Cryptocurrencies, NFTs and the Metaverse are all dependent on the Internet and all customers and NFT owners or Metaverse members need the Internet connection to participate in the digital world. However, these digital worlds require certain characteristics, for example decentralization, to run based on the Internet. As the result, developers find it essential to upgrade the web to a version that can satisfy all the needs of the cryptocurrency world and the NFT world. So, Web 3.0 (Web 3) was introduced. Here, our team provides a comprehensive guide on Web 3 and its applications to the digital world.
What is Web3?
Web 3, also known as Semantic Web or read-write-execute, is developed to further satisfy Internet users. It makes use of Artificial Intelligence (AI) and Machine Learning (ML) to analyze the data similar to the human brain, which aids the generation and distribution of the content required in specific.
Web 3.0 is the possible future version of the Internet-based on public blockchains. It is a record-keeping system that is best known for facilitating cryptocurrency transactions. Web 3.0 is unique because it is decentralized which means that rather than consumers accessing the Internet through services mediated by companies like Google, Apple or Facebook, individuals, themselves, own and govern sections of the internet.
Web 3.0 does not require permission which means that access to the services by the customers is not governed by central authorities. Further, it does not require trust so that an intermediary or a third party is not required for virtual transactions to occur between two or more parties. As Web 3 provides a strong data recording system, Web 3.0 technically provides better protection for its users.
One of the most distinguishing components of Web 3 is Decentralized finance, often known as DeFi. DeFi makes it possible to execute real-world financial transactions on the blockchain without the help of banks or the government. This has attracted many major corporations and venture capital firms to invest in Web 3.0 and, as the result, make Web 3 grow faster.
Another important concept in Web 3 is the Decentralized Autonomous Organization (DAO) which describes a group, company or collective bound by the rules of a blockchain. According to the definition of decentralization, members or shareholders can vote to make changes in the organization. Also, DAO eliminates the need for a middle man to run an organization, so it saves both time and energy.
Follow @nftnewspro Follow @nftnewsproWeb 3.0 vs Web 2.0
The first generation of the web, or Web 1.0, was invented and defined by Tim Berners-Lee in 1989. It provided basic access and connectivity to static websites. In 2004, Tim O’Reilly created Web 2.0 which refers to websites and applications that utilize user-generated content for end-users. Many websites are using Web 2.0, chiefly focusing on user interactivity and collaboration. Web 2.0 also focuses on providing more universal network connectivity and communication channels.
However, Web 3.0 is more focused on the use of technologies like machine learning and Artificial Intelligent (AI) to provide relevant content for each user rather than the content other end users have already provided. Web 2.0 essentially enables users to contribute and sometimes collaborate on-site content, while Web 3.0 turns these jobs over to the semantic web and AI technologies. Web 3.0 is also strongly focused on decentralized services and authority, which is a marked contrast to the centralization of Web 2.0.
What are Web 3 properties?
Web 3.0 is slowly replacing Web 2.0 while the general public is unnoticed by the move. Web 3.0 applications have the same look and feel as 2.0 applications, but the back-end is fundamentally different. It is ensured that the differences made by Web 3.0 lead to universal applications that can be read and utilized by a wide range of devices and software to make our commercial and leisure activities more convenient.
The rise of technologies such as distributed ledgers and blockchain storage as well as data decentralization and the establishment of a transparent and secure environment have made it possible to solve the problems with Web 2.0, including centralization, surveillance and exploitative advertising. All these features are already provided in WEB 3.0. Web 3.0 includes four important properties to better comprehend its complexities and subtleties. [1]
Semantic web
The “semantic web” is a crucial component of Web 3.0. The is coined to describe a web of data that machines can analyze. Simply saying, semantics is concerned with the meaning or emotion expressed by facts. Web 3.0’s two cornerstones are the semantic web and artificial intelligence. The semantic web will aid in teaching the computer what the data means, allowing AI to develop real-world use cases that can make better use of the data.
