Every technology evolves, and this is due to the fact that we are consistently aiming to push the limits and innovate in the technology we already have.
When the internet was first introduced, it revolutionized the way we perceive content and how we communicate with one another.
In fact, just imagine going one day without an internet connection; it will likely be a lot more difficult to get most things done.
From eCommerce to blog content and, even lately, blockchain technology, the web has empowered all of us to innovate and has ultimately simplified the way we do things daily.
However, the web is about to experience another evolution in the form of Web3.0. Let’s dive in.
What is Web 3.0?
Web3.0 is essentially a term used to describe the prediction of what the internet will look like, which is directly based on educated estimations.
The main goal of this version of the web is to essentially increase compatibility between online applications and decentralize the content that is user-generated, alongside adding tokenization, all of which is powered by Web 3.0 Blockchain Technology.
Web 1.0 was static, while Web 2.0 was reliant on huge tech companies to develop, host, and manage the applications we use in order for them to function.
Web3, however, is aimed at operating through a decentralized platform and is reliant on technologies such as artificial intelligence, machine learning, semantic web, and blockchain in order to achieve a much higher level of transparency as well as efficiency. Web 3.0 Technology will ultimately shift the way we use the internet.
Web 3.0 & Cryptocurrency
Web3.0 is compared to cryptocurrencies due to the fact that it utilizes them in numerous ways and shares similar characteristics.
A decentralized web is essentially this system of interconnected computers, all of which are spread out across the globe. Each one of them is privately owned and is independent of others.
All of them, however, do work together and share the main goal of enabling private, secure, and censorship-resistant access to information and services.
This is how blockchain networks work, where miners, stakers, or nodes, in general, utilize their computing power or cryptocurrencies as a means of verifying the transactions within the network.
This results in no central authority required to control or host the service.
Decentralized web protocols also utilize specific links that can identify information which is based on the content.
Web3 can be seen as a decentralized version of the internet, and the concept of ownership in Web3 is made possible due to the underlying usage of cryptocurrencies and the blockchain.
Features Of Web 3.0
There are numerous key features that help Web3.0 differentiate itself from other versions of the web, and these are some of the most notable differences.
Artificial Intelligence (AI) and Machine Learning (ML)
A key aspect of Web3.0 has to do with Natural Language Processing (NLP) technology, which helps computers understand, interpret, as well as manipulate human language.
What this essentially means is that within the next version of the web, computers will be more human-like and aim to understand the data that is provided to them in a better way, which will, as a result, provide us with a more accurate as well as quick solution to any issue.
Another key feature of Web3.0 is its decentralization. In other words, currently, almost every single social media platform or service we use is controlled and maintained by a central authority.
Every time you upload a video to YouTube, it goes to their servers, and every time you change your profile picture on Instagram, it’s uploaded to their servers.
Computers also use the HTTP protocol to identify as well as find information that is typically stored on a centralized, single server at a specific location.
However, in Web3.0, this information will be held in a variety of different locations simultaneously instead of just at a single location, which means that there will be no center for data storage. This way, single authorities will not have control over user data.
Most social media platforms or payment solutions at the moment are controlled by a central authority, which is the intermediary that we need to go through each time we do something online.
By leveraging blockchain technology, we can exchange and view data from one another without a need for this intermediator. This means that our data is far less vulnerable to data breaches and manipulation of information.
A single server failure will not restrict access to our data
Due to the fact that there is a lack of a centralized server, the risk surrounding server failure is as low as possible.
For example, if a data center goes offline, potentially burns or crashes, and so on, we risk losing all of our data.
However, due to the fact that in Web3.0, the data is stored across a decentralized network, we would always be able to access it, and the privacy rights would remain our own instead of to the companies and corporations that initially own the servers.
Control of Our Personal Data
Currently, whenever you create an account at one of the major social media networks out there, you are essentially giving them, in a way, the right to sell your data to advertisers.
Web 3.0 & Social Media
While they have indeed revolutionized the way users interact with one another online and have introduced features, they are fundamentally flawed due to the fact that they are centralized and, as such, can control and censor the content, go offline due to network issues, and decide who gets to be on top of the platform and who does not.
Web3 Google Trends data from The Past 12 Months. Source: Google Trends
Crypto social media platforms built on top of Web3.0 will function much differently, mainly due to the fact that they will essentially protect user privacy and enhance data security, and they typically feature cryptocurrencies as well as non-fungible tokens (NFTs) that create new ways through which users can monetize their content.
The Social Graph is a model that gets used across numerous centralized as well as decentralized social media platforms, and this is due to the fact that it is used as a model that maps everyone on a platform and establishes how they are related.
They can, as a result of this, communicate with one another by leveraging the front end of the platform, which is what they can see and interact with. You can learn more about decentralized social media on Blockify.
However, most traditional social media platforms are typically self-contained and hosted on the server of the corporation that made them.
Decentralized social media platforms exist on top of a blockchain network and utilize the decentralized ledger to allow anyone, from anywhere, at any point in time to operate a node and access the back end of the network.
This provides the platforms with increased security, increased user control, far more monetization possibilities, far less downtime, and no censorship or control from any middlemen or companies that would otherwise be on the platform.
Even today, there are numerous decentralized alternative social media platforms to the most popular ones out there. Web 3.0 marketing has changed as a result as-well.
All of this enables smoother Web 3.0 advertising with user-privacy in mind.
Minds is a Facebook alternative, BitClout is an alternative to Twitter, and D.Tube is an alternative to YouTube.
All of these are decentralized examples and have laid down the foundation of what is to come in the future with Web3.0 and social media.
Image Source: D.tube
Applications For Web 3.0 Crypto
Elements of decentralization, as well as Web 3.0, can be useful across a huge spectrum, which in turn enables new unique applications to be created. Some of the most notable ones are described here.
Decentralized Finance (DeFi) and Web 3.0 Applications
Decentralized Finance (DeFi) is essentially the most popular example of how Web3 is utilized within applications, as smart contracts get created as a means of enabling an alternative financial system that has everything a user would need, from trading, lending, borrowing, and derivatives, all without needing to link or create a bank account.
Decentralized Autonomous Organizations (DAOs)
Decentralized Autonomous Organizations (DAOs) are types of applications that enable an alternative way through which people can be organized and work together, as they rely on code to create the structure for the cooperation procedure.
Non-Fungible Tokens (NFTs)
Non-Fungible Tokens (NFTs) represent anything digital, such as a drawing, music, or anything else, in a version that has been tokenized and minted on top of a blockchain network. They are unique in the sense that they cannot be replicated, substituted, or subdivided. They are permanently recorded on top of the blockchain, and the owner and original creator can always be traced.
GameFi represents games developed to enable players to essentially earn while they initiate the various activities in the game through the Play-to-Earn (P2E) model, where they can receive tokens or NFTs throughout their adventures.
Metaverse & Web 3.0
Metaverses aim to essentially replicate our real world within the virtual world and improve on top of it, where they create unique experiences as well as similar opportunities. A cryptocurrency wallet is the Web 3.0 equivalent passport which will hold the assets, identities, and experiences that the users have. They can essentially work in these virtual worlds, travel, get virtual clothing, and so on.