Web3

Web 3.0 Blockchain & Crypto: Meaning & Examples

By Guarda Wallet | Guarda Wallet Blog | 12 Feb 2024


Since Tim Berners-Lee invented the World Wide Web (WWW) in 1989, the Web has continually grown and evolved in parallel to the development of new technologies. WWW was designed specifically for groups of scientists and researchers to be able to exchange information, articles, and documents. Once the Internet was created, it gradually began to spread to the rest of the population. It was no longer solely the property of scientists.

Over time, the Internet has undergone its evolutionary path, paralleled by the development of technology. From Web 1.0 to Web 2.0, Web 3.0 is on its way. And from the looks of it, the next version of the Internet may be closer than we think. It promises to decentralize control over the content, incorporate new artificial intelligence processes, welcome the meta-universe, and incorporate cryptocurrencies into its core payment model. Explore the Web3 with Guarda decentralized wallet (https://grd.to/ref/guarda).

Web 3.0 Meaning

Web 3.0 is the third generation of Internet services focusing on understanding and analyzing data to create a Semantic Web.

There is no clear definition of Web 3.0 because it has not yet been fully implemented. It is based on ideology rather than hard facts that can be analyzed.

Goal of Web 3.0

At the heart of Web 3.0 is the goal of creating smarter, more connected, open, and user-friendly websites. Furthermore, users can create content by owning, controlling, and monetizing it using blockchain technology, cryptocurrency, and NFTs. Thus, we see a close co-development of Web 3.0, blockchain technology, and the meta-universe.

Web 3.0: When Was It Created?

The concept of Web 3.0 was proposed in 2014 by Gavin Wood, co-founder of Ethereum. He stated that Web 3.0 would solve the trust and security issues that many cryptocurrency users experience. Along with this would be an end to the monopoly of several companies, with the result that they would now act in the public interest.

Blockchain and Web 3.0

Blockchain and cryptocurrencies are slowly being integrated into the current economic model, and it remains to be seen when they will be integrated to the point where they become the dominant currency unit. In Web 3.0, however, they are conceived as a method of rewarding content creators, giving more weight to those creators who will receive a token every time someone accesses their material.

The trio of technologies will become tightly interconnected, integrated, automated, and interoperable. The technology is conceived through smart contracts and will be used to enable a variety of activities such as transactions, censor-resistant P2P file storage, or application sharing. As a result, it will completely change how we do business and empower users and developers.

Differences Between Web 3.0 and Web 2.0

In the Web 1.0 era, the world was primarily stable and information-oriented. With Web 2.0, the Internet has become dynamic and social. With Web 3.0, the Internet will become more intelligent and distributed than ever.

Web 2.0

  • Centralized: Application delivery, cloud services, and platforms are managed and operated by centralized authorities.
  • Fiat currency: Payments and transactions are made in the state currency.
  • Cookies: The use of cookies helps track users and provides personalization.
  • CSS and Ajax: Web 2.0 is defined by design technologies that provide more dynamic control than Web 1.0.
  • Relational databases: Databases underpin Web 2.0 content and applications.
  • Social networking: Web 2.0 ushered in the era of social networking, including Facebook.

Web 3.0  

  • Decentralized: In Web 3.0, distributed consensus, peer-to-peer computing, and decentralized computing will become more commonplace.  
  • Cryptocurrency: Transactions can be made with encrypted digital currencies such as Bitcoin or Ethereum.  
  • NFTs: Users can get unique tokens that are assigned a value or give a certain advantage.  
  • AI: Smarter and more autonomous technologies, accompanied with machine learning, will define Web 3.0.  
  • Blockchain: Web 3.0 uses immutable blockchain recording technology.  
  • Meta-virtual worlds: With Web 3.0, meta-virtual universes will combine physical, virtual, and augmented reality.

How Does Web 3.0 Work?

As it evolves, Web 3.0 technology will manifest itself as a process of evolution of previous generations of Web tools by introducing advanced technologies such as artificial intelligence and blockchain, as well as by connecting users and increasing the use of the Internet.

Web 3.0 aims to provide personalized and relevant information faster through artificial intelligence and advanced machine learning techniques. More innovative search algorithms and developments in big data analytics will lead to machines that can intuitively understand and recommend content. Web 3.0 will also focus on user content ownership and support an accessible digital economy.

Examples of Web 3.0 Applications

Sapien

A decentralized social news website built on the Ethereum blockchain. The platform offers users to develop their own applications thanks to a vast range of tools free of charge.

With a set of self-sufficient tools, Sapien allows users to interact, transact, share information, and create communities. Sapien was created to give everyone a free way to organize their lives online.

Everledger

Everledger is a distributed digital global registry that aims to offer a blockchain-based application to track the movement of goods from source to sale. Its first application tracks diamonds to ensure they do not come from conflict zones. The system’s main goal is to protect users, banks, and open markets from fraud.

