What Is Web3? – A Comprehensive Guide

The web was introduced in the 1990s to connect people across the globe and keep them informed. Since the internet was introduced, it has aided human beings in almost every aspect of life. Cisco’s report shows that the IP traffic has increased by three times in the last couple of years.

Web has been assisting human beings in different fields of life. As the internet is evolving day by day to offer better services and opportunities in the online world, here comes the Web 3.0 version of the internet. Web 3.0 is an updated version of the web and the future of the internet.  This article covers all the necessary details which give a comprehensive idea of Web 3 i.e., what is web3, its evolution and the other related aspects.

What is Web 3.0?

Web 3.0 is the third generation of the Internet best defined as the decentralized infrastructure built in Internet space. This version is built on Blockchain technology which is considered to be the most efficient decentralized form. It has enabled the community not to just read or write on the webpages but its uniqueness lies in the feature that it gives even the ownership to the user instead of giant techs.

Web 3.0, the term was coined by Gavin Wood (co-founder of Ethereum) back in 2014 who called it the future of the internet. It has the ability to dominate Web 2.0 i.e., Google, Amazon and Meta as Web 3.0 is the decentralized form of the Internet which goes beyond the restrictions of tech giants and centralizing authorities.

Evolution of Web

The journey of the web started in the 1990s and evolved with the passage of time. The web has been assisting human beings for the last couple of decades in various fields by giving necessary information. But as time proceeded, people started incorporating the internet into their personal use for a better future and hence started the journey of upgradation.

• Web 1.0

Web 1.0 was first launched in 1989 and was considered to be a read-only page which is also known as the syntactic web. As it was a centralized form of the internet so only a few had access to create web pages and to write on it. This was available for the community just to read to get the information.

Also Read: Explaining Inflationary and Deflationary Cryptocurrencies – A Complete Guide

• Web 2.0

Web 2.0 is the current version we have been using for the last couple of years which is accessible to us for both read and write purposes. It is different from the previous versions as it enables people to add their points of view and inculcate their ideas on the internet.

• Web 3.0

Web 3.0 is the most advanced and decentralized form of the Internet based on blockchain technology which reduces the interference of central authorities. It aims to return control over data and digital identity to users, breaking free from the centralized control of tech giants.

Features of Web 3.0

When we talk about Web 3.0, it is sometimes referred to as the semantic or decentralized web which is the advanced version and future of the internet. Web 3.0 offers a more secure, reliable, interconnected and decentralized online environment. Web 3.0 is best defined by its unique set of qualities given below;

• Semantic Data: This involves the use of metadata, ontologies, and semantic markup to create a more intelligent web.
• Decentralized: Web 3.0’s services are purely decentralized which gives ownership to the user and is not regulated by central authority.
• Interoperability: It enables data and services to be shared and utilized seamlessly across various platforms, reducing silos and improving efficiency.
• Cryptocurrency-enabled:  Cryptocurrency is a key feature of Web 3.0 that is more likely to replace the fiat currency issued by central banks of different countries.
• User-Centric: Web 3.0 places a strong emphasis on user control and ownership of data. Users have more control over their personal information, digital identity, and digital assets.

Conclusion

Web3 represents a major shift in the digital world by offering a decentralized, user-centric, reliable and more secure internet experience. It has already given rise to innovative applications like DeFi, NFTs, and DApps to reshape industries and open new possibilities. However, challenges such as scalability, user experience, and regulatory compliance remain to be addressed.