Web 3.0: The Start of a New Era

Web3, also known as Web 3.0, is an idea for a version of the Internet that is decentralized and based on public blockchains

The Web has been there for the last two decades. It's been an integral part of our existence and growth, with millions using it on a daily basis to create economic value or grow human society into new horizons. There are major shifts occurring that will lead us towards Web 3.0: A decentralized web where anyone can be their own cybersecurity expert by storing personal data online instead of having it stored behind company firewalls like before. It might seem like an impossible situation, but in reality, it’s already started to shift toward that. So, let’s get into the nitty-gritty of Web 3.0 and its ecosystem without losing any time.

 

What is Web 3.0

Web 3.0 is the 3rdgeneration of the internet where the devices are connected in a decentralized network rather depending on server-based databases. It’s all about a more transparent and fairer network where everyone can participate without fearing the loss of privacy or security in their personal information. The shift from Web 2.0 to 3 has been evident with advancements on artificial intelligence, bigdata technology, among others that will allow for personalized web experience; when we say Web 2.0, we mean frontend, which talks to its backend, which talks to its database. What makes Web 3.0 different is that it eliminates the middleman. There’s no centralized database that stores the application state, and there’s no centralized web server where the backend logic resides.

The introduction of blockchain has also changed how Web 3.0 will work. Blockchain technology has unlocked an exciting new direction for Web 3.0 applications. As we already mentioned, the focus will move to the users rather than the corporation. Web 3.0 blockchain technology stack covers a lot of the elements similar to blockchain stack. In the future, Web 3.0 will be a completely new era--the age of decentralization where applications run on this decentralized network and reign supreme in the irrespective industries. No business model can remain untouched by these changes due to how adaptable blockchain is for any industry or sector; it has been envisioned as an enabler capable not only improve current practices but also envision what's possible if we continue innovating with technology like never before.

 

Digging Deeper

let’s dig a little deeper into what makes all of this possible.

1.      Blockchain

The Ethereum blockchain is often touted as a “world computer.” That's because it can be accessed and modified by anyone in the world, giving everyone access to its state changes through consensus ruleset created on this globally accessible machine that doesn't belong solely to any single entity but collectively all of us who use it together. Imagine a world where everyone has access to the same, global state machine. No single entity owns this technology and it’s governed by consensus rules that any one person isn't able or allowed make changes too! The Ethereum Blockchain is designed exactly like this because its goal was always for decentralization; they wanted us all working together on something nobody could take away from them. Lastly, data can only be written to the Ethereum blockchain — you can never update existing data.

2.      Smart contracts

Smart contracts are a way for people and businesses to interact with the Ethereum blockchain in an easy, secure manner. Smart contract code can be written using any high-level programming languages such as Solidity or Vyper so that it's readable by humans too! This gives third parties added confidence when they're unsure about what goes on inside your smart contract (which should happen 99% of time).

3.      Ethereum Virtual Machine (EVM)

The Ethereum Virtual Machine (EVM) is the machine that runs on your computer and executes smart contracts. The EVM can't understand languages like Solidity and Vyper, which are used to write these high-level codes; instead, we compile it down into bytecode before execution happens so only Java or C# code needs translate those abstract instructions - this way computers don’t need a human understanding anymore!

4.      Front-end

Next up, we have the frontend. It defines some of your UI logic and communicates with smart contracts to perform certain functions such as payments or other important interactions within an application based on rules set by developers during development time - not something that can happen through simple input/output transactions like a regular app might do! This communication between the two sides needs careful design so it works seamlessly in both directions; when updates are made for either side (front end / backend) they need each other exactly where they were before without any conflicts arising because you probably don’t want users getting stuck due output errors without knowing what happened back there immediately after their request.

 

Benefits of Web 3.0

The vision of Web 3.0 changed in the last few years as it became more about creating an environment where users could connect and share information with each other without any control or interference from organizations an outside sources like governments, corporations etc., Also given this new space for individuals do what they want when on sites rather than being monitored by someone else's agenda is both liberating yet scary at times which makes me glad there will always be alternatives available if you're looking to get away from mainstream thinking.

Web 3.0's vision and approach has changed completely with the introduction of blockchain. It is now focused on decentralized features that are only possible through this technology such as smart contracts, Dapp (Decentralized applications) hosting platforms etc.

So, what are the benefits of Web 3.0?

