WEB 3.0
Web 3.0 (Web3) is the third generation of web technology advancement. The web, often known as the World Wide Web, is the primary layer that provides website and application services on the internet.
Because Web 3.0 continuously expands, there is no canonical, widely acknowledged definition. But one thing is certain: Web 3.0 will considerably focus on decentralized apps and use blockchain-based technology.Â
The concept of a semantic web is another component of the developing definition of Web 3.0. Among many that have campaigned for the inclusion of semantic technology is the founder of the web, Tim Berners-Lee.
It took more than ten years to shift from Web 1.0 to Web 2.0, and it is to take just as long, if not longer, to completely deploy and transform the web with Web 3.0.Â
Suppose the changing trend from Web 1.0, a static information provider where people read websites but seldom interacted with them, to Web 2.0, an interactive and social web permitting user participation.Â
All digital financial services, including payments, money transfers, loan sanctioning, lending, and investing, will be completed more quickly with the introduction of Web 3.0. In order to improve customer experience, financial companies can automate manual operations.
How does Web 3.0 work?
The Hypertext Markup Language (HTML) defines the layout and delivery of websites in Web 1.0 and Web 2.0 technologies. HTML will continue to be a core layer in Web3, but how it relates to data sources and where those data sources reside may change from previous generations of the web.
Many websites and virtually all apps in the Web 2.0 era rely on some type of centralized database to supply data and allow functionality. However, Web 3.0 apps and services rely on a decentralized blockchain instead of a centralized database. The core notion behind blockchain is that there is no arbitrary central authority but rather a type of distributed consensus.
The concept of a decentralized autonomous organization is an emerging governance ideal among the blockchain and Web3 communities (DAO). Instead of having a central authority overseeing a platform’s operations, with a DAO, Web 3.0 technologies and communities give a self-governance in an attempted decentralized method.
Web3 is intrinsically more compatible with cryptocurrencies than with fiat cash. It is because cryptocurrencies enable finance with decentralized payment in Web 3.0.
Both Web 1.0 and Web 2.0 were mainly created with the IPv4 addressing space in mind. However, due to the web’s massive expansion over the decades, there is a need for additional web addresses in Web 3.0, which IPv6 supplies.
Key Web 3.0 Features
Web 3.0 may design with AI, a semantic web, and omnipresent features in mind. The purpose of adopting AI is to provide end users with quicker and more relevant info. A website utilizing AI should be able to sift through and present the information it believes a specific user would find relevant. Because the results include websites people voted on, social bookmarking as a search engine can produce better results than Google. These outcomes, however, may be altered by people. AI might be used to distinguish between real and false results, generating outcomes akin to social bookmarking and social media but without negative feedback.
An artificially intelligent web will also include virtual assistants, currently available as features integrated into devices or third-party apps.
The semantic web concept categorizes and stores information in a way that teaches a system what certain data means. In other words, a website should be able to interpret words entered into search queries like a human would, allowing it to create and share more relevant information. This method will also make use of AI; the semantic web will educate a computer on what the data means, and AI will then utilize the knowledge.
Numerous significant Web3 aspects assist in defining what the third generation of the web will likely be all about, including the following:
Decentralized. Web 3.0 will be decentralized, compared to the earlier two generations of the web, when governance and applications were mainly centralized. Applications and services will enable in a distributed manner, with no centralized authority.
Blockchain-based. Blockchain enables the development of decentralized apps and services. Data and connections between services are dispersed differently with blockchain than with centralized database architecture. In a decentralized society, blockchain can also offer an immutable database of transactions and activities, assisting in providing verified authenticity.
Cryptocurrency-enabled. The use of cryptocurrency is a crucial aspect of Web3 services, and it has replaced fiat cash.
Autonomous and artificially intelligent. More automation, in general, is a crucial characteristic of Web 3.0, and AI will primarily power this automation.
Web 3.0 vs. Web 2.0
Web 3.0 is the successor to the previous two web versions.
