The internet as we know it is undergoing a major shift…
Unlike Web 1.0 where, according to Graham Cormode and Balachander Krishnamurthy, “content creators were few … with the vast majority of users simply acting as consumers of content,” Web 2.0 brought us the “‘Web as Platform,’ where software applications are built upon the Web as opposed to upon the desktop,” according to John Battelle and Tim O’Reilly. [1]
With Web 2.0’s business model, the internet has become a giant app store, dominated by platforms such as Apple, Microsoft, Google, and Meta. Organizations are in warfare, trying to collect user data, create content and sell their products.
Sadly, centralization and exploitation of user data without their consent have become integrated into the business model of Web 2.0.
But the paradigm is shifting…
The way we interact with and use the internet is changing, and the technology behind this revolution is Web 3.0
So, what exactly is Web 3.0?
Web 3.0 is a new way of using the internet that focuses on connection and collaboration. It is all about connecting people and devices in a more meaningful way.
Web 3.0 (also known as web3) is the third iteration of the Internet that interconnects data in a decentralized way to deliver a faster and more personalized user experience. It is built using artificial intelligence, machine learning, and the semantic web, and uses the blockchain security system to keep your information safe and secure. [2]
It’s a shift from the traditional “one-to-many” model of the internet, where users are passive recipients of information, to a “many-to-many” model, where users are active participants in creating and sharing content.
The icing on the cake…
The individuals will own their data, and they will be compensated for their time spent on the web.
Sounds too good to be true??
Welcome! The future of the internet is here…
In a 2018 Harvard Business Review paper, Jaron Lanier and E. Glen Weyl make a case for something they call “data dignity.” They argue that people have been exploited by tech firms — essentially, deceived into giving valuable data away with little or no compensation from the firms who collect and benefit from it. Instead, they say, people should be paid for the data they share. In turn, people should pay for services that require data from others. [3]
How blockchain technology helps power Web 3.0 applications?
With Web 3.0, instead of a centralized database, applications and services make use of a decentralized blockchain. With blockchain, the basic idea is that there isn’t an arbitrary central authority, but rather a form of distributed consensus.[4]
Unlike web 2.0, there is no centralized database to store the application state nor a centralized web server where the backend logic resides.
Instead, there is a blockchain to build apps on a decentralized state machine maintained by anonymous nodes on the web.
Blockchain provides a way to store and transfer data in a secure, tamper-proof manner. It is essential in a decentralized environment, where a lack of central authority can cause a data breach.
Blockchain enables peer-to-peer transactions without a third party, such as a bank.
Thus, it is ideal for powering decentralized applications (dApps), which are an integral part of Web 3.0.
dApps are services or applications that run on a decentralized network, such as the Ethereum blockchain.
Because they are powered by blockchain, dApps are more secure and resilient than traditional centralized applications.
Web 3.0 also fundamentally works with cryptocurrency, more so than with fiat currency. Finance and the ability to pay for goods and services with a decentralized form of payment is enabled across Web 3.0 with the use of cryptocurrencies, which are all built and enabled on top of blockchain technology. [5]
Web 3.0 Architecture
There are primarily four elements in the architecture that makeup web 3.0:
• Ethereum Blockchain – These are globally accessible state machines maintained by a peer-to-peer network of nodes. Anyone in the world can access the state machine and write to it. Essentially, it is not owned by any single entity but, rather, collectively by everyone in the network. Users can write to the Ethereum Blockchain, but they can never update existing data.
• Smart Contracts – These are programs run on the Ethereum Blockchain. These are written by the app developers in high-level languages, such as Solidity or Vyper, to define the logic behind the state changes.
• Ethereum Virtual Machine (EVM) – The purpose of these machines is to execute the logic defined in the smart contracts. They process the state changes taking place on the state machine.
• Front End – Like any other application, the front end defines the UI logic. However, it also connects with smart contracts that define application logic. [6]
Potential Benefits of Using Web 3.0
Some of the potential benefits of using Web 3.0 technologies include:
– Increased security:
With Web 3.0 technologies, data is stored in a decentralized manner. It will become more difficult for hackers to access and tamper with data.
– More privacy:
Since data is not centrally stored, users have more control over who has access to their personal information. Data encryption will be unbreakable at any given moment. Organizations such as Meta, Apple, or Google won’t be able to get their hands on your personal info.
– Greater transparency:
Decentralized systems are usually more transparent than centralized ones. Most blockchain platforms are being developed by nonprofits. They make the platform open-source, which allows for open design and development processes.
This gives the users the freedom to track their data and inspect the code behind the platform. Users can see how their data is being used and where it is stored.
– Improved efficiency:
Web 3.0 technologies will allow businesses to automate the processes that are currently manual. This will save time and money.
Additionally, no entity or government organization will have the authority to restrict any services or websites. Thus, the possibility of account suspension and denial of distributed services will be reduced.
– Enhanced user experience:
The use of artificial intelligence and other advanced technologies can help create a more personalized and engaging experience for users.
Users will also benefit from its ability to conduct client demand forecasting and personalized customer service, necessary for flourishing businesses.
– Open Data Accessibility
The ambition behind Web 3.0 is to make data accessible from anywhere and everywhere. If synced, the user can access their data from multiple devices including smartphones, tablets, and computers.
