25+ Essential Web 3.0 Terms You Need to Know to Understand It - Part 1

While Web 3 is taking the world over by a storm, you might still be having some trouble wrapping your head around the terms being thrown around. It can be hard to keep up to date with all the new terms being introduced daily, so here is?a list of Web 3.0 terminology?that can help you understand this new phenomenon better.

What is Web 3.0 in simple terms?

The history of the web started back in 1989 (Web 3.0 release date - 6th August 1991) when Tim Berners Lee conceptualized the idea of a page in a directory that can reference other pages by making use of hyperlinks. The earliest form of the web, which allowed creators to create content while consumers could only read it, was termed Web 1.0.

The linearity of Web 1.0, and the limited ability to simply read information without any interactivity led to the rise of Web 2.0. Web 2.0 allows users to both consume and create content, give feedback to content producers, and provides an interactive way to share information.

While?Web 2.0 has a lot of benefits over the drawbacks of Web 1.0, it is still becoming slowly obsolete because of its dependency on the Big Tech companies (like Alphabet, Meta, Twitter, and Apple). Since all data is being stored, used, censored, and secured by the Big Tech companies, the concept of autonomy has given rise to Web 3.0.

In other words,?Web 3.0 in simple terms?is the new iteration of the web which uses natural language processing, decentralized autonomous bodies, blockchain technology, and 3D graphics. Since information can be accessed from all ends of the web spectrum, the web becomes permissionless, and there is a reduced dependency on Big Tech. Web 3.0 is hence the next big thing that is expected to revolutionize how the web works.

Glossary - Web 3.0 Terms

An overview of Web 3.0 is simply not enough to understand the complexities, ins and outs of Web 3.0.

1. Artificial Intelligence (AI)

AI has been developed with the goals of reasoning, knowledge representation, learning, planning, natural language processing, social intelligence, and general intelligence. AI uses search and optimization, probabilistic methods, artificial neural networks, and classification methods to achieve these goals.

2. Augmented Reality (AR)

The technology that uses glasses, visors, smartphones, and goggles to superimpose the experience of a real-world environment in a computerized environment. It often includes visual, haptic, somatosensory, olfactory, and auditory experiences to achieve 3D modeling, intelligent interaction, sensing, tracking, and registration. In other words, AR presents virtual objects in the human field of vision.

3. Block

A block is a place in a blockchain that stores and encrypts information. It can be identified by long numbers that consist of the version number, the hash of the previous block, and the information about the new transaction. In blockchain technology, blocks can only be created once the information within them is verified by a network.

4. Blockchain

A growing list of blocks that are linked together using cryptography. Blockchains are managed by peer-to-peer networks, stored in a distributed ledger, and follow a protocol that verifies and validates new blocks. Blockchains are secure by design since the data recorded in each block cannot be altered without altering all the blocks that follow it. Bitcoin and Ethereum are popular blockchain examples.

5. Centralized Exchange (CEX)

Third-party cryptocurrency exchanges that allow users to buy or sell cryptocurrency. They are usually operated and controlled by a company and are hence user-friendly and reliable. Some examples include Coinbase, GDAX, Kraken, and Gemini.