Web 3.0 – The Next Revolution of Internet

Web 3.0 (or Web3) is the next step in the evolution of the Internet which is buzzed by the whole tech industry. This third interaction comes as an evolution in business risks, however, a game changer of how people use the Internet applications.

Web 3.0 (Web3) is the third generation of the evolution of the Internet. It will be adapted to become more intuitive to each user's needs, making it a Semantic Web. However, it is evident that Web 3.0 will emphasize decentralized applications and utilize blockchain-based technology. In order to enable more dynamic and adaptive apps, Web3 will also benefit from machine learning and AI.
 

Web 1.0 was a static information provider where people read websites but rarely interacted with them. Web 2.0 was an interactive and social web that enabled collaboration between users. Then, it can be assumed that Web 3.0 will change both how websites are made and how people interact with them because it will be tailored to become more intuitive to every user's needs. 

It took over 10 years for transitional phases from the original web, Web 1.0, to Web 2.0, and it is expected to take just as long, if not longer, to fully implement and reshape the world with the new web technologies of Web 3.0.

With Web 3.0 technology, HTML will still be a key component, but there may be some changes to the way it connects to data sources and where those sources are located from earlier web technologies.

In the Web 2.0 era, the majority of websites and almost all applications rely on some kind of centralized database to deliver data and support functionality. With Web 3.0, applications and services employ a decentralized blockchain in place of a centralized database. The fundamental notion behind blockchain is that there is a type of distributed consensus rather than an arbitrary central authority.

More so than with fiat money, Web 3.0 also functions fundamentally with cryptocurrencies. The use of cryptocurrencies, which are all constructed and enabled on top of blockchain technology, enables finance and the use of a decentralized form of payment throughout Web 3.0.

Web 3.0 may be constructed with AI, from the goal of providing faster, more relevant data to end users. An AI-powered website should be able to sort through the data and present the information it believes a particular user will find useful. Since the results are websites that users have voted on, social bookmarking as a search engine can produce better results than Google. A website would also be able to comprehend the language used in search searches just like a human would, enabling it to produce and distribute better information.
 

The distinguishing characteristics of Web3 have made it stand out as a powerful force for the internet's future. Here are the top 5 features of Web3 that demonstrate its significance.

The semantic web aims to enhance internet technology by adding new features. Through search and analysis, users can use the semantic web to create, distribute, and link content. Web 3.0's search and analysis tools would put a greater emphasis on comprehending word meanings and their context.

AI capabilities can make computers and other technology understand information much like people do, leading to quicker and more effective outcomes. With AI, Web 3.0 features would far outperform human-based corrupt practices like falsified data or selective product reviews. Web3 would also employ user input as a crucial tool for encouraging the web to provide accurate information.

In contrast to centralized database infrastructure, blockchain uses a distributed way to disseminate data and connections between services. In a decentralized environment, blockchain can also offer an immutable ledger of transactions and activities, assisting in the provision of verified authenticity. As a result, Web 3.0 will be decentralized thanks to the use of blockchain as opposed to the previous two web generations, which had highly centralized governance and applications. Applications and services will be possible using a distributed approach without a centralized authority.

The list of essential characteristics for Web 3.0 will also emphasize ubiquity and connectivity. All users and devices in the ecosystem would have constant availability and seamless connectivity thanks to Web 3.0. Web3 can therefore guarantee that the internet will be accessible to everyone, regardless of location or hour. Without any limitations on the kind of gadget you can use, you can also access the internet.

Web3 has the potential for reducing the barriers between physical and virtual worlds. Web3 could help in reimagining graphics technologies alongside ensuring easier interactions with three-dimensional virtual worlds or the metaverse. Vice versa, a typical highlight of web3 applications, services, and webpages is the three-dimensional design. Web3 is able to create immersive environments with the use of 3D visuals for a variety of important applications in various industries, including healthcare, e-commerce, and real estate.

To build a next-generation user experience, Web 3.0 makes use of cutting-edge technology like artificial intelligence, machine learning, blockchain, and virtual graphics. As a result, a few dominant tech companies will lose their dominance, which is advantageous for both customers and enterprises. The internet will consequently grow more democratic, open, and creative. As a result, outdated technology will cause your organization to lose customers.

Businesses will find it easy to maintain track of all the parties involved in a transaction thanks to Web 3.0. The new technologies enable supply chains to be developed and managed with minimum effort.

Web 3.0 benefits all parties because the contract is stored on a blockchain as opposed to a single computer system. All communications will only occur between two computers, preventing any data breaches or hackers. Consequently, the risk of contract conflicts decreases and contract administration becomes more effective. 

With the advent of blockchain, digital currencies, and decentralized apps, third-party service providers have become obsolete. Businesses will be able to save expenses and increase their profits as a result. To put it simply, Web 3.0 will empower any business owner to take charge of all internal processes and engage directly with clients without the intervention of other parties.

