It is impossible to predict how future technology will ultimately develop. Regarding the characteristics that characterize Web 3.0, the vast majority of authorities on the Internet agree. They think that consumers will have experiences that are both more fulfilling and relevant due to Web 3.0. In this paper, you will discover all there is to know about the fundamentals to the most advanced aspects of web3, including how it works and how it will revolutionize the whole social media landscape.
Before we discuss how web3 is going to revolutionize the whole internet, we need to agree that centralization has brought in a lot of people to the WWW (World Wide Web) by creating a widely balanced infrastructure for living. In the same manner, a couple of centralized companies have taken hold of the World Wide Web so firmly that they dictate the terms when it comes to deciding what should happen and what should not happen on the internet. Of course, this monopoly is a dilemma, and this problem is what Web3 technology has come to solve.
In this article, we will get to know what Web3 is all about, why it will change the World Wide Web narrative, what it is made of, how it works, and how it will better our lives in general. Do you want to find out how to take back your WWW power from the hands of centralized corporations like Google and Facebook who rule the internet? Then keep reading.
Web3 Technology is a simple term that can be defined in two different ways. The first quick and simple definition is an internet built with integrations of blockchain technology. Similarly, it is the internet with NFT and cryptocurrency integrations on different platforms the internet users use.
A more direct way of thinking about blockchain technology is the internet which belongs to the users. This singular description is the desire of those who are cryptocurrency enthusiasts. They believe that blockchain integration will introduce an era of egalitarianism for internet users.
The control and ownership of today’s internet are in the hands of a few major organizations like Google (the chief), Amazon, and Facebook. This kind of control causes e-feudalism. The users of the internet struggle to use the properties that these giant companies own. To fix these, crypto enthusiasts believe that Web3 is the solution. The web3 decentralized character will take out these giant corporations as middlemen.
Furthermore, the internet of today does not empower users to make payments. The co-founder of Ethereum Gavin Wood commented on a blog post written in 2018. Here is what he said, “You are not empowered to make payments per se. In reality, you must contact your financial institution to do it on your behalf. You are not trusted to do something as innocuous as paying your water bill. You are treated like a child appealing to a parent.”
Now, compare this method of payment with the payment method that Web3 will bring. The means of payment in the Web3 age will be cryptocurrencies. Users of Web3 crypto can transfer and receive money to and from different wallets using a protocol (open source). There will be no need to contact traditional financial institutions before making payment transactions.
When Web3 enthusiasts refer to the decentralization technology, they are talking about control; taking the power of control from these giant tech companies and giving it to the plenty of users that are on the internet.
Web 3.0 is decentralized, runs on machine learning and artificial intelligence, and uses blockchain technology. The result is real communication between people. Users keep ownership of their data and content, and they can sell or trade it without giving up control, risking their privacy, or relying on mediators. In this business model, people can log into a website without tracking their online identities.
Digitizing assets through tokenization is part of what makes Web 3.0 new. Tokenization turns assets and rights into digital representations or tokens that can be stored on a blockchain network. Cryptocurrency and fungible tokens are types of digital money that can be easily traded across networks. This has led to a new business model that makes finance and business accessible to everyone.
In the modern version of Web history, the third generation of the Internet is firmly established. As we move from decentralized protocols (Web 1.0) to centralized, monopolistic platforms (Web 2.0), Web 3.0 will bring in a new era of decentralized blockchain-based architectures.
With Web 3.0 as the main story, a small number of powerful Web 2.0 companies will lose their hold on power and give it back to the people. Today, tech giants control most of the platforms. In Web3, however, users will own a part of the platforms and applications.
In the early days of Web 1.0, most of the content on the Internet was on static web pages that people would visit, read, and interact with. It talks about the first “iteration” of something that later became a platform with many different uses. Information moves from the site to the user on the web that can only be read. There were no social media, and there were no algorithms or ads.
When describing web 2.0, there are a few things to remember. The phrase refers to Internet programs that let people talk to each other, work together, and express themselves online. It’s a better version of the first global Web, which was marked by the change from static to user-generated or “dynamic” content and the rise of social media.
