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The rise of the Internet is one of the most significant technological breakthroughs in history. It is evident from our social interactions, such as being able to find our Uber driver’s exact position and make bookings online or sending a buddy a new meme that has been trending on social media. For the past 16 years, people have referred to this as Web 2.0. Today, there are millions of online groups where global issues are openly debated via social media applications, just as the Internet’s pioneers had hoped for.
More crucially, Web 2.0 has opened the door for developers to build on top of that infrastructure, heralding the arrival of what has been dubbed Web 3.0.
The many lives of the Internet
When it comes to the Internet, or the “World Wide Web (www),” there have been many developments since its inception. However, today’s technologies are very different compared to the early days of technology.
Generally, three main stages in Internet development are referred to: Web 1.0, Web 2.0, and finally, Web 3.0.
Web 1.0 was the first and very basic version of the Internet. Because it was static, internet users could use web pages to do tasks such as searching and reading content. That was it. It was “read-only” on the Internet.
Rather than using a database, static file systems were used to supply the material. There were no interactions on the websites. Because of this, we were able to transition to the Web 2.0 framework swiftly.
It was the dot-com boom and the rise of digital titans like Facebook and Google that ushered in Web 2.0. In comparison to Web 1.0, Web 2.0 offered people more ways to interact with the content they found online.
People were able to write comments, upload photographs or videos, or send text messages via the website. The Internet we see and interact with today is Web 2.0.
Another defining feature of Web 2.0 was that non-developers were able to interact with websites and add content. That’s when people could start generating money from their creative activities, as well.
Despite its numerous advantages, Web 2.0 was hampered by a lack of data security. As a result, the problem of data security was a major topic of discussion.
In the beginning, consumers were happy to part over their personal information in exchange for the free use of internet services. However, problems occurred when large firms began compiling massive databases of customer information and then selling that information for their own gain. Reminds me of the big Facebook data scandal.
Data leaks and other attacks on these enormous databases might occur at any time. Problems like these paved the way for the advent of Web 3.0.
Future websites will be designed to solve the issues that have arisen with Web 2.0.
Blockchain technology and cryptocurrencies are driving the decentralization of the next generation of the Internet. The purpose of Web 3.0 is for users to own and control their own data. It aims to remove large tech businesses as intermediaries so that individuals may provide services to one another and govern the internet resources they use.
What are Web3’s fundamental components?
Today’s Internet is essentially the same as what we had in 2010, with a few newer features thrown in. However, Web3 signals a major shift in the way we use and interact with the Internet.
We may conclude that Web3 is a new age of the Internet that is decentralized, which means that consumers can obtain any internet service they want without third-party internet service providers interfering with their privacy or controlling their use of the Internet.
Let us now review Web3’s basic components —
Web3 is built on top of blockchain technology, as we’ve already covered. Data is decentralized on a blockchain network so that people own their data and may exchange it without fear of losing control over it. Because there are no third parties involved, there is no possibility of a data breach, allowing users to securely log onto several services, as well.
In addition, blockchain is vital for cryptocurrencies, which is another Web3 component. NFTs, the tokens that fuel Web3 transactions, are also based on blockchain technology.
Although Web 2.0 has its share of artificial intelligence (AI), it is still mostly driven by the big IT giants. Artificial intelligence (AI) will be employed to assist decentralization on Web 3.0.
Augmented Reality/Virtual Reality (AR/VR)
The Metaverse, which is critical to Web3’s future, will be built on AR/VR, which is an important component of Web3.
What distinguishes Web3 from its predecessors?
Web3 features native built-in payments and is self-governing, stateful, and robust. It has the following characteristics:
Using the blockchain, no single system has access to all of the data in Web3. It’s dispersed throughout a variety of platforms. This fosters numerous points of failure and supports decentralized access.
Using the Internet with Web3 does not need users to have authorization. Certain services will be available to users without requiring them to provide any personal information about themselves. No need to sacrifice privacy or give any other information.
Since decentralization makes it difficult for hackers to target specific databases, Web 3.0 is far safer than Web 2.0.
Metaverse with Web3: What’s the deal there?
3D virtual environments in Metaverse allow users to connect with one other, play games, or engage in active learning. The Metaverse is projected to play a significant role in Web3, even if it is still in its infancy.
Web3 apps that don’t require a metaverse will still exist. However, it is envisaged that the Metaverse will play a significant role in how these apps interact with our daily routines.
Web3: What to expect in the future?
Even though Web3 appears to have the ability to alleviate the majority of Web 2.0’s issues, it should be remembered that these ideal visions have not yet been realized. It’s unrealistic to expect everything to go exactly as we’ve envisioned it.
It’s worth noting that most of the major IT firms are already working on Web3 apps. Consequently, it’s impossible to foresee their engagement without resulting in some kind of centralization. Many IT entrepreneurs and business executives have raised the issue that Web3 will not be as decentralized as we anticipate.
It doesn’t matter what the situation is; web3 implementation will take some time. We’ll have to watch and see what happens to find out what lies ahead.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.