Imagine a future Internet where everything a user accesses is more tailored than ever. Everything a user types and says through text, voice, or other media is precisely translated and understood. One’s entry into a new era in the development of the Internet is imminent. Web 3 is the name given to it.
Over the last thirty years, there have been significant changes to the Web. The first iteration of the Web is known as Web 1. From its early years, when the Internet primarily served as a channel for transmitting text-based information, a great deal has evolved. And this new wave has been sparked by the appearance of Web 3.
Have you ever heard of terms like Metaverse, blockchain, and crypto? They are just the primary applications of the growing Web 3 concept.
Let’s explore the early Web and how things evolved up to the new Web 3. Keep reading to discover what Web 3 is all about, how it will affect our lives and when it will become a reality.
Evolution of the Web
The Web we all know can be split into two distinct periods before the introduction of Web 3. Tim Berners-Lee was hard at work creating the protocols for the World Wide Web in 1989. His notion was to develop decentralized protocols that permitted the sharing of knowledge globally.
From 1990 until like 2004, Web 1 underwent its initial development. Web 1, the read-only Web, consisted of static websites that businesses controlled. There was almost no user involvement, and people hardly ever created content.
The next era started with the advent of social media platforms in 2004. It is known as Web 2, which developed into a read-write medium rather than a read-only one. Instead of offering users material, businesses started offering platforms where users could exchange user-generated content and communicate. As more individuals went online, a few leading businesses began to hold a disproportionate percentage of the traffic and value produced on the Internet. The business model based on advertising was also created by Web 2. Users generated content but did not own it or get paid.
Gavin Wood came up with the concept of Web 3 in 2014. He articulated a solution to a concern shared by many. It implies that the Web people use daily depends on entrusting a few private firms to operate at the public’s greatest advantage. The latest and the most remarkable technologies are all used in the newest Web 3.
In 2022, there was a sharp increase in interest in Web 3, with many businesses shifting their focus and spending millions on the development of the technology. Although Web 3 applications currently exist and make significant monthly progress, it will be challenging to fully appreciate their potential till the newest Internet fully integrates into the web infrastructure.
Definition of Web 3
Web 3 – also known as Web 3.0, is the third iteration of the Internet presently being developed. Applications and websites will be capable of managing information smartly – just like humans. It is through the state-of-the-art technologies like Machine Learning (ML), Artificial Intelligence (AI), big data, decentralized ledger technology, and many more.
Tim Berners-Lee, the creator of the World Wide Web, initially referred to Web 3 as the Semantic Web. It aimed to create a more independent, intelligent, and open internet. Data in Web 3 gets distributed in a decentralized manner. It is a significant improvement over Web 2, where data is primarily in centralized sources.
The transition from the Web 2 to Web 3 is still ongoing and growing. Looking at the progress, it may take a few years until people get to know the exact Web 3 concept.
What are the characteristics of Web 3?
A few major Web 3 characteristics define the third newest iteration of the Web.
- Using discovery and analysis, users can create, share, and link content using the Semantic Web. It focuses on word interpretation rather than using numbers and phrases.
- AI and ML primarily drive Web 3 to focus more on general automation. In addition, ML, a branch of AI that uses data and algorithms to simulate human thinking and steadily increase accuracy, will be incorporated into Web 3. Such capacities will lead to quicker and more appropriate outputs in various disciplines, including medical research.
- It demonstrates how IoT connects numerous devices and programs. Semantic metadata enables this process to utilize all accessible data effectively. Additionally, anyone with internet access can do it anytime and anywhere without a PC.
- In contrast to the earlier two eras of the Web, when apps were centralized, Web 3 can supply applications and services via a distributed model that does not rely on a single authority. This concept is known as decentralization.
- Blockchain handles and verifies data on a widely dispersed peer-to-peer network. It also uses a theoretically unchangeable record of transactions and activity that helps authenticate transactions and strengthen participant trust.
- Cryptocurrency is predicted to mainly replace the typical currency issued by government state banks, a crucial component of Web 3. Hence, Web 3 will be cryptocurrency-based.
- Open-source programs based on decentralized blockchains are known as decentralized apps (dApps). There are currently lots of dApps available for middleware, charitable giving, and social media sites.
- A Decentralized Autonomous Organization (DAO) refers to a group or business constrained by laws and regulations written into a blockchain. For instance, in a DAO-based store, the blockchain stores the price of each item and information on payment.
How differently will Web 3 function as compared to Web 2?
It is interesting to see how the newest Web will work. Let’s find out more about its operation.
HTML established the structure and deployment of webpages in previous Web iterations. Although the connections and locations of the data sources it connects will alter, they will still be the fundamental components of Web 3.
Most websites and almost all Web 2 applications depend on a centralized database to distribute data and allow functionalities in apps. Apps on Web 3 will utilize a decentralized blockchain without a preset central body. Theoretically, users will have greater control over the Web and how their data is used due to this democratic information creation and confirmation method.