The Web 2.0 paradigm is made up of things like rich web apps, web-oriented architecture, and the social Web. It means that there are changes in how web pages are made and how people use them, but there are no changes in how they work.
“Web 2.0 is the business revolution in the computer industry caused by the move to the internet as a platform and any attempt to understand the rules for success on this new platform.”
Web1 talks about the early evolutionary stage of the WWW (World Wide Web). When Web1 came into the scene, it had just a few companies and individuals creating its content. At this time, there were many users of the internet, although not as many as we have today. So, web1 had many consumers and few creators.
The most common web pages then were personal web pages. These web pages consisted of more stationary pages, and their hosting was either on an ISP-run website or free website servers.
Advertisement on websites was not allowed in the web1 internet technology. Web1 is a CDN (Content Delivery Network) that allows a few people to showcase information on websites. These companies and a few users can use web1 as a personal website. The web cost for a user is based on the number of pages the user views.
In addition, Web1 has directories for information retrieval and users have access to these directories. Web1 existed from 1991 to around 2004.
Mentioned below are the four design components of a typical web1 site.
The term web2 became very popular in 2004 because of the web2.0 conference held then. The conference was later called the web2.0 summit. The organizers of the summit were Dale Dougherty and Tim O’Reilly. Web2 unlike Web1 highlighted content generated by users, interoperability, and usability for users. Another name for Web2 is the ‘participative social web’.
The focus of Web 2 is not technically modification and specification but on the usage and design of the web pages. The web2 technology brought about interactions between users in a dialogue like social media. It puts all the users creating content in a community virtually. Web2 is an improvement of web1 technology.
Web developers built web 2 with web browser technologies JavaScript and AJAX frameworks. These frameworks are popular methods of creating web 2 websites.
The four main features of the Web 2 technology are:
The web2 technology has some online platforms and tools that allow people to exchange thoughts, ideologies, and experiences. The applications and the platforms on the web 2 technology have more interactions with the web2 end users. The end users are participants and now owners of the Web2 tools that are mentioned below.
Web3 technology talks about web interaction and utilization evolution. This evolution includes Web alteration to a database using blockchain technology. Blockchain technology is a Distributed Ledger Technology that users and developers in the Web3 internet use to code Smart Contracts depending on individual needs. This Distributed Ledger Technology allows end-users to upgrade the web back end.
For web2, it was not done this way. The users can only upgrade the web front end. Web 3 is a term for describing the various web usage and interaction evolutions. In this evolution, data on the Web is shared, not owned.
The Semantic Web3 companies want to build the world’s information using a method better than what Google has ever had with its current search engine. Web3 companies want to achieve this using a machine conception perspective instead of the human understanding concept that centralized or Web2 companies use.
With Web 3, machines can use ontological languages to consider information and draw out new outcomes and conclusions. This method is unlike what we have with the web2 which uses keywords to match information and churn out conclusions.
| Web1.0 | Web2.0 | Web3.0 |
| Majorly Read-Only | Widely read and Write | Personal and Portable |
| Focuses on company | Focuses on community | Focuses on individuals |
| Mostly homepages | Wikis/Blogs | Waves and Live-streams |
| Few users own content | Users own the content | Users consolidate content |
| Web Forms | Website platforms and applications | Smart contracts applications |
| Web1 uses directories | Web2 uses Tagging | Web3 is developed on user behavior |
| Cost is based on the number of viewed pages | Cost is per click | Cost is based on the engagements of users |
| Advertising is by the use of banners | Advertising is through interactions | Advertising is based on the users’ behavior |
| Britannica Online | Web2 info is based on Wikipedia | Web3 is based on the Semantic Web |
| Portals/HTML | RSS/XML | RDF/OWL/RDFS |
| There was no focus on data | Data is centrally controlled | Data control is decentralized |
Web3 means a decentralized internet that runs on artificial intelligence and machine learning. Web3 uses blockchain technology to its advantage. The effect of leverage is communication with humans in the real world. In the web3 internet, users control their content and data.
