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.
With the presence of Artificial Intelligence, Web 3.0 will give an enhanced experience in browsing for data like never before. If you input something, the AI will help process the data like a normal human and gives a faster result that is more tailored to you. The best thing is that it will know exactly what you are looking for.
One of the most important aspects of Web 3 is decentralization. By decentralizing the web the user doesn’t need any mediators to access the information, instead, they own their data. The data will be secure and there will be no third party taking advantage. The decentralization will take place with the use of blockchain technology. In web 3.0, there are decentralized community(community which is not owned by anyone) that will be controlled by DAO. The DAO has no owner which means it has no central authority. It is run based on smart contracts. The people in DAO can vote for any decision to take. DAO allows anyone to participate in the community. But it executes the vote via smart contracts, not by humans. The DAO is completely decentralized and transparent.
Blockchain gets its popularity from the arrival of cryptocurrency. The data stored in the blockchain are immutable and transparent. They are hard to hack or alter. In blockchain, the sequence of blocks is interconnected with each other and all blocks contain data of the transactions. If a new transaction is made, it changes all blocks in the blockchain. That’s why it becomes hard to alter the data or hack it. In web 2.0 the data are stored in a large server which is owned by a third party. But in web 3.0 the data is in a public database that is stored in blockchain.
How can the data kept in a public database be secret? This is where tokenization comes into play. It is more likely to the cryptocurrency and NFTs. Your money is converted into tokens and you can use these tokens for making transactions. Imagine when you buy things online but it doesn’t ask you for personal information like phone number, etc., This could be possible with Web3. Crypto wallets will be used to make purchases that don’t need any sensitive information to process the transaction. Web3 keeps you anonymous. No one knows you have made the purchase, but the transaction information will be transparent. You will have a digital identity to make transactions. This identity will be your overall identity in web3. But your real identity and digital identity are not the same. So your real identity will not be identified.
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.