Web 3.0 has become the buzzword, but few understand its meaning. It is fair to assume that the general public will not have to worry about the intricate details. But businesses cannot rely on the same assumption.
But whether you are a businessman looking to stay ahead of your competition or a tech-enthusiast interested in knowing what is in store for the internet, this post will cover it all.
The Internet is a global computer network that offers a range of information and communication facilities. It consists of interconnected networks with standardized communication protocols. The Internet's introduction has changed how humans live, learn, interact, and almost every other aspect of life. However, the internet has not changed significantly since its inception.
Today's web is static and cannot adjust to individual needs. Moreover, the technology is more prone to security threats as the data is stored in centralized servers.
To address the pitfalls of the static internet, experts are introducing the world to Web 3.0.
Now that you understand what the internet is and its many pitfalls, let's shift focus to the future, that is, Web 3.0. Firstly, Web 3.0 promises a more dynamic experience by leveraging artificial intelligence and blockchain technology. Web 3.0 will introduce structural changes to help democratization across the platform.
Moreover, as the data will exist in a distributed ledger, the security that Web 3.0 will offer will be unmatched.
There is no one definition of Web 3.0. But clearly, it will leverage specific technologies to make the online experience more engaging for clients. Do you know what technologies will be used? Frankly, there are no points for guessing.
Web 3.0 uses AI, semantic web, and ubiquitous properties.
Artificial intelligence will help the new and improved internet provide users with faster and more relevant data. AI can filter information to find the most appropriate data per users' needs.
Generally, social bookmarking offers better results than Google. It utilizes people's votes to determine the viability of the results. These results can be manipulated by people. With AI, it is possible to segregate legitimate and falsified interactions to provide the most relevant results.
AI will also have virtual assistants. It is not an entirely new idea, as third-party apps offer similar services today.
The semantic web offers categorization and information storage systems that help teach the system meaning of specific data. It means that once the user puts queries on the website, the website will understand what it means, similar to how a human would, and present more relevant content to the user.
The semantic web will team the computer with what queries mean, and then AI will use the information for more nuanced results.
Blockchain technology is a trust machine. The new internet will use the technology to create a tamper-proof and self-enforcing technology protocol. Web 3.0 blockchain usage is only natural as it offers a highly secure method of transferring tokens. Web 3.0 crypto usage will not stop at the exchange of currencies and tokens. Instead, it will help set up new business rules and exchange assets.
Now, there might be business owners interested in knowing about the several companies investing in Web3 technology. However, it might also give you a glimpse into your competitors’ work.
The current situation has made several formidable stocks extremely volatile. However, some big guns will sustain and even improve their standing in the market in the coming future. And the tech giants whose stocks you must consider - are Block (SQ), Coinbase Global (COIN), and Nvidia (NVDA). All these companies envision success in the Web 3.0 era and have the means to achieve it.
The internet is currently in its third stage of upgradation. Web 1.0 offered only read-only access to information. In Web 2.0, it was possible to interact with others and the pages. In web 3.0, it is possible to read, write, and execute.
| Web 1.0 | Web 2.0 | Web 3.0 |
| Inception in 1989 | Term coined in 2004 | Modern Blockchain Usage defined in 2014 |
| Static Website Content | Dynamic website content and user input | Semantic content |
| Information Delivery | Social Networks | Metaverse |
| Centralized Infrastructure | Cloud-based but centralized Infrastructure | Decentralized, peer-to-peer, and edge computing |
| Relational database-driven content and application delivery |
Relational database-driven content and application delivery |
Blockchain-based distributed services |
Ethereum co-founder Gavin Wood was the first to define web 3.0. So, it is safe to say that modern technologies are paving the way to a more advanced and secure internet for all. Moreover, AI and semantics are the other two components of the latest technology to help create a new internet experience.
Hopefully, I was able to help you understand the basics of Web 3.0 and how it differs from our regular internet. And now, it is abundantly clear that change is coming to the internet.
But, you have spent time creating an image for yourself on the internet. So, how will this change affect your brand? Is it going to evaporate one night, never to return? I guess no one believes that bit.
However, it is still necessary for businesses to change with time to stay relevant. Every good business knows that your company will perish over time without innovation.
