Web 3.0 is the next revolutionary step for the internet. Everyone is talking about it, however, little is known in reality. Web 3.0 is a work-in-progress but many are trying to guess what its features, advantages and risks would be.
However, before we dive deep into exploring the future of the internet, let’s see what came before Web 3.0.
Web 1.0 vs Web 2.0
Web 1.0 is the initial stage of the Internet and it is static and limited in terms of functionality and flexibility. In 1999, the term Web 2.0 was used for the first time and today it basically describes the current state of the internet. Rather than being a specific technology, however, it describes the shift in how we use the internet. As compared to its predecessor (Web 1.0), Web 2.0 is characterized mainly by active user participation. User-generated content is dominating. People could publish articles or comments, create accounts and interact with other users through social media websites and apps.
The Rise of Web 3.0
The term Web 3.0 was coined by Gavin Wood, founder of Polkadot and Co-founder of Ethereum, in 2014, however it was not until 2021 when the idea gained popularity among tech experts, investors and enthusiasts.
The concept of Web 3.0 is based on three key areas: blockchain technology, internet of things (IoT) and artificial intelligence. Blockchain would foster the decentralization of Web 3.0. AI would help in making the whole experience more personalized to the choices and needs of the users. IoT, on the other hand, would ensure the interoperability between the internet and the users’ devices.
Advantages of Web 3.0
Undoubtedly, the main advantage of Web 3.0 would be data ownership. This means that the end users would regain control and ownership of their data and the information would be shared on permission basis. You are well aware that social media platforms collect your personal information like age, interests, income, etc. In reality they do not use it directly but sell it to third parties like marketers and advertisers that pay billions annually for it. Web 3.0 would eventually put an end to this practice.
Through the help of blockchain technology, there would no longer be a central point of control over your data. This means that entities and governments would not be able to cease certain services or websites, for instance. Additionally, users would no longer face restricted access as a result of demographic and sociological factors, like income or nationality. The service disruptions would also be minimized as there will be no single point of failure. Instead, the information would be stored on the distributed nodes and multiple backups would prevent server interruptions or seizures.
On the other side, everyone would have access to data anytime and from anywhere. Thanks to blockchain technology, digital assets and wealth can be transferred globally. The implementation of AI technology would make the whole experience more personalized and productive since Web 3.0 would better understand the users’ preferences.
Risks of Web 3.0
Of course, there are certain concerns related to the adoption of Web 3.0.
For instance, according to Jack Dorsey, former CEO of Twitter, individual users would not be the owners of Web 3.0 as widely believed. Rather, he claims that it would be owned by venture capitalists and investors and argues that the centralization of control as we know it today should remain.
On the other hand, the interconnectedness of Web 3.0 may make it easier for anybody to access the public and even private information users share online. Decentralization may make Web 3.0 difficult to regulate and monitor, thus more susceptible to online abuse and cybercrimes.
Additionally, although one of the main advantages of Web 3.0 is its uninterrupted access, it seems that older devices would not be able to handle it. Therefore, users may be required to use a device that has above-average specifications to join the future of the internet.
Nobody, however, knows the exact pros and cons of the new version of the internet. It is work in progress so until it is officially available for daily use, we can only imagine what it would be like.