Many people are excited about Web 3.0 even though it doesn’t exist yet.
In Silicon Valley, it’s all the rage right now. On social media, tech heirs are locking horns over web3. Last year, $30 billion was invested in start-ups based on it. Engineers from Facebook and other high-profile companies are jumping ship to get a leg up on the competition.
There’s even a market for digital tokens themed around cartoon apes because people believe there’s a new frontier on the internet.
So far, web3 has been a buzzword designed to confuse rather than illuminate, and it’s causing a sort of identity crisis for the tech industry, which has implications for the rest of us.
What is Web 3.0
Web 3.0 — the new Internet buzzword, following on from the success of the metaverse. In addition to being referred to as the decentralized web, Web 3.0 is a new version of the internet that builds on the features of Web 2.0.
Web 2.0 has made the internet more social. Internet users have been encouraged to connect via social networking services and blogs, which has resulted in massive amounts of data and content being generated.
With Web 2.0 still in its infancy, these data and contents are primarily under the thumb of a small group of tech giants like Amazon, Apple, Meta, Microsoft, and Google. Since you have to agree to all the terms and conditions to use the Internet services provided by these companies, this raises privacy concerns. Users may believe that they have lost control over their personal, business, or financial data.
As a result, social media sites have imposed stricter guidelines on the types of content shared on their platforms. This has sparked a debate about free speech rights.
It is hoped that Web 3.0, which is expected to be a more decentralized version of the internet, will alleviate this problem. In the third iteration of the internet, information will be more open and available to everyone.
In addition, Web 3.0 is expected to be more user-specific, preventing Internet hacking and ensuring data security and privacy. It is common to use the term “web3” in the context of a future internet in which ownership and power are distributed more widely. Big Tech will be challenged by more democratic forms of internet governance in which you, the user, are given a say — maybe even a vote — in significant decisions about how platforms run in this vision, which is built on open, transparent digital ledgers known as blockchains.
Web 3.0 and blockchain technology
Blockchain technology is being used to build Web 3.0.
Blockchain is a distributed electronic ledger. Distributed ledgers provide a digital record (such as asset ownership) that is kept without the need for a centralized authority. It is relatively faster to close a transaction because it eliminates the need for manual processing and authentication by intermediaries by utilizing distributed consensus.
Furthermore, because blockchain employs distributed consensus, it is difficult to change data on the system without alerting the entire network. As a result, the system is extremely secure.
It should be noted that blockchain technology is at the heart of many major cryptocurrencies as well as non-fungible tokens (“NFTs”).
As a result, Web 3.0, which is based on blockchain technology, has the potential to revolutionize the Internet world. The idea is to provide peer-to-peer internet services with no central authority, giving users more control over their data.
Siri is an excellent example of voice recognition software as a critical component of web 3.0. Siri and other personal assistants use this technology to communicate, share information (via linked blocks) and provide users with more helpful search results for every meaningful query, including how to, why, and what. Previously, Siri could only perform simple tasks such as reminders and directions to the nearest grocery store using pre-programmed algorithms.
The potential benefits of Web 3.0
Below are some of the key benefits of Web 3.0.
Web 3.0 will give creators and users more freedom in general. Web 3.0 will ensure that its users always have control over their online data by utilizing decentralized networks. The next version of the internet is also expected to be more reliable due to its decentralized nature, which eliminates the possibility of a single point of failure.
It is for everyone
Web 3.0 does not need to be controlled by a single entity. Larger corporations may no longer have complete control over the internet. As a result, decentralized apps, or dApps, cannot be censored or restricted in any way.
The personalization of the internet
You will be able to greatly personalize your web browsing experience because Web 3.0 will be able to understand your preferences. This will also allow you to surf the web more productively.
Allowing sellers to market better
Sellers can understand your purchasing needs and show you products and services that you are interested in purchasing with the help of Web 3.0’s artificial intelligence. This allows you to see better and more relevant advertisements that are more likely to be beneficial to you.
Because all data will be stored on distributed nodes due to decentralization, users will not have to worry about account suspensions or service disruptions due to technical or other reasons.
Barriers to the development of Web 3.0
As well are the predicted benefits of Web 3.0, there are some challenges and concerns.
Former Twitter CEO Jack Dorsey believes that, contrary to popular belief, regular users will not be the owners of Web 3.0 projects. Venture capitalists and investors will own it. This means that control may still be centralized.
In addition, some experts feel that decentralization will exacerbate the issues associated with monitoring and regulating Web 3.0. This could result in an increase in cybercrime, online abuse, and other problems.
Devices that are more than five years old will not run Web 3.0. For this reason, to utilize the next version of the internet, you would need a gadget with significantly higher specifications than the norm.
Businesses will be forced to enhance their digital services as Web 3.0 websites and apps become more prevalent to avoid losing their share of the market.
Web 3.0 is a huge and linked network of computers. Despite the fact that this is one of its strengths, the semantic network also makes it simple for anyone to obtain access to the public and private information that you post on the internet.
Web 3.0 is a creator-driven platform, developed by users, and built by users for users. The importance of Web 3.0 will soar in 2022 as more and more people place a premium on browsing experiences that are tailored to their specific needs.
Web 3.0 aims to diversify the internet’s sources to reduce the risk of hacking, data leaks, and dependency on centralized storage systems. Users will own their data and digital footprints if data scarcity and tokenized digital assets are used. There would be no accountability for data usage on any platform.
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.
Thank you for your interest in the Deltec Initiatives Foundation. You can contact us using the form below.
Before sending a message to us, kindly note that we do not accept requests for funding. Thank you for your understanding.