By revolutionizing how we live today, Web 3 has taken our lives to a whole new level. Our lives have completely changed over the past few decades as a result of the development of the Internet and many businesses have seen a great deal of growth and expansion due to the Internet.
The early days of the internet were characterized by Internet users reading, listening to, and viewing information produced by organizations and companies without being able to interact with the content.
Users and organizations were able to create and publish content more easily and were able to interact with businesses more easily, due to advancements in technology in the second generation of the Internet.
The majority of web applications are currently in the second generation of the web. Web 3 is the third generation of the web, or to put it another way, the future of the internet. Web 3 provides a high level of security, privacy, and high-quality services to the internet community.
This article’s purpose is to review previous generations of the Internet, examine the technologies that underpin Web 3, and examine some of the currently available applications.
What is Web 3?
A new generation of the internet is being developed, and it will be powered by technologies designed for cryptocurrencies, such as blockchains, augmented reality, virtual reality, and artificial intelligence. Additional cryptocurrencies are to be powered by technological innovations such as metaverses and non-fungible tokens.
As a result of Web Three, users will better comprehend the internet, have a more accurate perception of it and find it more useful for browsing. Hence, Web Three focuses on creating a people’s Internet, which means that the Internet and its tools are designed with people in mind.
A major component of Web 3 is its application of Internet technology, which has been evolving rapidly over the past decade. In this regard, Web 3 must be viewed in the context of past generations of the Internet, which have made significant contributions to human history.
Undeniably, the Internet has played a significant role in the globalization of the economy and the growth of e-commerce over the past few years. The technology sector accounts for around 25% of the index of the top 500 American companies, illustrating how the Internet has significantly impacted the global economy.
Under the influence of the Internet, social relations have also undergone many changes. Since the invention of the Internet, individuals from around the world have had the opportunity to form social relationships. The Internet has opened up a world in which people from all over the world can become friends, exchange messages, and share information of all kinds.
Using a brief analysis of two prior generations of the Internet, this article will be able to fully explain what Web 3 is in greater detail.
What is Web 1?
Our earlier discussion of What is Web 3 emphasized how previous generations of the Internet affected the lives of most people and how they were capable of altering those lives. In this section, we examine the effects of the first generation of the Internet which had few content producers and large companies that created most of the content.
Most people in the first generation of the Internet were consumers, meaning they could use the information published by companies. In Web 1, personal web pages in the form of blogs were very common. These pages were mostly static and were created on free web hosting services.
Due to the lack of interaction between Internet users during the first generation of the Internet, the Internet’s growth and updating were both slow. Due to the lack of interaction between users, the Internet’s growth and updating were both very slow. The features of web 1.0 are as follows:
- Pages are fixed and static.
- Publishing information is only possible from the side of the server and the website owner.
- Most of the pages are only readable and it is not possible to write verses or ideas in them.
- The focus is more on companies.
What is Web 2?
The new “web 2” provides user-generated content in which finding and navigating the site, interacting, and collaborating with others at all levels is critical. For this reason, the new web is referred to as an “interactive & social site”.
This is Web 2 in its current state. It is the Internet we are currently facing today, in which large companies dominate the web. These companies not only provide users with the capability of connecting and sharing information but also use their data to gain economic, political, and cultural benefits.
In the web 2.0 world, companies have the right to restrict a user’s activities for any reason, regardless of whether the reason is just or wrong. The following is a brief overview of some of the exciting features to be found there:
- Pages are dynamic.
- Information is published both from the server side and from the user side.
- It is possible to read and write simultaneously on pages.
- The focus is more on users.
In general, changes have been made primarily to the appearance of the web, rather than to the background applications or websites.
Many online tools and platforms exist on Web 2 allowing people to share opinions, thoughts, and experiences. These online tools and platforms are geared towards interaction with users, so people will be more than just users; they will also become contributors.
In the future, users will inevitably be able to publish text, images, and videos on their websites or user profiles on various platforms, communicate with one another, express their opinions about events, and ultimately expand their business online As we continue this article, we will examine the disadvantages of these two generations of websites.
What are the disadvantages of Web 1 and Web 2?
There is no way to fully ascertain the importance and necessity of Web 3 without examining and analyzing the disadvantages of Web 2 and previous generations. As mentioned earlier, Web 2 was created as a response to Web 1’s problems.
With Web 2, people and businesses can communicate or conduct business completely online with unfamiliar individuals and businesses rather than with Web1.
