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Due to recent technological advancements, all of us are looking for a modern version of the internet. One which understands the inputs we provide it with and output solutions specifically tailored to our needs.
The modern version of the Internet is also capable of giving its users complete control over their data privacy. Users can manage their privacy settings to restrict third parties from connecting their data. If a user does allow a company to collect their data, the new version of the internet is capable of making that company pay the user for their data.
This version is also immune to censorship from any third party. This version of the internet is called Web 3.0.
The original internet, or WWW (World Wide Web), was invented by Tim Berners Lee, and this was about 30 years ago. This version was made with equality and transparency in mind but instead gave rise to giants like Google, Facebook, Amazon, and Uber. These giants monopolized the internet and took over their specific industries.
These giants collect lots of private data from their users and use the data to serve targeted ads. This ensures long-term profits and returning customers for these companies without any regard for the privacy of their customers.
Due to the limitless data collection by companies like Google and Facebook, various scandals have emerged in recent years. These scandals show how these big tech companies collect and play with the private data of internet users and use it to get the most out of their users who aren’t even aware of it.
Fortunately, a promising new version of the internet is about to become common, and this version promises to eradicate most of the privacy-related issues with the internet we’re using today. This concept is named Web 3.0 or Web3.
Many companies have shown keen interest in Web3 in recent years. Many venture capital companies are investing millions of dollars into Web3 to make it a reality.
There are lots of Web3 applications already being used by millions of people around the globe. However, unless Web3 is fully implemented into the internet, we won’t be able to measure its full potential.
But what exactly is Web3? How does it work? And how can this new version of the internet change our lives forever?
What is Web3?
Web3 is being marketed as the third-gen internet. This generation of the internet will allow websites and applications to collect data and interact with their users through Big Data, Decentralized Ledgers, AI, and Machine Learning.
At the current pace of development, Web3 might take anywhere between 10-15 years to complete the transition from Web2 to Web3. As Web2 platforms get themselves ready for the Web3 transition, they might first go towards Web2.5 to experiment with new features.
We can all agree that decentralized applications powered by blockchain technology will be the key to ensuring widespread acceptance of Web3. Additionally, Artificial Intelligence and Machine Learning tools will help make Web3 applications easily scalable. This generation of the internet is expected to be more transparent, autonomous, and open.
Web3 applications will organize their data and get connected with other applications through a fully decentralized system. This is a considerable improvement from Web2, which relies on centralized data collection and storage systems. This makes Web2 prone to data breaches and manipulation.
Web3 is capable of interacting with machines and humans. However, for this to happen, a deep understanding of data and its conceptual meaning is necessary. The two core parts of Web3 are Artificial Intelligence (AI), and Semantic Web.
Use Cases of Web3
Although Web3 is still in its early stages, it still has lots of useful applications. Let’s take a brief look at some of the best use cases for Web3.
Metaverse
Metaverse became widely popular in 2022, especially when Facebook rebranded itself as Meta and invested billions of dollars into its development to capitalize on this revolutionary technology. However, Q3 of 2022 saw a significant decrease in Meta’s stock prices, indicating a lack of interest from users regarding Meta’s Metaverse investment.
Metaverse is a virtual 3D world and is a modern version of the real world. Users can surf the metaverse with their VR headsets, as well as computers and mobile phones. Metaverse promises an immersive experience to further decrease the line between reality and the virtual world.
Although the metaverse is a promising technology, it’ll take billions of dollars to get fully developed. This has pushed big companies like Google and Facebook to invest heavily in it. They’re investing this much money in the hopes of dominating the metaverse early on.
Alternatively, Web3 provides us with the concept of a fully decentralized metaverse. This version of the metaverse can be accessed by anyone, is open-ended, and is fully decentralized.
Web2.5 is the perfect middle ground between Web2 and Web3.
This is where Web2 platforms can safely experiment with the new Web3 features before making the actual transition. This is how Web3 will help make a decentralized metaverse possible.
