What is New in WEB 3.0 – The New ERA of the Internet
You may have heard about Web 3.0, sometimes called the decentralised web or the semantic web. It’s a move towards a web that is more open, decentralised, and user-driven, as opposed to the existing online, where a few corporations control the flow of information.
Blockchain technology, decentralised apps, and AI all come together to form Web 3.0, making the Web safer, more private, and more user-friendly.
What is WEB 3.0?
The term was first coined by Tim Berners-Lee, the inventor of the World Wide Web, in a paper called “Design Issues for the Semantic Web”. In it, he laid out his vision for a web that would be more than just a collection of documents but a “web of data” that could be accessed and used by machines and humans.
Since then, the concept of WEB 3.0 has been further developed by some thinkers and developers, and there is now a general consensus around what it means.
In short, WEB 3.0 is the internet as a platform for data and information exchange. This means that instead of just being a place to view content, the web will become a place where data and information can be shared and used by anyone, anywhere.
Key Features in WEB 3.0
Web 3.0, also known as the “Semantic Web,” is the next generation of the World Wide Web, which aims to make web content more meaningful and intelligent for machines and humans. Some of the key features of Web 3.0 include:
Decentralization: Web 3.0 applications are designed to operate on a decentralised network, meaning no central authority controls the data and applications. Instead, the network is governed by a consensus algorithm, which ensures the security and transparency of the system.
Interoperability: Web 3.0 aims to create a web of interconnected data and applications that can communicate with each other seamlessly. This will allow users to access and share data across different platforms and devices.
Machine Readable Data: Web 3.0 supports machines to understand and interpret the meaning of data on the web, making it easier to extract relevant information and automate processes.
Artificial Intelligence: Web 3.0 will leverage the power of artificial intelligence to provide personalised experiences for users, such as personalised recommendations and predictive analytics.
Smart Contracts: Web 3.0 enables the creation and execution of smart contracts, which are self-executing contracts with the terms of the agreement written directly into code. This will enable secure and transparent transactions without the need for intermediaries.
Applications of WEB 3.0
Many applications are already being developed that take advantage of the features of WEB 3.0.
For example, the open-source project Solid is developing a platform that allows people to control their own data and connect with others and applications in a decentralised way.
Several projects are using linked data to create new ways of navigating and searching. For example, the project Twine is creating a search engine that allows you to search for data based on the relationships between it rather than just keywords.
WEB 3.0 is still in its early stages, and there is a lot of work to be done in order to realise the full potential of the new web. However, the potential is immense, and WEB 3.0 has the potential to change the way we use the internet forever.
How does Blockchain Impact WEB 3.0?
Web 3.0, which is driven by blockchain technology, may really be quite beneficial in a number of ways in terms of enhancing the internet and boosting its effectiveness.
With the help of blockchain technology, transaction speeds can increase astonishingly. Blockchain technology has the potential to drastically change how the internet will function in the future, from the first 7 transactions per second (TPS) of Bitcoin to the current 50000 TPS of Solana.
Blockchain technology has the potential to significantly enhance some key industry areas, including supply chains, digital health care, and digital transactions in general. Blockchain technology has the potential to alter how we view social media platforms today completely.
However, there is one significant disadvantage of Blockchain on WEB 3.0 and that is SCALABILITY. No one can deny the security in Blockchain, but this impact is due to complexity when an organisation plans to scale up in the future.
Opportunities in WEB 3.0
WEB 3.0 have significant opportunities in the future. It varies from an individual to an entire government or private organisation. Many businessmen are looking for a new opportunity in Web 3.0, which could help build a successful, profitable business. These are:
Cryptocurrency: In WEB 3.0, we could see a complete change in the payment or transaction system. One can argue that everyone could pay others using Cryptocurrency only. Many countries have accepted the fact that it’s a new era of Payment System Globally.
DAOs in WEB 3.0: DAOs stand for Decentralised Autonomous Organisations (DAOs), as the name says, it’s a potential Organization in WEB 3.0 that runs with the agreed Stakeholders in running a certain goal or business upon agreed rules with them. It could be either Government or private players who deal in business.
Cross-Connection Bridge in WEB 3.0: This deal with the interoperability of a system to another system. In short, if a Computer wants to communicate with another system (like Mobile, Android or iOS), then this could help in reducing the communication gap between them.
NFT in WEB 3.0: NFT stands for (Non-fungible token), is another great opportunity that has a lot of potential earnings in it. One can own credit for their work, and even sell it to others.
RPA and AI in WEB 3.0: RPA stands for (Robotic Process Automation) which could help do the automated task more effectively. AI (Artificial Intelligence) deals with the smart automation way of doing work. Both of these have significant profit in WEB 3.0.
Job Opportunities in WEB 3.0
Web 3.0 is still in its infancy, so professionals with the correct abilities can choose from a wide variety of exciting career paths. Here are a few examples of Web 3.0 careers:
Blockchain developers: Blockchain developers create and maintain blockchain-based, decentralised apps. They know their way around blockchain protocols and are fluent in languages like Solidity.
Decentralized App (DApp) Developers: Developers of decentralised apps (DApps) are responsible for creating and maintaining DApps, distributed over blockchain networks. Blockchain technology is one of their strong suits, and they also know their way around a web development toolkit.
Cryptocurrency Traders: There is an increasing need for people who are able to purchase and sell cryptocurrencies as the market for these digital currencies expands. One of their skills must be the ability to assess market trends based on a deep familiarity with the Bitcoin sector.
AI Developers: Web 3.0’s heavy reliance on AI means developers will need to be skilled in creating and deploying AI-based solutions for distributed software.
Web 3.0 Designers: Designers for the third generation of the Internet (Web 3.0) are responsible for making sure that users of decentralised apps have a pleasant experience.
Summary
There isn’t a single, recognised definition of Web 3.0 since it is continually changing and being defined. However, inevitably, Web 3.0 will heavily emphasise decentralised apps and utilise blockchain-based technology. Artificial intelligence (AI) and machine learning provide smarter, more adaptable apps.