What Makes Web 3.0 A Game Changer Of The Web

ChatGPT has stolen the headlines as one of the most impressive technology releases of 2022. Initially unveiled to highlight the capabilities of the upcoming GPT-4, ChatGPT quickly transcended the boundaries of the artificial intelligence (AI) space to become a pop culture phenomenon. For the first time in history, we are seeing AI actively discussed all the way from mainstream media outlets to dinner conversations spanning generations from x , y , z even alpha . The fact that an obscure area of AI was going to cause this revolution was unfathomable just a few years ago.

Global Web 3.0 Blockchain Market Size Zooming More Than 11X to Cross USD 38 Billion

Global web 3.0 blockchain market is flourishing because of a growing focus on transparency, a surging demand for data privacy through the decentralised identity of web 3.0 and increasing usage of connected devices.

A leading strategic consulting and market research firm, in its recent study, estimated the global web 3.0 blockchain market size at USD 3.32 billion in 2022 and expected to reach a value of USD 38.14 billion by 2029.?

Key Features of Web 3.0

Although Web 3.0 has not yet been given a formal definition, it does have several distinguishing characteristics: -

• Decentralisation: A fundamental principle of Web 3.0. In Web 2.0, computers search for data that is kept at a fixed location, typically on a single server, using HTTP in the form of distinct web addresses. Information might be stored simultaneously in numerous locations and become decentralised with Web 3.0 since it would be found based on its content rather than a single location. This would give individuals more power by dismantling the enormous databases that internet goliaths like Meta and Google presently maintain.
• With Web 3.0, users will be able to have more control on their own data through decentralised data networks, ensuring that they maintain stronger ownership . This data will be produced by various powerful computing resources, such as mobile phones, desktop computers, appliances, automobiles, and sensors.
• Decentralisation and open source software-based Web 3.0 will also be trustless (i.e., participants will be able to interact directly without going via a trusted intermediary) and permissionless (meaning that each individual can access without any governing body's permission). This means that Web 3.0 applications—also known as dApps—will operate on blockchains, decentralised peer-to-peer networks, or a hybrid of the two —such decentralised apps are referred to as dApps.?
• Artificial intelligence (AI) and machine learning: With the help of the semantic Web and natural language processing-based technologies, Web 3.0 will enable machines to comprehend information similarly to humans. Web 3.0 will also make use of machine learning, a subset of artificial intelligence (AI) that mimics human learning by using data and algorithms, gradually improving its accuracy. Instead of just targeted advertising, which makes up the majority of present efforts, these capabilities will result in faster and more relevant outcomes in a variety of fields like medical development and new materials.
• Connectivity and ubiquity: With Web 3.0, content and information are more accessible across applications and with a growing number of commonplace devices connected to the internet. The Internet of Things is one such example.

How Will Web 3.0 Change Our Lives?

Due to its decentralised nature, which is made possible by distributed ledger technology and smart contracts, Web 3.0 is intended to produce sustainable results. It also lowers costs by doing away with middlemen, manual mediation, and arbitration.

For everybody, Web 3.0 offers a much more individualised surfing experience. Websites will be able to automatically adjust to our device, location, and any accessibility needs we may have, and web apps will become far more receptive to our usage patterns.

We believe that the emergence of Web 3.0 will improve our lives for the following three reasons, which we believe are fairly appropriate:

1. A More Customised Browsing Process

There is no denying the ease of being able to quickly click through to a particular offer for something you actually need or desire and that you would have missed otherwise, regardless of how intrusive those advertisements may occasionally feel.

2. Improved search

As was already mentioned, using a search engine in natural language is highly effective. The benefits go far beyond the consumer as the learning curve virtually disappears, and businesses are increasingly able to optimise their websites for search engines in a more organic way as opposed to using complicated keyword techniques.

3. More Advanced App Interfaces

The multidimensional Web 3.0 will help more than just websites; it will also enable web apps to provide users with far richer experiences. Consider a mapping service like Google, which can now include route planning, lodging suggestions, and real-time traffic updates in addition to the fundamentals of location search. Simply put, in the Web 2.0 age, this was not feasible.

The Web 3.0 leverages AI, Machine Learning and blockchain technology. It is expected to achieve real-world communication. Individuals will own the data, and they will be compensated for the time they spend on the internet. This sounds futuristic, and the data and privacy of the users will increase with the blockchain technology. Thus if all goes well, Web 3.0 will be the future of the internet.

"Web 3.0 is about creating a more immersive and interactive web, where users can engage with content in new and dynamic ways.” ~Mark Zuckerberg, CEO of Facebook

The Future of the Internet

The forthcoming wave of Web 3.0 goes far beyond the initial use case of cryptocurrencies. Through the richness of interactions now possible and the global scope of counterparties available, Web 3.0 will cryptographically connect data from individuals, corporations and machines, with efficient machine learning algorithms, leading to the rise of fundamentally new markets and associated business models. The result is akin to a “return to the global village” — daily immersion in the human-centric & highly personalised interactions from which we used to benefit, yet now delivered at the global scale of the internet and supporting an ever-increasing myriad of human and machine skills specialisations.