Calvert Edwards

Web3 is the current third generation of the internet, where websites and applications will be able to process information in a human-like manner using technologies such as artificial intelligence (AI), machine learning (ML), Big Data, and decentralized ledger technology (DLT).

Considering the transition from Web2 to Web3, Web3 is currently a vague concept whose implementation could take between 5 and 10 years. In fact, there may first be an extended period of Web2.5, during which Web2 platforms gradually adopt useful Web3 protocols.

Experts agree that blockchain-powered applications are crucial to the network’s success because they will guarantee sufficient decentralization, and that artificial intelligence and machine learning tools will automate and scale the network to the point where it can function as a semantic web.

Tim Berners-Lee, the inventor of the World Wide Web, originally referred to Web3 as the Semantic Web and intended it to be a more autonomous, intelligent, and open internet.

The definition of Web3 can be further elaborated as follows: data will be connected in a decentralized manner, which would be a significant improvement over our current internet generation (Web 2.0), where data is primarily stored in centralized repositories and thus vulnerable to manipulation or worse.
Users and machines will also be able to interact with data. However, for this to occur, programs must comprehend information conceptually and contextually. Consequently, the two pillars of Web3 are the semantic web and artificial intelligence (AI) technologies.

Features and uses of Web 3.0

Decentralization: is a fundamental principle of Web 3.0. In Web 2.0, computers use HTTP in the form of distinct web addresses to locate information stored in a fixed location, typically on a single server. Due to the fact that information would be retrieved based on its content in Web 3.0, it would be able to be stored in multiple locations simultaneously and thus be decentralized. This would decentralize power from internet behemoths like Meta and Google, which currently control the majority of user data, and give users more access to their own data.

Through decentralized data networks, users will be able to sell the data produced by various and powerful computing resources, such as mobile phones, desktop computers, appliances, vehicles, and sensors, while still maintaining ownership control.

Blockchain Gaming: The success of Axie Infinity in 2021 sparked the play-to-earn craze, which promised gamers the chance to earn money by playing video games. Following the success of the first blockchain-powered games, thousands of imitators emerged, all promising users the chance to earn native tokens through playing their games, the value of which skyrocketed at launch before plummeting further.
While the bear market has devastated the high-risk crypto gaming industry, the game is not yet over. Several promising crypto games are still in the works, but Web2 gaming giants like Epic Games are already distributing their rival platform’s games. When developers figure out how to make blockchain-based games fun and exciting enough for players, expect a significant resurgence.

Artificial intelligence (AI) and machine learning: With the help of AI and machine learning, Web 3.0 will feature technologies built on Semantic Web principles and NLP that will allow computers to understand the information in much the same way that humans do. Machine learning, a subfield of AI that seeks to improve its accuracy by modeling human learning strategies with data and algorithms, will also play a role in Web 3.0. Computers equipped with these features will be able to generate faster and more relevant results in many fields, including drug development and new materials, rather than relying solely on targeted advertising as is the case now.

Decentralized Finance (DeFi) and Decentralized Autonomous Organizations (DAOs): Decentralized finance (DeFi) erupted in value by mid-2020, granting cryptocurrency users permissionless investment, borrowing, lending, trading, and staking capabilities. While DeFi has experienced its fair share of security issues, such as hacks and scams, the industry presents Web3 with the opportunity to onboard billions of users who have been neglected by traditional financial institutions, such as banks. Undoubtedly, DeFi products and services will be utilized by Web3 protocols seeking to incentivize their users.

There has been much discussion about the potential for decentralized autonomous organizations (DAOs) to replace human intervention and geographical barriers with smart contracts and create a truly democratic and self-governing organization.
While DAOs have received criticism due to crypto projects pinning them to soon-to-be-worthless governance tokens, the need for DAOs remains, and this innovation could become the dominant form of organization once projects learn how to structure it optimally.

The Future and Web 3.0

The development of a contextually intelligent web makes perfect sense when viewed in the context of Internet history. The data was initially presented statically to users. Then, users could dynamically interact with this data. Now, algorithms will utilize all of this information to enhance the user experience and make the web more personalized and familiar. YouTube and Netflix are sufficient examples of the power and improvement of algorithms.
Web 3.0 can utilize peer-to-peer (P2P) technologies such as blockchain, open-source software, virtual reality, the Internet of Things (IoT), and more. Web 3.0 also seeks to open and decentralize the Internet. Consumers depend on network and cellular providers to access their personal data and information under the current framework. This could soon change with the introduction of distributed ledger technologies, allowing users to reclaim ownership of their data.