BigONE Insights: What Is Web3? What’s The Difference With Web2?
The internet’s evolution has been unprecedented since its inception in the 1960s. The internet sparked a wave of technological progress in the human race, opening up a plethora of possibilities in the world we live in today. The internet has gradually evolved from web 1.0, its infancy, to a more organized, all-encompassing, and diverse web 2.0, enabled by companies such as Amazon, Facebook, and Google, to name a few. With some big tech giants amassing a lot of power over time, centralization is a fundamental flaw in web 2.0. As a result, a new iteration of the internet, dubbed web 3.0 in some circles, has emerged, centered on decentralization and the use of blockchain technology to address some of the flaws associated with web 2.0, such as privacy and identity. Web 3.0 is still a relatively new concept that has yet to gain widespread acceptance. In this article, we’ll look at Web3, its applications, and how it differs from the current internet iteration, Web2.
Web3 and Its Applications
Web 3.0 is the next iteration or phase of the evolution of the web/internet, and it has the potential to be as disruptive and represent a paradigm shift as Web 2.0 was. Web 3.0 is based on the fundamental concepts of decentralization, openness, and increased user utility. Web 3.0 is still in its early stages, and much work remains to be done to accelerate its global adoption and successfully replace the current internet version, or web 2.0. Web3 has the following features:
Decentralization is a fundamental tenet of Web 3.0. Computers in Web 2.0 use HTTP in the form of unique web addresses to find information that is stored in a fixed location, typically on a single server. Because the information would be found based on its content in Web 3.0, it could be stored in multiple locations at the same time, making it decentralized. This would deconstruct the massive databases currently held by internet behemoths like Meta and Google, giving users more control.
With Web 3.0, users will be able to sell data generated by disparate and increasingly powerful computing resources such as mobile phones, desktops, appliances, vehicles, and sensors via decentralized data networks, ensuring that users retain ownership control.
Trustless and permissionless: In addition to decentralization and open source software, Web 3.0 will be trustless (i.e., participants will be able to interact directly without the need for a trusted intermediary) and permissionless (meaning that anyone can participate without authorization from a governing body). As a result, Web 3.0 applications will run on blockchains, decentralized peer-to-peer networks, or a combination of the two — dApps are decentralized apps.
Machine learning and artificial intelligence (AI): Through technologies based on Semantic Web concepts and natural language processing, computers in Web 3.0 will be able to understand information in the same way that humans do. Machine learning will also be used in Web 3.0, which is a branch of artificial intelligence (AI) that uses data and algorithms to mimic how humans learn, gradually improving its accuracy. These capabilities will enable computers to produce faster and more relevant results in a variety of areas such as drug development and new materials, as opposed to the current focus on targeted advertising. With Web 3.0, information and content are more connected and ubiquitous, accessible through a variety of applications and with an increasing number of everyday devices connected to the web — one example being the Internet of Things.
Differences between Web2.0 versus Web3.0
Web 2.0 and Web 3.0 are similar technologies with similar origins, but they approach challenges in very different ways. The primary distinction is that Web 2.0 is concerned with reading and writing content, whereas Web 3.0 is concerned with creating content (Semantic Web). The latter is far superior, utilizing technology to facilitate information exchange among web users while also improving cybersecurity. While Web2 aims to connect people, Web3 combines this data in terms of meaning while also increasing trust. This occurs as a result of decentralization. Furthermore, payments on Web 2 are made in fiat money. During transactions, government-issued money, such as the US dollar, is used. Web3, on the other hand, funds transactions with cryptocurrencies such as Ethereum or Bitcoin, which are encrypted digital currencies.