front End Development

Digital Identity

In web 3.0, users will have a  digital ID that defines or authorizes them when required.

Explore Free Online Courses with Certificates

The Bottom Line

Web3 applications and services will be powered by blockchain, AI, ML, crypto-assets (fungible and non-fungible), and metaverses. With a focus on decentralization, it will provide more control to users over web content while keeping your data secure. Furthermore, users will own their data and be compensated for their time on the web.

Web3 is still a new space with a lot of speculations surrounding it. While Web 3.0 may not be fully embedded in the web infrastructure until several years from now, one certain thing is that it will change how we interact online.

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