WEB 3.0

Web 3.0 is the upcoming third Internet generation. Websites and applications will be able to process information "smartly" in a human-like manner, through technologies such as machine learning and the decentralized ledger.  Web 3.0 was originally called the semantic web.

10 Years of Web Evolution

The Web 1.0 inventor was Tim Berners-Lee, and his goal was a more autonomous, intelligent, and open Internet. The transition from the original Web 1.0 to Web 2.0 took over 10 years. While it is not guaranteed that a massive transformation will rapidly occur along that same timespan, it is certain to take at least that same amount of time to fully implement and transform the web into Web 3.0. Web 1.0 is more of a static information provider where people read web pages but rarely interact with them. Web 2.0 is an interactive and social web, enabling collaboration between users. It can be assumed that Web 3.0 will change both how websites are created and how people interact with them.

Webs comparison

Web 3.0 and the crypto world

Since Web 3.0 will operate through decentralized protocols (which is the basis of blockchain technology and cryptocurrencies), we can expect strong connections between these technologies and other fields. They will be interoperable, seamlessly integrated, and automated through smart contracts. They will broker everything from micro-transactions to P2P data storage. Current DeFi protocol integrations are just the beginning.

Key Web 3.0 applications

With blockchain at its core, Web 3.0 will enable the expansion of many new applications and services:

• NFT: Non-fungible tokens are unique and kept on the blockchain.
• DeFi: Decentralized blockchain technology is used as the decentralized finance basis, a new Web 3.0 use case. This enables the financial services provision beyond the centralized banking infrastructure limitations.
• Cryptocurrencies: A new money universe is emerging that seeks to differentiate itself from the traditional world of fiat currencies through Web 3.0 applications.
• dApps: Decentralized applications are programs logged in an immutable ledger. They are built on the blockchain and use smart contracts to facilitate service delivery.
• Cross-chain: There are many blockchains within Web 3.0. Cross-chain technologies provide a kind of connection between them.
• DAO: A Decentralized Autonomous Organization is ready to potentially take over the role of Web 3.0 governing bodies and offer some structure and decentralized governance.

PROs

• Decentralized
• Not censorable
• Linked to blockchain

CONs

• Data sharing
• High hardware requirements
• More challenging for beginners

Conclusion

The new Internet will provide a more personal and customizable browsing experience, a smarter and more human search assistant, and other decentralized benefits. They will hopefully help create a fairer web by putting responsibility in the individual users’ hands. Users will be able to take control of their data and create a better experience thanks to the many innovations of the blockchain and its dApps.