What is Web 3.0 and what’s in it for you?
In recent times, you may have come across the term ‘Web 3.0’, and honestly, there isn’t much awareness around it yet.
But we got you covered. Here is everything you need to know:
Web 3.0 is the next technological advancement of the internet. It eliminates the middlemen (like tech giants) and gives web users more control over their data and online identity. A large portion of the current business model of internet tech giants is based upon exploiting user data to make huge profits. And this is only scratching the surface, of course.
Web 3.0 allows web users to have their majority of online activities on a handful of dominant platforms, while still having full control over their digital experiences. This new version of the internet allows online content to be tailored to each user without compromising their privacy. This adds an additional layer of utility and meaning to the internet and the interactions within it.
Why should you care?
If the web is now decentralized, users have more freedom and can also get a piece of the internet via digital tokens. These tokens are given to them as a reward for helping develop and improve Web 3.0.
The third stage in the evolution of internet technology will see users becoming active participants rather than passive consumers.
Web 3.0 is associated with technological advances like cryptocurrency, NFTs, and decentralized autonomous organizations (DAOs). This new paradigm of the internet is based on peer-to-peer transactions, transparency, and data democracy.
What is Web 1.0, though?
Web 1.0 refers to the initial days of the internet. It began around 1989. Many of us would be surprised to see websites opened from those early days, due to the primitive graphics and the lack of opportunities for participation, such as commenting on articles or creating pages. Web 1.0 is viewed as a “read-only” era. It had many static and disorganized web pages. Participants were merely consumers of information.
And Web 2.0?
The second phase of the internet is also known as Web 2.0. It began around 2005 when internet users started to create original content and take greater control over their online presence. People could now post articles, videos, and photos to multiple accounts through the use of social media platforms, web apps, and self-publishing sites. It is seen by many as the beginning of a social collaboration and the sharing economy on the internet. Platforms became more interactive thanks to advances in web development and programming. They also depended on user-generated content for growth. This led to phenomenal growth in mobile-based apps, while mobile device adoption exploded. Big tech companies saw an opportunity to create a monopoly over data sharing and attempt to make financial profits. These companies faced backlash over data abuse, privacy, and moderation.
Okay, back to Web 3.0!
We are witnessing the rise of a new generation of internet architecture in Web 3.0. It makes its participants the sole owners and creators of the web. This is a break from the exploitation by tech companies.
Web 2.0 users created the content. Web 3.0 users create the platform and extract the value.
Web 3.0 applications run on decentralized networks made up of peer-to-peer servers. This technology leverages a distributed ledger technology called the blockchain. Participants can host peer-to-peer servers, or make other contributions such as recommending improvements or becoming a governance entity (DAO) through this decentralized database. Tokens are given to participants, which make them owners of part of the internet or networks and give them a stake in the outcomes of the group’s actions. Because all data is transparent and immutable, everyone in a network can see every step of the process.
Let’s look at some great features of Web 3.0:
- Decentralization: Currently, Internet users navigate, upload, and download content through internet tech giants acting as middlemen. They also exchange personal data in exchange for access to the internet. But, with a decentralized Web 3.0, information can be stored in multiple places. Users have greater control over their data and can avoid the risks of the failure of central servers.
- Open: Web 3.0 can be freely accessed as long as it was developed using open-source software.
- Trustworthy: In web 3.0, networks eliminate intermediaries (or third parties) from the execution of internet actions. Therefore, users can have greater privacy without any need for an intermediary or governing entity.
- Permissionless: Anybody — providers or users — can engage without the need to obtain permission from a central authority.
- Artificial Intelligence (AI) and Machine Learning: As the web evolves, computers will use natural language processing, Semantic Web, and machine learning concepts to understand data like humans. This will make internet searches more precise and relevant and improve overall connection. Marketing will see a direct impact as consumers won’t be exploited by advertising and can instead find targeted offers that match their interests.
All content on Web 3.0 can be accessed from any device or service, and all devices are connected. Data storage is decentralized so there won’t be any disruption to services.
But, are there any possible disadvantages of Web 3.0?
- In the beginning, none of the devices will be able to keep up with Web 3.0’s processing speed. Though, it may lead to manufacturing of even more powerful devices.
- Compatibility with older sites may reduce. But then, when new things come, old ones become obsolete, or find ways to reform.
- Monitoring and regulation in Web 3.0 may reduce its essence.
Can we say that there’s a difference between Web 3.0, Crypto, and Blockchain?
It is difficult to distinguish Web 3.0 and crypto. Blockchain is an essential building block of both. Web 3.0 and crypto are trying to discredit financial monopolies and data.
Web 3.0 is based on decentralized data and uses smart contracts and decentralized protocols for transactions on a network. It is the technology that underpins cryptocurrencies and decentralized financing (DeFi). In this sense, it is almost impossible to separate all these ideas. We also mentioned earlier that tokens can be given to web participants who are interested in helping to build or contribute to the digital infrastructures of Web 3.0. These tokens can also be considered digital assets or a type of cryptocurrency.
Web 3.0 is moving towards democratizing data and empowering users. Crypto-based projects, with the sole purpose of democratizing financial services and money, can also be said to be moving in the same direction.
Though we can’t predict the future with certainty, this is how the present looks for now.
However, one thing we can say with certainty is that createprotocol.org is taking every necessary step to stay ahead of the curve and in some regards, even finding new ways to leverage Web 3.0 and blockchain technology to benefit everyone that tags along.
The protocol is completely built with creators in mind and hence every DApp as well is providing solutions that are revolutionary in their own use cases. The major applications include an NFT marketplace — Mercado.studio, finally a marketplace that has a seamless user experience to not only manage the digital assets but also enable transactions being facilitated in multiple chains.
The other DApp is called Creator Console and what it essentially does is provide a single-stop solution to a bunch of concerns that a non-native crypto user might face when trying to convert their creations into digital assets. Console is a dashboard, so to speak, that enables everything from NFT creation to smart contract definition and even an analytics section to effortlessly monitor the performance of these digital assets. So, to put it in perspective, one could say that Console is completely automating the process of digitizing creations all the way through to generating revenue from them.
And that is where we will wrap this up, however, Create Protocol has some other DApps already in the process of being built and will also continue innovating new ideas that help overcome each and every obstacle that a creator might face in this Web 3.0 space.
Let’s discuss more in our next post!