Web 3.0 will have a forceful impact on decentralized applications, and it would be extensively implemented in blockchain-based technologies. Moreover, web 3.0 will also make use of machine learning and artificial intelligence (AI) to empower more intelligent and adaptive applications.
It took over 10 years to transition from the original web, Web 1.0, to Web 2.0, and it is expected to take just as long, if not longer, to fully implement and reshape the web with Web 3.0.
Web 1.0, a static information provider where people read websites but very rarely, they would interact with them, Web 2.0, an interactive and social web enabling collaboration between users, Web 3.0 will change both how websites are made and how people interact with them.
How does Web 3.0 work?
In Web 1.0 and Web 2.0 technologies, Hypertext Markup Language (HTML) defines the layout and delivery of webpages. However, in web 3.0 HTML will be a foundational layer, but how it connects to data sources and where those data sources reside could be the difference between those earlier generations of the web.
With Web 3.0, most of the databases, application, and services would make use of a blockchain technology. Web 3.0 also fundamentally works with cryptocurrency, more so than with fiat currency.
Both Web 1.0 and Web 2.0 were mostly built with the IPv4 addressing space. Whereas, in Web 3.0 will be predominantly built with IPv6 addressing space.
Key Features of Third Web Generation
Web 3.0 may be constructed with AI, semantic web, and omnipresent properties in mind. The idea behind using AI comes from the goal of providing faster, more relevant data to end users.
Further, an artificially intelligent web will also introduce virtual assistants, an element that is already evolving today as an aspect built into a device or through third-party apps.
The following are the key features of Web 3.0
Decentralized
Web 3.0 will be decentralized, where applications and services will be enabled in a distributed approach, where there would not be a central authority.
Blockchain
Blockchain would enable an immutable ledger of transactions and activities, helping to provide verifiable authenticity in a decentralized world.
Cryptocurrency-enabled
Cryptocurrency usage is a key feature of Web 3.0 services and largely replaces the use of fiat currency.
Autonomous and artificially intelligent
Automation overall is a critical feature of Web 3.0, and automation will largely be powered by AI.
Applications of Web 3.0
NFT
Nonfungible tokens (NFTs) would be stored in a blockchain with a cryptographic hash code, making the token unit unique.
DeFi
Decentralized Finance (DeFi) is an emerging use case for Web 3.0 where decentralized blockchain is used as the basis for enabling financial services, outside of the confines of a traditional centralized banking infrastructure.
Cryptocurrency
Cryptocurrencies like Bitcoin are Web 3.0 applications that create a new world of currency that aims to be separate from the historical world of fiat currency.
dApp
Decentralized applications (dApps) are applications that are built on top of blockchain and make use of smart contracts to enable service delivery in a programmatic approach that is logged in an immutable ledger.
Cross-chain bridges
There are multiple blockchains in the Web 3.0 world and enabling a degree of interoperability across them is the domain of cross-chain bridges.
DAO
DAOs are set to potentially become the organizing entities for Web 3.0 services, providing some structure and governance in a decentralized approach.
Technological evolution is inevitable, just like the industry revolution. Getting hold of the Web 3.0 and utilizing it for the betterment of humankind is our responsibility for which, sporting a learning attitude is imperative.