Web 3.0 is considered the future of the internet, crypto assets that carry the concept of Web 3.0 as a selling point are starting to emerge. But, what exactly is Web 3.0?
In this article, this article will discuss more about Web 3.0 in general or in the crypto industry, its characteristics, and how it differs from web 1.0 and 2.0.
The presence of the Non-Fungible Token (NFT) is considered quite revolutionary, so many say it will be the entrance for humans to take advantage of Web 3.0. Is that true? Read on in the following article!
What is Web 3.0?
Web 3.0 is part of the evolution of the internet that connects data in a decentralized way and provides users with a faster, smarter and more personalized experience.
The web is built using artificial intelligence, machine learning, the semantic web, and uses a blockchain security system to keep information safe and secure.
Web 3.0 In Crypto
Web 3.0 is closely related to crypto because of its decentralized nature, with this technology crypto projects can also offer token incentives to anyone who can help create, organize, contribute to or improve one of the projects.
The Web 3.0 token is a digital asset associated with the vision of creating a decentralized Internet.
This protocol can provide various services, such as computing, bandwidth, storage, identification, hosting, and other online services previously provided by cloud providers.
For example, the Livepeer protocol, which is based on Ethereum, provides a marketplace for providers of video infrastructure and streaming applications.
Similarly, Helium incentivizes consumers and small businesses to supply and confirm wireless coverage and send device data over the network using blockchain and tokens.
Web 3.0 Characteristics
1. Open
The network is built with open source or open source software, meaning it is developed by a community of developers whose performance can be viewed and run in full view.
2. Trustless
Networks offer users the freedom to interact publicly and privately without intermediaries that put them at risk,
3. Without permission
Anyone, including users and providers, can get involved without needing permission from the controlling organization.
4. It’s everywhere
Web 3.0 will make the Internet available to all of us, anytime and from any location.
At some point, Internet-connected devices will no longer be limited to computers and smartphones, as they were in web 2.0. Due to IoT (Internet of Things), technology will enable the development of many types of smart gadgets
Internet Development Evolution
In simple terms, let us describe the evolution of the three by looking at how the evolution of the internet has continued from 1985 to the present.
Web 1.0
In web 1.0 that existed from 1985-2005, people connected to the internet only searched and read information online (read only).
Few are in the content creation business. There is no column to comment, give likes and other interactive features.
In this era, finance cannot be done online as it is today, this period is referred to as the dark age of the internet.
Web 2.0
Then came web 2.0 which tried to overcome the limitations of the previous web. Web 2.0 added more features and that’s the web we have today.
Like, share, comment buttons on Facebook, Instagram, Snapchat, WeChat, and other social media and websites today are examples of features under web 2.0.
Web 2.0 is dynamic unlike static web 1.0. People not only search but also interact and connect with each other (read-write).
There are algorithms to filter pages and suggest relevant pages that are tailored to the content being searched for.
Web 3.0
Web3 aims to create a decentralized web where every individual will control their data (read-write-execute).
The web3 revolution will affect all aspects of human interaction as it harnesses the power of Blockchain to store data that is accessible to all users securely and cannot be destroyed by anyone.
It also leverages machine learning and artificial intelligence to train algorithms to build personalized content for each individual.
Get to know the Three Stages of the Internet in Brief
Internet technology has always been closely related to connecting one human to another. However, this technology is always evolving along with human changes in consuming the internet.
In human history, the evolution of the internet itself consists of three parts, namely:
- Web 1.0 (circa 1990 to 2005). The protocols contained in it are open and managed by the community. In addition, the value of the internet is only limited to two network actors, namely developers and users.
- Web 2.0 (2005 to 2020). In this phase, Internet services were controlled centrally by corporations that were later called “tech giants”, such as Alphabet, Amazon, Apple, and Meta.
- Web 3.0 (Current). In this stage of the internet, the use of blockchain technology is fairly widespread. This technology opens up a network presence that is open, decentralized, and owned by the world’s virtual community. In other words, today’s society is not just internet users, but internet network owners.
Today, humanity is still in the early days of Web3 which combines the spirit of decentralization, governance similar to Web 1, and modern Internet functionality like Web 2.
Web3 is an internet that is owned and enjoyed by both developers and users, where management is carried out by utilizing tokens, either cryptocurrencies or NFTs. These tokens unite network users towards one common goal, namely network growth and token price appreciation.
This characteristic fixes the main problem of centralized networks, where the value of the internet is only accumulated by one or a few companies. In fact, sometimes these companies are involved in conflicts of interest with their users.
Therefore, many believe that these companies should not take over Web3 because every user has equal digital property rights with one another. NFT itself is the main stepping stone for the community towards a progressive, open, and decentralized digital society.
The Relationship of Web 3.0 and Crypto
As discussed earlier, the open, unintermediary, and permissionless character of Web 3.0 is a characteristic that is also found in blockchains.
This technology also implements a more decentralized system where users are able to freely control and manage their own information and needs.
“Blockchain technology is an integral part of Web3.0, which promises to democratize monopoly based systems. The main driving force of Web3.0 is the ability of blockchain to increase the value of information,” said Knut Vinger, CTO Coinweb.
Vinger again gives his view, that blockchain can do this by adding the availability and immutability properties of information written to the blockchain.
“Cryptocurrencies are an important part of the process as tokens act as an incentive-based system that allows the underlying blockchain technology to operate,” he said.
However, in order for Web3.0 to reach its full potential, several key barriers must be overcome such as adaptability and horizontal scalability across all unrelated blockchain combinations to be broken, for example the current limitations of transactional scaling.
In this way, Web 3.0 and has a close relationship with blockchain which is the main foundation of crypto. The existence of Web 3.0 is predicted to surpass or complement the initial goal of crypto on a larger scale because it has global interaction and partner opportunities.
Assuming that Web3 is fundamentally inseparable from crypto as a whole, Solo Ceesay, Chief Operating Officer and co-founder of decentralized social marketplace Calaxy said,
“NFT and metaverse, as part of Web3, will gain traction with a less sophisticated and more crypto literate audience than other elements of Web3. This is largely because they can be woven into the social and physical experiences that content creators, brands and more offer.”
Given that Web3 is often about the power of decentralization and governance of platforms or applications for their communities, other industry players also suspect that Web3 will be a big draw for brands and community-driven companies with a culture of innovation and creativity.
“Brands that maintain strong relationships with their customers and in fact see them as the community they serve are the brands that will see big results from the Web3 project,” said Adam Soffer, Livepeer (LPT) product developer and founder of Web3 Index..
That way, the existence of Web 3.0 will make interactions in cyberspace stronger and more enjoyable because there is no longer a third party.
It also opens up the opportunity for many interesting projects to make the Web 3.0 competitive landscape hotter and provide the best service for the world community