How Web 3.0 will Transform the Digital Era?
Gavin Wood, the founder of Parity Technologies, first used the term Web3 or Web 3.0 in 2014. Tim Berners-Lee, the inventor of the World Wide Web, initially labeled this new generation of Web technologies as the Semantic Web. It aspires to build a freer, more decentralized internet with a touch of class.
It is believed that data monopolies and centralized platforms will be rendered obsolete by Web 3.0. One of the primary goals of web3 is decentralization. Customers will have complete control over their data, meaning they can decide who gets access to what details to generate a profit.
How Web3 Is Different from Web2
The platform, the cloud, and the distribution of applications in Web2 are managed and operated by a few centralized authorities. P2P communication and distributed processes are on the rise in Web3’s Edge framework. Web2 facilitates transactions in government-issued fiat currencies like the Indian Rupee. Cryptocurrencies, or encrypted digital currencies like Tether, Ethereum, and Bitcoin, can be used to pay for purchases and other activities in Web3.
Web2 makes use of cookies for user tracking and customization. Users on Web3 can acquire NFTs, non-fungible tokens, and digital identifiers with a specific value or set of benefits. Its more flexible layout tools define Web2 compared to Web1. Alternatively, Web3 is characterised by autonomously smarter technologies like AI and machine learning.
As a key component of Web 2.0, databases store and organize information for websites and their content. The immutability of a blockchain is put to use in Web3. Web 2.0 enabled the rise of social networking sites like Facebook and Twitter. Web3 will help the Meta worlds merge augmented, virtual, and physical reality.
Key Attributes of Web 3.0
Decentralization
Web3 introduces a new form of the regulatory framework for online businesses and services known as decentralized autonomous organizations (DAOs). Decisions in DAOs, like those in blockchain, are reached through a decentralized consensus mechanism. Decentralized financial services, which do not rely on traditional banking institutions, are expected to continue expanding due to Web 3.0, which will have far-reaching consequences for the international monetary system.
By encouraging the web3 marketplace development to use blockchain technology and smart contracts, decentralization will enable distributed applications across the Web 3.0 ecosystem.
Decentralization, automation, and intelligence will probably continue to be the cornerstones of what comes after Web 3.0 as it develops ahead.
Blockchain
This system encrypts and secures user information. This prevents large technology companies from gaining access to or exploiting individuals’ private information.
Artificial Intelligence
By combining semantic abilities with human language processing, computers can interpret information almost as well as humans, allowing faster and more accurate results. They gain more insight and increase patron contentment in this way.
Universality
In addition to personal computers and mobile phones, virtually any device can be used, from anywhere at any time, to access any of the wealth of information and services available on the World Wide Web. Web 2.0 is already widespread in many respects, but the proliferation of IoT devices will propel it to new heights.
Distributed IT Architecture
Instead of processing data in a centralized store, Edge computing collects, stores, and analyses data close to the client, where it is generated. This is the foundation of Web 3.0, which manages apps and data on high-tech gadgets like smartphones, desktop computers, and cars.
The 3D Touch
Web 3.0’s 3D graphics capability adds a new immersive dimension to the virtual horizon by blurring the line between the real and abstract worlds. Its uses can be observed in various fields, including e-commerce, computer games, health, real estate, museum guides, etc.
Changes Web3 Will Bring in the Upcoming Decade
Maximize Market Research predicts that the total revenue generated by Web 3.0 will increase at a rate of 35.4% between 2022 and 2029, coming close to USD 35.12 billion. The most intriguing aspect of Web 3.0 is its potential to solve some of the most pressing issues of the modern Internet era, such as data ownership and privacy, by eliminating intermediaries and allowing users and businesses to interact with each other directly and keep most of the money they make.
The principles of Web 3.0 are the blockchain decentralization of data storage and use and the empowerment of individuals through the transfer of data ownership to themselves. Pop-up windows and other forms of advertising that are difficult to close will no longer be a nuisance for users.
Conclusion
Web 3.0 is incredibly exciting and offers much stronger possibilities that will affect all facets of digital transformation. What you want to achieve is entirely up to you. To ensure you have a free-flowing Web 3.0 presence that satisfies the requirements of your business, you’d better have it clear from your IT security, BI, compliance officers, and communication designers.
