Many industry analysts believe that Web 3.0 represents the next generation of the internet. The history of the internet may be broken down into three distinct but equally important stages.
The first phase includes Web 1.0, which focuses on static or read-only sites as its primary feature. It had a small number of content authors but a large number of readers.
The second phase introduces Web 2.0, with a significant focus on providing users with material that is both highly entertaining and very informative.
Web 3.0 has finally here.
The emphasis of Web 3 is narrowed to data privacy and security, but at the same time it liberates itself from centralised entities. Users have complete control over the material they create thanks to this feature.
What exactly is the Web 3.0?
Web 3.0 is a system in which data and information are not freely available to all users. Consequently, the issue of control power over who reads and modifies information is heightened.
Information and data storage and retrieval on the Web 3.0 depend heavily on distributed ledger technology. Smart contracts prioritise who and what information may be accessed by users.
Web 3 claims to eliminate the monopoly and safeguard user information and preferences. These will be based on decentralisation and dispersed network systems.
Since there is no central authority, no countermeasure will be able to censor the interoperable Blockchain networks.
In addition, Web 3 will eliminate discrimination based on a user’s gender, race, or other identifiers. There will be a bridge that facilitates the storing and retrieval of data from diverse data formats.
At this moment, Web 3 is a story that has yet to become reality.
What Led to the Development of Web 3?
In 2009, the world saw the debut of Blockchain, the decentralised ledger that underpins Bitcoin and other cryptocurrencies.
Bitcoin is a decentralised digital currency and global payment system designed to be impossible to counterfeit, hack, or otherwise disrupt without the consent of its user base as a whole.
Ever since then, programmers have been exploring new areas where Blockchain technology may be useful. Access to information is crucial in this regard.
There is a mountain of evidence indicating that a few of corporations control and use the internet for their own gain.
Information suggests that only five entities are responsible for directing more than half of all internet traffic. We’re talking about the big five here: Google, Amazon, Apple, Netflix, and Facebook (Now Meta).
Online transactions are complicated on a regular basis due to the five actors’ concerted efforts to undermine those of smaller players.
So, ideally, there would be data and information manipulation using sophisticated algorithms. Additionally, the scenario becomes more complicated when the five acts in the sky work together.
A prime example is the trepidation felt by marketers every time Google makes changes to its content search algorithms.
Because of this difficulty, the user is not in charge of his or her own information and data and so has no real privacy. Moreover, can the Internet help with that? The answer is a resounding yes, and Blockchain technology provides the means to make this a reality.
Web 3.0’s central tenet is the use of smart contracts to protect sensitive user information. Limiting access to those who are permitted to see and use it.
The Development of the Internet and New Payment Methods
When one has access to the internet, many other methods of payment become accessible. In addition to traditional banking, major players include mobile platforms and Blockchain technology.
Blockchains, by virtue of their capacity to facilitate peer-to-peer transactions, have simplified the process of making and receiving payments since users no longer need bank accounts to do so.
The growth of the bitcoin economy necessitates the sending of payments, and users may simultaneously transmit numerous payments.
Why Will Web 3 Be the Next Generation of the Internet?
There are a number of important reasons why web 3 will be the next major step for the internet.
Blocking internet monopolies has become a priority. Furthermore, Web 3 is the linchpin technology that will get us there. The distributed ledger concept (Blockchain) is one important angle to exploit. And more especially, the capacity to avoid censorship.
As the power behind the third generation of the internet, blockchain technologies ensure that only authorised users may access networks.
In the years to come, Web 3.0 will benefit from two features in particular:
- Because it is not centralised, every user has the same chance of getting in. To put it another way, there is no master controller or kill button for web 3.0 decentralisation.
- Building a platform from the ground up, where code and smart contracts are created by end users. In this set-up, no one entity has unchecked dominance over the others.