Web3 Will Be A Thing Of The Future And Here's Why.

 

Web3 - The Internet of Future

Everyone was talking about Web3 in the second half of 2021; what was it, and how was it going to change our world? Until the 2010s, the majority of us used either the Web1 or Web2 versions of the internet. The former was a'read-only' version of the internet that allowed users to search for and access information but not communicate or interact with. Web2, the version of the internet that we currently use, allows for user-generated content and places a greater emphasis on engagement.

Web 1.0

From the early 1990s to around 2004, Web 1.0 was the first generation of the World Wide Web. Most websites were static at this point. These websites were built by businesses and are used by people like us. Websites were like that of Wikepedia only where you could just view the content.

Web 2.0

It refers to the World Wide Web's current second generation. A large portion of content is created by users, such as social media posts, blogs, vlogs, and so on. The majority of this data is controlled and monetized by large corporations such as Google and Meta (Facebook).

One really important thing to mention here. There's only one thing you can buy and own on the internet. A single thing it's a domain name just like we own That CS Guy (anmolguragain.com.np) Nobody in the world can make another website with the same domain name. Everything else is owned by corporations. Take this blog for example. Sure we made it but if google wants to, they could just poof and it's gone, which leads us to web 3.0. The most important thing you can do on web 3.0 is own parts of the internet

What is Web 3.0? 

Web 3.0 represents the next iteration or phase of the web/evolution, internet's and it has the potential to be as disruptive and represent a paradigm shift as Web 2.0. Web 3.0 is based on the fundamental concepts of decentralization, openness, and increased user utility.

Web 3.0 allows websites and apps  to process information in an intelligent and humane way through technologies such as machine learning (ML), big data, and distributed ledger technology (DLT). Web 3.0 aimed for a more autonomous, intelligent and open Internet.

Web 3.0 has progressed far beyond Berners-original  concept of the Semantic Web in 2001. This is still in developing phase because of the high cost and difficulty of converting human language—with all of its subtle nuances and variations—into a format that computers can understand, as well as for  the fact that Web 2.0 has already evolved significantly over the last two decades.

Real World Example for Web 3.0

For example, if you are planning a vacation and have a limited budget, you would currently have to spend hours searching for flights, hotels, and car rentals, trawling through numerous websites and comparing prices. Intelligent search engines or bots will be able to collect all of this information and generate tailored recommendations based on your profile and preferences, saving you hours of work

Will Web3 become the new standard?

Experts believe that, in the best-case scenario for Web3 enthusiasts, the technology will coexist with, rather than completely replace, Web 2.0.

To put it another way, blockchain-based social networks, transactions, and businesses can and will thrive in the coming years. However, according to technology experts, completely dethroning Facebook, Twitter, or Google is unlikely.

Web 3 criticisms

Web 3.0, also known as the decentralized web, is a new iteration of the internet that aims to give users more control over their data and online experiences. However, the technology has faced criticism for falling short of its goals and being heavily reliant on yet-to-be-developed technologies.

One of the main criticisms of Web 3.0 is that ownership of blockchain networks is not evenly distributed, with a concentration of power in the hands of early adopters and venture capitalists. This has led to public disputes between industry leaders, such as the recent Twitter spat between Block Inc. CEO Jack Dorsey and various venture capitalists.

Another major criticism is that while the concept of a decentralized internet without the control of companies like Google and Facebook is appealing, it is largely theoretical. The technologies required to create advanced decentralized networks, such as blockchain and advanced machine learning, are still in development and have limitations such as slowing down processes and being unable to handle large amounts of data.

Despite these criticisms, the vision of a more open and transparent internet continues to attract interest and investment. One area where this is particularly evident is in the rise of cryptocurrencies and blockchain technology. Web 3.0 is seen as a way to bring the benefits of decentralization to the financial world, creating a new hybrid of the internet that prioritizes transparency and open access to content.

we interact with the internet. With the integration of blockchain technology, users will have more control over their personal data and online identity, allowing for more privacy and security. Additionally, the decentralization of the internet could also lead to a more democratic and decentralized decision-making process, giving more power to the users.

One of the most important areas of Web 3.0 is the development of decentralized applications (dApps) which can run on a blockchain network. These dApps are expected to have a wide range of use cases, from online marketplaces to social networks, and they will be able to operate without the need of a centralized entity, giving users more control over their interactions and transactions.

In summary, Web 3.0 is a promising technology that aims to create a decentralized version of the internet, giving users more control over their data and interactions. However, it still faces criticisms and challenges, mainly related to the development of the required technologies and the distribution of power among its users. Despite this, the vision of a more open and transparent internet continues to attract interest and investment. As the technology develops, it's expected to have a huge impact on industries, including finance, online marketplaces and social networks.

Web 3 and Cryptocurrencies

Blockchain technology is rapidly gaining traction these days. One of the areas where it has done exceptionally well is on the internet. While the majority of the world's population is attempting to invent new ways to invest in cryptocurrencies and blockchain, Web 3.0 is on the other side of the equation. It is a new internet hybrid that aspires to be the decentralized version of the virtual world. Web 3.0 strives for transparency, and users will see a plethora of content that is open to all.