How web 3.O is changing the future of technology?
Imagine a marvelous technology, where you will have full secrecy control over your data, which will automatically understand your information through artificial intelligence, one that will give you a utopian type of data, and even, will end up the tech giant’s monopoly on your data privacy. Still don’t understand which type of technology we’re talking about? Well! Then you must read this article to know about such a revolutionary and the next level of technology. The technology which we are referring to is no other than Web 3.O. A legendary programmer, Gavin Wood who is the creator of polka dot(one of the most influential crypto projects), coined the term Web 3. O in 2014.
Unique features of Web3.O:
Certain features that describe its nature and make it quite different from other technologies are the following;
1 The system this technology is based on, is a Blockchain structure that is highly secured. The more high value of bitcoin and the more users of it, the more public blockchain will be secured.
2: unlike web2, Web3 will operate the decentralized ledger technology (DLT) in which no central unit controls your data.
3; Web3 gives you full control of your data by taking control back from big tech. Now, No one can access your information without your confirmation.
4; it Can be accessed at any time/ any place
Whichever Internet of things (IOT)we use today, web 3.O will bring forth some new devices that will make accessing landscapes possible at any place. This feature is also somehow interrelated with web2.O devices, but they( web2 smart devices)are basically designed on the centralized system, one that does not allow us to have full control over the privacy of our data.
Web3.O topic will remain incomplete without discussing centralization and decentralization, two different architectural models of technology. So let’s first know what are these two models;
Two competing systems, which one is better?
This is one of, if not the most, discussed topics in the heated debate of web3 and Web2. Let’s look at centralization first. In a centralized network, big tech, central banks, and server companies take the responsibility of managing data, information, and secure transactions with playing the role of the central entity. Centralized system work as a client-server model. Clients link to the main server where their all information is stored on. When a user needs to access his database(this may include user profile, user-generated content or any other information), he requests the main server and this server allows the user entry to his account. On the other hand, the decentralized network is a distributed peer-to-peer system that puts the control of accessing data only in the individual’s hand.
Why does this discussion matter in the heated debate over two different architectural models? If you are a tech student you may know that Web 2.O infrastructure and applications ( all the apps where you can log in to read and create content like Facebook, Twitter, Amazon etc.) render web2 to be a centralized system. While the onboard technology Web3.O is a next step development that promises decentralization and openness. So when we talk about Web3.O or Web2.O, one typical meaning that we may drive out is both the technological models they are based on.
Drawbacks of centralized system:
centralization exists in every field where central authority regulates. But here we are taking it in the sense of technology. No one can deny the services of a centralized system because all the web2.O features also have a deep link with that system. Then what is wrong with this technological model? There is a broad consensus on the big issue of this model that it claims so-called privacy control of your data. Is it really secure your information? Certainly, no.
Surely, might be you using Facebook(meta), Apple, Google, Netflix, and Amazon apps. Actually, these are not only apps but the big monsters who have possession of their apps. Acronym FAANG stock- a term popularized by Jim Cramer, stands for the same prominent American-based tech companies. This term symbolizes their total dominance. You will get surprised to know that they have a combined market capitalization of USD 7 trillion in the year 2022. They generate a high revenue of their income only by selling our data to advertising companies. Let’s take the example of Amazon, it is as clear as the day that Amazon uses your personal information to sell more and more products. All the recommendations are displayed to you on the bases of your likes and dislikes. Meta(formerly known as Facebook) does the same with your data. Have you ever read their privacy policy or just click “I agree” right away? I’m not sure you ever did so. Their privacy policy acknowledges that they may sell your information to third-party apps and advertiser companies. No doubt, other social media apps or sites also play with your data. In the year of 2022, 53 million people were affected by data leakage according to statista report.
So, it is one downside of centralization that the central power may sell our information to others without our permission.
The Second failure of this system that it depends on one single central unit. For example, on October 4, 2021, Facebook and its subordinates became inaccessible for six to seven hours. So, due to the failure of the main server, all other servers failed to access data.
Cyber attacks are another threat to centralized technology. The banks, that save your assets,
may lose their cash in the case of any DDoS attacks (it is an online fraud that mostly hijacks financial websites). So, banks provide no solvency if they face cyber malware.
What Big Changes Will Web 3 Bring?
Web3.O (or Semantic Web) is a paradigm shift from centralization to decentralized systems. This version of the internet is based on AI (Artificial intelligence) and ML(Machine learning), one that analyzes your data nearly, if not exactly, like human beings.
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