What is web 3.0?
Web 3.0 is the next iteration of the evolution of the internet or web where the data will be interconnected in a decentralized way. The current version of the internet, known as Web 2.0, is distinguished by social media platforms that enable increased proliferation of user-generated content. This is a long cry from Web 1.0, which was wholly static and non-interactive – a completely top-down approach to information transmission.
Currently, five major technology corporations, including Twitter, Facebook (now Meta), Google, Apple, Microsoft, and Amazon, govern how our data is used and where it is kept and processed. Their algorithms decide what information we consume.
Web 3.0, with its crypto, blockchain, and metaverse use cases, is now being marketed as a movement that will reclaim control of the internet from the five major technology giants. Instead of our data being housed by centralised organisations today, Web 3.0 envisions it being housed on blockchain networks and thus controlled by users individually.
It might be as easy as a user in India and another in the United States conducting business within a virtual reality metaverse like Decentraland, which is built on the Ethereum blockchain. They may then use their crypto wallets linked to their metaverse accounts to conduct their intended commercial transaction. That's the end of it. Facebook recognises that this is the future of the internet, which is why it has changed its name to Meta.
People and organisations are spending millions of dollars to acquire land that only exists within these virtual worlds, such is the frenzy surrounding metaverse. However, it makes good business sense.
Because in the future, when people will wear VR headsets and convene within these virtual worlds for social gatherings, music performances, and art auctions, you will need space here for advertising and events.
What's the big Deal?
Web 3.0 will be a space where website and apps will be able to process information smartly through technologies like Machine Learning, Big data, Decentralized ledger technology(DLT) etc.
Game of Semantics
Its expected that semantics in web 3.0 would enable Machine to decode meaning and emotions by analysis data.
Web would understand that "I love this Blog" would be same as " I <3 this web Blogs" Capturing the emotions of the letter phrase
Reportedly, anyone who is on the network ha permission to use the services or in other words, permission isn't required. No one can block you or deny you access to the services.
Whether world is able to capitalise on the promise of Web 3.0 early on will, of course, be determined by the legislative stance we adopt toward cryptocurrencies. The solutions to these questions will be discovered in the coming year.
what do you think about web 3.0, share your views in comments?