Furthermore, users can sell their data without losing control of their data and putting their privacy at risk. Also, they will not have to rely on middlemen to trade information and data with other users. With Web3 technology, people can get into a website and their data will still remain private. Central authorities cannot track the data of users on the web3 internet.
One major push for innovation in Web3 technology is asset digitization through tokenization. Tokenization uses digital tokens on the blockchain network to represent rights and assets. Examples of digital assets that users can exchange across networks are NFTs (Non-Fungible Tokens) and cryptocurrencies. These tokens are Web3 cryptos (Digital Currencies) powering the virtual world called the Metaverse.
These Web3 cryptos are changing the traditional business models and eCommerce of Web2 technology. NFTs (Non-Fungible Tokens) are data units representing special assets like avatars, trading cards, and digital arts. Users in the web3 crypto own these assets and can trade them for profits.
John Markoff coined the name Web3 in 2006. He used the name to refer to a recent World Wide Web evolution with unique practices and innovations. Web3 has eight features:
The Semantic Web is the next web evolution. The semantic web gives users of the internet to create, connect, and share content using analysis and search. They search by using their knowledge of the meaning of words instead of numbers or keywords.
Artificial intelligence refers to a computer using semantic capabilities and its natural language of processing to understand information like a human. This human understanding will make the computers generate information that is very useful and relevant. Computers with artificial intelligence will satisfy their users more.
The websites that use this feature more are games, geospatial, museum guides, and e-commerce websites. Web3 will use this feature extensively for more websites that are not even in these classes.
Semantic metadata will be more connected to information on the Web3 internet. This connectivity will give a new level of user experience that will grow into a connectivity level that will use every piece of information at its disposal.
The Web3 internet will allow users to access it anywhere they are through multiple devices. They can use different devices to connect and share their data from anywhere. Unlike web2, web3 will go beyond accessing data through computers and smartphones only. Although Web2 is ubiquitous, web3 will bring in a new level of IoT devices.
Web3 will integrate blockchain technology causing encryption and protection of user data. This feature will prevent major Web2 corporations from controlling the data of their users and selling them to make money.
A peer-to-peer interconnection is the data storage point of decentralization. The users in the decentralized Web3 internet will have control and be responsible for their data security. They can log in unnoticed to view their data and digital assets when they want.
The backbone of Web3 is edge computing advancement. Here, devices using the network edge like phones, laptops, smart cars, sensors, and appliances will process applications and data as quickly as possible.
Having seen Web3, what it means, and its features, it is time to know how this cutting-edge technology will work. The background of Web3 is blockchain technology and integration. The reason for the blockchain technology integration is that Web3 will be a decentralized internet.
Since Web3 uses blockchain technology, we should learn how blockchain technology works. In a very simple definition, the blockchain refers to information in blocks linked by a chain. The unique feature of this technology is the immutability of data: once a user enters data on the blockchain network, it cannot be deleted, hacked, or changed. Once a new digital block of information is created, the system links it to an already existing filled block. The process continues, forming different blocks linked by a chain.
Blockchain is a record of digital information whose details cannot be altered, it can only be distributed. Hence, there is no central system in the blockchain network, and this feature makes user data private and secure.
The decentralization feature of blockchain technology will be the driving force for Web3. The Web3 internet will be Web2 with the integration of IoT (Internet of Things), ML (Machine Language), and AI (Artificial Intelligence) using blockchain technology. Web3 will aim to give users different yet unique experiences.
Third-generation internet technology, or Web 3.0, will enable device-to-device communication. Employing a mediator before interacting with a device is no longer necessary. Information retrieval was the primary function of the previous two generations of the Internet, while content creation and modification will be the primary functions of Web 3.0. By 2022, there may be as many as 50 billion gadgets online, according to some predictions. Information from these gadgets is also saved locally, which is where Web 3.0 comes in. In Web 3.0, we will be able to do business directly with one another without the need for a middleman, in addition to creating and manipulating data on our own devices. This implies that we can eliminate the middleman in digital transactions, giving us full control over our data and the digital goods we create.
