Web 3.0 is a fairly new concept but you may be familiar with the concepts of Web 1.0 and Web 2.0. They are both measures of internet growth and how we, as consumers, utilize its developing functions and features. Web 1.0 was simply about connecting and receiving information as more and more people migrated to the net. Web 2.0, on the other hand, focuses on connecting people through dynamic, user-generated content.
As the internet becomes a more diverse, eclectic, and complex place, we have been forced to readily adapt to all its changes. The internet from 1990 compared to the one we use now is vastly different, so it is unlikely that we can accurately predict its trajectory for years to come. But, maybe, if we continue the analysis of internet consumption and its evolution, we’ll see what it becomes decades from now.
Web 3.0 is a step above Web 2.0 because its main concern is with decentralizing the virtual world to allow its users interaction and collaboration without having to worry about central, data-specific repositories. In other words, Web 3.0 is meant to eliminate big intermediaries, making it more distinct for each user.
What Is Web 3.0?
Upon reading the title of this article, you may be wondering, what is Web 3.0 or Web3? You just learned about Web 2.0, right? Well, buckle up, because that background knowledge is crucial when talking about the newest development in internet news.
Web 3.0 refers to the third-generation Web. The idea behind it is that pages and sites will collect all the information based on a user’s activity, whether that be received by text, voice, or any other form of media, and process that information to tailor the internet experience for each user. When you get online to search the Web, it will essentially be catered to best represent your life, interests, and goals. This video explains the Web’s evolution.
Below are a few key components of Web3 that may provide a better understanding of its goals and functions.
- Semantic Web refers to the route that could lead to the golden age of information. This is because it improves Web technologies that help to share and connect content. With semantic Web, computers are able to understand internet data acutely, being able to comprehend the meaning of words rather than utilizing numbers and keywords to decode the content. This is a method in which the Web will become more user-friendly.
- 3D graphics are to be used in website designs to make them more interactive. Examples of 3D graphics on Web 3.0 include computer games, museum guides, and e-commerce galleries. Web 3.0 aims to make virtual reality and augmented reality the norm.
- AI is critical to Web3 and its success in integration. Artificial intelligence will allow computers the ability to discern and analyze information, similar to a human’s capabilities, to provide better and more relevant results for the user.
- Connectivity is a key component of this new concept. Web 3.0 is aimed to provide the same content across a multitude of applications. Services will also be available on your many devices, accessible from anywhere.
- Blockchain is the foundation for Web 3.0 because it fixes problems that were seen in Web 2.0. With blockchain, users have complete control and ownership over their independent data. Any data that is to be transferred through the network is encrypted and kept secure. Because of blockchain, the Web will become user-centric, making the internet more user-friendly.
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Where It Came From
The origin of Web 3.0 is a difficult one to pinpoint considering it is oftentimes considered to be part of a natural progression. It is considered an improvement from its predecessor, Web 2.0, for many reasons. The main reason is because it has taken the gains and improvements implemented by Web 2.0 regarding interpersonal interaction and scaled these improvements up, which created a more intelligent, connected, and open internet.
When discussing the evolution of the Web, it is important to analyze its growth in the context of what people were in most need of at the time. With Web 1.0, the primary focus was building Web infrastructure, processes, and making it available for commercial use. Pages were static and content came from the server’s file system.
With Web 2.0, online collaboration and sharing became a main focus. As the internet became more available around the world, it became more user-accessible and democratic. People were better able to absorb the perspectives and content provided by people just like them.
Web 3.0 takes this a step further, its main goal being the decentralization of an internet that has become highly centralized throughout its time. Users are wanting their experience to be more personalized and secretive from prying eyes of big corporations and governments.
You may be wondering if there are any successful examples of Web3 in our contemporary times. If you have ever used Apple’s Siri feature, Facebook, or Wolfram Alpha, you have already experienced a taste of this growing concept.
Siri requires voice recognition software, something that is a key component of Web 3.0. It is an example of our machines being able to communicate with one another, providing users with better search results. It’s kind of like having multiple personal assistants working in conjunction to achieve your every desire.
Siri is capable of accomplishing only a few basic tasks, which Web 3.0 is looking to improve upon. With our steady stride towards improvements, you will be able to ask Siri how to build a woodshed and be provided step-by-step instructions without having to navigate to any other website.
A Little More About Web 2.0
Web 2.0 is still a concept that not many people can grasp, yet they play their part in it just like everyone else.
Web 2.0 to Web 3.0
Although Web 3.0 is said to naturally progress from Web 2.0, the two concepts are fairly different in their development and core usage. It is understood that without Web 2.0, there would be no conceptualization of Web3 and the tools we need to achieve it.
