Web 3.0 Definition
Web3 also known as Web 3.0 and sometimes stylized as web3 is the idea of a new version of the World Wide Web based on blockchain technology that includes concepts such as decentralization and a token-based economy.
Some technologists and journalists contrast it with Web 2.0, in which they say data and content are centralized in a small group of companies, sometimes referred to as “big tech.”
The term was coined in 2014 by Ethereum co-founder Gavin Wood, and in 2021 the idea sparked interest among cryptocurrency enthusiasts, big tech companies, and venture capital firms.
Web 3.0 History
As mentioned above, the development and deployment of the Internet is a three-stage process that includes Web 1.0, Web 2.0, and finally Web 3.0. You can see it this way: Web 1.0 corresponds to the brain and eyes, or “read-only network”, while Web 2.0 corresponds to the brain, eyes, voice, ears, and heart, or read-only network. Web 3.0 matches the brain, eyes, ears, voice, heart, hands, and feet so that users can read, write and take action.
Web 1.0 participants were primarily content consumers accessing websites containing mostly text and images, such as news platforms. On the other hand, Web 2.0 is one of the most controversial versions of the Internet. Web 2.0 allows users to interact with each other across different platforms and users do not control their own data while websites track it without the necessary approval from platform users.
Another aspect of Web 2.0 is application monetization. Basically, the firm builds a platform, enrolls as many users as possible, and ultimately monetizes the app through the interaction and use of various websites such as YouTube, Flickr, and Adsense.
On the other hand, Web 3.0 includes platforms created by developers or companies with which people can not only interact, but also take part in maintaining the platforms or creating new applications based on them. These are also trading platforms such as Coinbase and Binance. The transition from Web 1.0 to Web 3.0 involves using Web 2.0 as a springboard.
Web 3.0 Crypto
A monetization strategy for third parties selling data was introduced by Web 2.0. But Web 3.0 is being monetized through cryptocurrencies to reward contributors such as developers or decentralized application (DApp) creators for their services as incentives. This ensures the stability and security of the decentralized network. Moreover, Web 3.0 gives users informed consent to the sale of their data and returns the profit to the user through the site’s corresponding coin.
An important feature of Web 2.0 is to generate income from the sale of data. Such features can also be found in Web 3.0 on platforms such as Ocean Market. Data owners and consumers can securely post or use data on the platform and earn OCEAN tokens using the app.
Web 3.0 applications can provide various services such as data storage, bandwidth, identity, and hosting, and people who maintain and improve these decentralized services expect to be rewarded for their work. Hence, the implementation of cryptography is an important part of Web 3.0.
In addition, cryptocurrencies make cross-border payments more efficient than traditional payment channels. Decentralized finance (DeFi)-focused blockchains like Solana is known for fast payments and staking mechanisms that bridge the gap between participants, enabling faster, more carbon-neutral, hassle-free payments.
Web 3.0 Metaverse
For some, Web 3.0 is all about the Metaverse. While the Metaverse is participating in Web 3.0, it is only one part of the innovation taking place in space.
The Metaverse is a real-time action-based Internet that includes the purchase of digital goods, games, or the creation and purchase of digital art, among others, all of which are part of Web 3.0.
By their respective definitions, Web 3.0 is a digital space where people can create, share, and transact content, while the Metaverse is an augmented reality (AR)-based virtual space used for entertainment.
All blockchain technologies are part of Web 3.0.
Web 3.0 Blockchain
In layman’s terms, blockchain technology is the recording of time-stamped series of data that is immutable and managed by a computer network.
Blockchain forms the backbone of Web 3.0 as it transforms the data structures at the back end of the Semantic Web. This helped create a control layer that works over the Internet. With this level of control, two strangers can reach an agreement and conduct online transactions.
Blockchain consists of many blocks containing information. Each block has a unique hash that separates it from others. In addition, each block is connected by a chain in chronological order.
Blockchain uses smart contracts to operate, and these contracts form the logic of a web 3.0 application. Anyone who wants to create a blockchain application needs to set up their code in a common structure.