Below is a list of Web3 tools:
Furthermore, Blockchains, smart contracts, oracles, crypto wallets, storage networks, and more power the Web3 paradigm. Below, we discuss Web3’s tiers and components.
A blockchain is a secure, decentralized network that stores data, exchanges value, and records transactions in a shared ledger. Blockchain networks are Web3’s backbone, offering safe execution environments for cryptocurrencies and programmable smart contracts. Web3’s settlement layer uses blockchains.
Cryptocurrencies use decentralized, tamper-proof blockchain networks to conduct safe transactions. They may be used to pay for Web3 services and participate in Web3 governance.
Before blockchain, tokens could be acquired and traded for particular items and services, such as highway tolls or amusement park rides and games. In previous implementations, tokens enabled users to prepay for future services and simplified transactions requiring precise change.
Tokens in Web3 applications are digital, programmable units of value granted to Web3 content providers. Web3 tokens may be invested in a protocol, project, or blockchain. It may be useful for that project or protocol, like paying for or insuring a service. It might also lead to protocol or project governance engagement.
Smart contracts are tamper-proof blockchain applications that automate transactions using logic like “if x is true, then do y.” Programmable smart contracts allow decentralized apps, or dApps, the crypto-economic protocols that deliver Web3 to consumers.
dApps are distinct from Web 2.0 apps and Web 1.0 static HTML pages since decentralized blockchain networks power them. These decentralized programs may develop complicated, automated systems like peer-to-peer financial services (DeFi), data-driven insurance products, and play-to-earn online games.
Smart contracts must access data and systems beyond blockchain networks to reach their full potential. Oracles link blockchains to real-world data and current systems, providing a uniform, interoperable Web3 environment.
Chainlink oracle networks allow safe off-chain calculations such as verified randomness and decentralized execution to enable dynamic NFTs and highly automated dApps. Oracle networks will allow the fast-growing ecosystem of blockchains and layer-2 scaling solutions to connect securely through the Cross-Chain Interoperability Protocol (CCIP).
Oracles provide off-chain data and services to support smart contract innovation and cross-chain interoperability to assure smooth on-chain connection. Chainlink’s oracle technology is an abstraction layer for conventional systems to interface with private or public blockchains. Oracles add decentralized computing and cryptographic assurances to current systems, connecting Web 2.0 and Web3.
Here are some major applications developed by Web3 companies.
Here is the broader classification of Web3 applications.
The semantic web is also called Web3. It is a WWW (World Wide Web) extension via the W3C (World Wide Web Consortium) standards. The goal of the semantic web is to make the information on the internet readable for machines.
To enable data semantic encoding, developers of the web3 use technologies like the RDF (Resource Description Framework), and OWL (Web Ontology Language). Web3 formally represents metadata using these two technologies. Here is what is meant: Ontology for example can describe relationships between more than one entity, class of things, and concepts generally.
According to the W3C, “The Semantic Web provides a common framework that allows data to be shared and reused across application, enterprise, and community boundaries.” The semantic web, therefore, means an internet where different information systems, applications, and content are cross-integrated.
The idea is to provide individuals with the information they are seeking when they need it. One of its main ideas is that even though the information you can find on the Internet is helpful, you don’t have to use it at every step. There is no way that everyone can control all data since most data is produced using forms and then transformed into HTML. There is no way that all data can be managed. Because this information may be used for various purposes, it is more beneficial to everyone due to the semantic Web.
The Semantic Web enables the linkage of information utilizing a network readily readable by machines. These machines may be computers, Internet of Things devices, mobile phones, or any other device often used to access information.
It is predicated on the idea that the data included in web pages may be valuable in some situations but not all of them. One of the most significant challenges posed by the current configuration of the Internet is that the vast majority of data is generated via the use of forms, and there is no standardized approach to publishing data in such a manner that anybody can manage it. The way data is displayed by utilizing HTML might be difficult to manage. The idea behind the semantic Web is that if this data can be re-purposed, it will be more valuable to everyone. This is an important concept.
