What is Web 3.0 and how it works?
What is Web 3.0?
Web 3.0 is the latest version of the internet which is renowned for decentralized and serverless services. It allows users to control their own data, destiny, and identity. Using cryptographic methods and decentralized protocols. Along with this, it delivers a stable and resilient ecosystem for online communication.
Unlike Web 2.0, Web 3.0 doesn’t make the use of HTTP based unique web addresses to find information. Now, the information can be found on the basis of content, and stored in multiple locations simultaneously. Decentralized database of Web 3.0 breaks down the massive databases held by key internet players such as Google.
Web 3.0 also known as semantic web that implies the web’s future of read-write-execute. In this era, AI and ML enable computerized machines to aid distribution of valuable content for meeting user specific needs. It is now rare to create and deploy applications on a single cloud or database. Instead, applications are built on decentralized networks or blockchain and known as DApps. Such applications promise to deliver the highest quality services across a secure and stable decentralized network.
What does decentralization mean?
‘Decentralization’ is a term used where no permission is needed for a central authority to post anything on the web. Moreover, there is no central controlling node to ensure freedom from indiscriminate surveillance. It allows the users to ensure that they retain ownership control for their computing devices such as desktops, mobile phones, vehicles, wearables etc. Meanwhile, it leads to permissionless
Elements of Web 3.0
The third generation of the internet focuses on analyzing data to deliver semantic web and create more intelligent web solutions. To incorporate this focus of the internet, Web 3.0 is composed of a number of elements. Some of them are discussed as below:
Web 3.0 has conceived cryptocurrencies to introduce the current economic model. Through, they are being introduced at a slow pace but become predominant currency. Meanwhile, smart contracts will be used to execute predetermined terms and conditions during P2P crypto transactions. They can automate the execution of an agreement so that participants can immediately get the outcome without any inclusion of intermediaries.
DeFi is known as Decentralized Finance. Basically, it is also a component of Web 3.0 to execute financial transactions on blockchain without interruption of any banking firm. It is an emerging financial technology based on distributed ledgers, used by cryptocurrencies. Meanwhile, it eliminates intermediary costs for using services, holds user money in a secure digital wallet instead of a bank, and transfers funds in seconds without any approval needed.
Metaverse is composed of multiple technologies to create an immersive world. It includes AR, VR, MR, smart glasses etc. to create an unimaginable simulated experience for the users where they can touch and feel the things virtually. It opens doors for industry players to attract buyers in a highly creative and competitive manner with a gain of high profit margins. Metaverse’s web 3.0 engine will power goods and services in the coming days.
In Web 3.0, Artificial intelligence (AI) is the process in which the internet replicates human access to information and enables faster processing of information. Meanwhile, Web 3.0 leverages AI and ML along with blockchain to achieve real-world human communication and allows individuals to own their data on the web.
Web 3.0 focuses on democracy by utilizing the best of the emerging technologies. It is a vision for next phase internet development and imagines a decentralized ecosystem. Its decentralized nature promises to advance the privileges of people by giving them more decisions over how they associate on the web.