Web 3.0 – what’s behind the term?

Last Updated on July 30, 2022 by aicrypto

The so-called Web 3.0 is currently probably one of the most discussed topics in the crypto and blockchain world. For fans, it is clear that this is the logical third evolutionary stage of the Internet.

However, there are definitely critical voices that point out various problems and disadvantages of the digital evolution.

Supporters of Web 3.0 consider the new concept important, among other things, because the protocol represents the long overdue alternative to WWW versions 1.0 and 2.0.

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A central linchpin of Web 3:

  • Every user automatically becomes a stakeholder.

As a result, every user remains in possession of all personal data on the one hand and digital assets on the other at all times.

In the precursor Web 2.0, management is often the responsibility of leading service providers such as Facebook or the Internet giant Google.

Thus, data sovereignty lies with large providers, which is at least indirectly linked to the release of personal data. Web 3, according to its advocates, gives data control back to the users.

  • This is accompanied at the same time by monetization by the users themselves throughout the WWW, entirely without the involvement of the aforementioned market-leading organizations.

But this is where the criticism from crypto professionals begins at the latest. We will discuss the pros and cons of Web 3.0 in another section. First, we will talk about the characteristics, advantages and disadvantages.

The definition of Web 3.0

The background to Web 3 as the next Internet generation is that applications (apps) as well as Internet pages should be able to process a wide variety of information intelligently and similarly to users as a result of development.

This involves, for example, such important topics as decentralized ledger technology (DLT), machine-based learning or the aspect of “Big Data“. Tim Berners-Lee, the founder of the Internet, also calls Web 3 the Semantic Web.

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By definition, Web 3.0 is intended to change and improve the WWW in three key ways.

  • The Internet is to become more autonomous, more transparent and more intelligent.

In contrast to Web 2.0, the technological optimizations are to become essential, decentralized links between data of various kinds. Up to now, data storage has been largely centralized. At the same time, Web 3.0 should guarantee both user- and machine-based data interaction.

Involved programs, however, must be able to correctly understand the concepts and context of information. This is one of the reasons for the term “semantic” Web. The topic of artificial intelligence also plays a major role. The blockchain represents the basis of Web 3.0.

The difference between Web 2.0 and version 3.0 can be illustrated as follows:

  • The second version of the Internet was primarily about generating information and data that could be “analyzed” by machines.
  • Web 3.0 focuses on the unambiguous assignment of meaning to all information generated.

Their semantics must enable processing by computers. If this use of data by machines is ensured, Web users will be able to access the relevant information. This information can be made accessible in very different thematic contexts (places, historical details, etc.).

The opportunities of Web 3.0:

  • The influence of larger Internet portals and corporations (Google, Facebook, etc.) could shrink.
  • Users can hope for more security and data protection, as well as better scalable networks.
  • Participants in systems will control each other in the future. Development away from control by large corporations.
  • The Internet is likely to experience “democratization”.
  • Users are to retain complete data control and receive fair access to their data.
  • New, more efficient technologies will emerge. The risk of censorship will decrease.
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These aspects could speak against Web3:

  • Risk of anarchy in the third Internet phase due to reduced ability to influence and regulate Web 3.0. There is a threat of the end of control by state institutions.
  • Significant increase in energy consumption due to the switch to blockchain technologies with large demand for computing capacity.
  • Potentially problematic transition period from Web2 to Web3 browsers over time.
  • Service providers that already play a leading role in the concept of Web 2.0 could also take a dominant position in the transition to Web 3.0.

When will Web 3.0 become a reality?

There is no precise timetable for the third stage of the Internet revolution. However, as mentioned above, the first signs are already emerging. However, it will probably be years before Internet users can finally use the WWW like a kind of outsourced brain. But experts say it will be worth the wait. After all, linking user knowledge with Web 3.0 data could become a milestone in digitization.

The basis for success will be the already obvious advantages of Web 2.0. Advances in digital currencies such as Bitcoin and even more so the Ethereum network, which is an elementary foundation for further development toward Web 3.0, are indispensable for the trend. It needs far-reaching interfaces between cryptocurrencies, the blockchain and decentralized protocols.

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Features that have characterized Web 3.0 so far

One important term is ubiquity, also referred to as ubiquity. This is about information being accessible in its entirety to all users at all times. The “Internet of Things” already serves as an important foundation.

The aspect of semantics, i.e. the relationship between different words, is equally indispensable.

Point three is the role of artificial intelligence, which illustrates the relevance of machines in Web 3.0. The ability to even decode feelings and meaning on the user side is crucial for Web 3.0 computers. Even the dissolution of physical and digital boundaries plays a role.

What is meant here are upcoming developments in the graphics technology sector, which, for example, will make the emergence of three-dimensional virtual worlds within Web 3.0 possible in the first place. The digital game universe Decentraland is one example of many.

The historical background of Web 3.0

The temporal roots of Web3 go back to the 1960s. Even back then, a number of scientists from various fields were concerned with the aspect of semantic networks and their future.

Once again, thoughts on artificial intelligence played a central role. The Internet mastermind Tim Berners-Lee was not least concerned with linking the aspect of “user-controlled information” with the clearly defined meaning of this data. In the future, not only humans should be able to read, understand and evaluate information in combination.

Initial applications have already existed for some time. One use case is online stores where automated systems can make individual offers and recommendations. It would also be interesting for users to be able to retrieve information from scientific textbooks beyond their personal level of knowledge. From the experts’ point of view, Web 3.0 would be an important source, especially in specialist areas such as medicine or law.

The third version of the Internet could and should help sort the mass of digital information here. Importantly, computers could not only manage or make information accessible in the future, but also guarantee its needs-based structuring and filtering between users, service providers and the countless sources of information. An essential feature of the third version of the WWW is that previously unrecognizable connections between data are revealed.

This is advantageous not only for users, but also for manufacturers and providers. If you book a vacation, for example, Web 3.0 will provide you not only with travel offers, but also with offers for suitable fashion or weather information. The semantic web makes this possible. Basically, there are hardly any areas that cannot benefit from the innovative concept.