By Max Singh
In 1992, there were ten websites. By 1994, after the web entered the public domain, there were 3,000. When Google arrived in 1996, there were two million. In 2022, there were approximately 1.2 billion websites, although only 17 percent were active.
What is Web 3.0? Sometimes known as Web3, this new, much-heralded technology is the next step of evolution for the internet or the web as it is commonly known. Using recent blockchain computing technology, Web 3.0 promises more autonomous and faster operation, transparency, security, and versatility for consumers with what is known as a “more decentralized web ecosystem.”
Put Web. 3 will empower users to bypass internet gatekeepers and retain ownership of their data using multiple “blockchain” technology; rather than relying on single servers and centralized databases as the current Web2.0. Web3 would run off public ledgers to store the data on computer networks, chained together or “block chained.” The decentralized Web3 would fundamentally change how the internet operates. Networks would be more secure and less fallible to viruses and hackers store and offer unlimited potential.
First, some history on the rapid development of the web as we know it today. British computer scientists Tim Berners-Lee and Robert Cailliauis invented the world wide web in 1989, which allowed people to hyperlink static pages of information on websites accessible through internet browsers. Previously this was the domain of a few select universities and the military, who had their own closed internet communication type loops.
In 1992, there were ten websites. By 1994, after the web entered the public domain, there were 3,000. When Google arrived in 1996, there were two million. In 2022, there were approximately 1.2 billion websites, although only 17 percent were active.
The social web and the “Web 2.0” idea gained traction after technology publisher Tim O’Reilly popularized the term in 2004.
The next major shift for the internet saw it develop from a “read-only web” to where we are currently — a truly interactive web. Amazon, Google, Apple, Facebook, YouTube, Twitter, and Instagram all resulted from this transition and rely on this interactivity and are now a part of everyday life in terms of using and collecting our data.
“Web 3.0 is the next step of the internet’s evolution. It promises more autonomous and faster operation, more transparency, security, and versatility for consumers. Using blockchain technology and a more decentralized web ecosystem, Web 3.0 offers unlimited future potential.”
Web 3.0’s blockchain-based infrastructure would open up exciting possibilities by ushering in the era of the “token economy.” The token economy would allow users to monetize their data by providing tokens for online interactions.
In a Web 3.0 world, users can link personal information across social media platforms. The block-chained enhanced ecosystem information storage is in separate servers for faster access. Meanwhile, advances in programming and artificial intelligence would allow computers to discern and process information in a more “tactile way, leading to a more “human” way of content discovery, data sharing, and analysis. This is known as the “semantic web” or the “read-write-execute” web.
Advantages of Web 3.0
It can improve transparency and trust between businesses and their customers by creating a tamper-proof record of transactions in a blockchain environment. Because Web 3.0 is decentralized, Web 3.0 apps won’t require expensive servers and data centers; instead, they can run on a network of computers provided by end users.
Customers can see where their products and transactions are at each production and supply chain stage. Businesses can also confirm that transactions are crypto-protected and verified. Utilizing blockchain networks means there is no need to rely on a single centralized institution as a source, such as a bank. Web 3.0 uses cryptocurrencies, such as Bitcoin and Ethereum, to make transactions occur in real-time. Digital Cryptocurrency transactions can take minutes, if not seconds, rather than days or weeks like traditional financial institutions. Finally, thanks to decentralization and linked block chained technology, users’ data will not be stored in one place, making it less vulnerable to attack or loss.
The New Age as Web 3.0 replaces Web 2.0
Web 3.0 is still in the developmental stage, and new companies built on the technology are only beginning to emerge. There will be challenges in the logistical issues and legal realms. For example, Web 3.0 will be fully digital and use cryptocurrencies such as bitcoin and other digital currencies. Due to recent scandals, the cryptocurrency industry will need time to eliminate capitalized and fraudulent players and ensure it is subject to financial laws and has full transparency.
Governments must develop new regulations for everything from digital asset sales taxation to consumer protections to the complex privacy and piracy concerns of linked data. What will be clear is the new technology will lead to more seamless, faster user experiences, and web development has shown almost infinite capabilities. Web 2.0 phases out as the day come, and Web 3.0 becomes the norm. Consumers and businesses should be well aware of what is coming.
