What's The Buzz Around Web 3.0?

Over the last two decades, the internet has continuously evolved, having a profound influence and shaping our lives in every aspect right from the content we consume either through texts, articles and videos, all the way to our behavioral habits such as purchases, finance, communications, etc.

As of today, we are said to be living in the age of Web 2.0. However, with the recent rise in popularity and usage of blockchain and cloud-related programs, we are slowly finding ourselves hurtling towards the next-gen era of the renowned Web 3.0, or Web3 as it is simply known among the community.

Web3 is regarded as the third iteration of the internet. The first iteration, or Web 1.0, consisted of static web pages, which were read-only. The next iteration, Web 2.0, added the ability to interact over the internet and produce various content, allowing for activities such as online commerce, banking and social media.?

The entire concept of Web3 rides on the technology to harness blockchain services, decentralize its management and reduce any major control from large corporations, making the whole process more democratic. It is a leap forward to a world that is:

• Open: Built using open-source software, which is available to everyone around the world, thus providing transparency and accessibility.
• Trustless: Does not require the support of a intermediary; No middle man.
• Permissionless: Anyone and everyone can participate and be a part of the system, without the need for any approval from a governing body.?

Thus, Web3 will fundamentally expand the scale and scope of human and machine interactions far beyond what we witness today. Interactions beginning from seamless payments to richer information flows and trusted data transfers will become possible. This will act as a catalyst in the creation of revolutionary business models, ones that could only be thought as unimaginable before this era, such as global co-operatives, decentralized autonomous organizations and self-governing data marketplaces.

Cryptocurrency plays a major role in many of the protocols behind Web3. As discussed previously, Web3 leverages blockchain technology for its functioning and so cryptocurrency is yet another enabler. It provides a financial incentive, known as tokens, for anyone who wants to participate in creating, governing, contributing to, or improving one of the projects themselves.

When the world finally progresses to Web3, activities and data on the internet would be hosted on a network of random computing devices using blockchain technology rather than corporate server houses.

Initially, the internet would feel the same aesthetically as we know it now, but all our activities on it would be represented by crypto-wallets and websites hosted through digital applications running on a blockchain network, known as Decentralized Applications or Dapps for short.?

Proponents theorize it as a bold new future. One to wrest control away from highly centralized corporations and to put power in the hands of the general public: a decentralized internet, where the power of everyday citizens triumphs over that of big companies.?

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Article written by:?Sean Pinto?@IncubateHub

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IncubateHub?is Asia's largest open innovation & corporate venturing platform to drive Digital Transformation & Sustainable solutions working with Startups, Students & Professionals. We also help Startups engage with our 52+ clients including Mondelez, Faurecia, P&G, Accenture, Tata, DCB Bank, Fidelity, ITC Infotech, IBM, NASSCOM, Analog Device, Nasscom Foundation & Quest Global.