Image by emrahkarakas from Pixabay Supporters of Web 3.0 argue that this emerging technology will provide data privacy and customer-favored content. Will Web3 have an impact on large technology companies that profit from customer data? This article will look at the benefits and drawbacks of this new internet evolution.
What Is Web 3.0?
In 2014, Ethereum co-founder Gavin Wood coined the term “web3.” Currently, there is no official definition for Web 3.0. It is based on a combination of artificial intelligence (AI), the Internet of Things (IoT), and blockchain technology. It will provide the user with more relevant content. Web3 is primarily concerned with protecting the user’s privacy and security. In today’s web, centralized companies use user data to provide relevant ads to them. Advertisers pay the companies for targeted advertisements. As a result, companies monetize user data. Users will have more privacy in Web3 because devices and users can interact without the intervention of centralized authorities or corporations and their CEOs. Users will be the sole owners of their data, and non-fungible tokens will be used to compensate them. Decentralized tokens such as cryptocurrencies and non-fungible tokens are important in this new ecosystem.
Evolution of Web 3.0
Web 3.0’s evolution will provide more information about how it works. But it helps to look back at how we got here and the previous incarnations of the worldwide web.
Web 1.0
Web 1.0 marks the start of the internet revolution. It was in effect from 1991 to 2004. Web 1.0 is a collection of static pages. Users can read the pages without interacting with them. Even the comments section will function as a visitor’s ledger. It’s like a massive internet encyclopedia in which information was merely consumed by users in a one-way interaction, such as with television.
Web 2.0
Web 2.0 is defined as the period from 2004 to the present. Darcy Dinucci was the first to coin the term Web 2.0 in 1999. Web 2.0 is primarily based on user-generated content. It is simple to apply to participatory culture. However, centralized social media platforms collect and sell user data to advertisers. It has an impact on internet users’ privacy. This epoch is primarily associated with targeted advertising. It is also known as the blogger era.
Semantic Web
The semantic web is a data mesh that can be easily understood by machines rather than human operators. In 1999, Tim Berners-Lee articulated his vision of the semantic web. Tim Berners-Lee defined the semantic web as a component of the Web 3.0 standard. He proposes to make internet data machine-readable. According to Tim, computers will handle our daily activities such as trade and bureaucracy. It is nothing more than a web of data that has been processed directly and indirectly by machines.
How Does 3.0 Work?
Understanding web3 will be improved by having a basic understanding of blockchain technology. Blockchains are nothing more than a collection of data-storage blocks. Each block is made up of three parts: data, hash, and previous block hash. Hash is nothing more than a security code that, like a fingerprint, identifies a specific block. The last hash data is used to connect the blocks. As a result, it is difficult to manipulate a hash, making it highly secure. Image by Pfüderi from Pixabay Web3 will be a giant database with all our information that will use the internet to connect people with information. It will analyze all the information from the web and provide us with more accurate results. This is because the browser will have the ability to understand the information on the web. This machine learning will provide the exact details rather than popular pages. In web3 the content we post and search is stored in blocks or wallets. The user can control the data owned by him. Universally accessible smart contracts will protect users’ data. The contracts will be coded into a blockchain managed in a decentralized collection of nodes. Users’ data will be stored in blocks connected by blockchain technology. The web3 will act as a personal assistant. The more we use the web, the more it collects our data and provides more relevant information. Web3 will use the internet to connect people with information.
Who Will Control Web3?
Because Web3 is all about decentralizing the internet ecosystem, controlling authority is a major concern. The answer is simple: Web3 will be controlled by DAO (Decentralized Autonomous Organization). DAOs are self-governing organizations that do not have a CEO or president. DAO is run by code that was agreed upon by the people who founded it. It is a self-governing organization voted by token holders. DAO’s code will be changed once a decision is made. Shareholders can submit code upgrades for approval after voting. DAO can thus be continuously upgraded to better conform to current reality. Because they are open-source code, anyone can upgrade them and fix any flaws.
Pros and Cons of Web 3.0
Pros
Data ownership: Users will be able to choose the data they want to share. No central authorities or companies will connect directly to the users. Users can track their data, they can also detect the source code of the platforms they decided to use. The AI-powered web will process our preferences and provide us with relevant information instead of popular pages. Preferences and suggestions are based on our habits. Data is stored on distributed nodes, so need not worry about the suspension of services due to technical or other reasons. Better marketing and relatable advertisements by companies as they are directly connected with the users.
Cons
Ownership concerns as stated by Jack Dorsey that venture capitalists who own more decentralized tokens may control the platform. Need more advanced devices such as AI. The blockchain needs a more advanced system. Difficult to regulate since there is no centralized authority. Possibility of increasing cyber crimes. Existing websites need to upgrade. Interconnected so anyone can access the information you provide online.
Can Web3 Change the Internet’s Fate?
Web3 supporters argue that this new internet evolution will bring about equality in cyberspace. It intends to give users data privacy. However, in this day and age, where hate speech has become the new normal, the lack of control over data is cause for concern. Image by Gerd Altmann from Pixabay — Jack Dorsey, Founder of Twitter. Web3 is a brand-new concept in its early stages. Though it has many advantages, it also has some drawbacks. Technological advancements are always intended to empower people. It will not be appropriate to decide whether it is correct or incorrect at this stage. As we all know, change alone is permanent, so let’s hope for better versions of the internet in the near future.
References
Web3 Sreekanth Kannan, Techopedia May 18, 2022. Accessed June 15, 2022. What is web3? Why are so many people asking about it? Kevin Rose, Economic Times March 25, 2022. Accessed June 16, 2022. How Web3.0 will work? Jonathan Strickland, How Stuff Works? Accessed June 18, 2022. Advantages and disadvantages of Web 3.0 Deepali, Naukri Learning July 1, 2022. Accessed July 4, 2022. What is Web3.0?. WhiteBoardCrypto, October 27, 2021. Accessed June 15, 2022. What Is A DAO How Do They Work? David Shuttleworth, Concensys October 7, 2021. accessed July 3, 2022.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional. © 2022 Jagatheesh Aruchami
