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Web 3.0 is here ... but not the way you think!

By Crypto Eric | Blockchain Auditor | 13 Dec 2023


What do you think of when you hear about Web 3.0?

  • Perhaps you think of a vision of a metaverse, driven by blockchain and cryptoassets? A present and future environment that melds the physical and the virtual?
  • Maybe your vision of Web 3.0 is one where we the people own our own identities and intellectual property, and we wrest back our thoughts and photos and lives back from the big tech companies?

The New York Times had a vision back in 2006 of what it called Web 3.0, the next evolutionary stage of the Web.

This is what they said, 

From the billions of documents that form the World Wide Web and the links that weave them together, computer scientists and a growing collection of start-up companies are finding new ways to mine human intelligence ... their goal is to add a layer of meaning on top of the existing Web that would make it less of a catalog and more of a guide — and even provide the foundation for system s that can reason in a human fashion. That level of artificial intelligence, with machines doing the thinking instead of simply following commands, has eluded researchers for more than half a century ... Referred to as Web 3.0 , the effort is in its infancy, and the very idea has given rise to skeptics who have called it an unobtainable vision ... the Holy Grail for developers of the semantic Web is to build a system that can give a reasonable and complete response to a simple question like: “I’m looking for a warm place to vacation and I have a budget of $ 3,000 . Oh, and I have an 11-year-old child.”

(12 November 2006, "Entrepreneurs See a Web Guided by Common Sense")

So the story is

  • Weaving together the documents on the web - that's today's Large Language Models, capturing huge swaths of the web and creating contextual webs of probabilities between the terms
  • Adding AI so the Web is more of a guide than a catalogue - that's todays interface, like ChatGPT, Bard, Claude and their counterparts
  • Being able to answer a question such as, “the Holy Grail for developers of the semantic Web is to build a system that can give a reasonable and complete response to a simple question like: ‘I’m looking for a warm place to vacation and I have a budget of $3,000. Oh, and I have an 11-year-old child.’” - and that Holy Grail is being conducted by millions of people

So the Holy Grail of Web 3.0 has been broadly achieved, some 16 years from the time declared unobtainable.

Web 3.0 is here!

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Blockchain Auditor
Blockchain Auditor

The Blockchain Auditor blog is focused on accounting and audit issues related to blockchain and crypto-assets. There will be content of interest to those with an interest in topics such as accounting for cryptoassets, audit procedures related to blockchain and distributed ledger technologies, blockchain for improving audit processes, taxation of cryptoassets, and trust.

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