Learn Cryptocurrency
7 Jan 2022

Beginner’s Guide To Web 3.0

Deepan Datta

Can you think of going to an unknown place without checking it on the internet, or travelling by road without using GPS, or even the extreme, living without internet locked up in the home, similar to what we experienced during lockdowns. No, right? We rely on the internet for everything, from entertainment to completing our daily tasks. 

Key Takeaways

  • Web 3.0 enables access to the decentralised ecosystem
  • Uses Artificial Intelligence and Machine Learning technologies to achieve near-human-like intelligence
  • It is permissionless for content creators and users to access services without any intermediary
  • Frees up the control over the internet from the hands of a few select technology giants
  • Improves security architecture of the internet, data ownership, and personalised content

The Internet has become a crucial part of our lives, directly or indirectly impacting how we communicate, transact, and get information. A key driver of our social evolution. The transition has been rapid and overwhelming, thanks to the emergence of Web 2.0 applications. 

But now, with the emergence of blockchain technology and other technologies, the internet is witnessing a massive disruption in the form of a decentralised web, popularly known as Web 3.0. 

To understand how Web 3.0 will change the internet and how we consume data, we first need to understand the evolution of web technologies. 

Evolution of Internet

The evolution of internet or web technology is divided into three stages- Web 1.0, Web 2.0, and Web 3.0 (the possible future version). Let’s take a look at the differences between them and the impact they’ve had on our lives. 

Web 1.0 (1989-2005)

It is the earliest version of the world wide web or internet that allowed people to experience connected devices. It offered one-way communication such as reading content, sending emails, etc. Due to the limited capabilities of Web 1.0, it earned the distinction of the static web. 

Web 1.0 lacked features like navigating internet pages, running advertisements, etc., and it was like a one-way highway for content creators with no user interaction. Content creators were mainly large web developers providing content or information in text and graphic format on a static page, which was updated once in a while. For example, linking internal and external links in your website, website page and data was updated once in a while, etc. 

Web 2.0 (2005- present)

Web 2.0 changed the dynamics of the internet by making it a lot more interactive and responsive. It paved the way for social media platforms to grow, which focused on user-generated content and allowed two-way communication. For example, social networking and video-producing sites Facebook, Twitter, Instagram, YouTube, etc., allowed users to become content creators and share it with the rest of the world. 

Key features that defined Web 2.0 are:

  • Free sorting, retrieving, and classification of information on the web
  • Dynamic content creation as per user inputs
  • Seamless exchange of information between site owners and site users- online commenting, by measuring various website metrics like bounce rate, session duration, etc.
  • Provides real-time information and is user friendly

Popular Web 2.0 applications and tools include social networking, social media, social bookmarking, podcasting, blogging, tagging, web content voting, etc. 

Web 3.0 ( Under Development)

It’s true that Web 2.0 enabled larger user participation and helped launch many digital services over the internet. However, the data, content, and internet traffic are controlled mainly by a small group of technology giants, like Google, Amazon, Apple, Microsoft, Facebook, etc. This creates a lot of privacy, security, and censorship issues, restricting free access to information, thus completely undermining the purpose of the internet. Web 3.0 aims to solve this problem by decentralising the internet from the clutches of a few technology giants. 

Blockchain technology is crucial to making the Web 3.0 evolution happen and enabling the internet to achieve near-human-like intelligence and run smart programs. 

Evolution of Web

Understanding Web 3.0

There are multiple moving parts in Web 3.0 that make the future version of the internet decentralised and achieve near-human-like intelligence. For instance, blockchain technology makes the internet truly decentralised and permissionless for content creators and users to access services without any intermediary. And the use of Artificial Intelligence (AI) and Machine Learning (ML) technologies enables the internet to analyse data per user-specific needs. 

Properties of Web 3.0

While it may look and feel similar, Web 3.0 is fundamentally and structurally different from Web 2.0 applications. It enables universal access to applications that can be read and utilised by a wide range of devices. It promises to present and establish access to the world’s information in a reasonable way compared to Google and other search engines. 

The following are the key features that make Web 3.0 different from Web 2.0.

Ubiquity

Ubiquity means the ability to be present at multiple places simultaneously, or in other words, being omnipresent. Web 2.0 has the same property, for example, sharing a photo on a social media platform, and it becomes available everywhere and can be seen by anyone through multiple devices. 

However, Web 3.0 is taking it a step further by making the internet available to everyone, anywhere, and at any time. Also, accessibility will no longer be concentrated on computers and smartphones, and the adoption of IoT technology will be the key feature of Web 3.0.

Semantic Web

One of Web 2.0’s most significant drawbacks is that it cannot differentiate between similar content using different syntax. For example, in these two phrases- “I love Bitcoin” and “I <3 Bitcoin”- the syntax is different, but the semantics are similar. Web 2.0 can’t distinguish between the two phrases and shows up in the result, thus cluttering up your search results.

In Web 3.0, the application of AI technologies and semantics enables machines to decode the meaning and emotions of different sentences and give users the most relevant information and data, providing a better user experience. 

Artificial Intelligence

In the Web 3.0 era, Artificial Intelligence will play an essential role in making the internet trustless and more intelligent. Trustless means that you don’t have to trust any third party to function properly, as blockchain protocol takes care of every function.

Although Web 2.0 has similar capabilities, it is primarily human-based, which opens up the possibility of manipulating data—for example, rigging ratings and reviews, giving false-positive reviews, etc. 

In such a scenario, AI will distinguish between fake and genuine reviews and ratings to provide reliable data to users. AI in Web 3.0 will also enable blogs and other online platforms to deliver user-specific content and unbiased data. 

3D Graphics and Spatial Web

Web 3.0 is immersive and provides a next-level user experience. Online platforms like e-commerce, gaming, real estate, etc can integrate 3D designs into their platforms and build a more realistic 3D cyberworld. 

Web 3.0 and Cryptocurrencies 

Cryptocurrencies and blockchain technology are the building blocks of Web 3.0 architecture. Cryptocurrencies play a major role in keeping the Web 3.0 ecosystem decentralised and ensuring that all stakeholders are properly incentivised. You should note, the incentive framework is the key to Web 3.0.

For example, the BAT ecosystem, a blockchain-based platform built on Etherereum, is a digital advertising marketplace where users are rewarded for their attention, creators get paid for making great content, and advertisers get better returns. It helps advertisers measure the ads’ effectiveness by tracking users’ media consumer time and attention on websites. 

Similarly, Livepeer, a decentralised video-streaming service provider, uses its native token LPT to incentivise peers to keep the services on the network cost-effective and secure. 

Furthermore, NFTs and metaverse will become bigger and play a key role in making Web 3.0 immersive and user-friendly. 

Conclusion 

Web 3.0 is not a concept anymore. The transition from Web 2.0 to Web 3.0 is happening slowly but surely. It will free up the control of a select few tech-giants over the internet and reduce the likelihood of government and corporate censorship. Meaning, it will give the ownership and control of data back to the hands of the users. 

To users, Web 3.0 means more refined search results and browsing the internet will become more convenient, immersive, and provide an engaging experience. Web 3.0 is more than just browsing the internet and finding relevant information easily. It will bring the entire decentralised ecosystem under one roof and enable the creation of next-generation Internet technologies. 

Download the CoinSwitch Kuber app and know more about Web 3.0, NFTs, Metaverse, and DeFi.

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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Deepan Datta

Content Writer

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