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If you have been reading about cryptocurrency or blockchain technology on the web recently, you might have come across the term Web 3.0. Many believe this would be the upcoming phase of the global internet ecosystem based on decentralised blockchain technology.
Read on to learn about what it is, its features, its benefits and how it will change the internet and today’s online space in the future.
Web 3.0 is the next internet generation that is still in the making. It will use machine learning, blockchain technology and artificial intelligence to create a new online platform which many proponents feel will reverse the erosion of democracy that has been going on in the current times on the internet.
This new system will ensure that the whole system of the internet will no more be under the control of the mega-platforms, which aim to keep the internet as a closed and centralised ecosystem.
Web 3.0 will be built based on the blockchain system, thus making it decentralised and secure. It will give clients more options on how they want to associate with the web. A token system will ensure the implementation of the “one person, one vote” principle in all its applications.
One such model is the decentralised autonomous organisations (DAOs). They are part-possessed, democratised web associations with no incorporated initiative. When any member of a DAO wants to discuss any authoritative decision regarding the network, they can offer a proposal and conduct a vote on it with the help of administrative tokens.
When most administrative token holders want to implement a decision on the network, it will be executed naturally by the system. The decentralised approach removes the need for a mediator to execute the decision.
The Web 3.0 ecosystem will be decentralised as it is built on the blockchain. Meaning it does not have any third-party interference. Moreover, thanks to its peer-to-peer transaction system, all transactions on this network are anonymous and highly encrypted. No external entity or individual can track your data or dealings in this system.
The data is secured by sharing it across all the nodes present on the network. This creates a system that a single entity cannot control and makes it difficult to hack.
In today’s world, all your search results are based on keywords. The semantic web takes a different approach altogether. It aims to understand the meaning of your words used in the search query. This enables it to show you more relevant content and, as a result, leads to a better user experience.
Web 3.0 achieves this through Artificial Intelligence. Using natural language processing and machine learning, computers can now understand what you seek on a human-like level. This helps them deliver faster results.
Web 3.0 brings ubiquity and edge computing to the table by making itself accessible from anywhere on the planet from a plethora of devices. It can be a smartphone, laptop, PC, smart appliances, sensors and even a smart car.
Web 3.0 would be available from literally anywhere. You do not have to be in a specific location to access a website.
The new generation of the internet aims to blur the distinction between the virtual and physical world with the help of 3D graphics.
Paired with Artificial intelligence, this feature of Web 3.0 will bring ground-breaking results in user interaction. You can see the current implementation of this technology in gaming, e-commerce, real estate, health and geospatial contexts.
With Web 3.0, data leaks would be a thing of the past. Today, all your private data, be it banking credentials, e-mail IDs, passwords, content stored on virtual drives, etc., are stored in data centres.
If someone hacks that centre, all your data is compromised. In Web 3.0, all your data is distributed across the network. Unethical access from one point in the network will not give a person entry into that system.
You also may have heard that large corporate firms sometimes buy your data from data mining centres and use it for profit. Due to the decentralised system of Web 3.0, all your data is between you and the network. Even if you share your data with anybody on the network, no third party gains access to it.
Another way Web 3.0 can change your life is through decentralised apps (dApps). The blockchain system Ethereum offers several dApps that you can use to make your life easier. The usability of the applications includes gaming, swapping tokens, liquidating your assets, lending them and much more.
Another popular blockchain offering that you can make full use of in Web 3.0 are Non-fungible tokens (NFTs). This is a unique virtual asset that has value. It gives you digital ownership of an item, and you can link it with smart contracts to make your dealings easier.
Whether you have a meme, rare digital art, a picture, video file, avatars, trading cards, etc., you can convert it to a digital asset and transfer its ownership to anyone. You can treat it as an investment and sell it off when its value soars.
Crypto will play a major role in Web 3.0. Being a decentralised currency system, it can potentially be a global means of conducting transactions without third-party intervention by governments or financial institutions.
Moreover, the interoperability system among different blockchains has made it even more fluid for you to diversify your digital assets and conduct cross-platform transactions. Crypto wallets gaining popularity as a secure way of storing your digital assets will become more commonplace in Web 3.0. Thanks to blockchain technology, a single platform can house all these benefits.
In the future, when Web 3.0 finally becomes a reality, it will open the gates to a new realm of user experience and opportunity. This new internet ecosystem will open doors to a much more personalised browsing experience and the benefits of decentralisation, making the web more democratic and equal for all.