With Everledger, every consumer can protect their purchases by scanning an Everledger sticker. This is a significant step forward in internet security because the Everledger symmetry protects against fraud without using complex passwords or personal information.

The company has also filed a patent for an RFID chip allowing users to find items through the app. It will be beneficial for people who often lose their keys or smartphones.

Storj

Storj is a decentralized storage system that uses blockchain technology. It provides many of the same benefits as cloud storage but in a more dispersed network. The benefits of Storj include the ability to upload and download data unlimitedly at any time. In addition, the platform is free to use and open source.

Web 3.0 Technologies

Web 3.0 infrastructure can be built based on artificial intelligence and semantic networks.

Artificial Intelligence

Applying artificial intelligence comes down to providing target users with more timely and relevant data. A website that uses artificial intelligence must be able to sort and provide information that it believes will be useful to a subscriber. Since search results include sites that people voted for, social bookmarking as a search engine can produce better results than Google. But people can control these results. People can use AI to distinguish between real and fake results, leading to results comparable to social bookmarking and social networking but without negative feedback.

Semantic Web

The point of the Semantic Web is to classify and store data so that the system can learn to identify and know what specific data means. A website can understand the words used in search queries and humans, allowing it to create and distribute better content.

Web 3.0 Architecture

The Web3 architecture supports peer-to-peer payments without the need for a bank. Instead, a decentralized Web 3.0 application is used to make payments. Before the transaction is completed, it is verified by the network and then encoded into the blockchain using a digital ledger.

Thus, users can use decentralized applications to pay for goods and services instead of opening bank accounts. In addition, Web3 supports tokens so users can make payments directly in their browsers.

The Web3 architecture is much more than a rigidly defined standard. Thanks to its capabilities, the system can take on any form from the user data.

Advantages and Disadvantages of Web 3.0

Advantages

  1. More reliable In general, this network will give creators and users more freedom. Moreover, it ensures that the latter will always be in control of their online data through decentralized networks.

  2. Democratic One person will not control the Internet. And in the future, the largest companies will no longer be able to have complete control over the Internet. As a result, decentralized applications cannot be censored or restricted.

  3. More personalization It will be possible to personalize the browsing as this type of website will be able to understand the user’s preferences. This will also make browsing more productive.

  4. More sales Marketers will better understand their customers’ shopping needs and use artificial intelligence to show them the products and services they are interested in buying. This will allow them to see better and more relevant results ads and, therefore, have a higher chance of a conversion.

  5. Fewer interruptions Since users will store data in distributed databases due to decentralization, users won’t have to worry about service interruptions or account suspension for technical reasons.

  6. Security Web 3.0 uses blockchain technology, unlike Web 2.0. It is technically safer to store customer data on blockchain because it is decentralized, and its use by companies is transparent, which protects against hackers.

  7. More decentralized Blockchain technology also includes decentralization. This allows users, on the one hand, to protect their data and, on the other hand, to establish direct interaction without intermediaries.

Disadvantages

  • To work with Web3, users need a device with above-average performance.
  • For novices, it may be a bit difficult to understand.
  • Difficulty of regulation. Some experts believe decentralization will make it difficult to control and regulate Web3.
  • Easy access to users’ personal and public data: Because Web3 is so large and connected, anyone can access the public and private information you provide online.
  • Existing Websites will need updating. As Web3-based websites and applications grow in popularity, existing firms will be forced to update them.

Conclusion

Web 3.0 ensures privacy improvements that make potential users feel more confident when they visit a website. At the same time, advanced technologies such as artificial intelligence (AI), machine learning (ML), and virtual reality (VR) will create a 3D experience that blurs the lines between digital content and physical objects, providing a more secure interaction for businesses and consumers alike.

FAQ

1. What is Web 3.0, and why is it important?

Web 3.0 is a new era of Internet services based on decentralized blockchains. This means that data in Web 3.0 is not in the hands of one party but a public blockchain controlled by network users.

2. Is Web 3.0 based on blockchain?

Blockchain technology is a decentralized technology that uses smart contracts to make transactions. These smart contracts define Web 3.0 semantics. Consequently, anyone who wants to develop a blockchain application must use a common finite state machine.

3. What is Web 3.0 technology?

Artificial intelligence (AI) and the Semantic Web are fundamental to Web 3.0. With semantics, computers will understand the meaning or context of information, not just read keywords. AI and machine learning will use this data to solve our problems.

4. What is Web 3.0 in Crypto?

Web 3.0 includes a set of technological solutions to form semantic and decentralized online services that take full advantage of new technologies such as blockchain to give users complete control over information content, better protection, and privacy.

5. What are Web 3.0 examples?

Here are some examples of Web 3.0 projects: Steemit, Maestro, UjoMusic, e-Chat, EOSFinex, and EPNS.

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Guarda Wallet Blog
Guarda Wallet Blog

Guarda is a custody-free multi-platform cryptocurrency wallet with a user-friendly interface designed to store, buy, stake, and exchange crypto assets. https://guarda.com

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