Web 1.0 and 2.0
To understand where Web 3.0 is going, it is worthwhile first to understand the Internet’s foundations. Web 3.0 was coined in the early 2000s, but an early internet app developer Jeffrey Zeldman, wrote a blog post supporting Web 3.0 back in 2006, and this is considered the first mainstream use of the term, even if in a joking way.
Web 1.0 (circa 1989-2004)
Web 1.0 is considered the Static Web and was the first reliable Internet of the 1990s, initially only offering limited information and little to no user interaction. The creation of in-site user pages and interactive commenting on blogs or articles was nearly nonexistent. No algorithms were sifting through internet pages, making the finding of relevant information difficult. The information highway was a narrow one-way path cobbled together by few, with information provided in directories rather than personalized, curated search engines.
Web 2.0 (circa 2005-present)
Web 3.0 is the next evolutionary stage for the Web, making the Internet more intelligent, processing information with more human-like intelligence, via better AI systems able to run next-generation smart programs to assist each user. Five specific attributes will come together to make Web 3.0:
I love Dogs and I <3 Dogs
Though they are different, their semantic emotion and meaning are nearly the same. Semantics, when applied to the Web, enables computers to find meaning through data analysis. A user will have a better, more natural experience when interacting with apps and the Web. The Semantic Web is intended to interface with systems, people, and devices seamlessly. Content creation and decision-making will be the product of both humans and machines. This mix enables highly personalized intelligent creation and distribution of content to every Web consumer.
With Web 3.0, Semantic Web data isn’t owned, rather it’s shared, allowing services to show different views for the same Web and same data. This requires a massive shift to “the world’s information” rather than the current information silos that companies have with Web 2.0. This information sharing raises all boats providing Google, Facebook, or any other company with more useful data than they could ever attain with their existing information schema. This advantage from increased data is especially true from a machine conception perspective when compared to human understanding. The Semantic Web necessitates new computer languages (like OWL, a declarative ontological language), which can better reason input information and make conclusions from it, rather than simply matching keywords as is done today.
Graphic Courtesy of Geeks for Geeks
Graphic Courtesy of Ethereum.org
What Are The Roadblocks to Web 3.0?
There are a few roadblocks that are limiting our progression to Web 3.0. The first is scalability; with the current infrastructure in place, there is a need to increase data storage, transmission, and processing. The cost requirements to improve data transmission infrastructure are high, and the upfront costs for processing of data in fast efficient ways and supplying a product with Web 3.0 applications that are successful and marketable are also high.
If the decentralized route is taken, transactions would currently be slower on Web 3.0. State changes like payments need processing by the infrastructure and then propagated through it, which is currently limited. The current blockchain networks can only allow for small focused dapps due to their relatively expensive nature.
User Experience is more important and time-consuming. Web 3.0 applications will require several extra steps. Having a 3D and semantic nature requires entirely new ways of thinking, software, and user education. Education of programmers to create apps with new capabilities using new computing languages and ways of thinking is necessary, along with adoption by notoriously fickle human users will be a challenge.
Inertia will likely be the most challenging hurdle. Moving to decentralized applications with no governmental or multinational corporation controls requires these power centers to give up their capability to edit, prevent, and censor data and transactions. Additionally, switching to a universal data set, which would be used to connect apps and people, would result in the betterment of the whole; however, these changes require changes in a mindset of current powerful entities that believe their company’s data is worth something, and they don’t want to share it with everyone; doing so is a release of their powerful grip.
While there are roadblocks in the way, the benefits and future of Web 3.0 will eventually be a reality. There will be some minor changes that happen incrementally, like 5G transmissions, improved AI, better data sets, and moves towards quantum computing that will increase the capabilities of current services giving more functionality and better-suited products and services to users. The other hurdles require mindset shifts and systemic changes that will be necessary to realize Web 3.0 fully. While those changes will be complex, considering the potential of Web 3.0, they will be well worth the effort.
Disclaimer: The author of this text, Jean Chalopin, is a global business leader with a background encompassing banking, biotech, and entertainment. Mr. Chalopin is Chairman of Deltec International Group, www.deltecbank.com.
The co-author of this text, Robin Trehan, has a Bachelor’s degree in Economics, a Master’s in International Business and Finance, and an MBA in Electronic Business. Mr. Trehan is a Senior VP at Deltec International Group, www.deltecbank.com.
The views, thoughts, and opinions expressed in this text are solely the views of the authors, and do not necessarily reflect those of Deltec International Group, its subsidiaries, and/or its employees.
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