Tim Berners-Lee conceived and described the first generation of the web, known as Web 1.0, in 1989. Web 1.0 was about immediate access and connectivity across static websites. The first generation of the web lasted until 2004 when Tim O’Reilly helped develop the phrase Web 2.0.
Web 2.0 refers to websites and apps that employ user-generated content to provide value to end users. Many websites currently employ Web 2.0, which focuses on user involvement and collaboration. Web 2.0 also focuses on expanding network connection and communication methods.
The distinction between Web 2.0 and 3.0 is that Web3 is more focused on the use of technologies such as machine learning and AI to give appropriate material for each user rather than just the content supplied by other end users. In addition, web 2.0 fundamentally enables users to contribute and occasionally collaborate on on-site material. In contrast, Web 3.0 will most likely pass these responsibilities over to the semantic web and AI technology. Web 3.0 also relies primarily on decentralized services and authority, which is a stark contrast to the centralization of Web 2.0.
Web 3.0 Applications
With blockchain as its base, Web3 permits the existence of an increasing number of different sorts of new apps and services, including the following:
NFT. Nonfungible tokens (NFTs) are tokens that are cryptographically hashed and stored on a blockchain, making each token unit unique.
DeFi. Decentralized finance (DeFi) is a new Web 3.0 use case in which decentralized blockchain provides financial services outside traditional centralized banking infrastructure constraints.
Cryptocurrency. Cryptocurrencies, such as Bitcoin, are Web3 apps that attempt to establish a new world of currency distinct from the historical world of fiat currency.
dApp. Decentralized apps (dApps) are applications developed on top of blockchain that employ smart contracts to enable programmatic service delivery that document in an immutable ledger.
Cross-chain bridges. In the Web 3.0 environment, numerous blockchains exist, and cross-chain bridges provide some degree of connectivity between them.
DAOs. DAOs might become the organizing bodies for Web 3.0 services, offering structure and governance in a decentralized manner.
Four Pillars of Web 3.0 Revolution
Web 3.0 is the next phase in the web’s evolution. It will usher in a new creative economy in which creators and viewers are more connected and empowered to achieve more together than ever before. The four pillars of Web 3.0 are:
- AI writing assistants
- Blockchain for the creative economy
- Creative commons for the creative economy
- Data democracy for the creative economy
The surge of creative entrepreneurs is driving the new creator economy. It’s a framework that helps designers reimagine how we work, study, and live.
It is an economy that appreciates all sorts of creators, from designers to scientists to journalists to musicians. Furthermore, it is an economy in which everyone has the opportunity to achieve.
Difference between Web 3.0 and Metaverse
Objective
Web3, a significant upgrade of Web2, is the next-generation technology that seeks a democratic and decentralized online ecosystem. An individual user, not a tech behemoth, can be an owner or shareholder. In web3, the user does not require permission to adhere to predefined rules. The Metaverse system aims to provide users with a 3D environment or virtual reality.
Application
Remember that Web 3.0 is the process engine that makes use of blockchain advancements. The Metaverse is a new dimension that incorporates health, gaming, film, concert, entertainment, social platforms, education, and virtual training approaches that use Web 3.0 technology to achieve their goals.
Fundamental Difference
Several critical technologies that assist in operating the whole ecosystem are found in the Metaverse. Connection, interfaces, decentralization, a creative economy, and sophisticated technology are all necessary to establish the Metaverse.
The goal of Web 3.0 is to establish a decentralized web that depends on the blockchain. As a result, users can connect with internet services utilizing blockchain, regulated by a decentralized peer-to-peer network globe.
Portraits of Metaverse and Web 3.0
The portraits of web 3.0 and Metaverse are, of course, the crucial point of comparison. The Metaverse is a 3D world with people and items you can interact with. You may, for example, play games with your pals from the creator’s ground. Users of Web3 may nurture, own, sell, and purchase their material. In addition, users can charge their work.
