Web 3.0 is the latest version of the Internet leveraging artificial intelligence, blockchain, and machine learning. The primary vision is to evolve real-world communication on a global scale. The best part about Web 3.0 is that you will be the sole owner of your data. Furthermore, you will receive compensation for the time you spend on the web.
It may sound too good to be true, but it is the reality; it is the future of the Internet. Want to learn more? Continue to read this blog.
Introduction to Web 3.0
As the name suggests, Web 3.0 is the third iteration of the World Wide Web. The technology interconnects your data but in a decentralized manner. Web 3.0 promises to deliver a personalized and faster user experience.
The framework of the third version of the Internet involves using the semantic web along with machine learning and AI. On top of that, blockchain technology provides a security system. This ensures the safety and confidentiality of your information and financial transactions.
In simple terms, Web 3.0 is an amalgamation of impeccable user utility, transparency, openness, and decentralization.
What is DAO?
DAO is an acronym for Decentralized Autonomous Organization, an automated organizational computer network model. Instead of the regulatory authority, the community members control the entire network, and the system uses a blockchain framework to maintain the transactional records.
What is Semantic Web?
Semantic Web technology is all about understanding and interpreting the concept and context of your data. Therefore, when you search a query for an answer, the web will deliver the most relevant and accurate result.
Web 3.0 is no longer a concept from a dystopian future or a sci-fi movie. Technology is already here and penetrating various aspects of the Internet. Rest assured, the tech giants will not be able to make enormous profits from your data anymore.
This means you will have 100% ownership of your data. If a company wants it, they can buy it from you. However, you will still own the rights to data ownership and, most importantly, privacy. Moreover, the technology will enable apps and websites to use your information more meaningfully and offer an Internet experience tailored for you.
Layers of Web 3.0
The existing iteration known as Web 2.0 ushered in the era of mobile, cloud, and social technologies. However, the four layers powering Web 3.0 are:
- Artificial Intelligence (AI) and Machine Learning (ML)
- Blockchain
- Decentralization
- Edge Computing
Let’s dive into these four layers to explore them a little bit in detail.
AI and ML
Machine learning and artificial intelligence technologies have evolved enough to make accurate, valuable, and safe predictions. The algorithms in ML and AI have learned enough over the decades to carry out the acts based on the user’s internet behavioral history.
Blockchain
This technology forms the foundation of Web 3.0 and related solutions such as NFTs, crypto coins, and the metaverse. This added layer in the new Internet redefines not only the semantic web’s backend but also the data structures/framework.
Therefore, if you wish to build an application on the blockchain, you must deploy your application code on a state machine shared on the network.
Decentralization
The decentralization layer actually refers to the decentralized data networks. This layer enables you to trade and sell your data without giving up ownership rights, relying on intermediaries, or risking your data’s confidentiality.
As a result of this mechanism, the decentralized data networks on Web 3.0 will have an extensive list of data generators and providers to contribute to the data economy.
For example, if you log into your email account using your username and password or like a video or Google Assistant a question. Web 3.0 will allow you to use this information as a commodity to sell to companies looking for marketing data.
Edge Computing
The transition of the Web to the third iteration will be moving all the data centers to edge computing or sometimes even directly into your hands. A wide array of advanced computing technology and resources complement these data centers.
The resources for computing for data distribution include laptops, desktop PCs, phones, cars, sensors, appliances, and more. According to experts, edge computing will increase data consumption and production by 160 times by the end of 2025.
Understanding How Web 3.0 Works
The concept behind Web 3.0 technology is to enable the Internet for easier, faster, and more efficient searches. The newer World Wide Web tech will also process some of the most complex searches within no time.
In the previous version, i.e., Web 2.0, you interacted with the application’s front end, which communicated your intent to the backend. In the third stage, the backend communicated the information to its database to retrieve the desired answer, solution, or result.
There were centralized servers that took care of the entire activity and hosted the code sent to users via internet browsers. Conversely, Web 3.0 neither leverage neither facilitates centralized databases to store your data, nor does it have any centralized web servers for backend logic.
Instead, the blockchain technology used in building the apps uses a decentralized state machine. The anonymous nodes present on Web 3.0 maintain the decentralized state machines and data they handle.
Smart Contracts
The smart contracts on the blockchain contain the defining parameters of your application’s logic. The developer is responsible for writing the smart contract and the decentralized state machine ensures the automatic deployment of the smart contracts upon the fulfillment of stated parameters.
If you are willing to build your own blockchain applications, you will have to deploy your code on a shared state machine. Speaking of the front-end, that part stays the same as what you have experienced on Web 2.0 so far.
Complete Architecture of Web 3.0
The entire architecture of the Web 3.0 iteration comprises four mandatory elements. Let us find out what they are.
Ethereum Blockchain
Ethereum blockchains are the state machines globally accessible. The wide range of peer-to-peer nodes network maintains these state machines. However, anyone can access these machines and write the data on them.
This is important to remember that none of the single entity or organization owns or controls the Ethereum machine. As a user, you will be able to write on the Ethereum blockchain; however, you will not be able to update any existing information and/or data.
EVM
EVM is the acronym for Ethereum Virtual Machine. The primary purpose of EVM is to ensure the execution of the logic defined or stated within the smart contracts.
Front End
Similar to any online application, Web 3.0 also has a front-end to define its user interface logic. Furthermore, the front-end will also connect your smart contracts defining the logic of the applications.
Smart Contracts
Smart contracts are programs that execute on Ethereum. The app developers write your smart contracts using high-level languages. Some of these languages are Vyper and Solidity, and the purpose of the languages is to define and determine your state changes’ logic.
Significance of Web 3.0 in the Future
Web 3.0 will be the system designed and created by the users, for the users. Wondering what makes Web 3.0 so significant for the future of the Internet. Here are some reasons for a starter.
Decentralization Means Liberation
As Web 3.0 unshackles the chains of centralized authorities controlling your data, you will become less reliant on centralized repositories. You will own the data and be free to sell or use it as and when you want.
Tailored Interaction
The idea behind Web 3.0 is to create an internet experience for each user based on their choices and preferences.
Alleviating Intermediaries
Web 3.0 will eliminate any intermediaries, hence saving you the cost and time involved when dealing with third-party handlers, brokers, and agents.
Boosting Peer-to-Peer Connectivity
With new internet innovation, the connection and communication between users will be robust and seamless. Peer-to-peer connections will enable users, machines, and businesses to share data efficiently while ensuring greater security and privacy.
The Bottom Line
The years ahead of us are an exciting time to live in. Especially if you are a millennial, you have seen the first two iterations of the Internet. You saw the birth of Web 1.0 in 1989, then came the second and most popular version, Web 2.0. Now, we head to the future; Web 3.0 will completely transform the way we know the Internet.
According to the experts, Web 3.0 will kickstart an era that will promote and practice transparent and honest use of the internet and user data. From cross-platform development to customized search results and the use of immersive technology, Web 3.0 will do it all.
Web 3.0 is not here yet; the new Internet is just around the corner, and everyone, including users, businesses, and the economy, is ready to embrace it with open arms.
If you wish to align your business with Web 3.0 and need help building a website, applications, games, etc., that are compatible with Web 3.0, we at Prolific Studio can help. Speak to our Web 3.0 development team today.