In addition to revolutionizing international commerce, Web 2 allows billions of users to interact freely on some of its platforms, thereby demonstrating the importance of the technology for facilitating global trade.
In today’s economy, the extent to which these platforms are dependent on them poses a significant risk to many businesses, as they can destroy any business that runs upon them in a blink of an eye if certain conditions are met.
One of the major advantages of the Internet today is the speed and ease with which people are able to connect with one another. However, user data can have a value exceeding $200 billion and it is likely that such platforms will have a significant impact on the value of the company in the near future.
It is without a doubt that these explanations demonstrate the greatest disadvantage of the second generation of the Internet, which is the concentration of power in the hands of intermediaries.
First and second-generation websites have the following disadvantages and shortcomings. These companies are often responsible for building trust among people today, thus these companies have the potential to cause problems for users.
- Ownership of companies on users’ information
- The possibility of censorship and deletion of user information
- The possibility of banning users from operating on the desired platform
- Lack of efficient payment system
- Selling users’ information and violating people’s privacy
- Changing people’s taste by channeling content on the web platform
This was the driving force behind Web 3 and its creation to address these problems as well as present the next generation of the Internet without having to worry about legislation or the ownership of work on the Internet. What exactly is Web 3 and what technologies will support its success?
What are the features of Web 3?
It is clear that a large number of human activities are being conducted on the Web 2 platform. As a result, the Web 3 wave is beginning to grow. Web 3 was developed by one of the leading internet inventors in the world, Tim Berners-Lee, and it can be thought of as the evolution of the semantic web.
As Berners points out, even though this is one of the three main features of the web, it is not its most important feature. The main features of Web 3 are as follows: 1- Users and machines will be able to interact more easily on the web when these characters are used, and by using them, interactive capabilities will be increased; 2- More advanced technology will be used on the web in the future; and 3 Users and machines will be able to interact with one another more easily.
The Web 3 applications are based on open source platforms and developed by a team of developers. There is no charge to use them
No need for trust (Trustless):
Web2 provides people with the conditions necessary to carry out their activities without the need to make trust declarations, whereas web 3 provides them with the conditions necessary to undertake their activities without having to make trust declarations.
The Web 3 platform enables users to operate with ease by following the rules specified in the project without requiring permission from any specific person or organization.
Separate financial system:
The use of Web 2 projects for direct economic activity requires the assistance of financial intermediaries, such as banks and other financial institutions, while Web 3 projects can use special tokens to make in-app payments.
If all the members of the DAO network possess DAO tokens, they will all be able to participate in the development of the project. Each member can submit proposals and vote on those proposals that are submitted to the network.
With Web 3, the users are the owners of the data and they are at liberty to make the data public if they so wish. In this space, your personal information cannot be accessed by others without your consent.
Creating such a platform would enable not only the coordination of activities and the creation of financial incentives across various sectors, such as data and content production, but would also enable the resolution of many health and food finance concerns, among others.
Artificial Intelligence in Web 3?
Among the critical components of Web 3 technology is the use of “Artificial Intelligence.” Artificial intelligence, also known as machine learning, is a process that uses its understanding of human behavior to predict and take appropriate actions when necessary.
A decentralized data platform from Web 3 combines artificial intelligence with decentralized data management to manage and analyze large amounts of data without requiring specific organizations or individuals to become involved.
It is anticipated that this technology will improve the efficiency of web applications considerably beyond targeted advertising on Web 2. Additionally, in conjunction with artificial intelligence and blockchain, the need for a central system of intermediaries can be minimized in areas such as forecasting weather, drug development, substance testing, and contract negotiations.
It is through the combination of these three technologies with others such as the Internet of Things and virtual reality that Web 3 enables users of distributed machines and other parties to interact with a variety of data types and values.
Consequently, a peer-to-peer blockchain network is created without the involvement of any third parties, creating a multi-networked internet system that prioritizes human-centeredness, privacy security, and privacy protection.
What are the advantages of Web 3?
As part of the description of Web 3’s features and benefits, we mentioned some of the benefits it offers, including the following:
- Every person in the network is allowed to use the network services, and for this, there is no need to get permission from a specific person or organization.
- No one can restrict users’ access to the network.
- Payments are made using blockchain network tokens without using a centralized financial system.
- It is possible to create “decentralized applications” (Decentralized Apps | DApps) in any field on blockchain networks.