Economy
A big problem with Web2 platforms like YouTube, Spotify, Twitch, and others is that these platforms don’t provide their users and artists adequately for their efforts and for the users they pull towards these platforms.
Web3 provides a solution to this injustice by letting creative artists, singers, and writers connect directly with their audience without involving any third party. This way, digital creators will be able to get the bulk of revenue generated because of their contribution on any platform.
DeFi (Decentralized Finance)
DeFi became widely popular in 2020. It allowed crypto enthusiasts to trade, lend, stake, and borrow cryptocurrency easily without involving any third party.
At its starting stage, DeFi faced lots of security issues. However, it provides Web3 with a great opportunity to help the unbanked people financially and create equal opportunities for underprivileged people living in third-world countries.
Web3 applications can use DeFi products to remain fully decentralized and to incentivize users.
Blockchain Gaming
The success of Axie Infinity in 2021 gave gamers around the globe an opportunity to participate in play-to-earn games. Following this trend, lots of similar blockchain projects emerged and provided players with their native tokens as rewards. This caused the value of their native tokens to first increase substantially and then continuously tank.
The slowing trend of play-to-earn games killed most of the games built with this model in mind. However, the game is still on. There are still lots of crypto games under development, and gaming giants such as Epic Games are already launching Web3 games.
Once the developers start making high-quality Web3 games rather than just focusing on the blockchain part, the crypto gaming industry will start to boom once again.
DAOs (Decentralized Autonomous Organizations)
DAOS are fully decentralized and autonomous organizations with self-governing features. Since these organizations use smart contracts, they can remove any geographical limits and provide everyone with an equal opportunity to participate in the decentralized web.
Due to the emergence of temporary crypto projects which use DAOs for governance and soon lose their worth, DAOs have surely taken a hit. However, once the developers figure out how to optimally use DAOs, they can be used as the organizational structure behind every new Web3 project.
Web3 will work with the help of decentralized protocols. These protocols are also the key component of crypto and blockchain projects. This is why we’ll see a very working relationship between Web3, blockchain technology, and cryptocurrencies.
Smart contracts will be used to make these three things interoperable and fully integrated. These contracts can help us make secure transactions and secure P2P transmission of data without any censorship. The current uses of decentralized finance projects are only the beginning of Web3, and there is still a lot to come.
Key Features of Web 3.0
Understanding the key features of Web3 is a vital step toward exploring its true potential. Let’s take a brief look at the most important features of Web3, which gives it many unique qualities.
Omnipresence
Being omnipresent means the ability of Web3 to be everywhere at the same time. However, one might argue that Web2 is omnipresent as well, as when a user shares their picture on a Web2 platform like Facebook, that picture becomes available for everyone at the same time, no matter where they are at the time of sharing, given that the user has access to the platform.
Web3 makes the internet available to everyone at the same time, and thus takes its omnipresence to another level. With the complete implementation of Web3, internet devices won’t be connected traditionally. Unlike Web2, Web3 will bring a lot of new features with itself and will give rise to many new smart devices.
AI (Artificial Intelligence)
Artificial Intelligence is the expression of intelligence by machines. Web3 can interact with machines to understand the emotions in the collected data. This is how intelligent machines are made. While Web2 also has the same capabilities, it still relies on humans in the backend, which promotes corrupt practices.
The dependence of Web2 on humans can be seen in the case of reviewing platforms like Trustpilot. Although they work hard to provide original and independent reviews, a company can still pay a group of people to provide them with fake positive reviews. This is where AI can be used by the internet to understand the difference between real and fake reviews.
In a recent case, Google removed around 100,000 negative reviews of the Robinhood trading app after detecting them as fake. The reviews came from raged traders affected by the Gamespot issue.
Removing the reviews was made possible with the help of AI, which will soon be in action with Web3. Users will be able to manage data more effectively and use it to personalize the experience for their users.
