Web3 Is the Future of the Internet -You Need to Know About It

The newest internet is Web3. What does it mean, when can we expect it?

So, tell me, what exactly is Web3? The third generation of the web, or Web3, is the future. Although this may seem like a huge change, the Internet is not actually being uninstalled and reinstalled. It’s more about supplementing what we already have. Whether you’re still trying to decide between augmented reality and virtual reality, have a strong preference for VR, or have a strong distaste for both, you’ll find something to your liking. The development of Web3 will have long-term effects on the nature of the metaverse, how we shop (artificial intelligence may choose the best VR headsets for us, for example), and the safety of our data.

Internet’s evolution to Web3

There have been two distinct Internets thus far. The first iteration of the World Wide Web, also known as the read-only web, existed from the advent of the internet in 1989 until the early 2000s. It was designed to disseminate data but did not encourage user participation. Online, you could either publish your own content or peruse that of others. So long as it has been thus far. All interaction was conducted via email. A server housed all the data, and only a computer could retrieve it.

Web 2.0, also known as the “read-write web,” is a gradual improvement to the internet. Since its adoption in the early 2000s, it has been the standard in use ever since. In this updated version, viewers can engage with the content they find online via discussion threads, social media, and other channels. In Web 2.0, data is stored in the “cloud,” or on remote servers, and can be accessed from any device with an internet connection, including smartphones, tablets, and even refrigerators.

What is Web3?

The next iteration of the internet, Web 3.0, is merely the natural progression from Web 2.0. Although no precise description of this development exists at this time, we are already witnessing glimmers of what it will ultimately be like.

Like its predecessors, Web3 expands upon and improves upon the internet as it exists today. It’s like the internet, but with the ability to read, write, and run programs on your own device. Current developments point to a Web 3.0 characterized by decentralization, privacy, machine learning, and security.

Fairness through decentralization

The concept of decentralization is central to the meaning of Web3; by allowing anyone to create and participate in online communities, all members benefit from open and honest communication and collaboration.

As a result, data will no longer be stored centrally by companies like Google, but rather freely distributed and stored in a dispersed network of nodes (this is called distributed computing). DAOs will share everything amongst themselves (Decentralized Autonomous Organizations). Decentralized autonomous organizations (DAOs) are groups formed for a specific purpose that are community-run and rely on the cooperation of all members to achieve their objectives.

According to Sharad Varshney, CEO of OvalEdge, a data governance consultancy, DAOs “really emerged among cryptocurrency enthusiasts and are largely used to make decisions in a bottom-up, ideally equitable management approach.”

Privacy through blockchain

Decentralization advocates often cite blockchain as a central component of the movement. According to Billy Huang, Luna Market’s co-founder, the blockchain, a decentralized and distributed ledger of all transactions, will be used to record who owns what on the internet.

The registration of NFTs and crypto tokens on the blockchain facilitates the seamless transfer of digital goods from one party to another without either party’s knowledge of the other.

Users’ identities remain concealed unless and until they choose to reveal it by linking their blockchain wallets (think of this as your Web 3.0 ID) to their real names and other identifying information.

Compared to older systems, blockchain technology’s primary distinction is in its database. In the past, “databases were controlled by a single person or organization, and they had complete control of that system,” says Huang. They might be able to alter and alter data at will, allowing for errors and fraud. However, blockchains make it possible for anyone to build auditable systems. Because it’s public, anyone can learn about the systems with which their apps interact and earn the trust of those people.

Security through encryption

Web3 also includes encryption as an additional security measure. It basically makes sure that only the intended parties can access the information. While encryption is currently used to keep sensitive information safe online, it will be used in the future to make sure information can be shared openly while still remaining privately owned.

According to Huang, when you use the blockchain to transfer ownership or assets, your information will remain private because of encryption.

Machine learning through AI

It wasn’t until the 1990s that another component of Web 3.0 was conceived of, but the time has finally come. Like a human brain, computers would be able to put data into context, or so the thinking went. The artificial intelligence (AI) wouldn’t just know what the information is; it would also understand the meaning and emotion behind the information, and present it to humans in a more nuanced way than current search engines.

Like a human personal shopper, AI could use your preferences and style to find the best pair of shoes for your budget. Depending on the context, it could also do research and comparisons for you on things like a car or vacation, and then present you with highly tailored options.

Using this sophisticated method of learning, AI could also be used to create useful things like new medicines and products.

A few AI use cases are already present in Web 3.0 applications, Huang said. “There is, for instance, artwork generated by AI that is subsequently sold as NFTs.”

How could Web3 fit into the metaverse?

Although it’s hard to say for sure, Huang believes that the metaverse will implement blockchain technology to manage digital asset storage. Creators in the metaverse could use it to legally and reliably register their digital assets like music, movies, virtual reality experiences, and video games.

It’s possible that Web 3.0 AI will one day be able to create individualized metaverse games and virtual worlds for you to enjoy.

Examples of Web3 companies, platforms and networks

Many working examples of Web3 have already been developed. Web3 networks like Ethereum, Solana, Polygon, and Cosmos are very common. OpenSea, Coinbase, Ledger, and MetaMask are just a few examples of well-known Web3 platforms. Numerous online communities and marketplaces now offer NFTs and cryptocurrencies like Bitcoin for sale.

Cons of Web3

Does Web 3.0 have any drawbacks? It’s far too early to say at this point. There hasn’t been much time for this new internet to mature. But there are speculations.

In particular, some people worry that DAOs will cause chaos. Hate speech and false information, for example, could spread more freely without any moderators to keep them in check. Perhaps policies will help get things in order.

While DAOs may be against centralized authority, Varshney insists that they still need to implement policies for managing things like data. Since distributed ledger organizations (DAOs) only exist in the digital realm, it is essential that they have solid data governance in place to ensure the safety of their operations and the smooth functioning of their various online systems. DAOs rely on digital data for their infrastructure and operation. It is crucial to prioritize the proper management of this data with a specialized tool before settling on any governance procedures.

Web3’s impact

Future you will own your data and use it to better your life. It may soon be a thing of the past for businesses to collect your personal information whenever you make an online purchase or conduct an online search.

AI has the potential to serve as a butler, tailoring experiences to each individual based on information they provide. AI could also be used to create unique games and environments from scratch.

Conclusion

There is a lot that could happen with Web3, but some common threads are starting to show. Already, there is a shift away from “big data,” with an emphasis on protecting and empowering end users.

It’s important to keep in mind that while Web 3.0 may seem exciting and even a little frightening, there won’t be a drastic shift overnight. Like Internet 1.0 transformed into Internet 2.0 over time, so too will the current iteration of the web gradually give way to the next. We might not even notice the transition taking place, as many of the web’s original features will continue to operate as before. It may take as long as five to ten years, according to some estimates.

Sources of this information:

• Sharad Varshney, CEO of OvalEdge
• Billy Huang, co-founder of Luna Market