What Is Web3? Web 3.0 Explained

If you’ve been scrolling social media the last year or so, chances are you’ve come across the term Web 3. And like most, you’re probably asking yourself, I didn’t even know there was a web 1 or web 2? What in the world is web 3? Well, you’re not alone. In today’s video, we’re going to explained what everything you need to know about Web 3.0.

Web 3.0 (also referred to as web3) is the Internet's third iteration, which connects data in a decentralized manner to provide a faster and more personalized user experience. It's made with artificial intelligence, machine learning, and the semantic web, and it uses the blockchain security system to keep your data safe.

The defining characteristics of web 3.0 are:

• Decentralization
• Openness
• Incredible user utility

The semantic web's main benefit is recognizing and interpreting the data's context and concept. As a result, when a user searches for an answer, web 3.0 provides the most accurate and relevant result.

Users will sell their data to advertisers while maintaining ownership and privacy. In addition, web3 will allow websites and applications to better use data and tailor information to individual users.

As a result, the third generation of the Internet will be one in which you can have personalized interactions with machines and websites the same way you would with any other human.

What is the decentralized web?

Take decentralization as our starting point. Today, most of the infrastructure that underpins the most popular websites and online hangouts is owned by corporations and, to some extent, regulated by governments. Because this is the simplest way to build network infrastructure, someone pays to install servers and set up software on them and then either charge us to use it or allows us to use it for free, as long as we follow their rules.

Instead of relying on outdated methods, we now have the benefit of cutting-edge solutions like blockchain. Data stored on the blockchain is encrypted and distributed in a manner similar to that of a traditional database.

Openness

This means that only people who have permission to access data on a blockchain can access it, even if it is stored on someone else's computer, like a government or an organization.

The file is shared across multiple computers or servers via distributed computing. Unless all of the copies are identical, the information contained in a file cannot be considered accurate. Another layer of security means that no one other than the person who owns or manages the data can access or change it without the permission of either the person who owns it or the entire network.

Incredible user utility

There are a number of ways to put these concepts into practice, and they all work together to ensure that data is only ever under the control of the person who owns it, no matter how it's stored. There is no way for the owner or government of the data to access or alter it without the encryption keys that prove their ownership. Even if the server is shut down or removed, the data can still be accessed on one of the hundreds of other computers that it is stored on. How about that for ingenuity?

Transactions between two parties can take place without a third party's approval if they're "trustless." This wasn't always the case on Web2 or lower because you had to be sure that whoever owned the medium you were using to interact or transact was not manipulating your communications.

Transacting in Bitcoin directly with another person, rather than through a centralized exchange or wallet, is a good example of a web3 trustless transaction. 3. As a result, the blockchain algorithm and encryption ensure that no one can interfere with the transaction once it has been initiated.

Similarly, "permissionless" means that neither party in a transaction or interaction requires the permission of a third party (such as a service provider or government) before it can take place.

By the way, you're not the only one who thinks all this talk about avoiding government interference sounds a little bit anarchistic or libertarian. There are still many unanswered queries regarding the safety and legality of this situation in light of the absence of oversight or control. We've already seen governments try to create legislation that allows them to maintain some level of control over communications and interactions on the web3. End-to-end encrypted messages, such as those sent by the UK Government, are among those that could be subject to regulation.

Web 3.0's Key Features

• It's 'open' in the sense that it was created using open-source software by a public and accessible community of developers in full view of the public.
• Trustless – The network allows users to interact publicly and privately without the need for an intermediary, thus providing "trustless" data.
• Permissionless – Anyone, including users and providers, can participate without a controlling organization's permission.
• Web 3.0 will make the Internet ubiquitous, allowing us to access it at any time and from any location. Web-connected devices will no longer be limited to computers and smartphones at some point in the future, as they were in web 2.0. Technology will enable the development of a plethora of new types of intelligent gadgets as a result of the Internet of Things (IoT).

Some examples of web 3.0 applications

Let's take a look at some examples of web3 in practice:

Ethereum – a decentralized, open-source blockchain with smart contract functionality

Non-Fungible Token (NFT) – a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded

OpenSea – the world’s largest and most used marketplace for trading NFT’s

Uniswap – a cryptocurrency exchange which uses a decentralized network protocol

Web3 concepts

The DAO

Groups, companies, and collectives can be described as Decentralised Autonomous Organizations (DAOs), which are defined as groups that are bound by rules and regulations that are encoded into the blockchain. Blockchains could be used to keep track of the prices of all items in a DAO-based store, as well as the identities of those eligible to receive payouts. Shareholders in the DAO would have a say in how much money is distributed and who gets it.

However, no one has the authority to change the rules without the approval of the people in charge. Only those who worked on a server and those who worked at a facility where profits were stored were allowed to participate. There are a number of "men in the middle" (bankers, lawyers, and accountants) that are theoretically eliminated by DAOs.

Artificial intelligence (AI)

Web3.0 is widely expected to be heavily influenced by artificial intelligence. A high degree of machine-to-machine communication and decision-making will be required by many web3 applications.

Metaverse

It's time to talk about the metaverse, the final concept from Web 3. An internet front-end called "metaverse" refers to a new user interface that allows us to communicate with other internet users and manipulate data when talking about web3.

Metaverse is a concept that has been getting a lot of attention lately because it promises to be a more immersive, social, and long-lasting version of the internet that we all know and love. Using technologies like virtual reality (VR) and augmented reality (AR), we will be able to interact with the digital world in more natural and immersive ways, for example, by using virtual hands to pick up and manipulate objects and our voices to communicate with machines, or with other people. There are many ways to think of web3's metaverse as an interface for web3 tools and applications.

We are expecting a lot of web3 applications to rely heavily on metaverse technology and experiences. In this case, Bitcoin serves as an example.

Final Thoughts

An improved search engine, more personal browsing options, and other decentralized features are all expected to be part of the new internet's promise to create a fairer and equal online environment. Individual users will be empowered, and their data will become more valuable as a result of the myriad of innovations that will be implemented once this system is in place.

It's hard to imagine how much more integrated the internet will become in our daily lives when Web 3.0 arrives, given how much smart devices have already changed our habits.