Web 3.0 is the buzzword that has become extremely popular in recent months, and coins related to the domain are attracting huge investor interest.
Similarly, people are also excited about the applications of Web 3.0 across industries and how it will change the internet?
So, before beginning the topic at hand, let’s first understand the basics of Web 3.0.
- Web 3.0 is in the very early stage of development
- Apple’s Siri and Google Assistant are the early versions of the Web 3.0 application
- Web 3.0 solves the incentive issue to content creators in Web 2.0
- Web 3.0 uses AI and ML technology to provide bias-free search results
Web 3.0 – A Brief Introduction
Web 3.0 is the natural progression from Web 2.0, which aims to make the internet more intelligent and decentralized, free from the control of tech giants.
The concept of Web 3.0 is not new, and it was predicted back in the 2000s, at the time of the dot com bubble, when Internet-related stocks were witnessing a massive surge in valuation due to excessive speculation.
Web 3.0 combines Artificial Intelligence (AI), Machine Learning (ML), and Blockchain Technology. It intends to change the fundamentals of the internet while keeping the UI/UX similar to Web 2.0.
Although the technology for fully functional Web 3.0 is still in the development stage, a few early-stage Web 3.0 applications already exist. For example, Apple’s SIRI and Google Assistant are voice recognition software that helps individuals search the internet via voice commands. Thanks to AI and ML technologies, the search results are per users’ preferences and location.
Read here: Beginner’s guide to Web 3.0
Top Three Web 3.0 Applications Across Industries
The scope of Web 3.0 is boundless and will revolutionize the whole internet-based economy. To get a clear picture of Web 3.0 and how it will work, let’s understand the top three examples of Web 3.0 applications across industries.
Music and video streaming industry
The global online music streaming market size in 2019 was $12.8 billion and is expected to reach $24.7 billion by 2027. Despite being a growing industry, artists, songwriters, music composers get minuscule revenue from online music streaming apps, while music labels and streamers pocket the major portion. For instance, artists are paid as little as 13% of the income generated in the UK, with per-stream revenue ranging between £0.0059-£0.002.
This is where Web 3.0 makes the difference and puts artists and viewers/listeners in the center stage, eliminating all intermediaries. Let’s understand how music streaming on Web 3.0 will work.
The artist records the song and uploads it on a decentralized music platform for fans to listen. Once the fan hits the play button, a small royalty fee is deducted from the fan’s crypto wallet and transferred directly to the artist’s crypto wallet. The entire process is instantaneous, and less value is getting destroyed during transfers, making a win-win situation for both artists and fans.
Web search engine
Web search engine platforms like Google play a vital role in our day-to-day lives, making it easier to search for content on the web. However, all the search results are biased or skewed, with search engine platforms controlling the entire web experience of users.
Wolfram Alpha is a next-generation computational knowledge platform that answers the factual query directly based on external data sources.
A little comparison between the search results of Google and Wolfram Alpha with the search query- “Population of India.”
Image: A comparison of Google and Wolfram Alpha search results
The search results of Wolfram Alpha are more accurate than Google and bring in more organized statistics, which is very helpful for users. However, you should note Wolfram Alpha lags in advanced and long-tail search queries compared to Google, but it provides us with a glimpse of Web 3.0.
Also, the browsers in Web 3.0 will be more privacy-focused and give you more control over your data. Users can exchange their information for crypto tokens, incentivizing the whole internet browsing journey.
Web 3.0 will give a new definition to social networking. It aims to provide more power in the hands of the content creator and make the whole process, from publishing content to receiving incentives, decentralized.
Before the advent of the internet- writers, singers, and artists had to depend on institutions (difficult to reach) to publish and distribute their work. This was a highly inefficient process, and exploitation of artists and content creators was widespread.
The introduction of Web 2.0 gave rise to social media and blogs, where content creators started directly publishing content and building an audience without relying on the institutions. You can say for a while; web 2.0 was decentralized. But, as the internet and Web 2.0 technologies evolved, big tech companies started owning a part of the internet and pulling shots on how the internet will function and will incentivize creators.
For example, incidents of data censorship by social media platforms, limiting the reach to the audience, and selling user data to advertisers are causing many privacy issues.
With Web 3.0, the whole process becomes decentralized. As the data is recorded on the blockchain, content creators keep control and ownership of the content they publish without giving it to corporations, resulting in censorship-free internet. Also, it lets creators tokenize their work into digital assets, giving them freedom on pricing power.
Web 3.0 Platforms
Sapien– It is an Ethereum-based social media platform for content creators that helps to build an audience and monetize content
Steemit- It is a blockchain-based blogging platform that helps users to earn in cryptocurrency for publishing and curating content
Stoner Cats- It helps animators/ video creators to tokenize their work in the form of NFT and let fans buy and own the NFT content
Web 3.0 is still in its infancy, and many related technologies need to be developed and mass-tested for the smooth functioning of the ecosystem. And, given the rapidly evolving nature of blockchain technology and the vastness of the internet, the rollout of Web 3.0 will be slow and gradual.
However, the turning point of Web 3.0 will be the integration of the DeFi ecosystem, which will unshackle the clout of centralized financial institutions from people’s daily lives.
So, the journey to Web 3.0 will be exciting, as it was during the transition from Web 1.0 to Web 2.0.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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