Although Web 3 provides more decentralized and secure functionality than previous generations of the Internet, there are still a number of issues that can severely impede Internet projects built with this technology. This article will address those disadvantages and issues in the following section.
What are the disadvantages of Web 3?
It is true that Web 3 provides many advantages, but it also has a number of disadvantages similar to the problems that face digital currencies and the blockchain sector in general in its current state. Web 3 must therefore be able to overcome these disadvantages before it can be utilized by Web 2.
In the blockchain environment, transactions are slow to confirm and record since they are decentralized. To confirm and record a transaction, all or a portion of the users must approve the details. If everyone approves the details, the information is added to each user’s ledger
Blockchain scalability can differ greatly depending on the consensus algorithm used. For instance, Bitcoin uses a Proof-of-Work consensus algorithm to register and verify transactions and is capable of processing over 7,000 transactions per second, whereas Solana’s digital currency uses a Proof-of-Stake algorithm that is capable of processing up to 50,000 transactions per second.
Many blockchain applications, as well as Web 3 applications generally, are complicated to use due to the large number of steps involved, which may pose a significant challenge for average users. Many of these platforms require additional applications, such as wallets, to enable them to function properly, which may also hinder their wide adoption.
Currently, many users do not have access to Web 3 applications because these projects are not integrated into modern web browsers. Many owners of large companies active in the field of Web 2 do not want to expand Web 3 unless they can secure their interests in this field. This issue may make access to Web 3 applications more difficult.
Lack of a powerful blockchain project:
When setting up Web 3, many projects are expected to be active, but ultimately it will be important that there are a few very strong projects that can support the majority of decentralized applications so that users can interact with the applications and move freely between them.
There is no question that moving between multiple projects can be time-consuming and economically challenging, but it can also present a technological challenge. Current projects, such as Polkadot and Ethereum, have the potential to establish themselves as the main Web 3 platform, but their transaction speeds still lag behind the Web. Many scalable projects, such as Solana, have highly centralized operations as well.
The use of the Blockchain platform, as well as a decentralized approach, will reduce the ability of governments to interfere with the current operations of the applications. While this will be beneficial for some users, it may be detrimental to others.
Web 3 and blockchain projects have not yet developed a solution for identifying criminal activities on the internet, or for collecting taxes from citizens, both of which are important public issues for society and government.
Governments will not permit such projects to flourish in such a scenario, but it can be argued that a completely free environment such as blockchain is not in the best interests of the people, so it is essential to arrive at a solution.
Examples of web projects 3
As a nascent technology, Web 3 is less commonly used than other forms of digital currency. Web 3 users should be able to select projects that are appropriate for each area of activity, similar to Defi.
Internet architecture and services
There are many countries in the world where internet connection is not as good as advertised. While some companies advertise that they offer top-notch internet services, they rarely deliver them after receiving large amounts of money. Networks such as Andrena and Althea allow users to provide internet connections for others and receive payment in return for this service.
If an owner purchases an Andrena network point, such as one that is web-enabled, he or she may rent this point to nearby properties for a fee.
A domain name is also an integral part of Internet services, and blockchain networks such as Handshake are seeking to democratize it. Domain names are a protocol that translates IP addresses into human-readable addresses. Currently, Verisign and ICANN are in charge of maintaining the domain name registries.
Many of the decision-makers in the DNS system are representatives of large multinational corporations. They may make decisions that benefit the people, but they may also benefit the corporations. For example, the IP rights department is in control of the contents of various websites unilaterally and confiscates domain names, among other problems.
Data storage, information distribution, and monetization
Users who download and analyze data from Twitter are able to make money through this. This allows the users to gain useful information as well as earn money. However, monetizing data at an individual level can be difficult, while businesses are better suited to monetize data at an organizational level.
According to Robinhood’s earnings report for the first half of 2020, they made nearly $300 million selling customer order flow data to third parties. Big companies understand the value of data and require consent from users before sharing it with third parties.
Several organizations, such as Ocean Protocol Streamer and Numeraire, are developing standards for building open-source marketplaces to facilitate sharing and monetization of data. The commoditization of data has yet to realize its full potential since most of the data is proprietary.
By transforming sensitive and proprietary data into asset tokens, it is possible to create tools that facilitate the accessibility of sensitive data and the accurate pricing of proprietary data, which, in turn, leads to a strong data ecosystem by allowing the users to value their data.