Content creators and people aiming to make their print on the Web is what drove the internet from being a basic, information tool to something used to launch careers, communicate across the world, and innovate. Websites steered themselves towards user-generated information, focusing on usability.
This led to websites becoming more interactive, allowing people to communicate and interact with creators through features like likes, comments, and chats. Naturally, content on the internet became more dynamic because it was being modified and improved upon based on user feedback.
The internet, in turn, became a freer place where people could communicate with any and everybody. Tools like blogs, podcasts, social media, tagging people, voting on Web content, and more were introduced with Web 2.0 and serve as the building blocks of Web 3.0.
Web3 is still under development, but rather than focusing on communication and online interaction, it focuses on connectivity, content outreach, content relevance, and performance. User experience is the driving force for improvements upon Web 2.0.
According to Esther Crawford, who is the Senior Project Manager at Twitter, “[Twitter] is studying ways to incorporate Web3 concepts into the social network, like one day being able to log into the social network and tweet from an account associated with a cryptocurrency, not a Twitter account.” She does not view a world in which Twitter is replaced with a crypto version of it, but instead, one where Twitter introduces Web 3.0 features to the social media network.
This video explains Web3 and its potential future.
Web 2.0 in Businesses
In the business world, Web 2.0 can be considered a virtual version of networking and growing your brand. Metaverse marketing was introduced with web 2.0 and is a huge part of a business and its goals for expansion while making a name for itself amongst internet users. In order to be up to speed with the latest trends and consumer preferences, metaverse marketing has been deemed essential for businesses.
Due to the growth of sharing, communicating, and collaborating across the web, people have spent a significant amount of time scrolling through sites. With this came an influx of companies flooding the internet with ads in hopes of generating more customers on the digital market.
As their websites grew, these companies became the biggest companies in the world because of their market capitalization: Apple, Google, Amazon, Facebook, and Netflix to name a few. These applications and websites also allowed for the growth of the gig economy, where millions of people could now earn an income centered around these companies, i.e., driving for Uber, renting their home for Airbnb, delivering food and groceries, and more.
Businesses spurred the growth of Web 2.0 and centralized it. Even though internet users can believe that they are in full control of their online experience, these major companies and conglomerates have the overarching hand in everything.
The largest and most powerful corporations, media outlets, and governments are the primary beneficiaries of an entire infrastructure that is purposed with serving every human being in one way or another. But, with the decentralization that is seen with Web3, traditional business models and methods are challenged and transformed.
Web 3.0 in Businesses
When it comes to businesses and Web 3.0, there is not a clear verdict on whether Web 3.0 is more beneficial than not. Some businesses find it better to embrace the change, assuming that they will be successful in the newer model. Other companies that will most likely be hit with a loss of power during the transition from Web 2.0 to Web 3.0 are less excited about the idea.
With this new idea of decentralized infrastructure, people’s individual property and privacy are better protected. Most contesting voices to this development are from people who are concerned about changes in conventional revenue models. Big corporations won’t be able to make money off of you as easily as they have been with Web 2.0.
There are many revenue models that can be adapted to fit the Web3 model, though. For example, there is the possibility of gaining revenue through a percentage fee. This is when you take a percentage from every transaction that is executed on your platform. Income share is when users choose to share earnings from another entity.
Curved bonding is described as a method of continuous funding that encourages people to take part in the early investment. Continuous organizations set up a Decentralized Autonomous Trust where you are able to automatically distribute security tokens as payment.
Web 3.0 will also encourage frictionless payment solutions, keep verifiable records of each transaction, and create more transparency and efficiency when it comes to payments online. The core function of blockchain supports this. Third parties are being removed, easing the transition to speedy and secure payments.
Businesses can benefit from Web3 due to the decentralized architecture that is blockchain technology. They can build applications that have logic distributed across thousands of blockchain nodes rather than running on servers owned by a central authority. This allows for transparency and immutability.
Having fuller transparency with your business means that every single point of data and exchange is easily verified without the worry of falsification or error. Decentralization can also benefit businesses by integrating with other applications to increase functionality and make them more useful to the user.
Rather than working independently and somewhat separately, applications are housed on a blockchain that makes overall usage easier. They won’t be working in isolation and integration will be encouraged more as well as seen in everyday use.
Web 3.0 is an idea that has grown from the evolution and development of the internet. As it grows and changes, we have to change along with it. Technology has created the opportunity for personalized internet experiences that can be seen in the integration of Web 3.0. As these new developments take place in our culture, holding on tight and hoping for a smooth ride may be the best option.