If you work in the IT sector, there is no chance you haven’t heard of “Web3” or “web3 platform.” The recent appearance of numerous Web 3 Platforms, including MetaSky, has attracted attention in the internet’s future. Ten years ago, the web was very different from the one we use and engage with today. The pace of change will only pick up, and Web3 seems to be the inevitable next step.
When people use the terms Web 3.0 or Web 3, they’re alluding to a decentralised, open, and, most importantly, Big Tech-free version of the internet.
What is Web 3.0? It’s all covered in our Web3 for dummies guideline. Let’s begin with a brief introduction to the internet.
How the internet changed our lives
Without the internet, how would our lives be today? The most of us have asked it once or twice. Fortunately, we don’t know the response.
However, we are aware that the internet has changed our way of life. It serves as both our main information source and preferred method of communication. Almost everything we do involves it. We are placing a restaurant order, paying for a gym membership, or sending a friend picture.
Earlier, all of this required your personal presence. Today, though, all it takes is a click of a button. Because of this, 65.6% of people worldwide have access to the internet.
People and businesses may generate content, engage, and step into a new reality thanks to the digital world. In light of this, the internet has impacted a variety of aspects of our lives:
With the emergence of Web 3.0, a new online generation, the internet will further alter our lives. What factors led to its emergence? We’ll talk about this below:
What is web3.0 technology?
Web 3.0 is expected to include these features:
Open – Content platforms will be created using open-source software.
The network will be protected to the edge and everyone will use zero trust.
Distributed – Without the consent of a centralised authority, communication between devices, users, and services will be possible.
In the next phase of the internet, people will be able to communicate with one another directly thanks to blockchain technology. Users will interact by joining a Decentralized Autonomous Organization (DAO), an association that is controlled and owned by its members.
Here are some further Web 3 predictions:
Data transfers will be decentralised, and all transactions will be recorded on a distributed ledger that employs blockchain technology.
People won’t have to rely on a centralised institution (like a bank) to preserve data integrity thanks to open-source smart contracts.
The metaverse will considerably boost the entertainment industry’s revenue.
Web3 for dummies: The basics
Recently, the decentralised internet has earned a lot of popularity. We are not surprised because it seems good not to have any intermediaries making money off of our data. We simply need to wait and observe when this concept becomes a reality for us.
In our Web3 for dummies guide, let’s go into more detail about the new web.
What is Web3 or semantic web?
Semantic web, also known as Web 3.0, is a new idea of the internet that benefits content creators rather than the platform where that material is presented. It supports blockchain-based, decentralised networks. The key problems with Web 2.0 are ownership and data issues, which are solved by this.
Web3.0 is based on:
The blockchain serves as the core technology for Web 3.0, which establishes a decentralized internet where users can make money off of their content. You don’t have to rely on big businesses to provide their online services. Instead, you can build apps on a decentralized server using a blockchain. Those programs are run by anonymous nodes.
Web1 vs Web2 vs Web3: The key differences
The majority of us have experienced the Web 2.0 era of the internet. Therefore, it might be difficult to realize that the web ever had a version before the one we use today.
Imagining a future for the web where a decentralised network grants regular users ownership of content and data may be even more difficult. We’ll discuss the history of the web below in light of this.
Web 1.0: Read-only
Web 1.0 is the initial version of the internet. There weren’t many content producers on the internet in the beginning. The majority of internet users would merely consume content, not provide it any input.
The content in this iteration was mainly static. Visuals and interactive elements were extremely scarce in Web 1.0.
There are following main characteristics of web1.0:
The static file system on the server provided the web content.
Common Gateway Interface (CGI) was used to build pages, and frames and tables provided the page layout.
Web 2.0: Read-write
Consumers who sought a better web that allowed them to create their own digital identities had a major influence on the development of Web 2.0.
Social media platforms helped Web 2.0 to take off. Internet users have access to platforms where they may share user-generated content and connect with others, as opposed to businesses creating content that customers would view.
Web 2.0 offers advertising-driven business models, in contrast to Web 1.0. The profit of large tech corporations has increased dramatically. Those people? Not really.
The main features of web2.0 are following:
- User-generated content
- Rich user experience
- Dynamic content
- User participation
Web 3.0: Read-write-own
Web 3.0 offers customers a decentralised internet using the most cutting-edge technology. It uses blockchain technology, digital currency, and non-fungible tokens (NFT) to foster more online openness.
Users will soon recover control over ownership and cease to be dependent on IT firms. For this reason, Web 3.0 is also known as read-write-own.
Check out our comparison table to learn more about the distinctions between the three internet generations:
|Simple static website||The social web||The semantic web|
|We can read only.||Read-write both||Read-write-own|
|Just we can share information||Enhance interaction||Focus on the individual|
|Web forms||Web apps||Smart apps|
|Banner Advertising||Interactive advertising||Behavioral|
Web3 statistics in 2022
Here is what statistics show us:
The Web 3.0 blockchain market may be worth $8 billion by 2030,
With over 400 Web 3.0 startups having received $4.5 billion in funding to date.