The foundation of web3 technology is blockchain technology. The unique feature of this blockchain technology is decentralization. It means that Web3 will provide everything that decentralization can give. The decentralization feature and all the benefits it comes with will influence social media. When Web3 fully takes hold of social media, here are the effects to expect:
Web3 technology will change how we live and interact with one another for the better. There are three basic reasons why this innovative technology will alter the way we live and relate positively.
Web3 is the decentralized Internet, founded on distributed technologies like blockchain and decentralized autonomous organizations (DAO)
This should democratize the Internet. No one organization will control information flow or terminate a network just because they hold its hardware. The servers, systems, and networks where applications operate and data are kept will be controlled by users, who will have voting rights over rules and regulations and how they may be utilized.
On the other hand, the “metaverse” (or simply “metaverse”) is essentially just shorthand for virtual worlds at the moment. Virtual worlds are environments where users may interact with each other and engage with applications and services in a far more immersive manner.
Some have referred to this future generation of the Internet as the Web3, and blockchain seems to be a major factor in its development. The distributed ledger technology known as blockchain reimagines the data storage and management system. It offers a unified layer of controlled data distinct from everything else. The Internet has access to a value settlement layer made possible by this novel state layer for the first time. It all began with the creation of Bitcoin, which made it possible to exchange data in a copy-protected manner, paving the path for real P2P transactions without intermediaries.
The Bitcoin blockchain and comparable protocols are built such that breaking them would be like trying to get into a bunch of homes all at once, each with its unique fence and alarm system. Unfortunately, the cost would make this option unfeasible. In Web3, information is saved in a decentralized P2P network in numerous copies. The protocol codifies the norms of administration and ensures their enforcement by the unanimous agreement of all network nodes, who are rewarded in the form of a network-specific token for their participation. As the foundation of the third generation of the World Wide Web, blockchain reimagines the underlying data structures of the Internet in our hyper-connected society. Adding a governance layer on top of the existing Internet paves the way for two parties that do not know or trust each other to negotiate and resolve disputes digitally.
The internet has had giants in the tech industry like Facebook and Google controlling its affairs. They make a lot of money by selling our data. To use the services offered by these platforms, you will have to give them your data.
Tech giants, such as Google and Facebook have been dominating the internet. They make huge profits from user data. These organizations ask users to share their data in exchange for access to their platforms and services. They monetize this data and use it for generating profit.
Web3 will give every user equal benefits and allow them to own and control their data privacy. It means that while retaining control over your data and its privacy, you can choose to sell it to advertisers. It does not mean however that you will lose control or ownership of your data.
From reading this article, you should have understood what Web3 is in basic terms (a decentralized blockchain integrated Web2 internet), how it will work (decentralization principles), and how the technology differs from Web1 and Web2. In addition, you have seen the tools, applications, features, and how Web3 will affect our lives and social media positively. Summarily from this article, a one-sentence definition of what you need to know about Web3 is this – IT IS THAT INTERNET TECHNOLOGY THAT WILL GIVE BACK POWER TO ITS USERS.
Web3 technology has a lot of unique features that will benefit internet users at large. The technology will offer all the freedom and break all the barriers that came with web1 and web2. The emergence of Web3 will be the end of control and making money off the data of people.
The web3 technology will make the internet a world of more virtual possibilities. A lot of Web3 companies and users are establishing themselves for the future by taking advantage of this innovative technology. Web3 is the internet of the future, and it will put power back in the hands of the users.
Web 3.0 is about giving people greater control over what happens to their data, depending on how much they care about it. The connection between the person who creates the material and the server will become more robust.
The increasing decentralization of internet operations has resulted in increased adaptability and accessibility. The proliferation of Web 3.0 platforms will hasten the process of democratizing the resources that influence user behavior.
A Beginner’s Guide to Blockchain Fundamentals
A Beginner’s Guide to Cryptocurrency
What Is Web3? The Confusing Term, Explained
What is NFT? A Beginner’s Guide to NFT
The 8 Defining Features of Web 3.0
What Is Web3 All About? An Easy Explanation With Examples
The Effect of Web 3.0 on Social Media
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