Will Web 3.0 lead to the future of the Internet?

I was recently having a dinner table conversation with a friend about the most significant discovery in the previous century, ever since the dawn of the industrial revolution. Electricity, steam engines, telephones, penicillin, and, of course, the internet have all been invented. We eventually agreed that the internet had been a game changer. Our inquisitive minds then began to wonder, 'What's next?'

Many believe the answer lies in the new internet age, dubbed 'Web 3.0.' We progressed from the early days of Web 1.0 to the internet in its current incarnation, Web 2.0. The internet is now on the cusp of a new revolution. But why is it being marketed as a game-changing, revolutionary technology? Before we get there, let's take a trip down memory lane:

Web 1.0: A Read-only Community

90s kids will probably remember the days of logging into AOL and using Netscape to browse through the handful of websites proffered by the internet. The tech behind it was fairly simple. Developers wrote static codes to build information-rich websites with texts and images on top of open protocols such as HTTP for websites and SMTP for emails. Web 1.0 was largely read-only. Web 2.0 changed that.?

Web 2.0: A Social World

Centralized companies such as Facebook, Orkut, Google, and MySpace changed how we communicated on the internet. We became the new creators. They transformed the internet from boring cognitive-load-heavy websites to a dynamic virtual world where we could play, work, chat, share and go live. Web 2.0 was based on innovations in mobile technology, social media, and cloud computing with the base of Javascript, HTML5, and CSS3.??

However, over time centralized platforms that ushered the new era of internet started invading privacy, creating a business model around selling user data along with increasing the risks of walled gardens, censorship, and misinformation.

Web 3.0: A Decentralized Universe

Eventually comes to a full circle - when Tim Berners-Lee founded the internet, he envisioned [1] a decentralized, non-discriminatory, and universal internet. So far, Web 3.0 looks to deliver on those promises. Web 3.0 is an open protocol-based three-dimensional internet where people can interact and perform transactions safely and privately. It works on blockchain technologies such as Ethereum and runs on "tokens" given to the users to participate, buy, and make transactions using DeFi protocols.

There are four key features to it:

Decentralization -? With decentralized control, users, accounts, or posts cannot be censored or denied service. Decentralized cloud networks will store data, eliminating the need for centralized data hubs. Payment applications would require no personal data, and therefore companies would not be able to prevent any payment. Additionally, a decentralized network would mean there would be no server outage issues.?

Semantic Web - The term 'Semantic Web' was coined by Tim Berners-Lee himself. Semantics is defined as the study of relationships between words. A short example:?

I love QueryPie

I <3 QueryPie?

Both these sentences differ in syntax but have the same semantics. This understanding of semantics would allow the new internet to analyze a new layer of data and find hidden patterns.?

AI - When Web 2.0 debuted, the concept of Artificial Intelligence was still in its infancy. However, in the current technocratic era, Web 3.0 will be able to integrate with artificial intelligence more harmoniously, ensuring a plethora of benefits, including faster payments, better governance, and improved security.?

3D Graphics - The new iteration of internet will be human-centric, and so will the graphics. Spatial Web aims to blur the lines between physical and virtual reality by revolutionizing graphics technology. We are already seeing the uses in Metaverse and Microsoft Mesh [2].

The Impact

Enhanced Privacy:

The decentralized nature of Web 3.0 is good news for the advocates of data governance and data privacy. Businesses and consumers will be able to interact directly without an intermediary, eliminating the middle man. Enhanced user privacy will also enable safer data transfers, seamless payments, smooth information flows, and businesses will be better equipped to change and will eradicate platform dependency, allowing a shift from a global corporate structure to a decentralized, self-sovereign, autonomous marketplace. Additionally, user data and digital footprint will be regularized owing to the digital scarcity of tokenized digital assets.

Better Incentives:

Web 3.0 offers lucrative incentives for early adopters. Businesses can create new models by releasing N tokens, giving 10% to early builders, putting 10% on sale, and setting the rest of it apart as a contingency fund. Stakeholders can then use their tokens to vote on changes, sell or buy holdings. Some companies have already started distributing tokens for the public. [3]

On the other hand, some gaming companies [4] are already providing incentives to players in the form of "Smooth Love Potions" (SLPs) simply for playing. This reward mechanism can drive the growth of the new decentralized internet, buttress the importance of tokens, appreciate their value and create a win-win scenario for both the users and the businesses.?

Final Thoughts

The democratic nature of Web 3.0 puts the users at the forefront. There could be a middle ground that futuristic companies can find - Twitter is already studying ways to integrate Web 3.0 concepts into their social network. This may result in a future where Big Tech changes its own identity to build it on top of the new web. However, critics [5] say that it is a theoretical promised land and may not create the impact that everyone is looking forward to.?

In any case, the ship of decentralization has already sailed, and now it looks like we are closer than ever to take back control from the Big Tech. This in itself is a reason to celebrate as we look for a fairer and more transparent virtual world.