The development of decentralized applications and secure decentralized data storage are among some of the benefits offered by decentralized services such as Sia Arweave and Filecoin. However, information is commonly stored on servers owned by multiple large companies, which makes it difficult to create a private and secure environment.
Applications and other Internet infrastructure services
In the age of the internet, almost all Internet users are unaware of the wide range of services they can take advantage of. Among these are services like Wi-Fi, GPS, Bluetooth messaging, video and audio streaming services like YouTube, Spotify, etc.
There are many of these applications owned by just a few companies, which makes them run on platforms developed by major corporations like Google and Microsoft. The centralized governance of all these applications by just a few companies can create security and privacy concerns for both users and companies.
In addition to the services and protocols available on the Internet, new technologies are constantly being developed. Examples include “Helium” Helium, a wireless network, and an open source product, “Foam” Foam, a mechanical service, and “Livepeer” an encoding and streaming video service.
Users of these types of services are responsible for owning and operating them, so middlemen cannot gain access to your information.
With the advent of YouTube and Twitch, these platforms not only play a role in distributing content but also in storing content, meaning that users can view a specific video in the format specified by the platform encoding it.
Providing these services seamlessly helps content creators on any platform. Web 3 protocols can distribute the power of these companies by separating the services that companies provide to users.
As part of our projects, we have created “Audius” – a music streaming platform, “OurZora” – an open source media market, and “Mirror” – a decentralized data publishing platform, all of which allow users to own and control their content over any of the platforms.
It is anticipated that in the future, content creators will be able to monetize their data directly from their data storage systems, outside the environment where it will be consumed.
What is the importance of Web 3?
Although users are generally considered to be the owners of their information and content, they are not involved in the development of the platform, and companies risk their users’ privacy by selling their information.
Unlike Web 2, Web 3 is a decentralized platform without permissions that allows users to take certain actions without interference from developers.
Is Web 3 the same as blockchain?
With Web 3 technology, blockchains play a significant role in the creation of a secure and economical web-based banking system allowing users to maintain their accounts and identify devices and machines. Blockchains also provide a method by which users can grant ownership rights to assets within their web environment via non-exchangeable tokens.
As part of Web 3, there are several technologies that are being incorporated, including blockchains, artificial intelligence, boundary computing, and the Internet of Things.
What is the relationship between Metaverse and Web 3?
There are many real-life activities that can be experienced through this virtual environment as realistically as they would be if they were there in person
In terms of Web 3 technology, Metaverse can be considered a part of this due to its use of blockchain technology for preventing power concentration, creating a financial system, and defining identity. It offers all the features that are necessary to bring the internet into the third generation.
Is Web 3 really exist now?
Blockchain technology is implementing various aspects of Web 3. Although these projects can be used to a degree at the moment, they do not represent a complete Web 3. As a new concept, it requires more time to be developed.
The potential for the implementation of a scalable blockchain project, however, will also expand the concept day by day. The idea must be spread by solving the issue of illegal activities within the blockchain; otherwise, government obstacles and controls will inhibit its implementation.
With the introduction of Web 3, we introduce a paradigm that allows machines, humans, and businesses to seamlessly exchange value work information and services worldwide on a global scale without having to know or trust one another beforehand.
In summary, Web 3’s greatest strength is its ability to reduce dependencies on trust for coordinating activities globally, which makes it so valuable.
As part of Web 3, we can anticipate exceeding existing capabilities in the area of human-machine interactions, including seamless payments, secure data transfers, and the flow of valuable information between users on a global scale.
By switching from Web 2 to Web 3, people can interact directly with one another and with machines around the globe without relying on expensive intermediary systems. This paradigm shift enables us to accomplish tasks that were previously unimaginable.
As well as providing the following benefits, independent data markets, distributed cooperatives, and decentralized organizations contribute significantly to the world’s development.
By eliminating middlemen, communities are now able to provide direct value to their users and suppliers, potentially increasing information sharing while maintaining a greater level of security and privacy.
With the use of non-exchangeable tokens, each company and individual can construct their own identity data and history without worrying about being removed from different platforms. As a result, each company and individual has the ability to maintain their own identity data and trajectory.
The purpose of this article is to provide an overview of Web 3, its various technologies, as well as the implications it will have on digital currency projects if it becomes a reality in the next few years, including the possibility of opening up a whole new world to humans.