The primary function of the internet will not change with the upgrade. It will remain a portal for businesses to interact with users and meet their demands. However, with the implementation of the latest technology, you will provide a more personalized experience to the users and move them down the sales funnel more quickly.
One of the changes several businesses are already considering includes using augmented and virtual reality. Moreover, web 3.0 will ensure that not only your computer and phone access the internet but also your refrigerator and microwave. So, product-based companies must look for ways to include technology in their items.
Metaverse will include the use of blockchains and cryptocurrencies to make payments. The new web system will also help make everything more transparent for the users. So, businesses should:
The use of crypto wallets for buying and selling will only increase in the future. Therefore, brand marketing needs to consider the tech.
NFT is similar to content creation and can become the new medium for sharing information. Hence, it is essential to keep working on creating engaging content to drive your brand forward.
Other companies can also invest in Web 3.0 through NFT, Metaverse, and cryptocurrencies. However, it is a more direct approach to investment. NFT can turn into your personal branding if you invest in the right ones.
Cryptocurrencies have already become a huge deal. They came well before the conception of Web3. However, with the advancements in the internet, Web3 cryptos have also become a reality. They use blockchain technology with smart contracts so people can control the data and make transactions without any third party. It is essentially new cryptocurrencies that make the decentralized vision come to life.
Some of the major Web3 cryptocurrencies include Helium (HNT), Chainlink (LINK), Theta (THETA), and Filecoin (FIL).
The cryptocurrencies that work with Web3 will offer services generally associated with cloud providers like computation, bandwidth, identification, storage, and hosting services.
Web 3.0 might appear very challenging to understand, but we are already using bits of it in daily life. So, let’s reiterate the most defining features of Web 3.0 in detail.
Semantic Web
The semantic web will change our search world forever. It will enable web technologies to generate, share, and connect content as per the meaning of the words and not through keywords and numbers.
Artificial Intelligence
AI is responsible for the generation of natural language processing. Combining it with the semantic web will result in computers having a human-like ability to comprehend search queries and offer more relevant results. Hence, they will meet the customers’ needs easily.
3D Graphics
Virtual and augmented reality or three-dimensional models are used in websites and services of Web 3.0. Now, businesses can use technology for computer games, eCommerce, geospatial contexts, and more.
Connectivity
The new web will leverage semantic metadata to connect larger information. Then, use it to enhance the user experience with all the available information.
Ubiquity
The aim of Web 3.0 is to make everything internet-enabled. All internet content and services are available on any device of your choice, not just computers, and phones.
Blockchain
Blockchain technology has the potential to stop big corporations from using your data to target you. Blockchain is a feature that will help ensure data security through encryption. Moreover, it will give users complete control over their data, making the internet a relatively safer place in the future.
Decentralized
Decentralized data refers to using network storage in peer-to-peer interconnection. The users are the data and digital assets owners and can log in to security without any chance of being tracked.
Edge Computing
Edge computing helps minimize the data processing at the remote data center. Instead, most of the processing occurs on the network edge on devices like mobile phones, appliances, laptops, sensors, smart cars, etc.
Web 3.0 or Web3 is the progression of the internet into a more secure and effective tool for information, purchases, and much more. It is evident that we do not use the internet to the best of its capacity. However, it also makes sense, as we only see it as a tool – a means to an end.
However, with Web 3.0, virtual reality, and several other financial gains possibilities, it has the potential to become something new.
But these features only bring us closer to a complete definition of Web 3.0. The truth is that we are still taking the time to understand and define Web3.
Web 3.0 aims to be a cognitive technology. With natural language processing becoming the central component of the new tech, the product's possibilities are endless.
You can use the software development company expertise to start preparing your business for the future today.
Why is Web 3.0 the future?
With the advancements of Blockchain, Web 3.0 should have better uptime. Also, AI and ML are new technologies that internet pioneers must consider. With Web 3.0, reading, writing, and executing will be possible. Virtual reality and better online personal assistants are the future, and so is Web 3.0.
When did internet 3.0 start?
The first definition of Web 3.0 came from the co-founder of Ethereum, who defined modern blockchain usage. However, the word first appeared in 2006 by John Markoff, who called it ‘the Intelligent Web.