Blockchain and Decentralization
Both blockchain and crypto technologies have become widely popular in recent years. This is because they help facilitate the secure transfer of data in an immutable and trustless manner. These features are a must for Web3, as it aims to eliminate censorship and provide its users with complete privacy.
Cryptocurrency has only been limited to being a store of value in the past. However, the introduction of technologies like Web3, DeFi, and NFTs has given the crypto industry a new direction. We can now foresee the digital economy of the future ready to dominate the traditional financial markets.
Semantic Web
Semantics helps the internet understand the relationship between the words used in collected data. This is why the semantic web can help computers analyze loads of collected data. The data can include anything from transactions to links between different people on the internet.
For example, if one person says, “I love Ethereum,” and the other says, “I <3 Ethereum”, both of these sentences will be said to have the same semantics despite the different syntax used to make them. So, semantics is the study of the meaning of sentences without taking into account the syntax or language they are said in.
When semantics is applied to the internet, it can enable machines to understand the emotions behind data. This improves data connectivity and relevance to make the experience better for users.
Spatial Web and 3D
Web3 is also termed a spatial web by many users. That is because the main purpose of Web3 is to minimize the difference between the real and digital worlds. Web3 makes this possible by using better graphics and enhancing the 3D experience of its users.
By replacing the regular 2D graphics with their 3D counterpart, Web3 ensures deep immersion in games and other Web3-related applications.
Web 3.0 Applications
To be turned into a Web 3.0 application, a platform must be able to collect and sift through large quantities of data and turn it into useful and easily consumable information for its users.
However, keep in mind that since Web3 is still in its early days, its applications still have a lot of room for improvement. The full potential of Web3 is still not achievable by any Web3 application currently in the market.
Some of the biggest companies which are investing heavily in Web3 and are actively trying to shift their applications towards this new generation of internet include Apple, Google, Amazon, and a few others. These companies have implemented Web3 into applications like Siri, Brave Browser, and Wolfram Alpha.
Let’s take a brief look at these applications and learn how they are benefiting from Web3 implementation.
Siri
Siri is the AI-enabled virtual assistant first introduced in the iPhone 4S. Since its first appearance, Apple has made Siri way faster and more accurate in its answers by implementing artificial intelligence. With the combination of voice recognition and AI, Siri can easily get connected with Web3 and provide the right answers to any questions you might ask.
As the assistant improves, it can even give answers to complex questions asked by iPhone users.
The applications of AI and Web3 are not limited to Siri only, as Alexa from Amazon and Bixby from Samsung are also AI-enabled virtual assistants capitalizing on the latest technology.
You can even ask these assistants for directions to the nearest doctor, and they will use their AI algorithm and speech recognition capabilities to give you the right directions right away.
Brave Browser
Almost all web browsers these days use the Web2 infrastructure to provide their users with a seamless search experience. Popular web browsers like Google Chrome use extensions, which even include popular cryptocurrency wallets.
However, anyone can easily make fake versions of these extensions to capture private data of several uses and can use data to exploit them. For example, phishing attempts through counterfeit crypto wallet extensions have caused lots of people to lose access to their cryptocurrency wallets and millions of dollars worth of cryptocurrency.
The Brave browser resolves this issue by providing its users with complete data they share with websites. Brave uses its BAT token to ensure data privacy and security.
The Web3 browser even has an integrated VPN and firewall to keep its users safe from tracking and data theft.
Brave browser has its crypto wallet, which is designed to keep its users safe from fishy third-party crypto wallets.
Wolfram Alpha
Wolfram Alpha is an application that takes your questions and answers them with the help of computation. The answers don’t include an index of relevant web pages, like in the case of web browsers. The search results on Wolfram Alpha are very different from Google search results.
When you search “Portugal Vs Spain” on Google, it gives you a summary of the latest world cup match between the two nations. That’s because it is the most searched and the most relevant result, including these words.
On the other hand, when the same search is made in Wolfram Alpha, it shows a detailed overview and comparison between the two countries. This is the basic difference between Web2 and Web3.
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