In the last 50 years, technology has advanced further than anything we have ever seen in human history. We have created some pretty impressive things and the greatest of them all is the internet. The internet is the most helpful human technology today and it started in the 1990s as Web 1.0. Web 1.0 had static web pages and information was recovered from servers very slowly. This period was known as the dot.com boom and the top internet companies we have today were created around that time. Facebook (now Meta), Amazon, Alphabet (Google), Netflix, and Apple are among the biggest gainers from the rise of Web 2.0. Web 2.0 ushered in user-generated content, interactive mobile applications, and the internet as we know it today. The next big thing in the internet space is Web 3.0 and we are in its early phase.
What is Web 3.0?
Web 3.0 is based on technology that relies heavily on AI and machine learning. It aims to make the internet and other mobile applications more intelligent and focused on the individual using it. Anytime you engage the web, it will sift through an ocean of information and only provide you with what Web 2.0 focused on general user content while Web 3.0 is focused on highly personalized user content. Web 3.0 applications and software will be able to digest large chunks of information and turn them into relevant knowledge for users.
Features of Web 3.0
With web 2.0, big internet giants like Facebook (now meta) and Google control the major parts of its infrastructure. Recently, Facebook witnessed a massive shutdown that kept billions of people out of social media. Revenue was lost and CEO Mark Zuckerberg later apologized and attributed it to causing a serve shutdown in one of their facilities. With Web 3.0, data will be decentralized and stored in many places. Also, users will have complete control over their data and they can choose to sell it out to anybody.
Peer to Peer interaction.
Web 3.0 will be trustless and permissionless. You will be able to interact with anybody without needing a trusted, registered platform. Anyone will be able to participate in any space without regulation or approval. Web 3.0 applications will be decentralized apps (Dapps) built on the blockchain network. Smart contract cryptocurrencies like Ethereum and Solana currently play a major role in the evolution of Dapps and cryptocurrency.
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Web 3.0 is built to understand information like humans. It is based on semantic web concepts along with natural language processing. This means you will only interact with relevant information because your computer knows exactly what to feed you. The current Web 2.0 targets particular groups of people for personalization. Web 3.0 will focus on one individual at a time.
How will Web 3.0 affect crypto adoption?
Cryptocurrency is also in its early adoption stages. We will most lie see a digital future where transactions are processed in real-time with digital coins and commerce will move even faster than it is today. Bitcoin and other cryptocurrencies have the potential to run smoothly on Web 3.0 blockchain platforms. I guess we will just have to sit back and watch what the 2020s’ will give us.
In this current period (December 2021), we are at the start of the next big event in the internet space. Web3.0 is here to stay and most services on the internet will soon be facilitated by cryptocurrency payments. Like Elon Musk said “You can delay the future but you cannot stop it” Web 3.0 is here to stay and internet users can tap in and see where they can make the most profits in the coming years.