What is Web 3.0, how does it work and why should it matter to us?

While personalities like Jack Dorsey, Elon Musk and Tim O’Reilly have dismissed Web 3.0, the buzz around it doesn’t seem to die down.

While some believe it is the future of the internet, others have just trashed it away.

Let us know more about Web 3.0 is and how it works.

Well, what is Web 3.0?

We can define Web 3.0 as the decentralized version of the internet, based on blockchain technology. It is all about data ownership, transparency, and freedom.

Web 1.0 Web 2.0 Web 3.0
Marked the beginning of internet usage – Home pages etc. Allowed people to write and share their content – blogs, wikis etc. Provides users a personalized experience while searching the internet – live streams etc.
Comprised mainly static, non-interactive web pages to exchange information Growth of social media platforms that continues to date It uses Artificial Intelligence (AI) and Machine Learning (ML) to make the search user specific
Company focus Community focus Individual focus
Mostly read only Read write Portable and personal
Incorporates banner advertising Uses interactive advertising Focuses on behavioral advertising
Costs based on page views Cost per click Costs based on user engagement
Owning information Sharing information Consolidating information
Uses Web Forms Has Web Applications Comprises Smart Applications
Britannica Online Wikipedia The Sematic Web
Uses directories Uses tags Identifies based on user behavior

To know more about Web 1.0 and Web 2.0 in detail, click here.

Why should Web 3.0 matter to us?

Companies like Google, Meta, Apple, Microsoft, Amazon are utilizing our data for their profit. Insecurity looms over in such situations and we cannot control our data. With the commencement of Web 3.0, we can take ownership of our data. We can sell our data to such companies without losing ownership and privacy. Let us analyse some advantages that Web 3.0 offers:

  • Data ownership – The users are owners of their data. With blockchain being the basis of Web 3.0, one can ensure privacy and security for one’s information.
  • Decentralization – By connecting to a decentralized network, one ensures ownership of one’s data and trades his data without being tracked.
  • Personalization – By incorporating the latest technologies like the Internet of Things (IoT), ML and AI, Web 3.0 can provide a better user-centric and personalized internet experience.
  • Uninterrupted service – Since there is no single authority of control, one can openly publish their views without the fear of their accounts being blocked or censored.

How does Web 3.0 work?

Having seen the advantages Web 3.0 can offer, it will be more interesting to know how it functions. As we read above, the foundation of Web 3.0 is blockchain. All the advantages are built on top of this foundation.

Let us first understand what blockchain is. In a very plain statement, a blockchain is a chain of blocks of information that form a system that cannot be changed, deleted, or hacked. Once a block of digital information is created, it is linked to the previous block in the timeline. The process continues so on. Blockchain is a digital record of information that can be distributed but not edited or deleted. Thus, there is no centralized system of control in the blockchain. This feature ensures the security and privacy of our information.

The decentralized nature of blockchain technology provides the basis for the development of Web 3.0. By integrating AI, IoT and ML to Web 2.0 and using blockchain, Web 3.0 will give a very different yet tailored user experience.

Chris Dixon, American internet entrepreneur, investor, co-founder, and former CEO of Hunch, in his tweet, explained Web 3.0.

Disadvantages and threats of Web 3.0

Web 3.0 undoubtedly puts forth many advantages. But it does possess certain disadvantages. Some cons of Web 3.0 are:

  • Hardware and software requirements: Users and business owners will need to upgrade their devices and websites to be compatible with using Web 3.0.
  • Easy accessibility of data: Though the third era of the internet provides control over our data, it can still be viewed by anyone as it is available publicly.
  • Difficult regulation: Due to huge quantity of data, regulation might become difficult.
  • Ownership issues: People like Jack Dorsey believe that the control of Web 3.0 will remain centralized.

Blockchain, the base for developing Web 3.0, has lately witnessed phishing attacks. As blockchain has grown in popularity as the most secure model, it has attracted the eyes of cybercriminals. Being the foundation for exchanging cryptocurrencies and NFTs, blockchain has become lucrative for hackers to carry out sophisticated cyberattacks for stealing money. By using advanced security solutions, organizations can ensure security to the users who are doing crypto transactions, signing smart contracts, exchanging NFTs and much more.

Industry 4.0

Another term we hear with Web 3.0 is Industry 4.0. The first one in this series was the mechanical revolution then the technological and digital revolutions. Now it’s the era of automation. The fourth industrial revolution comprises a combination of the cyber and physical systems to form a cyber-physical system (CPS). CPS forms the building block of Industry 4.0. The future industries will see the utilization of AI, advanced robotics, IoT and machine learning to improve productivity.

A complete article can be written on Industry 4.0 and hence, we will not be discussing this in good detail here. You can learn more about AI based Cyberprotection solutions here.

What do you think of Web 3.0? Let us know in the comments section.

Image Source Credit: Code.ng

Read next: How to backup photos and contacts with a backup and cyber protection solution?

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