Abhishek Agarwal, President Judge India & Global Delivery at The Judge Group
“So Web3, for me, is not cryptocurrency, it’s not blockchain, it’s not tokenomics. Web3, for me, is decentralization, it’s openness, it’s transparency.”
This is how the founder of Parity Technologies, Gavin Wood, describes Web3 or Web 3.0, who coined this term in 2014.
This third generation of Web technologies was initially dubbed the Semantic Web by the creator of the World Wide Web, Tim Berners-Lee. Its goal is to create a more open and independent internet – with a tinge of extra sophistication.
It’s believed that Web 3.0 will put an end to centralized platforms and data monopolies. Decentralization will be the main focus. Users will have full control over their data, i.e., they can choose what information to share with what party for income purposes.
How Web3 Is Different from Web2
In Web2, centralized authorities control and run the platform, cloud, and application deliveries. In Web3, Edge framework, peer-to-peer communication, and distributed procedures are becoming more and more common.
In Web2, fiat or government-issued currencies, such as INR, are used for transactions. In Web3, cryptocurrencies, or digital currencies that are encrypted, like Tether, Ethereum, and Bitcoin, can be used to fund transactions.
In Web2, cookies are used to track users and help with personalization. In Web3, users can obtain non-fungible tokens (NFTs), or unique digital identifiers, having a value or certain benefits attached.
Layout tools that offer more dynamic control than Web1 are what define Web2. Whereas, autonomously smarter technology, such as AI and machine learning, defines Web3.
In Web2, databases support apps and content. In Web3, blockchain immutability is used.
Web2 made social networking possible through platforms like Facebook and Twitter. Web3 will help develop the Meta worlds to merge augmented, virtual, and physical reality.
Web3 – Salient Features
Decentralization:
In Web3, DAOs (decentralized autonomous organizations) are a new type of regulating framework for web organizations and services. DAOs, like blockchain, rely on distributed consensus rather than a centralized authority to make decisions. Decentralized financial services, which avoid conventional banking institutions, will likely keep growing owing to Web 3.0, thus leaving a significant impact on the global financial system.
Decentralization will also enable distributed applications across the Web 3.0 environment by fostering the growth of decentralized apps that utilize blockchain and smart contracts.
Decentralization, automation, and intelligence will probably continue to be the cornerstones of what comes after Web 3.0 as it develops ahead.
Blockchain:
Blockchain technology encrypts and protects user data. This stops big tech businesses from having access to and/or using consumers’ personal data to their advantage.
AI:
In order to provide quicker and more accurate results, computers can interpret information, almost as ably as humans, by merging semantic skills with human language processing. By doing this, they develop greater intelligence and enhance consumer satisfaction.
Universality:
In addition to PCs and smartphones, any number of devices can be used to access internet content and services from any location at whatever time. In many respects, Web 2.0 is already commonplace, but the expansion of IoT devices will raise its profile to new heights.
Distributed IT architecture
Instead of processing data in a centralized store, Edge computing collects, stores, and analyzes data close to the client, where it is generated. And this forms the core of Web 3.0, which handles apps and data on intelligent devices like smartphones, smart computers, and even smart vehicles.
The 3D touch:
Because it blurs the line between the real and abstract worlds, Web 3.0’s 3D graphics capability adds a new immersive dimension to the virtual horizon. Its uses can be observed in a variety of fields, including e-commerce, computer games, health, real estate, museum guides, etc.
Changes Web3 Will Bring in the Upcoming Decade
According to a report by Maximize Market Research forecastover 2022–2029, the overall revenue generated by Web 3.0 is anticipated to increase at 35.4% nearing USD 35.12 bn.
What’s intriguing about Web 3.0 is that it might address the most prevalent problems of the current Internet Era, such as data ownership and privacy, by removing middlemen and enabling individuals and businesses to engage with their audiences directly and keep the lion’s share of the profit.
Decentralizing data storage and use and giving people more authority by letting them solely own their data are the guiding principles of Web 3.0. The users will also be relieved from intrusive and impossible-to-skip adverts and pop-up windows.
Pitfalls of Web3
Web 3.0 will be challenging for less technologically proficient devices to handle because some Web 1.0 websites already feel dated. It might be very difficult for beginners to comprehend.
Furthermore, as users have complete control over when and what they wish to submit, scalability concerns may arise in addition to issues like sluggish performance.
Despite the murky side of Web 3.0 that has just been explored, it is still incredibly exciting and offers much bigger possibilities that will affect all facets of digital transformation. It will be up to you to decide what your goals are. To make sure you have a free-flowing Web 3.0 presence that satisfies the requirements of your business, you’d better have it clear from your IT security, BI, compliance officers, and communication designers.
