We are guessing that you have a flair for technology and are fond of reading about anything related to the advancements in this field. You are even considered a technological expert in your social network. Today, you checked “web 3.0 applications and web 3.0 blockchain” trusting the author to acquaint you, so scroll down to enlighten yourself.
After Web 1.0 and 2.0 enters Web 3.0.
What is it about, and how is it supporting the internet in giving users a better interactive experience and transforming the way of working?
World Wide Web rings a bell, right? So meet Web 3.0 also known as Web 3 from the third generation of the World Wide Web and bid farewell to its ancestors.
The structuring is open to everyone (with a bottom-up design in which individual parts of the system are stated in detail), dispersed in nature, and assembled on blockchain technologies and developments in the semantic web which shows the web as a network of meaningfully connected data.
It is based on a defined set of principles, technical boundaries, and values which help 3.0 in gaining its uniqueness from earlier versions which were Web 2.0 and 1.0.
The eyes of Web 3.0 anticipate a world, where people are in control of their own data and transactions are clearly recorded on blockchains or databases searchable by anyone.
Let’s discuss the distinctive features of Web 3.0:
It refers to the idea that the internet should be widely accessible irrespective of location, medium, or device so 3.0 is equal for all instead of having limited usage overall allowing anyone to engage from anywhere and contribute through open-source software.
The connectivity is based completely on peer-to-peer network connections which will rely on blockchain to store data and maintain digital assets without the fear of being tracked.
Decentralized apps (Dapps) are also developed based on this concept and instead of being maintained by a single server, the apps are maintained by a network of computers.
Decentralized finance (DeFi) is central to Dapps and shares many of crypto currency’s characteristics, but its applications are even wider allowing users to invest, save, and ultimately replace pre-existing financial institutions and their top-down manner of functioning.
- Artificial Intelligence:
Web 3.0 inclines artificial intelligence (AI) to develop computers that can understand the meaning or context of user requests and responds to complex requests more quickly. The artificial intelligence of the 3.0 era gives a tough time to the interactivity of Web 2.0 and builds experiences for people who are organized, coherent, and instinctive which is the central aim behind the development of the metaverse.
Part of the artificial intelligence game is machine learning and practicing techniques like predictive analytics to figure out relationships and patterns that assist in predicting future outcomes and events. On the other hand, machine learning is static, hence AI requires an agent to learn and interact with the environment.
If we think from the user’s point of view, then such advancements in machine learning could bring about better customer support.
Honestly, who would not wish to have a quick and efficient experience by communicating with intelligent chatbots which will be able to support multiple consumers at once answering all your queries in seconds, with far more certainty than the current standard this will be possible in this technology? In addition, it will also deliver ideal search results, pinpoint fake news, and select premium-quality content. We can see your expressions saying ‘wow’ loudly!
- Semantic web:
Semantic means the study of meaning in language that improves the abilities of web technologies to create, partake and connect content through search and analysis by understanding the meaning of language that takes you beyond simple keywords.
Websites of the 2.0 have been chiefly designed for humans to read, with elevated consideration for search engine understanding whereas Web 3.0 uses ideas of the semantic web as a jumping-off point to take legibility, innovation, and interactivity to another degree.
What more are you getting under the Web 3.0 umbrella is the search engine platform, and connectivity potentials will shoot up. In fact, the computers will be able to understand the context and identify your true needs and goals rather than cultivating meaning from a series of ones and zeros, keywords, headers, links, and other metadata.
Web 3.0’s intent is to come up with a model that classifies pages through a tagging system so it becomes more convenient for browsers to find and understand the information provided.
Basically, the purpose behind the plan is to allow users to access websites in their language without the hassle of entering passwords.
When you come across a new website, you take time to understand its way of working and features, but in this technology, the adaptability and adjustability will improve as now the pages will be standardized so that functioning is integrated and navigation is effortless.
- Three dimensionalities:
The technology focuses on the embodiment of three-dimensional spaces into the user’s regular routine.
It makes new devices appear easier to move around the web, leaving behind the conventional relationship with the keyboard and mouse.
It is common to have free software, Creative Common licenses, and standards in the digital environment. Like this information is freely allocated.
- 3D Graphics:
Web 3.0 works on improving the user experience on many levels including the front-end experience or how we perceive what we see on our screens.
The 3D design is frequently used for websites and services in 3.0.
E-commerce, real estate, computer games, and virtual tours are a few popular examples.
- Easy participation:
Participation becomes super without having proper permission from the ruling body so it has no authorization dilemma.
Let’s move down to Web 3.0 applications
Some parts of this technology are still under completion; however, the good news is that its applications have shown up.
- Machine Learning:
Artificial Intelligence or AI is not a new term anymore as it has gained a lot of recognition in recent years. Both are linked to the Web 3.0 concept. Wait, let us give an example to clear your doubts.
How many of you have conversed with Siri to operate technical functions? Yes! She is the automatic natural language processing secretary, who has transformed our lives to a great extent. We can speak and interact with her and in turn, the robot listens to and converts our instructions into executions. Machine learning is used with other technological tools as well like the Internet of Things (IoT, which is a system of associated computing devices, mechanical and digital machines, objects, animals, or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.) and Big Data (data that contains greater variety, arriving in increasing volumes and with more velocity. This is also known as the three Vs.