With the adoption of Web 3.0, hackers, data breaches, and an overreliance on centralized repositories will all be eliminated. The ability to control the data and digital fingerprints will be made possible through tokenized digital assets and verifiable data scarcity.

With Web 3.0, all transactions are visible to all stakeholders in a public ledger, enhancing their customer-facing accountability and transparency. The decentralized ledger system makes it simpler for businesses to communicate with customers about their business processes, which fosters trust among potential customers.

Businesses can access information on the blockchain more readily and affordably by using Web 3.0's decentralized architecture and immutable ledger systems. Companies may store their data decentralized and have real-time access to customer data using a less expensive infrastructure.

Peer-to-peer networking will enable greater data flow between individuals, groups, and machines while enhancing privacy and security.

By learning about the upcoming Internet generation, we can minimize our reliance on particular platforms and use that information to future-proof our business and investing endeavors.

With blockchain at the foundation, Web 3.0 enables a growing number of different types of new applications and services to exist, including the following:

• NFT: Non Fungible tokens (NFTs) are tokens that are individually unique and are stored in a blockchain.
• DeFi: Decentralized finance (DeFi) is a new use case for Web 3.0 that allows for the provision of financial services beyond the constraints of a conventional centralized banking infrastructure.
• Cryptocurrency: Cryptocurrencies like Bitcoin create a new world of currency that aims to be separate from the historical world of fiat currency.
• dApp: Decentralized applications (dApps) are programs that run programmatically and are logged in an immutable ledger. They are built on top of the blockchain and use smart contracts to facilitate service delivery.
• Cross-chain bridges: Cross-chain bridges enable some degree of interoperability across the various blockchains that make up the Web 3.0 universe.
• DAOs: DAOs are poised to potentially take on the role of Web 3.0's organizing services, offering some degree of structure and governance while using a decentralized method.

With blockchain at the foundation, Web 3.0 enables a growing number of different types of new applications and services to exist, including the following:

Sapien is one of the best social media sites which centralize and amplify user experience to provide a freeway for everyone to arrange their online lives. It is powered by Ethereum blockchain with incredible configuration to provide users the ability to socialize, cooperate and collaborate without the need for payment or advertisements. Sapien aims for your privacy, community, autonomy and quality connections to take a stand for a better Internet environment.

Storj is a decentralized object storage service for anyone to store their data in a secured system. It provides advantages of cloud storage on a dispersed network with the support of blockchain technology. Users can easily upload and download files at any time without fees thanks to the open source. Moreover, users can set an expiration date for their data powered by Storj coin.

With ad-blocking and malware prevention, Brave offers users greater privacy than before. Additionally, Brave includes a surf-to-earn option that enables users to increase their income. Users may support their preferred websites without exceeding their data allotment thanks to its anti-cryptojacking technologies, and they also have the choice to exchange their data for cryptocurrencies. Internet users praise Brave for getting rid of creepy trackers and annoying advertisements as well as a built-in VPN. 

Your business needs to be ready to understand how some of the more established and experimental Web 3.0 business models will increase in value in the years to come. The sections that follow list a few of the approaches.

1. Issuing a native asset

These native resources are necessary for the network to function, and their value comes from the security they offer. These indigenous assets' value has been carefully assessed and quantified.

2. Building a network by holding the native asset

Some of the first crypto network companies had a single goal which is to make their networks more profitable and lucrative. Grow their local asset treasury and develop the ecosystem may be summed up as the company strategy that came about.
 

3. Payment tokens

With the rise of the token sale, a new wave of blockchain initiatives has built their business models around payment tokens within networks, often forming two-sided marketplaces and requiring the usage of a native token for all payments. 

4. Burn tokens

Using a token to create communities, corporations and initiatives may not always be able to pass earnings on to token holders directly. Native tokens are repurchased from the public market and burned as revenue flows into the project, resulting in a decrease in the supply of tokens and a price increase.
 

5. Taxation on speculation 

The next generation of business models concentrated on establishing the financial infrastructure for these native assets, including exchanges, custodians and derivatives suppliers. They were all created with a single goal in mind to provide services to users who wanted to speculate on these risky assets. 
 

Change is inescapable in the modern Internet era, and Web 3.0 is one of the Internet revolutions that will improve our quality of life. Businesses must think creatively if you want to distinguish out by dominating the market with cutting-edge tech solutions.

To grasp some advice on your Web 3.0 development, Spirit Labs is here to offer you free consultation. Contact us: https://spiritlabs.co/contact-us

REFERENCES:

• Blog: What Is Web 2.0? Definition, Impact, and Examples
• Blog: What is Web 3.0: A beginner's guide to the decentralized internet of the future
• Blog: Web 3.0: The Decentralized Internet of Future
• Blog: Web 3.0 (Web3)
• Blog: Top 5 Web 3.0 Applications [2022]
• Blog: Top 10 web3 applications you should know in 2022