Web 3.0 — The Next Internet Revolution

With metaverse gaining popularity recently, Web 3.0 — is the new buzzword taking over the Internet world. Also known as the decentralized web, Web 3.0 is the third version of the Internet, which is an improvement over the current Web 2.0 Internet. Web 3.0 focuses on using a machine-based understanding of data to provide a data-driven and Semantic Web. The ultimate goal of Web 3.0 is to create more intelligent, connected and open websites.

Under Web 2.0, Internet has become more social. Under this stage, Internet users have been encouraged to connect with each other through social networking services and blogs, which has been leading to the creation of massive volumes of data and content.

The current internet employs a “stateless” model where power is concentrated on the powerful. We do not control our data which issues concerns of privacy, security, and transparency. The internet we are endowed with today, that is Web 2.0, runs on the idea that most data is centrally stored and managed on the servers of trusted institutions.

Furthermore, social media sites have implemented stricter norms for which types of content or posts will be accepted on their platforms. This has created controversy over free speech while every single interaction results in copying our data to the server of an ISP.

The upside motive of Web 3.0 is that it is anticipated to help overcome this problem as it is expected to be a decentralized version of the Internet where people have control over their data. The third version of the internet will be more intelligent, connected, open and transparent while power is distributed and in the hands of everyone who partakes in it.

Additionally, Web 3.0 is believed to be more user-specific, which will ensure data security and privacy while avoiding the risk of Internet hacking.

Blockchain Technology Behind Web 3.0

Web 3.0 is being built on blockchain technology. In Layman’s language, Blockchain is a specific type of database different from a typical database in the way it stores information. It stores data in blocks that are chained together.

Blockchain renders decentralization in the sense that no single party has control — rather all users collectively retain control hence making blockchain an electronic distributed ledger. Distributed ledgers provide a digital record (such as asset ownership) that is maintained without a central authority. It is relatively faster in closing a transaction as the need for manual processing and authentication by intermediaries is eliminated as it deploys a distributed consensus.

Moreover, as blockchain uses distributed consensus, it isn’t easy to alter data on the system without alerting the entire network. For example for you to remove a block or alter a transaction, you must have more than 51% votes in the network. This makes the system extremely secure. It should be noted that blockchain is the technology behind many major cryptocurrencies and also non-fungible tokens (“NFTs”).

Therefore, based on blockchain technology, Web 3.0 holds the potential to revolutionize the Internet world. The concept promises to provide peer-to-peer internet services with no single authority, thereby offering users to have more control over their data.

Defining Features of Web 3.0

Now that you have an idea of what Web 3.0 is, it’s good to note that it does have a few defining features:

1. Decentralization — In Web 3.0, the data generated by disparate and increasingly powerful computing resources, including mobile phones, desktops, appliances, vehicles, and sensors, will be sold by users through decentralized data networks, ensuring that users retain ownership control. With Web 2.0, we have seen computers use HTTP in the form of unique web addresses to find information, which is stored at a fixed location, generally on a single server. In Web 3.0, because information would be found based on its content, it could be stored in multiple locations simultaneously and hence be decentralized. This would break down the massive databases currently held by Internet giants like Facebook (now Meta) and Google, and would hand greater control to users.
2. Trustless and permissionless — In addition to Web 3.0 being decentralized and based upon open source software, it will also be trustless (i.e., the network will allow participants to interact directly without going through a trusted intermediary) and permissionless (meaning that anyone can participate without authorization from a governing body). As a result, Web 3.0 applications will run on blockchains or decentralized peer-to-peer networks, or a combination thereof — such decentralized apps are referred to as dApps.
3. Connectivity and ubiquity — With Web 3.0, information and content are more connected and ubiquitous, accessed by multiple applications and with an increasing number of everyday devices connected to the web — an example being the Internet of Things.
4. Artificial intelligence (AI) and machine learning —In Web 3.0, computers will be able to understand information similarly to humans, through technologies based upon Semantic Web concepts and natural language processing. Web 3.0 will also use machine learning, which is a branch of artificial intelligence (AI) that uses data and algorithms to imitate how humans learn, gradually improving its accuracy. These capabilities will enable computers to produce faster and more relevant results in a host of areas like drug development and new materials, as opposed to merely targeted advertising that forms the bulk of current efforts.

Ride With The Web 3.0 Trend?

Web 2.0 has made several billionaires including Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos and Twitter’s Jack Patrick Dorsey. Also, the success of Web 2.0 companies has provided investors the opportunity to make significant money through equity investment.

However, if you missed the Web 2.0 takeoff, Web 3.0 could be a chance to make up for it. Currently, the companies that are running their businesses on the Web 3.0 model are mostly private startups. These companies are working on developing financial systems (eg. Benkiko Wallet and Flutterwave in Africa) and social media platforms. Some companies are developing payment platforms while there are those that are building games on 3.0 business models.

CONCLUSION

It must however be noted that Web 3.0 is a very enfolding concept that is set to develop rapidly at an alarming rate over the years. Most concepts today are stipulated and a lot of things are set to change. As such, if you want to enter into the blockchain, you have to be hardwired to reinvent yourself in order to stay relevant.

Here are a set of great books to help you get started with blockchain and smart contract development.

1. The Infinite Machine How an Army of Crypto-hackers Is Building the Next Internet with Ethereum by Camila Russo
2. The Spatial Web How Web 3.0 Will Connect Humans, Machines and AI to Transform the World by Gabriel René Dan Mapes
3. How to Defi by CoinGecko Lau, Darren Lau, Daryl Teh, Sze Jin Kho, Kristian Azmi, Erina Lee, TM Ong, Bobby