The world is moving fast forwardly. The internet has changed many versions and now we’re waiting for the next iteration. The current web generation, 2.0 has not given us the right to own our data. But Web3 promises to provide ownership of our digital assets and information. Web3 will eliminate all the intermediaries we are having now to use internet services with the use of blockchain technology by peer-to-peer network systems. Web 3.0 will redefine the internet and gives a new form. It also guarantees data privacy and secure transactions.
Web 3.0 uses concepts to work like: decentralization, token-based currency, blockchain technologies, machine learning, and artificial intelligence. Web 3.0 does not control the users data in other words it gives users the ability to control their data and information. The users can see, copy, and use the data for themselves. The control will be managed by smart contracts. The data of Web3 users are stored in crypto wallets which are encrypted. As the data is owned by the users, the giant tech companies have no power over it. The crypto wallets will be the users identity but it will not be the same as their real identity. All their personal data remain hidden.
Web3 lets users create products and services and earn money for them. The apps running on web3 are maintained by DAO(Decentralized Autonomous Organization).
Let’s see the Web 3.0 defining features one by one.
Web3 also includes its merits and demerits. Below are some of the advantages of Web 3.0.
Implementing Web 3.0 arises many challenges that are discussed below.
Web3 will definitely transform the way we use the internet today. It is a web for creators and users. It lets us avoid relying on central repositories for their services. Tokenizing digital assets will make the users own digital assets. It also allows users to own their data and digital footprints. AI on web3 provides an enhanced surfing experience thus making web3 more important in the future to provide human-like search results for the query input by users. The web or network is structured in a peer-to-peer connection which enhances sharing more data securely.