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What is Web 3.0? - nnm - 12-06-2023 What Is Web 3.0? Web 3.0 is the new and upcoming iteration of the world wide web, a public network built on distributed ledger technology and a semantic architecture to enable decentralization, personalization, immersiveness, and a token-driven economy. Web 3.0 is the projected third wave of the internet, wherein websites and apps can manage data in a human-like way utilizing, among other technologies, ML, big data, and decentralized ledger technology (DLT). Tim Berners-Lee, the inventor of the World Wide Web, first alluded to Web 3.0 and Semantic Web and planned for it to be highly autonomous, intelligent, and accessible. Data will be interconnected in a decentralized fashion, which will significantly advance over our current internet version (Web 2.0), wherein data is primarily stored in centralized repositories. Both humans and robots will be able to interact with data. Nevertheless, programs must conceptually and contextually grasp information for this to happen. Therefore, the two foundations of Web 3.0 are the semantic web and artificial intelligence (AI). As Web 3.0 networks use decentralized protocols — the fundamental building blocks of blockchain and cryptocurrencies — we may predict a considerable convergence and symbiotic relationship between these technologies and other fields. They would be interoperable, effortlessly linked, computerized under smart contracts, or utilized to power anything from micropayments in Africa to fair and transparent P2P data sharing and storage using apps like Filecoin, in addition to revolutionizing the management and processes of each and every organization. Current DeFi technologies are only the beginning of things to come. The evolution of web 3.0 If Web 1.0 (in the 1980s and 1990s) comprised a small group of people generating content for a wider audience, Web 2.0 consists of millions of users developing content for a massive audience. Web 2.0 (the 2000s to the present) emphasizes interaction and contributions more than Web 1.0, which emphasizes reading. This internet form is primarily concerned with User-Generated Content (UGC), efficiency, engagement, and increased communication with other devices and systems. In Web 2.0, the user experience is essential. This Web form was thus responsible for building social media, partnerships, and communities. Web 2.0 is consequently recognized as the predominant method of online engagement for most users in the modern day. Web 2.0 is referred to as “the socially interactive Web,” while Web 1.0 is known as “the read-only Web.” Web 2.0 is an upgraded and enlarged version of its predecessor due to the addition of web browser capabilities like JavaScript frameworks. Web 3.0 represents the next step in the Internet’s growth, enabling it to comprehend information in a near-human way. In other words, Web 3.0 alludes to a new, enhanced, decentralized internet environment independent of any kind of central authority. The utilization of blockchain technology by Web 3.0 has the potential to transform internet usage. It has the power to give the Internet a whole new dimension. Individuals can purchase, own, sell, and profit from the sale of their digital material in the form of non-fungible tokens (NFTs). Once Web 3.0 is extensively used, many blockchain applications, such as smart contracts and decentralized applications (dApps), will grow in popularity. How does web 3.0 work? The concept underlying web 3.0 is to make Internet searches much quicker, simpler, and more efficient so that systems may process even complex search queries in no time. A user must engage with a web 2.0 application’s front end, which connects with its backend, which in turn interacts with its database. The complete source code is maintained on centralized servers and sent to consumers via an Internet browser. Web 3.0 lacks centralized databases that maintain application information and a centralized web server that houses the backend functionality. Instead, there is a blockchain for building applications on a decentralized state machine, which anonymous web nodes maintain. The developers design your apps’ functionality in smart contracts placed into the decentralized state machine. Users maintain ownership of their information and content, allowing them to trade or sell their data without relinquishing ownership, compromising privacy, or depending on intermediaries. In this business strategy, consumers may log onto a website without their online identity being recorded. Numerous Web 3.0 protocols are highly reliant on bitcoins. Instead, it provides monetary incentives (tokens) to anyone who wants to help start, control, donate to, or enhance any of the projects. Web 3.0 tokens are electronic, linked with decentralizing the Internet.