Web 3.0, also known as web3, is a new internet evolution that has recently gained popularity. Web 3.0 definition can be expanded as the evolution of the internet in which blockchain technology and tokens are used to provide decentralized web connections.
Proponents of Web 3.0 argue that this emerging technology will ensure data privacy and customer-preferred content. Will Web3.0 have an impact on large technology companies that benefit from customer data? This article takes a look at Web3 technology and the pros and cons of this new internet evolution.
What is Web 3.0?
In 2014, Ethereum co-founder Gavin Wood coined the term “web3”. Currently there is no official definition for web3. It is based on a combination of AI, Internet of Things and Blockchain technology. It provides the user with more relevant content.
Web3 is primarily concerned with protecting the privacy and security of the user. On today’s internet, centralized companies use user data to serve them relevant advertisements. Advertisers pay the companies for targeted ads. As a result, businesses monetize user data.
Users will have more privacy in web3 as devices and users can communicate without the intervention of centralized authorities or companies and their CEOs. Users are the sole owners of their data and non-replaceable tokens will be used to compensate them. Decentralized tokens such as cryptocurrencies and non-functioning tokens are important in web3.
Crypto investor Li Jin and writer Katie Parrott outlined the web3 vision this way:
“If the pre-internet/web1 era favored publishers, and the web2 era preferred the platforms, the next generation of innovations – collectively known as web3 – is all about tilting the scale of power and ownership back to creators. and users.”
Evolution of Web 3.0
The evolution of Web 3.0 will provide more information about how it works.
Web 1.0 marks the beginning of the Internet revolution. It was in effect from 1991 to 2004. Web1.0 is a collection of static pages. Users can read the pages without interacting with them. Even the comments section will function like a visitor’s ledger. It’s like a huge internet encyclopedia. The information was consumed by the users.
Web 2.0 is defined as the period from 2004 to the present. Darcy Dinucci was the first to use the term web 2.0 in 1999. Web2.0 is primarily based on user-generated content. It is easy to apply to participatory culture. However, centralized social media platforms collect and sell user data to advertisers. It has an impact on the privacy of internet users. This era is mainly associated with targeted advertising. It is also known as the Blogger era.
The semantic web is a data network that can be easily understood by machines rather than human operators. In 1999, Tim Berners-Lee articulated his vision of the semantic web. Tim Berners-Lee defined the semantic web as part of the web 3.0 standard. He proposes to make internet data machine-readable. According to Tim, computers will handle our day-to-day activities, such as commerce and bureaucracy. It is nothing more than a web of data processed directly and indirectly by machines.
How does 3.0 work?
Understanding of web3 will be improved by having a basic understanding of blockchain technology. Blockchains are nothing more than a collection of data storage blocks. Each block consists of three parts: data, hash and hash from the previous block. Hash is nothing more than a security code that, like a fingerprint, identifies a specific block. The last hash data is used to connect the blocks. As a result, it is difficult to manipulate a hash, making it very secure.
Web3 will be a giant database of all our information that the internet will use to connect people to information. It analyzes all the information from the internet and gives us more accurate results. This is because the browser can understand the information on the Internet. This machine learning provides the exact details rather than popular pages.
Users’ data is stored in blocks connected by blockchain technology. The web3 will act as a personal assistant. The more we use the web, the more it collects our data and provides more relevant information. Web3 will use the internet to connect people with information.
Who controls Web3?
Since Web3 is all about decentralizing the internet ecosystem, controlling authority is a major concern. The answer is simple: web3 is operated by DAO (Decentralized Autonomous Organization). DAOs are self-governing organizations that do not have a CEO or president. DAO is governed by code agreed upon by the people who founded it. It is a self-governing organization that is voted by token holders.
DAO’s code will be changed once a decision is made. Shareholders can submit code upgrades for approval after voting. Thus, DAO can be continuously upgraded to better meet current reality. Since it is open source code, anyone can upgrade it and fix any flaws.
Pros and Cons of Web 3.0
- Ownership of data – the users can choose the data they want to share.
- No central authorities or companies will directly connect with the users.
- Users can track their data, they can also detect the source code of the platforms they decided to use.
- The AI-powered web processes our preferences and gives us relevant information instead of popular pages.
- Preferences and suggestions are based on our habits.
- Data is stored on distributed nodes, so you don’t have to worry about the suspension of services for technical or other reasons.
- Better marketing by companies because they are directly connected to the users. recognizable advertisements.
- Ownership concerns, as stated by Jack Dorsey, that venture capitalists who own more decentralized tokens can control the platform.
- Need more advanced devices like AI. The blockchain needs a more advanced system
- Difficult to regulate because there is no centralized authority.
- Ability to increase cybercrime
- Existing websites need to be upgraded.
- Connected together so everyone can access the information you provide online.