Perception of Different Ways
While Web 3.0 focuses on who will reign (tech behemoths or individuals) and control the internet in the future, the Metaverse focuses on how users will interact with it. A substantial percentage of people now use computers, cell phones, and tablets to surf websites and access apps. Proponents of the Metaverse predict that humans will employ Virtual Reality (VR) technology to access the internet tomorrow, moving between virtual realms as digital avatars.
Basic Technology
Let’s list the fundamental technologies behind the web3 process: blockchain, decentralized autonomous organizations, and cryptocurrencies. The crypto body establishes as the world’s first decentralized move toward web3. On the other hand, the Metaverse relates to augmented reality, human interface, edge computing, creator economy, NFTs, Multitasking UI, 5g, and wifi 6g (at the budding stage).
Ownership Battle
The goal of web3 is to keep the internet out of the hands of tech behemoths and make it public property. The crypto world bitcoin market is one of the most successful instances.
On the other side, tech mammoths are initiating reformation or seeking to buy metaverse enterprises to govern this reality already. Experts, on the other hand, ensured that corporate control of the meta world would be difficult.
Cybersecurity Risks Concerning Web 3.0
Data hacking and leaks might put web 3.0 in jeopardy. Therefore, the industry must offer credible replies to reassure potential consumers about their data and information’s safety and security.
The internet has adopted the form of a massive database in its most popular iteration, web 3.0. And although this advancement offers immense scalability and promise, web 3.0 must nevertheless confront major cybersecurity concerns.
While the web 3.0 version provides enormous opportunities for change and digital revolution, it is also subject to anomalies with evil intent to influence and compromise the system. Experts in the business are well aware of the data security needs and are seeking to leverage Artificial Intelligence (AI) and Blockchain technology to construct web 3.0. Because of current protocols and a decentralized operating system, these cutting-edge technologies provide increased safety.
The Web 3.0 ecosystem must take into account the five cybersecurity issues listed below to guarantee data security.
Information Authenticity
The dependability of the information is the main issue with Web 3.0. Because of the new technologies and decentralized data management that will govern web 3.0, experts feel that data integrity and uniqueness should preserve. Concerns demand extensive discussion and debate among participants in the web 3.0 ecosystem.
Manipulation of Data
If a strict verification process does not implement, Web 3.0 can become the most significant source of deceit on the entire planet. Users may change the data to provide the search engine results they want. In web3, false information may spread globally and create substantial damage.
Availability of Data
A key concern among web3 stakeholders is an overreliance on data as everything takes on a digital form. The critical question is how the systems and processes will continue to work in the absence of the data. For example, broken connections are already a concern with Web 2.0. To remedy this problem, machines must produce local copies of everything requested. Similarly, there is a huge discrepancy between the demand for and availability of information; this information gap is the most significant danger to the advancement of Web 3.0.
Confidentiality Issue
Data breaches are not unusual in the internet era. Numerous data confidentiality breaches have occurred, and web3 only heightens this sense of peril. However, web 3.0’s enhanced data protection technologies won’t completely eliminate the risk of accidental data leaks or content insertion. To tackle such a situation, cybersecurity experts must create a mechanism that could stop these data breaches before they happen.
Monetary Losses
Blockchain technology is among the safest solutions out now, but by taking advantage of encryption weaknesses, hackers may be able to access wallets and other digital assets without authorization. Additionally, retrieving stolen money or digital assets after a breach is almost impossible. Due to the decentralized nature of cryptocurrencies and other digital assets, it is impossible to track a transaction once it has been completed and recover lost funds.Â
Web 3.0 has the potential to significantly accelerate the growth and financial success of the internet sector. The best aspect is that every player in the industry will have access to these new chances, which will create a whole new world of possibilities. However, this most recent web version must safeguard both its operational framework and functional processes from online attacks. Furthermore, web 3.0’s growth might threaten by the possibility of data hacking and leakage; thus, the industry has to come up with effective solutions to reassure potential customers about the security and safety of their data and information.
