Promising to decentralize content regulation, enabling new AI processes, welcoming and adapting the metaverse, as well as accepting digital currency as the primary payment mode, the Internet 3.0 (the third-generation’ internet) is way closer than we know!
It primarily encourages decentralized protocols and strives to lessen our reliance on giant digital companies (like Youtube, Netflix and Amazon). In this article we will be walking you through Web 3.0 in detail, its advantages as well as disadvantages, and how it is changing the way we interact with the internet and our applications; in the coming future.
What is 3.0 Internet?
The internet ecosystem is continually evolving to satisfy society’s rising expectations and hence, staying aware about the internet’s future will help consumers to stay prepared for the changes anticipated to take place. Web 3.0 combines machine learning, artificial intelligence and blockchain to enable real-time human communication through internet technology. Web 3.0 will allow individuals to own and control their data as well as get reimbursed for their online time.
Evolving from Web 1.0 Towards Web 3.0
There have been two versions of internet computing, Web 1.0 and Web 2.0.
Web 1.0 was the first phase of the internet, which was restricted in capability, slow to navigate, and didn’t offer options for monetizing content. Web 1 was the initial version of the Internet, which was released in the late 1990s. The websites back then were not very interactive, meant only for reading and publishing basic stuff for others to read. The major technologies that made up web 1.0 were HTML (HyperText Markup Language), HTTP (Hypertext Transfer Protocol) and URL (Uniform Resource Locator).
Web 2.0 improved by categorizing information on websites, allowing data to flow freely from site owner to user, and providing tools for users to create content. People could not only consume content on this version of the Internet, but also produce it and post it on platforms like Tumblr, Reddit and other Internet forums. Later, the rise of social media platforms such as Facebook, Twitter, and Instagram gave rise to creating content and sharing it on a whole new level. So Web 2 consisted of three innovation layers: social media platforms, cloud computing and mobile usage.
Even though the Web 2.0 has provided the world with a lot of free and on-demand services, many users are looking for more control over their data and the content they see. Hence Web 3.0 is anticipated to enter as the next stage of the Internet evolution.
Key Features of Web 3.0
These key features impact the way we currently interact with the internet and its applications:
This means most of its assets are created using open-source software by an open and accessible community of developers. Transparency is key to Web 3.0, creating a more trustworthy digital environment.
Users with Web 3.0 have the option to engage openly and privately without the interference of an intermediary party, that is, in a decentralized space, giving them more freedom and control to manage their data.
Everyone (including users and providers) can participate on an equal level in Web 3.0 without needing any approval from a controlling and centralized organization.
The Internet can be accessed at any time and from any location with Web 3.0. Moreover, web-connected gadgets will no longer be confined to computers and cellphones as in the near future, the technology will enable the development of many new intelligent gadgets with the help of Internet of Things (IoT).
The Benefits of Web 3.0
Web 3.0 has many advantages over Web 2.0 and the way we currently use the Internet, making it smarter, safer, and more transparent, for more efficient surfing and interaction. Listed below are some of these benefits:
- Data Privacy
Advanced data encryptions with the goal to make it impossible for major corporations like Google and Apple to manage or use people’s personal information for their own gain without your say will enable consumers to have complete control over their data
2. Consistent Services
Decentralized data storage will provide several backups, allowing users to access their data even if the server fails. Furthermore, no entity will be able to halt the operation of any services or websites, and therefore account suspension and distributed service denial will be lowered.
Irrespective of which blockchain platform users choose, they can follow their data and inspect the code behind the platform. The majority of blockchain systems are developed by non-profit organizations, providing an open-source platform enabling open design and development procedures.
4. Data Accessibility
Data will be available from any location and on any device, as the goal here is to expand data collection and accessibility to people all over the world, no matter the location. Web 3.0 broadens the scope of accessibility and engagement with frictionless payments, richer information flows, and secure data transfers.
5. No Restrictions
Users can build their own programs or engage with the blockchain network because it is open to anyone and does not discriminate against users based on their gender, income, geographic region, socio-economic status, or background.
6. One Profile for All Services
A single profile can be interconnected with and used on any platform. Also, the user can retain complete control over any personal data. No corporation can access users’ data without their explicit authorization. Moreover, users have the freedom of choosing whether or not to share their profiles and sell their data to brands.
Disadvantages of Web 3.0
There’s always two sides of a coin! Along with advantages, there are some challenges too, that are associated with the implementation of web 3.0.
Here are a few challenges associated with the implementation and usage of Web 3.0:
- Requires Advanced Devices
Less advanced computers will not be able to support Web 3.0 and the devices’ features/characteristics will need to be extended to make the technology reachable to more people globally. So currently, only a limited number of people will be able to access web 3.0.
2. Web 1.0 Websites will Become Obsolete
Once Web 3.0 becomes full-fledged on the Internet, any websites based on web 1.0 technology will become obsolete as the old technology is incapable of updating its features to match the new ones. This means those sites will lose a competitive edge over new sites.
3. Still Not Ready for Widespread Adoption
This technology is more intelligent, efficient and accessible but still not ready for widespread adoption because a lot of work is needed for its advancement, privacy laws, and data to satisfy the user’s needs.
4. Demand for Reputation Management Will Increase
Brands and companies will need to maintain their reputation and image online and they would need to provide customers with critical market intelligence, valuable business insights, compelling content and cutting edge internet marketing to stay ahead of their competitors.
5. Complicated Functionality
Any new user might find it difficult to understand or use it, in turn making them hesitant to use it. It will be difficult for individuals to use Web 3.o if they do not have access to advanced devices, having advanced devices is a necessity for Web 3.0. The complicated nature of Web 3.0 is likely to slow down its popularity at a global level.
Web 3.0- Its importance for the Future
Web 3.0 is a system for users, designed by users in the form of creator-driven platforms and is predicted to become important in the coming years. Web 3.0 would aim to make the Internet a diverse source, to avoid hackers, leaks and reliance on centralized repositories are avoided. Web 3.0 will become increasingly important in 2022 and in the coming years, as most users continue to prefer and prioritize customized as well as individualized browsing encounters on the web. Web 3.0 will also remove rent-seeking intermediaries.
Through new Internet inventions, the connection between members and organizations will be significant. There will be peer-to-peer connectivity, as humans, businesses and machines will be able to share more data while maintaining greater privacy and security.
Web 3.0 is also meant to reduce dependency on individual platforms to enable entrepreneurial and investment activities in the future.
Despite being discussed at a global level, Web 3.0 has not yet been deployed, and it is based on an idea. However, it’s always a good idea to be prepared for what’s about to come and what’s going to change in the near future with technological advancements.