 

1.      Anti-monopoly and Pro-privacy

Web 3.0 will bring a pro-privacy and anti-monopoly structure to the network. It will not incentivize centralized platforms. In short, we will see a complete turnaround where the central theme will be privacy and decentralization. The middleman will know no business or need for this kind of platform. This move will be facilitated with the help of blockchains such as Ethereum, Hyperledger, Corda, and others. The government, on the other hand, will also see decentralization. For the best interest, it is wise for corporations to adapt to new standards of Web 3.0 by providing decentralized services that focus on privacy and security rather than control.

2.      Secure Network

The new Web 3.0 will be more secure than its predecessors because of two factors: decentralization and distributed nature of a networked system where hackers cannot easily penetrate it with their operations tracked accordingly within the network for full control now impossible due to this feature's characteristics which is more robust than traditional wired systems even if they were able break into one place there would still not be power over all other areas since each separate machine had an individual IP address rather than having them centralized at some point in time like before. However, blockchain platforms do suffer from some form of exploits such as 51% attack, but most of the blockchain apps and platforms can quickly be patched to protect these types of threats.

3.      Data Ownership

Users will find it easy to trust Web3.0 as they have full control of their data from now on that is transferred through the network and completely encrypted, while being able to decide whether or not corporations can access certain information about themselves when using advertising platforms like Facebook Ads Manager or Google AdWords; however in today's trend there are many individuals who sell this kind of personal info without giving much thought into how you might feel if someone bought your browsing history for $10 off next purchase!

We're excited by what we've seen so far at launch but know some users may need more help understanding all these changes - which is why our goal with .NET Foundation

4.      Interoperability

Interoperability is one of the key features of Web 3.0. With a decentralized network, it will become easy for applications to work across different devices and platforms such as T.V.s, smartphones, smart roads, and so on. Developers will also find it easy to develop Web 3.0 apps.

5.      No Interruption in Service

Distributed systems are less prone to service interruption. As there is no central entity for functioning, it becomes hard for a distributed denial of service (DDoS) or other forms of service malfunction attempts to have an impact. This makes Web 3 a great place to share data and critical services without worrying about service interruption.

6.      Permission less Blockchains

Web 3.0 will be the new frontier for innovation, with blockchains powered by a union of trusted peers and everyone in unison to create an unstoppable force that cannot be denied or hindered! Permission less blockchains open up unforeseen possibilities such as access to people who are early discriminated against due their gender, income level etcetera- although they do exist on private networks too; while permissioned counterparts offer pre-allocated consensus mechanisms which unfortunately does not guarantee equality among participants no matter where you come from(geography). This Web3 term could very well change everything we know today about how transactions occur – think outside your average business model because now anyone has equal opportunity when joining these types.

7.      Semantic Web

The Semantic Web is an improvement over the last set of technologies that are used for Web 2.0 and will enable data to be shared across multiple systems, platforms, communities boundaries -acting as a bridge between different formats & platforms! By using semantics in our everyday lives we not only connect better but enjoy internet use even more

8.      Ubiquity

The Web 3.0 is a new internet that'll change the way we live forever! With this advancement, information from one application can be accessed anywhere in your world through any device with an internet connection- and you don’t have to worry about what type of computer it might be on because they all work equally well at accessing content online now thanks to artificial intelligence updates which allow us access even if our devices lack certain features such as camera abilities or wireless capabilities without sacrificing performance too much; both speed wise (with 5G coming soon)but also aesthetically speaking since not every person wants their phone looking like some kind old man's beaten up PDA.

 

Web 3.0 dApps

The transition has already started with the Web 3.0 dApps or decentralized applications (dApps). To get a better understanding, we will be divided into different categories and discuss the dApps that will replace traditional services and applications. Using the dApps, one can easily create decentralized organizations‘ business models as well. The transition is inevitable, and it is only time when mass adoption of these apps will take place. To really get a clear picture of what is Web 3.0, you need to to deeply understand dApps.

To make it easy for you to follow, we will be listing the different categories. They are as follows:

1.      Social Networks

Social networks play a crucial role in our lives and transform how we communicate, interact and form communities. However, the current generation of social networks is not free from problems. They are limiting, censored, and works towards an internal agenda. Social networks can also be brought by big corporations or government to control the user’s point of view and try to mold them accordingly.