The idea is to scale the interaction between human and AI services which will eliminate the need for fee-charging middlemen.
Integrating Web 3.0 in Our Lives and Workflow
Imagine…
Sliding into the plush, luxurious seat of your sleek, black Mercedes Benz…
You are in the mood to spend a light-hearted evening with your partner. You start to drive…
Enjoying the passing view of glittering city lights and skyscrapers.
There are tons of cars on the road but no traffic jams. But every car is passing by smoothly even though there are no traffic signals or police in sight…
While driving you tell your automatic car assistant:
“I want to watch a romantic-comedy movie and have Sushi for dinner.”
Within seconds the digital assistant in your car finds the nearest cinema that’s showcasing the movie in your required genre.
It makes your dinner reservation with the best sushi restaurant in your vicinity based on the customer reviews available online.
Everything was done for you without you having to struggle to look for information…
This is the kind of future that is being made possible with Web 3.0.
From checking the availability of groceries at home to booking your holiday trips and tickets with discounts and to even ensuring your home security…
Everything is possible now by using your ubiquitous Internet-connected devices at home.
Apple’s Siri and other personal assistant software are examples of applications using Web 3.0 technology. They communicate and share information through linked blocks.
Web 3.0 is still in its early stages, but there are already a few ways we can start using it in our lives. One way is to use a Web 3.0-enabled browser, like the Brave browser.
It allows users to access websites that are built on decentralized technologies.
Web 3.0 is already implemented in many areas including education, messaging, virtual assistance, social networking, exchange services, etc.
As more and more people start using Web 3.0 technologies, we will see more and more ways that we can integrate them into our lives.
For now, these are just a few of the ways we can get started.
Disadvantages of Web 3.0
Yes, there are always potential risks and disadvantages associated with using any new technology.
Well, Web 3.0 is no different…
For one, it requires the use of advanced technological devices. While a chunk of the population worldwide may have access to these technological devices.
There would still be a large audience that would either struggle or may not be able to attain these devices at all.
Web 3.0 is smarter, more efficient, and more intelligent than ever before. But the technology is not ready for widespread adoption just yet.
An example of this may be seen when the risks associated with using blockchain technology are debated. These risks are often overstated because people do not understand how it works.
There is still much work needed in the areas of privacy law, technology advancements, and data use to gain consumers’ trust.
The thing is…
With the easy availability of data and information through Web 3.0, reputation management will be a big issue. Brands and companies will feel the pressure to maintain their name, reputation, and online image.
How will Web 3.0 impact businesses and the economy overall?
The impact of Web 3.0 on businesses and the economy is still being debated.
Some believe that it will lead to a more decentralized and democratic web, while others believe that it will lead to more centralization and control.
However, there are a few things that we can say for sure about how Web 3.0 will impact businesses and the economy.
First, Web 3.0 will make it easier for businesses to connect with their customers and collect data about them.
The businesses will better understand customer behavior and needs.
According to the research, there has been a drastic 150% decrease in queries that include the term ‘near me.’ People know that the results will automatically be relevant to their location.
Second, Web 3.0 will create new opportunities for businesses to market themselves and their products. There will be less focus on keyword optimization…
Rather, companies will have to focus on providing valuable multimedia content to users for traction.
With the ability to target specific customers and track their behavior, businesses will be able to market their products and services.
There has been a considerable increase in voice search as more and more people use digital assistants.
Businesses need to consider this fact when optimizing content for their websites.
They need to focus on more-specific and long-tail queries and question-keyword optimization.
Many brands, like Nike, Dolce & Gabbana, Coca-Cola, Ticketmaster, NFL, and Heineken, have used web 3.0 and NFT mechanics to develop custom immersive and exploratory experiences that boost brand awareness, loyalty, and retention. [7]
Web3 will enable the virtual world to exist online and be accessible through a web browser….
Presently, Metaverse is more associated with virtual gaming, but this is not limited to only games. The scope of the web 3.0 Metaverse is much broader and also includes the education industry.
For example, in an education Metaverse, users can enter an immersive classroom and interact with their teacher and other students.
In the future, web 3.0 and Metaverse will together proliferate in all aspects of society. [8]
Finally, Web 3.0 will likely lead to a more efficient economy overall.
The ability to connect businesses and consumers directly will diminish the need for intermediaries such as banks and brokers.
This could lead to lower costs for businesses and consumers alike.
Overall, the impact of Web 3.0 on businesses and the economy is still uncertain. However, this new web will create both challenges and opportunities for businesses around the world
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References:
[1]. Charles Silver, Forbes Magazine, 6th January 2022, What Is Web 3.0?
[2]. Joydeep Bhattacharya, Single Grain, The Future of the Internet
[3]. Daniel Munro, Center of International Governance Innovation, 28th November 2019, Should Tech Firms Pay People for Their Data?
[4 & 5]. Sean Michael Kerner & Alexander S. Gillis, TechTarget, Web 3.0 (Web3)
[6]. Joydeep Bhattacharya, Single Grain, What Is Web 3.0? The Future of the Internet
[7]. Edidiong Ekong, Medium, 4th June 2022, Web 3.0 and Marketing — What’s next for brands?
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