What is Web 3.0?

What is Web 3.0?

Compared with the original Web 1.0 of the 1990s and early 2000s, Web 2.0 is the current version of the Internet with which we are all familiar, while Web 3.0 represents its next phase. Web 3.0 or Web3 is the third generation of internet services for websites and applications that leverages machine learning, artificial intelligence and blockchain to achieve real-world human communication.

First, what is the web?

Web refers to the World Wide Web (WWW). It is the internet’s core information retrieval system. Internet pioneer Tim Berners-lee is credited with coining the term World Wide Web to refer to the global web of information and resources interconnected through hypertext links.

Web 3.0

Imagine a new type of internet that not only accurately interprets what you input, but actually understands everything you convey, whether through text, voice or other media. All the content you consume will be more tailored to you than ever before. The icing on the cake is that individuals will not only be able to own their data but will also be compensated for their time spent on the web. We are at the tipping point of a new phase in the web’s evolution. It will focus on using a machine-based understanding of data to provide a data-driven and semantic web. The ultimate goal of web3 is to create more intelligent, connected and open websites.

The evolution of the web:

Web 1.0

Tim Berners-Lee pioneered the early development of the Internet in 1990 when he was a computer scientist at European researcher CERN. By October 1990, he had written the three fundamental technologies that became the foundation of the web, including the very first web page browser WorldWideWeb.app. This was the Web 1.0. Also called the Static Web, it was the first and most reliable internet in the 1990s despite only offering access to limited information with little to no user interaction.

Web 1.0 had no algorithms to sift internet pages, which made it extremely hard for users to find relevant information.

Web 2.0

Web 2.0, or the Social Web, is the web of the past 15 to 20 years. It made the internet a lot more interactive thanks to advancements in web technologies like Javascript, HTML5, CSS3, etc. Web 2.0 makes it possible for user-generated content to be viewed by millions of people worldwide in an instant. This unparalleled reach has enabled more interactivity and social connectivity. In the second decade of this millennium, these developments enabled the dominance of apps that greatly expanded online interactivity and utility- for example, Facebook, Instagram, Airbnb, TikTok, Twitter, Uber, Netflix, YouTube, just to name a few. Data can now be distributed and shared between various platforms and applications.

Web 3.0

Web 3.0 has not been implemented yet. It is the upcoming iteration of the internet where websites and apps will be able to process information in a smart human-like way through technologies like machine learning (ML), Big Data, decentralized ledger technology (DLT), etc.

It was originally called the Semantic Web by Tim Berners-Lee. Computers have no reliable way to process the semantics of a language (i.e., the actual context in which a word or phrase is used). The vision for the semantic web was to convert human language with all its subtle nuances and variations into a format that can be readily understood by computers.

Furthermore, users and machines will be able to interact with data. But for this to happen, programs need to understand information both conceptually and contextually. With this in mind, the two cornerstones of Web 3.0 are semantic web and artificial intelligence (AI).

Defining features of Web 3.0

While there is no standardized definition of Web 3.0, there are a few key features it will include:

Decentralization: This is a core tenet of Web 3.0. In Web 2.0, computers use HTTP in the form of unique web addresses to find information, which is stored at a fixed location, generally on a single server. For Web 3.0, information would be found based on its contents, so it could be stored in multiple locations simultaneously. This would be made possible by decentralization through blockchain technology. We can expect them to be interoperable, seamlessly integrated and automated through smart contracts. They could be used to power micro-transactions, censorship-resistant P2P data file storage and sharing with applications like Filecoin, to completely change every company's conduct and operate their business. The current boom of DeFi protocols is just the tip of the iceberg.

This will break down the massive databases currently held by internet giants like Facebook and Google and would hand greater control to users.

Trustless and permissionless:

With decentralization comes the ability that participants in a decentralized internet can interact with data and information without going through a trusted intermediary (trustless internet). Web 3.0 will also be permissionless- anyone can participate without authorization from a governing body. Web 3.0 will thus run on decentralized peer-to-peer networks and decentralized apps known as dApps.

Artificial intelligence (AI) and machine learning:

As mentioned above, web 3.0 will be semantic. Computers will be able to understand information similarly to humans, through technologies based on semantic web concepts and natural language processing. Machine learning is a branch of artificial intelligence that uses data and algorithms to imitate the nature that humans take and give information. This will not only increase the accuracy but will also enable computers to produce faster and more relevant results.

Ubiquitous:

Ubiquity means being or having the capacity to be everywhere, especially at the same time. With Web 3.0, information and content will be more connected and ubiquitous, accessed by multiple applications and with an increasing number of everyday devices.

Web 2.0 is also already ubiquitous since, for example, a Facebook user can instantly capture an image and share it. This then becomes ubiquitous since it's available to anyone no matter where they are, as long as they have access to the social media platform. Web 3.0 simply takes this a step further. The internet will be accessible to everyone, anywhere, at any time. Interconnected devices will no longer be limited to computers and smartphones like in Web 3.0. Internet of Things (IoT) technology will bring a vast array of new smart devices.

Potential Risks of Web 3.0

Web 3.0 has the potential to provide greater utility and power to users than ever before. Decentralization and permissionless systems will greatly increase application in new areas and improve user interactions. This may limit the practice of data extraction, which refers to information collected from web users without their consent or compensation.

However, decentralization also brings with it significant legal and regulatory risks. Cybercrime, hate speech and misinformation is already difficult to police and regulate. This will become even more drastic in a decentralized structure, as there is a lack of central control. A decentralized web would also have difficulty in regulation and enforcement. For example, a website content that is hosted in a number of countries, it will not be clear which country’s laws would apply to it, or if any regulations would apply at all.

The bottom line is web 3.0 will remove many inconveniences of web 2.0. Our identity, most things we own, and all our data, as well as every application we use, will be linked together and able to work together. Web 2.0 will evolve slowly into the new and better internet, web 3.0. Maybe Facebook changing its name to Meta is already the beginning. We will have to wait and see.

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