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29 April
2022

Is Web 3.0 The Future Of The Internet?

The internet we use now is nothing like it was 10 years ago! The internet's evolution has infused itself into many parts of our everyday life. We utilize the internet for practically everything, from job to education, personal life, and beyond. Without a question, the internet is the greatest important technical advancement in human history. Despite the fact that the sector has come a long way since its start, its potential is still being fulfilled.

Experts feel that today's internet is similar to the motor industry in 1920. The internet, like the car of the time, is a game-changing technology that has been around for 20 years but is still in its early stages and requires considerable improvements. With that in mind, this essay will look at the internet's most recent paradigm shift: Web3. This post will go through what Web3 is, what it's used for, and why it's important for new developers to understand.

What is Web3?

There are a few important differences between Web2 and Web3, although both rely on decentralization. Web3, on the other hand, adds a few novel features to the internet as we know it today. Web3 is defined as follows:

Open: applications are made using open-source software by a community of developers who are open and accessible, and they are visible to the general public. Participants may engage on the network openly or privately without the requirement for a trusted third party.

Permissionless: anybody, including users and providers, may engage without the consent of a regulatory authority. Web3 developers seldom construct and deploy projects that operate on a single server or store data in a single database, which is often hosted and managed by a single cloud provider. Web3 applications may also be constructed on blockchains, decentralized networks of many peer-to-peer nodes (servers), or a combination of the two, which are known as dApps.

To create a stable and secure decentralized network, developers are paid and compete to give the greatest quality services to everyone who uses the service.

Furthermore, while discussing Web3, you'll see that bitcoin is discussed. This recurrence is due to the fact that many of these systems are primarily reliant on cryptocurrency. As a result, everyone interested in developing, governing, contributing to, or improving one of the projects has a monetary incentive in the form of tokens.

These protocols might provide services like computing, storage, bandwidth, identity, hosting, and other internet services that cloud companies used to provide.

People may make money in a variety of ways, both technical and non-technical, by participating in the protocol. Consumers of the service, on the other hand, often pay to utilize the protocol, similar to how they would pay a cloud provider. Money is sent directly to network members or developers, with the exception of Web3.

As with many kinds of decentralization, this eliminates unnecessary and sometimes inefficient middlemen. Many online infrastructure protocols, such as Filecoin, Livepeer, Arweave, and The Graph, feature utility tokens that determine how the network operates. These tokens are awarded to participants at all levels of the network. Even native blockchain solutions like Ethereum use this incentive mechanism.

Is Web3 making an impact on the economy?

Web3's supporters argue that it is a method to distribute wealth. Because if billionaires and large businesses no longer control so much of the internet, more individuals will be able to earn from their online activities.

Supporters also believe that a decentralized economy will lead to a more inclusive and virtual financial system in the future. Decentralized finance, or DeFi, is another Web3 feature: it's a system in which financial transactions are conducted directly on the blockchain rather than via a bank or financial institution as an intermediary.

Web 3.0's Layers

While web 2.0 modifies presently commoditized personal computer technology in data centers, web 3.0 is pushing the data center out to the edge (i.e. edge computing) and perhaps right into our hands.

Phones, computers, appliances, sensors, and automobiles will create and consume 160 times more data in 2025 than they did in 2010.

Network of Decentralized Data

Decentralized data networks allow different data producers to sell or exchange their data without losing ownership, jeopardizing privacy, or depending on middlemen. As a consequence, in the emerging 'data economy,' decentralized data networks will have a vast list of data suppliers. For example, when you use your email and password to enter into an app, when you like a video, or when you ask Alexa a question, all of these behaviors are logged and analyzed by internet giants like Google and Facebook in order to better target their adverts.

Data is decentralized in web 3.0, which implies that consumers will control their data. Decentralized data networks allow different data producers to sell or exchange their data without losing ownership, jeopardizing privacy, or depending on middlemen. Using Internet Identity, you may log in securely over the Internet without being traced.

Machine Learning and Artificial Intelligence

Artificial intelligence and machine learning algorithms have progressed to the point that they can now make useful, and sometimes life-saving, predictions and actions. When constructed on top of growing decentralized data structures that provide today's tech giants access to a multitude of data, the possibilities go well beyond targeted advertising into areas like climate modeling, precision materials, and medicines.

Despite the fact that web 2.0 has comparable capabilities, it is still mostly human-based, allowing for corrupt behaviors such as biased product assessments, manipulated ratings, human blunders, and so on. Customers may offer comments on any product or service using online review platforms like Trustpilot. Unfortunately, a company may pay a huge number of individuals to write outstanding product or service assessments.

As a consequence, in order for the Internet to supply reliable data, AI must learn to distinguish between the legitimate and the false. Following the Gamestop trading incident, Google's AI system recently removed almost 100,000 negative reviews of the Robinhood app from the Play Store after identifying efforts at rating manipulation with the purpose of deliberately downvoting the app. This is artificial intelligence in action, which will soon be incorporated into Internet 3.0, enabling blogs and other online platforms to sift through data and tailor it to the tastes of each user.

Blockchain technology

In layman's terms, blockchain is a new layer of technology that sits on top of web 3.0. Blockchain, in particular, is the backbone of web3, since it redefines the data structures in the semantic web's backend. The blockchain is a decentralized state machine that uses smart contracts to operate. These smart contracts specify an application's logic for web 3.0. As a result, everyone who wants to create a blockchain application must use the shared state machine to do it.

Conclusion

Finally, by enabling people to be independent, Web3 will produce a more equal internet. True sovereignty requires being able to govern one's time and knowledge, as well as who benefits from it. Web3's decentralized blockchain protocol would therefore allow individuals, particularly developers, to connect to an internet where they can own and be properly compensated for their time and data, eclipsing an exploitative and unlawful web where massive, centralized repositories are held and profited from.