Web 3.0 – The new talk in the town
Web 3.0 or web 3 in a more stylish language, is an idea of an upcoming version of the world wide web that subsumes the concept of decentralization. Over the years the internet has evolved drastically and now comes the latest plan WEB 3.0. It is and will be celebrated as the future of the internet. As the invention of the steam engine has a paramount effect on the industrial revolution, similarly the execution of WEB 3.0 would be for the internet world.
The history of the internet
The story commenced in the year 1989 when in Geneva, Tim Lee developed a protocol named WEB 1.0 that was open to everyone and allowed the exchange of information worldwide through the use of the internet. It was majorly static and was read-only. There could not be any interaction among the users. It was obvious that intelligent minds around the globe would come up with an updated version of the world wide web.
Now a giant stride was taken and WEB 2.0 came into the picture. 2004, we would call this year the facebook year. Social media platforms emerged and it felt like the world came together at a place but over the internet. Now users could post ideas and could interact with others worldwide. The number of internet users was increasing at an unbelievable speed, so the top companies around the globe started to take the power of the traffic since then the advertising model got its boom.
We are still in our WEB 2 phase, today you can play a youtube video to your child and make them learn a poem, you can get updates on a real-time basis, sit on an extreme opposite side of the world, and communicate with anyone you want, and what not can be done via the internet. But one of the major drawbacks of WEB 2, is that users do not own their content. And to overcome the ownership of data issue, the co-founder of Ethereum struck the idea of WEB 3.0.
Your data is your oil
With the super fast-evolving world, the world wide web is soon going to take its next major step. Soon we all are going to step into the world of the internet, where we are the owners of our information. The new and better internet is on its way. WEB 3.0 is going to use blockchain, cryptocurrencies, and even NFTs to give owners their ownership. Sounds super fun, doesn’t it?
Key features of WEB 3.0
It is a task to provide a proper crisp definition of WEB 3.0, but via these points mentioned below for sure you are going to understand it all
- Decentralized system: It means that ownership would be segregated among the creators and the users of the data.
- Crypto payments: Instead of using any other banking payment infrastructure, payments would be only made in cryptocurrencies.
- Say no to data stores: Now the entire information would be stored in virtual digital wallets, rather than in data storage.
These three points have very well summarised a gist of what WEB 3.0 is going to be, now let us see what all areas will WEB 3 have a major impact on
Impact of WEB 3.0
WEB 3 is going to impact every one of us and everything around us. It would change our browsing experience and going to take us to the next level. Websites would be customized according to our requirements and in short, are going to spoil us all. Just kidding, coming to major impacts:
- Business: It would have a revolutionary change since now it would be transparent and user-centric. Businesses that were using their user’s data would have the greatest impact.
- Education: The major shift would be in students’ way of consuming knowledge, from teachers providing content to the content available on the internet via students themselves. The smart search would assist them to get all sorts of data in the context of a single concept together, from lecture videos to diagrammatic explanations. Learn the way you want to.
- Banks: WEB 3 is for sure going to bring more effectiveness and efficiency to the banking world. Digital payments, loan sanctions, digital learning, etc are going to have a boost in their work.
WEB 2 vs WEB 3.0
It is very well said that growth is the only evidence of like, similarly update is the only evidence of a better browsing experience. It is very much clear that WEB 3 is the future and we all are going to get benefits from it, but to make it simpler to understand, we wrote this part.
- WEB 2 to the current version and WEB 3.0would be launched in the coming future.
- WEB 3 would be a decentralized version.
- Unlike WEB 2, in the upcoming version of WEB 3.0, users would be the owners of their information. No other entity would have the power to access your information.
- WEB 3 includes things like cryptocurrencies, NTF, Artificial intelligence, and even machine learning.
Why WEB 3.0?
Why did the co-founder of Ethereum coined the idea of WEB 3?, Why did the companies start building WEB 3 applications? , Why does one want to swift from WEB 2 to WEB 3.0? and several such questions would be answered in the below para.
The payment structure would take a major beneficial shift and in the world of WEB 3 payments would be made in cryptocurrencies and even NFT. Here one has to trust a third party for making payments and sharing confidential information. You are your boss. Using WEB 3 you do not need to give access to social media apps to use your information. WEB 3 would allow you to have security to your personal information. Users will get ownership in nonfungible token form.
Let me take a few examples at the end of this article, imagine you are playing a game. Now even the game creator cannot access your data and at any time you want to stop playing, you can sell all the in-game elements in the open market.