What is Web 3.0 Technology? Explained with Web 3.0 examples

What is Web 3.0 Technology? The internet began with Web 1.0, which had rudimentary HTML and email. Web 2.0 introduced an immersive, interactive, and information-centric user interface. We are now at the Web 2.0 stage, but we are constantly evolving. We will soon reach the realm of Web 3.0, a paradigm change aided by the creator economy and the internet’s technological growth. Web 3.0 will enable user-centric apps that are decentralised, private, and safe.

Web 3.0 Technology?is still in its infancy and has yet to be widely defined. What we do know is that Web 3.0 will emphasise decentralised apps and will successfully employ blockchain-based technology. That is, rather than customers accessing the internet through services provided by firms such as Google, Apple, or Facebook, individuals control and administer portions of the internet.

Web 3.0 does not require “permission,” which implies that central authorities do not get to select who gets to access what services, nor does it requires “trust,” which means that virtual transactions between two or more parties do not require an intermediary. Web 3.0 theoretically preserves user privacy better because these organisations and intermediaries acquire the majority of the data.

The globe has progressed from using the internet just for information to using it to generate content for others and enabling general economic growth. In other words, Web 2.0 assisted human transformation by facilitating novel methods of working and utilising consumer information. That makes us wonder what is Web 3.0 technology and how it can improve on the current version.

The overarching goal of Web 3.0 is to make the internet intelligent. This new web age will make the internet more responsive, intelligent, and capable of providing a more gratifying and personalised user experience. It will completely change the way we know and utilise the internet today.

To comprehend the potential changes in Web 3.0, we must first grasp the primary applications of Web 3.0:

Web 3.0 Technology, with blockchain at its core, offers an ever-expanding range of new apps and services, including the following:

• NFT:?Non-fungible Tokens (NFTs) are tokens that are individually unique and are stored in a blockchain using a cryptographic hash.
• DeFi:?Decentralized blockchain technology is being used as the foundation for decentralised finance (DeFi), a novel use case for Web 3.0 that allows financial services to be provided without the limits of traditional centralised banking infrastructure.
• Cryptocurrency:?Web 3.0 programs such as Bitcoin are creating a new world of money that aspires to be separate from the conventional world of fiat cash.
• dApp:?Decentralized applications (dApps) are programs that execute programmatically and are recorded in an immutable ledger. They are built on top of the blockchain and employ smart contracts to make service delivery more efficient.
• Chain-crossing bridges:?There are several blockchains in the Web 3.0 era, and cross-chain bridges connect them.
• DAOs:?DAOs are positioned to potentially serve as the governing bodies of Web 3.0, providing some structure and decentralised governance.

Your information is saved in web3 on your bitcoin notecase. On web3, you’ll connect with applications and communities via your wallet, and when you log out, your data will follow you. Because you control the data, you can potentially decide whether to monetize it.

• ?Data ownership:?When you use a site like Facebook or YouTube, these companies collect, own, and recover your data. Your information is saved in web3 on your bitcoin wallet. On web3, you’ll connect with applications and communities via your wallet, and when you log out, your data will follow you. Because you control the data, you can potentially decide whether to monetize it.
• Pseudonymity:?Privacy, like data ownership, is a characteristic of your wallet. On web3, your wallet acts as your identification, making it harder to link it to your true identity. As a result, even if someone observes wallet activities, they will not be able to identify your wallet.

There are businesses that assist users in connecting to bitcoin wallets used for criminal activity. However, your identity is hidden for everyday use.

Although wallets improve the amount of privacy for bitcoin transactions, privacy currencies such as Zcash and Monero provide complete anonymity. Observers can watch transactions on blockchains for privacy currencies, but they cannot see the wallets involved.

Web3 will have decentralised autonomous entities that will operate apps (DAOs). As a result, decisions are no longer made by a centralised authority, but by users who possess governance tokens, which may be obtained by participating in the upkeep of these decentralised programs or by purchasing them.

In a normal firm, the CEO is in charge of putting changes authorised by the shareholders into action. Token holders in a DAO can vote on changes, which are immediately integrated into the DAO’s code through a smart contract if accepted. Because DAOs have been democratised, everyone now has access to their source code.