Web 3 will place more emphasis on AI and ML to provide suitable content to every user rather than content that third parties have opted to supply. The Semantic Web and AI will likely take over these tasks in Web 3, whereas Web 2.0 allows people to participate in the website content.
Financial operations will be carried out on decentralized blockchains instead of through the existing financial service providers because Web 3 primarily relies on cryptocurrencies. With Web 3 marketing tools, businesses might be able to manage personalization and privacy more successfully than they can with the current Web 2.0. The drawback is that companies might find Web 3’s strict privacy regulations inconvenient for their current digital marketing methods.
Since both parties may examine the transaction history, the increased transparency offered by immutable blockchain ledgers may enhance customer service. Businesses will conveniently track their supply chains by deploying decentralized applications to break data barriers and view
suppliers’ activity. Supply chain parties might speed up delivery and reduce shortages by exchanging real-time information.
An application of the Web 3 is the Metaverse. A user experience enhanced by 3D virtual reality transforms the Web into a unified, shared virtual area. It allows users to perform actions that are not feasible in the actual world. Metaverse necessitates blockchain, which is a main ingredient of Web 3.
The IPv4 address served as the foundation for previous Web iterations. Due to the Web’s enormous growth over the years, Web 3 will require a far higher number of web addresses, which IPv6 offers.
How will Web 3 affect human lives?
Web 3 is designed to provide long-lasting outcomes because of its decentralized architecture. Eliminating mediators and arbitration also reduces costs and accessibility requirements.
Personalized browsing experience
Web 3 promises a far more personalized browsing experience for everyone. Online apps would be more responsive to individual usage habits, and websites will automatically adapt to the user’s equipment and region.
Sophisticated app interfaces
Web apps will be able to give users much richer experiences. It is due to the multidimensional capability of Web 3. Google Maps, for instance, offers more advanced location search capabilities on top of route preparation, lodging recommendations, and real-time traffic reports. It indicates that the world has advanced further from the Web 2 era.
Enhanced search
Employing a search engine via natural language is quite beneficial. The advantages extend way above the customer as the learning curve nearly vanishes. Businesses are progressively optimizing their websites for search engines more naturally than adopting complex keyword strategies.
What limitations does Web 3 pose?
Web 3 has many benefits to humans, but there are still restrictions that the ecosystem needs to overcome if it grows.
User experience
Users need to be able to navigate confusing user interfaces, grasp security issues, and comprehend complicated technical documentation. Wallet providers address these issues, although further development is required before people widely embrace Web 3.
Accessibility
Due to significant transaction costs, Web 3 is less prone to be used in developing countries with lower levels of prosperity. Ethereum resolves these issues via its techniques and network updates. The technology is available, but to render Web 3 widely accessible, Ethereum technique adoption must increase.
Centralized infrastructure
The Web 3 environment is still developing and changing quickly. Because of this, it presently relies on centralized infrastructure like GitHub and Discord. Most Web 3 businesses strive to close these gaps, but creating dependable infrastructure requires time.
Learning curve
In contrast to the previous web iteration, Web 3 presents new paradigms that call for acquiring new mental models. A similar push for education took place during the latter part of 1990 as the initial web era gained popularity. Web 3 is not challenging, but it is unique. Its success depends on educational programs that educate Web 2 consumers about these Web 3 principles.
When can people anticipate Web 3 to come into existence?
Because blockchain and its uses are becoming increasingly commonplace, a large part of Web 3 exists. The shift from Web 1 to Web 2 took more than ten years, and most commentators anticipate it will take at least that long to deploy Web 3.
Several Web 3 concepts are beginning to produce fruit. By 2024, 25 per cent of enterprises, according to Gartner, will possess decentralized apps, but they will be encased in centralized ones. Social networking platforms are starting to offer user-generated Metaverse content like Meta. Several companies have also begun offering NFTs – a form of a blockchain asset.
Forecasts for the arrival of Web 3 are typically incorrect. Technology analysts mainly believe that Web 3 is most likely a decade away, considering that its essential technologies are still developing and only recently becoming useful.
How can people prepare themselves to welcome Web 3?
The ideal method for getting ready for Web 3 is first to gain a fundamental knowledge of its essential technologies, then gain experience working with both established web development languages like JavaScript, which is becoming increasingly prominent for Web 3 projects.
It is also critical to familiarize oneself with the leading blockchain platforms, such as IBM Blockchain and Ethereum. As one of the critical Web 3 capabilities, front-end development, including user experience, is anticipated.
The labor-intensive work required to build something as massive as Web 3 may be a collective endeavor involving hundreds and thousands of contributors.
Conclusion
The revolutionary Internet that Web 3 shall develop will offer more digital ownership and authority in a world that is becoming more digital. Also, it will provide decentralized advantages that are supposed to contribute to creating a truly fair web. People can accomplish it by taking control of their data and enhancing the overall experience through the many breakthroughs that will follow once it is in effect.