The blockchain is an extremely secure mathematical arrangement for users and credit go to Web 3.0 for emerging with this development. It becomes near impossible to falsify the stored data as this technology is created in such a way. The technology is a public electronic ledger that can be freely shared among diverse users and creates an immutable record of their transactions.
The Blockchain provides an ultra-secure network, as data is transmitted in encrypted form and are efficient, and fast and drives the development of smart contracts offering a distinct collection of data or a universal state layer, which is subject to collective management.
The layer provides the opportunity for developing a value settlement layer on the internet and it further helps in sending files in a copy-protected manner to enable effective P2P transactions without any intermediaries.
According to 101Blockchains, the outline of Web 3.0 was formed by the entry of bitcoins that helped in creating networks.
Blockchain placed the foundation for web 3.0 definition as it facilitated data storage in multiple copies of the P2P network. The protocol helps in the formal specification of management rules in the protocol. In addition, the protocol also guides the security of data through majority consensus from all participants in the network. The participants receive incentives in the native network token for their contribution to the network’s security and maintenance.
It especially transforms data structures in the backend of the web supported by the development of a governance layer running over the existing internet. The governance layer can now allow two unknown people who don’t trust each other to reach agreements and settle transactions over the internet.
One of the main examples of 3.0 with such functionalities of blockchain is Follow. The decentralized, autonomous organization has come up with a groundbreaking decentralized social protocol for the next generation of web services.
- Non-fungible tokens (NFT)
These are a form of cryptography being unique and non-transferrable in nature. NFTs are linked to digital or physical assets and because of this, they have ownership and property. It lets you hand over evidence of ownership in fields of digital art, music, data, in-game assets, personal records, testing authenticity of products, real estate, medical records and identity verification, intellectual property and patents, academic credentials, supply chain, ticketing, artwork tracking, voting, and etc.
A network of 3D virtual worlds focused on social connection is called a metaverse.
In futurism and science fiction, it is often professed as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and enhanced reality headsets.
Mainly, it will rely heavily on Virtual Reality (VR) and Augmented Reality (AR), to create a riveting experience, blending digital elements with the natural world. Other than this, metaverse can also be applied to health surgery, 3D training, and social events.
The supply of cryptocurrencies is another well-known application whose primary goal is to give users greater control over their digital content with the backing of a centralized infrastructure.
Digital currencies use blockchain technology to record the number of coins in existence and who holds how many.
Types of Cryptocurrencies:
There are four major types of cryptocurrencies that include payment, utility, security, and stablecoins. DeFi tokens, NFTs, and asset-backed tokens also exist. Of all cryptocurrencies, the most common are utility and payment tokens. The categories are based on several factors like formulation or code, application or use case, and functioning of the cryptocurrency. These do not have their investment backed or guaranteed by regulation.
The most popular examples of cryptocurrencies are as follows:
Bitcoin (BTC) (XBT)
Ethereum Classic (ETC)
Bitcoin Cash (BCH)
Yearn Finance (YFI)
The Graph (GRT)
USD Coin (USDC)
The reason Web 3.0 is going well is because
- No third party is required:
Blockchain, smart contracts, and decentralized applications eliminate third-party service providers.
- Improved regulatory compliance:
It could make it easy for companies to comply with their governance requirements by maintaining transparency because Blockchain is an unchangeable record of transactions visible to everyone on the chain.
- Greater accountability:
Every transaction can, in theory, be tracked to make companies accountable for their actions and the credits go to the blockchain. This could make it easier for people to buy products from businesses with good reputations.
- Improved security:
Web 3.0 should make it harder for hackers to access sensitive information because of blockchain’s decentralized and distributed nature, there is no single point of failure, which makes it more difficult to corrupt.
- Improved customer relations:
Businesses can use the transparency of blockchain to build trust and long-lasting relationships with their customers. Because data stored here is designed to be unchangeable, customers know that the information is authentic and hasn’t been modified.
- Supply chain management:
Monitoring and tracking of the supply chain on Web 3.0 can become easy due to its transparency. Also quickly identify problems in manufacturing and delivery services, improving time management and reducing cost. Businesses can further share crucial information, such as production schedules and contract deadlines, with their suppliers, which could help to make delivery smoother.
Here are a few examples of Web 3.0 websites
A new search engine based on relational search and through a cloud of tags and collected terms facilitates navigation to other interesting concepts.
The primary aim of Gnoss is to design a digital identity for each person that can be used to identify them in any environment. Its main current incorporation has been in companies.
Obsidian Secure Messenger:
OSM belongs to the platform Obsidian Platform based on Blockchain and is available for Android devices. Its interface is similar to a chat room, but users can also exchange tokens to be contacted.
Buddy, we like how you are still scrolling down to read more, but that was the end of Web 3.0.
Thank you for reading with so much interest and now you can share the knowledge with other like-minded people too.