What is Web 3.0 and How Does it Work? (Highlighting Benefits)
In your daily life, you’re familiar with Google, Facebook, Snapchat, or Bing for activities like credit card payment, looking for entertainment sources, or just chilling out.
But, even if you think most of these tech companies hold user’s data up to 80%. It means they have control over your personal information like Name, Address, Financial Data, and Interests.
These tech giants are using security protocols and taking necessary steps to protect the data. However, sometimes hackers use advanced techniques to crack those protocols and get access to the user’s personal data.
Now, think as a user if your data can’t be changed or modified once entered. It means your data remains unchanged.
Thanks to Web 3.0!
Web 3.0 is a revolutionary concept to make the internet safe for everyone. To protect user’s data from illegal purposes like phishing or hacking, Web 3.0 delivers advanced security features.
The foundation of Web 3.0 is based on blockchain technology and controlled by the decentralized community.
In this article, we define how Web 3.0 works in real life. Also, which advantages and features are available in this internet revolution are mentioned for better understanding.
What is Web1 and Web 2.0?
Before knowing what Web 3.0 is, let’s clear the basics of Web 1.0 and Web 2.0.
Web 1.0 Definition
Web 1.0 refers to the initial phase of the World Wide Web, characterized by limited user interaction and primarily static content delivery. Information resides on individual servers, accessible through basic Hypertext Markup Language (HTML) documents.
Users primarily consumed pre-published content in the form of text and images, with limited search functionalities akin to a vast online library. It’s just like an ancient library where the required book information is not available as much as it is now.
Web 2.0 Definition
Web 2.0 marked a significant shift towards a more dynamic and user-centric internet experience. The rise of social media platforms, blogs, wikis, and other interactive features empowered users to not only consume but also create and share content.
Web 2.0 applications emphasize user-generated content, building collaboration, and social interaction. This shift transformed the internet from a one-way information dissemination channel into a participatory platform.
What is Web 3.0?
Web 3.0 signifies a paradigm shift in the internet landscape, leveraging the power of blockchain technology and smart contract integration. In contrast to the current, centralized web, Web 3.0 prioritizes decentralization, empowering users rather than corporations or tech companies like Google, or Meta Inc.
Let’s understand it through this example.
Imagine the internet as a giant mall. Big companies own the stores (websites) and control what’s sold there (information). You can browse and buy things (use websites), but you don’t really own anything, and the mall rules can change anytime.
Web 3.0 wants to transform this mall into a bustling marketplace, where everyone can participate. This marketplace is powered by Blockchain.
Think of it as a giant, public ledger every qualified user has access to. Every transaction (buying or selling something) gets recorded on this ledger, and everyone has a copy. This way, no one can tamper with the records or change the rules without noticing everyone.
Read more: Reasons to Add Blockchain Technology in Your Business
How does Web 3.0 Work?
Web 3.0 is something different and it empowers you to take control of your data and interact with the online world on your own terms. It is a concept of decentralization, preferring cryptocurrencies and blockchain.
In Web 2.0, the internet we know today, the library is controlled by a few big companies (Google, Bing). They own the servers (bookshelves), decide what information is stored (books on the shelves), and dictate how you access it (borrowing rules). You can read the books (use the information), but you don’t truly own them (control your data).
Web 3.0, on the other hand, wants to turn this library into a decentralized network of personal bookshelves. Here, everyone has their own storage space (like your bookshelf) where they can keep their data (their books). This data can be anything from social media posts to financial records.
But how do we keep track of all these individual bookshelves scattered across the globe? Here’s where blockchain comes in. Imagine a giant, digital record book, accessible to everyone on the network. Every time you add a book to your shelf (store data), it gets securely logged in this record book, along with a unique identifier that proves ownership (like a library stamp).
This record book is special because it’s not stored in one place; it’s copied and distributed across countless computers worldwide. This ensures decentralization, transparency, and immutability of records.
Now, how do you interact with all these personal bookshelves?
dApps, or decentralized applications are like specialized tools built on the Web 3.0 network. These dApps function like a social media platform, but instead of relying on a central server (like Facebook), they operate on this network of individual bookshelves.
You can connect your bookshelf (data) to the dApp and interact with others, all while maintaining ownership and control of your information.
Read more: 10 Principles of Good Web Design to Know
Benefits of Web 3.0
The current iteration of the internet, Web 2.0 is characterized by a centralized data storage model. Major tech companies act as custodians of user data, often employing opaque practices regarding data usage and privacy.
This lack of user control has spurred the development of Web 3.0, a decentralized web powered by blockchain technology.
Here’s the highlight of Web 3.0 benefits.
Ownership and Control: The “Read-Write-Own” Data Model
Web 3.0 prioritizes user empowerment through the “Read-Write-Own” data model. Users have complete control over their data, granting them the ability to read, modify, and most importantly, own it. This ownership extends beyond just access.
Users determine who can access their data and under what conditions. This shift in control empowers users to participate in the digital economy on their own terms, potentially leading to fairer data marketplaces.
Privacy and Security: Decentralization and Encryption
Web 3.0 offers a more private online experience by decentralizing data storage. Here, data isn’t concentrated in centralized servers, reducing the risk of major breaches and unauthorized access.
Additionally, Web 3.0 applications often leverage encryption technologies, further securing user data and enhancing privacy. Furthermore, pseudonymity becomes a viable option, allowing users to interact without necessarily revealing their real identities.
Transparency and Trust: The Power of Blockchain
Blockchain technology lies at the heart of Web 3.0’s ability to promote transparency and trust. Blockchain acts as a distributed ledger system, replicating a tamper-proof record of transactions across a vast network.
Every interaction with user data is securely logged on this ledger, ensuring immutability and providing a clear audit trail. This transparency creates trust within the Web 3.0 ecosystem, as all participants can verify the validity of transactions and data ownership.
Increased Efficiency and Reduced Costs: Eliminating Intermediaries
Web 2.0 often relies on centralized platforms that act as intermediaries for online interactions. These platforms often extract fees for their services. For example, you’re paying the $100 Mobile Recharge through net banking. Here, the final amount the bank will deduct is $105, where an additional $5 is counted as the commission charge.
Web 3.0 facilitates direct peer-to-peer interactions that can potentially streamline processes and reduce costs associated with these intermediaries. This could lead to a more efficient and cost-effective digital ecosystem.
Read more: Why Web Development is Important for Any Business
Conclusion
Web 3.0 emerges as a revolutionary vision for a user-centric internet. Built on blockchain technology and strongly abiding by smart contracts, it offers a compelling array of benefits.
It empowers users with the “Read-Write-Own” data model, granting them control over their information. This shift from centralized storage fosters privacy and security through encryption and pseudonymity.
Additionally, blockchain promotes trust and transparency by ensuring verifiable transactions and data ownership. While challenges like scalability remain, Web 3.0 holds immense potential to reshape the internet.
It paves the way for a future where users are empowered, interactions are streamlined, and trust reigns supreme.
If you like to develop Web 3.0 for your business or services, Bitrix Infotech has a complete solution. Contact us for a further discussion and we will showcase you the roadmap.
