Today, technologies have boomed at a level that has taken us all to the era of complete digitalization. It has not happened out of a sudden, technologies and innovative inventions have walked a long way to reach where they are today. Not only this, at the moment, we are at the doorway to entering a generation where being a user, we will have more control over the internet presence. The world would soon be more decentralized, where no government or central authority would be available in between to monitor the database. It would soon be converted into a space where technologies would play a vital role in jobs/ workplaces. Not only this, we can live or explore the virtual world like the real one. Sounds good, doesn't it? It is possible with the help of high technologies or Web3.
In this blog post, we will explore what Web 3.0 is, how it entered the market, its history and worldwide evolution.
Web 3.0 (or Web3) generally refers to the third generation of the Internet, which is characterized by the integration of advanced technologies like Artificial Intelligence, Blockchain Technology, and other internet things. It aims to create a more decentralized network world where users will have more monitoring power on their database.
It is envisioned as a more intelligent, interconnected, and secure Web, where machine learning algorithms and smart contracts can automate many processes and enable new applications. Overall, Web 3.0 has the potential to drastically change many aspects of our lives, including finance, healthcare, education, and entertainment.
Let's have a look at some of the websites, applications and companies leveraging Web 3.0 technology in the market:
Web 3.0 Websites- Gitcoin, Mirror, OpenSea, Uniswap, Aave, Brave browser, Superare, etc. These are the top web3 websites one can use in 2023.
Web 3.0 Application- If you are looking for some best high-tech based web3 apps, then, Secretum, Steemit, Brave browser, Sola, Dtube, Livepeer, Storj, etc.
Web 3.0 Companies- These are some web3 startup companies to look at in 2023; Polygon, Neeva, Terra, Chaingrep, Pinata, etc.
Let's explore the different lives of the Internet; Web 1.0, Web 2.0 & Web 3.0. The Internet has advanced considerably since its inception in the 1990s.
Web1 (Static Web)- There was a time when initially, the Internet came into existence when the users could only browse information. It was the first Internet generation known as the World Wide Web. It was only the era of the read-only medium, where users could only consume information but could not contribute or interact with it.
Web2 (Social Web)- Later, technologies became more advanced, and the social media era arrived. This was the Web2 era, or simply Social Web, where the users could not only browse the information on the Internet but also could pen their own opinions. The rise of social media platforms, mobile devices, and web applications characterized it.
Web3 (Decentralized Web)- The third generation of the Internet, also known as the decentralized Web or Web 3.0, is still in its early stages but promises to be a game-changer. The emergence of blockchain technology, decentralization, cryptocurrencies, NFTs, Artificial Intelligence, Metaverse and many more are in the catalogue, which prosecutes people to call the era of all these technologies as Web3. It allows users to interact with each other and with decentralized applications (dApps) without the need for intermediaries or centralized authorities.
Glimpse of Web 3.0 term
The Web3 term was first coined by the founder of Polkadot, Gavin Wood, in 2014. Later on, it rapidly spread worldwide and came into existence. The main element of Web3, blockchain technology, is used to create decentralized applications that are secure, transparent, and immutable. With these evolutions and revolutions in internet/ network processing, Web 3.0 is emerging too rapidly worldwide.
The core elements of Web3 are as follows:
Blockchain Technology: Web3 is powered by the open ledger technology known as the blockchain. Decentralized apps can be built with it, and store the data securely.
Decentralization: Web3 is built on a decentralized architecture that is not controlled by any central authority. This means that users have greater control over their data and can transact without the need for intermediaries.
Tokenization & Cryptography: Web3 enables the creation and exchange of digital tokens representing blockchain assets or services. It uses cryptographic protocols such as public and private key cryptography to ensure security and privacy.
Consensus Mechanisms: Web3 uses consensus mechanisms such as proof of work or proof of stake to ensure the integrity and security of the network.
3D graphics: 3D graphics refer to creating, rendering, and manipulating three-dimensional images or animations using computer software. 3D graphics are commonly used in various applications, including video games, movies, architecture, engineering, and product design.
Artificial Intelligence: Artificial intelligence (AI) is the ability of machines to exhibit intelligent behaviour that is typically associated with human beings, such as learning, problem-solving, decision-making, perception, and natural language understanding
Web 3.0 is evolving in the World Wide Web, which aims to deliver internet services more intellectually, connectively, and personally. The architecture of Web 3.0 consists of several layers, each of which has its own set of protocols and standards. Here are the layers in Web 3.0 architecture:
Physical layer: This layer comprises the hardware infrastructure that connects the Internet, such as routers, servers, and data centres.
Semantic layer: This layer is where the semantic Web comes into play, enabling computers to understand the meaning behind data and metadata. It includes technologies like RDF, OWL, and SPARQL.
Data layer: This layer involves the protocols and technologies that govern data exchange on the Web, such as HTTP, TCP/IP, and XML.
Service layer: This layer is where web services and APIs come into play, enabling machines to interact with each other and perform tasks.
Social layer: This layer encompasses the social Web, which is all about social interactions, relationships, and sharing. Social networking sites, blogs, and wikis are some examples of the social layer.
Application layer: This layer involves the applications that users interact with on the Web, such as web browsers, search engines, and mobile apps. These layers work together to create a more intelligent and personalized web experience for users, where machines can understand and process information more humanistically.
The third generation of the Internet is skyrocketing in the world at its pace. As per reports, the current web 3.0 blockchain market's valuation is US$ 2.86 billion. It is expected to reach US$ 116.51 billion by 2030. Global people are rapidly adopting and entering the web3 sphere.
By Riteshu Sen Jaiswar