Web 3.0 will completely change how the social network works. With the use of blockchain, it will not be possible for social platforms to be limited in any way. Anyone can join irrespective of their geographical limitations.

Not to mention these social network shave full authority over the data that is shared and stored on the platform. Facebook, for example, recently got stuck in their Cambridge Analytica Scandal. Facebook leaked the data of millions of users, breaking their privacy to a great extent. Google, on the other hand, is also not free from misuses of user data. Overall, if you use any of the current social networks, you are basically trading your data as a fee to use them.

2.      Exchange Services

When it comes to the exchange services, centralization is not at all effective. The biggest failure that we can see is when the exchange Mt. Gox got hacked. The hack cost them $460million worth of bitcoin in 2014. Its value would be at least 1000 times more now.

 

Decentralized exchanges are slowly growing in popularity as they provide a seamless user trade experience without worrying about any hacks or transparency. This also means that there is no centralized authority and no conflict of interest from the owner’s side. They mainly use many decentralized finance applications to streamline their services. As we already know that the Web 3.0 depends on trust, it is all about decentralized exchange. Let’s list some of the few decentralized exchange services out there.

3.      Messaging

Messaging has been part of our lives from the day we started using the internet. Well, for most of us, it is either using WhatsApp or Facebook messenger. Other messenger types include Telegram, which is mostly used by startups, businesses, and other forms of professional work.

On the other hand, the government also tends to run its network of intelligence to track down messages, and that is only possible because of centralized solutions.

4.      Storage

There is a lot of innovation that goes into data storage. However, the current state of data storage can be changed with Web 3.0 technologies such as blockchain and big data. As a normal user, we store data on Google Drive and other cloud storage solutions on the internet. It is an entirely different story for the companies as they prefer amore robust and centralized solution to store their valuable data.

Current storage systems are also centralized, meaning that the data can be manipulated or used for doing other forms of activities such as selling the data to 3rd parties for advertising purposes.

5.      Insurance and Banking

Insurance and Banking is one of the most corrupted sections of our society. For example, is run with a philosophy of making profits. Banking, on the other hand, also is not free from all the shackles of negativity. Overall, we can safely say that the current system is broken and needs to be more transparent and secure for the users to thrive in it.

Both the insurance and banking sector can see a revolution with blockchain technology. There are many use cases of this technology, and the impact can be seen early than thought. The transformation will take place through the use of blockchain features, including transparency, security, retractability. This means that fraud will not be possible in banking or insurance.

Records can now be kept on the blockchain. Also, smart contracts can be used to automate most of the tasks that don’t require any human touch. The implementation of blockchain means that the users will be benefitted the most. Insurance claims will be easy, and the whole process can be carried out with minimal or no paperwork. False claims will also see a deterrence. Digitally savvy users will also find the change useful.

6.      Streaming (Video and Music)

Streaming is a big industry. Also, it is stated to grow more readily in the upcoming period. As a user, you already know the big players that surround us.

Even though they provide a great user experience, the whole concept of monopoly is not good for the industry in the long run. Many issues, including unclear policies, also plague the current streaming platforms. They also utilize the user data for advertising purposes, which breaks the privacy users want when they are online. All the streaming platforms are almost free regarding cost. In that case, you become the product for them.

7.      Remote Job

The world is moving towards remote jobs. In the U.S. alone, freelancing and remote jobs make a lot of the U.S. workforce. It is quite fascinating to see where we are headed as we prefer working from home than in the office. Whatever may be the reasons, the centralized remote job platforms are not up to the mark.

Decentralized remote job/freelance platforms can readily solve these problems. Some of the examples include EthLance, Atlas. Work, CryptoTask, Blocklancer, and so on.

8.      Browser

Browsers are the doorway to the internet. The two major browsers out there are Google Chrome and Firefox. They capture most of the market. Google’s dominance is in no way ignored.

We explore the Web through the web browser. For browsing the web 3.0, we need a browser that fits the decentralized Web’s philosophical aspect. Also, the current-gen browsers are not completely secure when it comes to protecting users.

When users go into infected websites, their computers can get infected. Browsers also leak information if they are not well developed according to current security standards. For example, your browser stores your location, hardware and software information, connection information, social media information, and so on.

The users are also vulnerable through the add-ons that these modern browsers have to offer. The solution is to use a decentralized browser that provides a better ecosystem using blockchain technology.