The market capitalization of the top Web 3.0 crypto networks is $27.5 billion.
81% of customers who are aware of Web 3.0 think it will improve their quality of life.
Web 3.0 is like a reality for internet users who desire to rule the digital sphere even if it is still in development. According to the data above, decentralized networks have a high likelihood of becoming commonplace.
Web3.0 for dummies: downsides of Web3 for beginners that you should be aware of
Because it enables access to cryptocurrencies, decentralized finance, virtual reality, and artificial intelligence, Web 3.0 is an alluring idea. However, the new internet generation also has its drawbacks.
- Technology must yet progress for the debut of Web 3.0.
- For a device to enable Web 3.0, it would need to have superior specifications.
- For their websites to appear current, businesses would need to update them.
- Newcomers may struggle to understand Web 3.0
- Privacy policies must be implemented.
Web 3.0 for dummies: what industries will affect with web3.0
Web 3.0, which is fueled by blockchain and AI, has the potential to change every aspect of our lives. Technology advancements have altered how we conduct business, and Web 3.0 will do the same.
Banking and Finance:
The $77 billion decentralized finance (Defi) market is already established. The value of digital currencies has increased globally. Web3 will significantly transform the banking and financial sector.
Defi will specifically increase user control and decentralize this business. To offer services like fast bank transfers, banks will need to digitize cash. With Web3, this is considerably simpler to accomplish.
A distributed ledger made possible by blockchain can make resources and land transparent. A blockchain network can include images and records. It makes purchasing and owning real estate as simple as buying and selling a digital certificate.
In the world of online commerce, middlemen, or central authority, link buyers and sellers. Web 3.0 has the potential to develop an open marketplace where businesses may directly offer and sell their goods and services to consumers.
Web 2.0 has drastically shifted the advertising sector online. Nowadays, targeted advertising is the preferred strategy for companies of all sizes. However, large tech businesses must collect and sell user data in order to deliver relevant adverts. It implies that your private data isn’t secure.
Web 2.0 and Web 3.0 operate in distinct ways. The loss of data ownership is something Web3 wishes to prevent. Its objective is to make sure people control how their data is shared.
Everyone wants to protect the privacy of their medical records. Storing them on a blockchain will add an additional degree of security that is difficult for hackers to breach.
Having your medical professionals share your record among themselves is another advantage. Together, they can evaluate your diagnosis to decide how best to assist you.
The Web3 technology has a large number of early adopters. Seven will be mentioned to illustrate how businesses are ready to adopt Web 3.0 and steer clear of subpar data management.
A Web3 marketplace with a focus on NFTs is called OpenSea. Users can exchange, buy, and sell NFTs with other users. On this platform, you can produce NFT and present them to OpenSea customers.
You can also list NFTs that you acquired elsewhere on our Web3 platform. For instance, you might have won an NFT by participating in blockchain games. You can make use of it and market it on OpenSea.
On our Web3 platform, you can also list NFTs that you bought somewhere else. For instance, playing blockchain games may have earned you an NFT. It can be utilised and sold on OpenSea.
Since it is a Web3 platform, Bitcoin is decentralised. There are no middlemen; the network handles transactions and distributes bitcoins to consumers.
Bitcoin is constantly searching for cryptocurrencies. It seeks to inform network users about the value of bitcoin and present accurate descriptions.
Sapien demonstrates how autonomous networks can be created using Web3 technologies. This social news site supports privacy, democracy, and free speech. Built on Ethereum, it aims to address problems like fake news, censorship, and bots that are present on prominent social media sites.
The goal of the network is to give consumers back control of their social media experience while enticing them to participate. By sharing worthwhile and pertinent stuff on Sapien, you can increase your online reputation.
A DeFi project built on the Ethereum blockchain is called Augur. The protocol is geared toward prediction markets. It can be used to wager on several things, including economics, sports, and global events.
No matter where you are, you can trade on future events when you have access to Augur. Users place their bets and gain access to the greatest odds and affordable fees. Compared to other platforms, Augur allows customers to keep a sizeable amount of their gains.
Another bitcoin exchange marketplace is Uniswap. It makes use of a decentralized financial system to enable the trading of tokens and cryptocurrencies by users.
All Uniswap clients who want to swap or acquire cryptocurrencies are connected through a financial marketplace. For programmers who wish to create Defi tools and applications based on Ethereum, this Web3 platform is ideal.
The internet has undergone several modifications from Web 1.0 to Web 2.0. It still requires the enhancements that Web 3.0 may provide, though. Users call for greater control, more privacy, and complete data ownership.
Because of this, some companies have begun to use Web 3.0 to create their platforms and applications. When individuals have started to value their privacy more, it is critical to create user-oriented internet.
Make sure to keep your attention on your clients before Web 3.0 becomes a thing. Impress them with PassKit’s seamless integration of their online and offline experiences. If they have built-in digital wallets that they can access, don’t make them carry physical loyalty cards or coupons.