The whole process requires building a knowledge spiderweb throughout the internet that will aid in understanding the meaning of words and generating, sharing and connecting content through search and analysis. Web 3.0 makes use of semantic metadata to facilitate more data communication. Therefore, the users experience a new level of connectivity that takes advantage of all accessible data.
3D graphics
Web 3.0 evolves from a simple two-dimensional web to a more realistic three-dimensional cyber world. Web 3.0 websites and services, such as e-commerce, online games and the real estate market, make considerable use of three-dimensional design which will transform the future of the Internet.
Artificial Intelligence
Artificial Intelligence allows websites to filter and offer the best concept to users. In Web 2.0, organizations are dependent on customer feedback to better understand the quality of a product, asset or service. Such a system is vulnerable to false data that customers may provide. This may mislead both system and users. Web 3.0 plans to provide more reliable services using AI. Artificial intelligence can learn to distinguish between good and bad data, and provide us with dependable information.
Ubiquitous
Ubiquitous refers to the concept of existing or being present in multiple places simultaneously, i.e., omnipresence. This feature is already available both in Web 2.0, for smartphones, and in Web 3.0, however the Web 3.0 experience will be accessible everywhere, at any time. For example, consider social media platforms such as Instagram, where users take photos with their phones and then post and distribute them online, where they become their intellectual property. Once posted, the image becomes ubiquitous or available everywhere. Since most things around us are connected online (Internet of Things), Web 3.0 might be dubbed the web of everything and everywhere.
How does Web3 work?
Hypertext Markup Language (HTML) is already used to define the layout and delivery of webpages in Web 1.0 and Web 2.0 technologies. HTML is a foundational layer of Web 3.0, however its connection to data sources and where those data sources reside is somewhat different than the previous generations of the web.
It is already known that websites and nearly all applications in Web 2.0 rely on centralized database to deliver data and enable functionality. Though, Web 3.0 applications and services make use of a decentralized blockchain. The blockchain system is different in that it uses a form of distributed consensus rather the arbitrary central authority.
A decentralized autonomous organization (DAO) is an emerging governance ideal within the blockchain and Web 3.0 community. Web 3.0 technologies and communities use DAO to provide a form of self-governance in an attempted decentralized approach.
Besides, Web 3.0 also fundamentally works more with cryptocurrency than with fiat currency. Since cryptocurrencies are all built and enabled on top of blockchain technology, finance and the ability to pay for goods and services with a decentralized form of payment are enabled across Web 3.0.
It is also worth noting that due to the massive growth of the web over the decades Web 3.0 is built with IPv6 addressing space, which makes it possible to access more internet addresses compared to Web 1.0 and Web 2.0, which use the IPv4 addressing space.
Follow @nftnewspro Follow @nftnewsproWhat are Web 3.0 applications?
As we already discussed, Web 3.0 makes use of blockchain at its foundation, which enables a growing number of different types of new applications and services to existing, including the following:
NFT
Non-fungible tokens (NFTs) are digital assets that are stored in a blockchain with a cryptographic hash, making the token unit unique.
DeFi
Decentralized finance (DeFi) is an emerging use case for Web 3.0 where decentralized blockchain is used as the basis for enabling financial services, with no traditional centralized banking infrastructure required.
Cryptocurrency
Cryptocurrencies, like Bitcoin, are Web 3.0 applications that create a new world of currency. It is separate from the historical world of fiat currency and, therefore, decentralized.
dApp
Decentralized applications (dApps) are applications that use blockchain technology and smart contracts to enable service delivery in a programmatic approach that is logged in an immutable ledger.
Cross-chain bridges
There are multiple blockchains in the Web 3.0 world, and cross-chain bridges make it possible to have a degree of interoperability across them.
DAOs
DAOs are set to potentially become the organizing entities for Web 3.0 services, providing some structure and governance in a decentralized approach.
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