Is Web 3 the future of the Internet?

In the last 20 years, the future of the internet is a multi trillion question facing the technology industry. This includes some of the world’ wealthiest companies and investors.

Moreover, some blockchain experts say web 3 will change the future of the internet. But, what basically is web 3? And how will it revolutionize the internet as we know it?

Web 3 overview

In 1993, Time lee found the first ever web browser. This is known as web 1.0. This offers a new way for users across the world to access information. But navigation and design proved a challenge. However, sites like Google, Facebook and Yahoo continue to rise. They access data and make search engines a breeze. This is web 2.0.

Nowadays, many fear that these internet giants hold too much power. As a result, web 3 came along. Web 3 crypto is basically the next iteration of the web that focuses on decentralization. This ultimately gives control back to the end user. With web 3, services are available in the form of dapps that run on the blockchain network. Perhaps the most famous one is ethereum.

However, ethereum developer explains that

• The appeal of a decentralized system is it doesn’t require permissions to use. Also explains, anyone who is on the network has permission to use the service.
• No one can block or deny you access to the service
• Some ethereum developers use the example of a decentralized version of Twitter. Right now, Twitter can sensor any account or delete any tweet. However, with web 3, it is difficult to censor the account because of the decentralization nature.

Problem with Web 2.0

Nowadays, there are big software companies in Toronto who are handling the current tech marketplace. According to the US house of representatives, Facebook, Amazon, Google are capturing control over key channels of distribution.

However, within a decade, 30 percent of the world’s gross output may lie with these firms. Another advocate also warns about the dangers of a centralized internet. This signifies, relying on a few providers to host all the content on the internet. This makes it possible for just a few companies to shut down entire services or control speech.

Web 3 aims to solve these problems by creating decentralized versions of popular platforms. However, this stores data either on the blockchain or distributed services such as IPFS.

The Future of the Internet: Web 3

The current period of the internet is facing many technological advancements everyday. And as modern technology gradually changes its way towards developing hyper intelligent machines.

The internet is not far behind. Experts say the next version of the internet will be more intelligent than the previous one. Basically, Tim lee defines this as a semantic web. But, what does it signify? Well, if you’re following the trends in modern technology, artificial intelligence and machine learning are the topics in path.

Web 3 aims to incorporate these modern technologies in addition to some advancing technologies. The objective is to become

• Intelligent
• Open

Web 3 Impact into Digital Era

There are many methods of the current iteration of the stage of the internet . Some experts say it will change the path we interact with the web. Others define it more ideological than functional. However, the next generation of internet is basically:

• Open or transparent
• Trustless
• Decentralized

Let’s understand these terms to better know about web 3.

• Open or transparent

This is the most important characteristic of web 3. It defines how it will be an open network. Open signifies that the programs are built using open source software. This means that the code is accessible by various developers on the internet. Also, the development of web 3 signifies the fact that all open source programs are basically virtual resources. This should be made available to anyone looking to polish benefits.

• Trustless

The concept is not new. In today’s era, data theft has become a main concern among internet users worldwide. Trusting third parties does not seem right. Trustless networks ensure that no third party interference in online transactions or interactions.

A close example of truthfulness is the blockchain technology. Blockchain can be useful in transactions involving cryptocurrencies. However, it defines a protocol as per which only the individuals participating in a transaction takes place in a peer to peer network. No involvement of a third party.

• Decentralized

Social media now becomes the most popular. And so, it allows us to connect with known ones. But there are few firms that own a social media platform. And these firms hold the information of millions of people. Sounds strange right? This is one of the examples of how firms own and utilize our data for unknown purposes.

Decentralization is a concept that aims to remove this centralization of data. Experts say that web 3.0 crypto will define the idea of decentralization in all its entirety. This will store the data at multiple secure locations on the internet. This will remove any data loss threats and break the massive data that holds our data.

The Bottom line: web 3.0 is the next evolution of the internet. This, however, acts as a hyper intelligent network capable of understanding information like a human. Web 3.0 is going to be the future of the internet as per current standards. Apart from technological concepts, web 3 proposes the implementation of certain ideologies that will alter the current iteration of today’s networks.

Conclusion

Web 3 offers a way in which different machines and people can interact with data, value and other counterparties. In this, there is no involvement of a third party. These capabilities are thanks to peer to peer networks.

Now everyone is heading towards an internet where people will have complete control over their data and privacy. Blockchain technology is handling this. Therefore, web 3 will increase the transparent use of user data. From personalized search results to cross platform development tools and the use of 3d graphics. The web will become more interactive and huge.

Visit Gyan Solutions to know more about web 3.0.