Web3.0 is version of Internet based on blockchain technology which focuses on security and decentralised data.
Table of contents.
WEB 1.0 and WEB 2.0
The primary distinction between Web 1.0 and Web 2.0 is that Web 1.0 is the initial version of a web browser, whereas Web 2.0 is a result of Web 1.0's progress. Web 1.0 contains material that is only viewable on the Internet, however, Web 2.0 has improved with the technology of including written data on the internet. Web 1.0 is the only form of web browser that can be read. It's more like a writer authoring a book, and the audience can only read what the writer writes. The Web 1.0 system functioned in such a way that a small number of individuals were allocated to meet the informational needs of a large number of people. Web 2.0 introduced the capability of writing material on the internet, allowing anyone to contribute their thoughts and correct falsehoods. In this manner, the internet evolved into an interactive community. Web 2.0 provides dynamic information that requires frequent updates. Facebook, Twitter, and other social media sites are excellent instances of web 2.0 development. Web 2.0's emergence was mainly fuelled by three key layers of innovation: mobile, social, and cloud.
What makes WEB 3.0 unique
Web3 is a notion that would include financial assets, in the form of tokens, into the inner workings of nearly any online activity. Some visions revolve around the idea of decentralized autonomous groups (DAOs). Another significant notion is decentralized finance (DeFi), in which people exchange currency without the participation of a bank or the government. Self-sovereign identification enables users to identify themselves without depending on an authentication system like OAuth, which requires a trusted party to be contacted in order to evaluate authenticity. Web 3.0 is an even more fundamental upheaval, one that will, in time, cast a shadow over all that has come before it. Edge computing, decentralized data networks, and artificial intelligence are the three new layers of technical innovation that underpin Web 3.0. While recently commoditized personal computer technology was repurposed in data centers in Web 2.0, the transition to Web 3.0 is moving the data center out to the edge, and sometimes straight into our hands. Large traditional data centers are being augmented by a plethora of sophisticated computing resources distributed among phones, laptops, appliances, sensors, and cars, which are expected to create and consume 160 times more data in 2025 than in 2010.
Decentralized data networks enable these data generators to sell or trade their data without losing ownership, sacrificing privacy, or relying on third-party middlemen. As a result, decentralized data networks have the potential to bring the whole long tail of data providers into the growing 'data economy.' Artificial intelligence and machine learning algorithms have advanced to the point where they can make valuable, and sometimes life-saving, predictions and acts. When built on top of emerging decentralized data structures that provide access to a plethora of data that today's tech titans would desire, the possible applications extend far beyond targeted advertising into areas such as precision materials, medication creation, and climate modeling.
How is WEB3.0 going to make an impact ?
Web 3.0 is a more fundamental upheaval, one that will, in time, cast a shadow over all that has come before it. It is a significant step toward open, trustless, and permissionless networks. 'Open' in the sense that they are produced with open-source software by an open and accessible community of developers and are executed in full view of the world.
'Trustless' in the sense that the network allows members to engage openly or privately without relying on a trusted third party. 'Permission less' in the sense that everyone, including users and providers, can engage without the need for permission from a controlling authority. The ultimate goal of these new open, trustless, and permissionless networks is to organize and incentivize the long tail of job, service, data, and content providers that represent the disenfranchised background to many of the world's most pressing issues such as health, food, finance, and sustainability. Web 3.0 offers a future in which scattered individuals and computers may interact with data, value, and other counterparties without the use of third parties via a peer-to-peer network substrate. The end product is a modular human-centric and privacy-preserving computer network for the next generation of the web.
Web 3.0 will dramatically broaden the volume and scope of human and machine interactions far beyond anything we can now comprehend. These interactions will be feasible with a far broader spectrum of potential counterparties, ranging from frictionless payments to richer information flows to trustworthy data transfers. Web 3.0 will allow us to engage with any person or computer on the planet without having to pay a charge to a middleman. This transition will enable previously inconceivable firms and business structures, ranging from global co-operatives to decentralized autonomous organizations and self-sovereign data marketplaces. Societies can become more efficient by disintermediating industries, decreasing the need for rent-seeking third parties and distributing this value directly to network users and providers.
Organizations can become more flexible to change as a result of their new mesh of more adaptable peer-to-peer communication and governance linkages amongst members.
Humans, businesses, and robots may share more data while maintaining more privacy and security. We can essentially eliminate the platform reliance concerns that we see now in order to future-proof entrepreneurial and investment activity.
We may own our own data and digital footprints by using digital scarcity and tokenized digital assets. Network members can collaborate to address previously intractable or 'thinly distributed' issues through 'modern mutual' ownership and administration of these new decentralized systems of intelligence, as well as sophisticated & dynamic economic incentives.
Challenges faced by WEB3.0.
The internet is enormous. It has billions of pages, and the SNOMED CT medical terminology ontology alone has 370,000 class names, and current technology has yet to delete all semantically redundant words. Any reasoning system capable of reading all of this data and comprehending its usefulness must be able to cope with massive volumes of data. User searches are not always detailed, and they might be exceedingly ambiguous at times. To deal with ambiguity, fuzzy logic is utilized.
Uncertainty: The internet deals with a large number of unknown values. For example, a patient may exhibit a constellation of symptoms that correlate to a variety of various diagnoses, each with a different likelihood. In general, probabilistic reasoning approaches are used to address uncertainty. Inconsistency: Inconsistent facts might result in logical conflict and unpredictability. While AI can assist with data filtering, what if all of the data presented is purposely incorrect and misleading? Cryptography approaches are now being used to combat this issue.
Conclusion
The internet is a worldwide platform, a tool utilized by millions of people all over the world to meet their basic requirements. Since the beginning of the internet era, the evolution of the Internet has also been quite intriguing. The Next Web 3.0 wave extends well beyond the first use case of cryptocurrency. Web 3.0 will cryptographically connect data from individuals, corporations, and machines with efficient machine learning algorithms, resulting in the rise of fundamentally new markets and associated business models due to the richness of interactions now possible and the global scope of counterparties available.
Comments