Diving into Web 3.0
Heard about Web 3.0 but don’t know what it is? Read on to find out what I have been learning!
I am a member of the Fixers, a community of community managers working mainly in crypto. Every day we are approached by projects in an industry called Web 3.0.
So, to help understand what Web 3.0 is, its strengths, weaknesses, opportunities and threats, I decided to write this article to help solidify my understanding. Many of us are also in a similar situation, and so I hope that you find my exploration of this topic useful too!
So, let’s get started, and where better than at the beginning — first thing’s first!
What is Web 3.0?
Web 3.0 is the next generation of the internet, which, thanks to decentralization and blockchain technology, should be better than what we use now.
Whether or not you’re interested in technology and its development, you’ve undoubtedly heard of the Web 3.0 buzzword.
But what precisely is Web 3.0? What does it entail, and how will it impact life as we know it?
To help understanding, we’ll start by identifying 4 critical questions that are fundamental to familiarizing ourselves with the new internet age.
- What is Web 3.0 and how should it be implemented?
- What are the main benefits of Web 3.0?
- What are the main drawbacks of Web 3.0.?
- How are blockchain and cryptocurrencies being integrated into Web 3.0?
Did you know that Web 3.0 is one of the most popular terms among technology professionals, crypto fans, and investors right now? They tend to refer to any future technology that improves the Internet as we know it as Web 3.0.
Many proponents of Web 3.0 argue that decentralization, artificial intelligence (AI), and an economy based on blockchain technology and cryptocurrencies will be the primary focus in this next phase of internet growth.
But why is there such a rush of interest in this new stage of internet development? Well, many people started to realise that they had little control over their data and were overly reliant on third-party restrictions.
It was this perspective that prompted the need for a “new version” of the internet.
Let us go back to the beginnings of the internet to understand the timeline, and what Web 3.0 is intended to enhance.
Data source: https://appinventiv.com/blog/web-3-0-blockchain-impact-on-businesses/
From the 1990s to the early 2000s, Web 1.0 was the first generation of the internet. Back then, it was seen as a tool to democratize access to information. In relative terms to now, the user experience was poor. The sites were primarily static and did not allow for the creation of the high-quality content we enjoy today. Even so, it was a revolutionary step for humanity.
Web 1.0-page layout
Image source: https://www.techradar.com/news/internet/web/is-web-1-0-making-a-big-comeback-1291121
Now, with the expansion of the Web 2.0 we use today, the internet was transformed. Interactive material (which users can generate themselves) has replaced static websites. This has given millions of people free and effortless access to a world where they can interact like never before. Thanks to the innovations and resulting successes of companies such as Google, Facebook, Amazon and others, Web 2.0 has progressed at a breath-taking pace.
The challenge of centralization in Web 2.0
The internet has provided access to incredible technology that has made life simpler for 4.6 billion people, with unparalleled access to information. It’s like having a supercomputer in your pocket, and every possible question you could think of has some kind of answer there. The benefits have been astounding.
On the other hand, however, Web 2.0 also comes with a number of drawbacks. These include the prevailing ethos of centralization in major corporations such as Google, Amazon, Facebook, Twitter, and others. The internet’s “order” was created by these tech goliaths. But is that right? Is it democratic?
Critics claim that they have gained far too much authority and power — the pendulum has swung too far. As a result of centralization, some start-ups, new content providers, and a variety of different users have suffered.
But how? Well, since almost everyone on social media uses these centralized companies, their actions and, eventually, their successes, are governed by the same centralized firms’ regulations. To give an example, let’s talk about the financial impact for a small business owner.
When Google or Facebook makes an algorithm adjustment that impacts the visibility of a post, small business owners must respond. Such adjustments often reduce the reach of their messaging. This has a direct financial impact on small artisans who must spend more money on advertising if they want to keep reaching a larger audience.
Mainstream media is a centralized source of news. And we increasingly do not trust it. Web 2.0 has enabled decentralized sources of news to emerge, allowing anyone with a large enough following to engage with the public. Plurality of opinion and openness of discourse, plus a better view of the “truth” are not aided by centralized sources of information that have lost credibility.
All of these issues will persist in the next years and will need to be debated and handled. The desire to enhance the internet has grown as a result of these flaws. It could be argued that Web 3.0 might be the right solution.
What could Web 3.0 look like?
Since we are still in the early stages of development, there is no specific and absolute definition for Web 3.0. And there is also a lot of debate over whether Web 3.0 is going to be of any use at all.
It’s development has and will continue to be incremental. Therefore, a standardized approach to adopting and integrating new technologies into the new web has yet to be discovered.
Web 3.0 refers to a future generation of the internet that will rely on peer-to-peer (P2P) technologies. This includes blockchain, open-source software, the metaverse, the internet of things, AI and a host of other new technologies.
Web 3.0 will take the greatest aspects of Web 1.0 and Web 2.0 and merge them. But how will the new internet assist the user?
The internet will become more autonomous and open as a result of Web 3.0. Users still rely on network service providers to keep track of the data that flows over their networks. People will be able to control their data and access all applications and services from a single account with the launch of Web 3.0, with all activities being recorded on the blockchain.
Is Web 3.0 the same as the Semantic Web?
Image source: https://www.bbc.com/news/technology-54871705
Tim Berners-Lee came up with the concept of the World Wide Web. Known as the “Father of the Internet”, he also coined the phrase “Semantic Web”.
Berners-Lee used the term semantic web to propose a new and more efficient approach for users to access data that could be easily linked to real-life circumstances. This should not be confused with Web 3.0, which goes far beyond what Berners-Lee envisioned.
The browser should act as a personal assistant for users on the Semantic Web. So, how would this work in practice?
With Web 2.0 it would work like this. Let’s imagine you want to get a new phone, and then you want to buy some vegan food afterward. The first thing you should do is look for stores that provide the best deal on the phone you desire. Then you look for a vegan restaurant that has the menu you like. For all of this, you’d probably go to various websites and read a lot of reviews. This is a time consuming process.
To save time, the Semantic Web Browser would strive to compile a “best offer” based on your prior purchases and interests, as well as your region and budget. More customized — a better experience that better reflects what you actually want.
This is a simple example that demonstrates the Semantic Web’s concept. Although not the same, many of these qualities are identical to those that should be included in Web 3.0.
Web 3.0 is a more advanced version of the semantic web. Web 3.0 leverages the features of the Semantic Web and its web antecedents to give the most sophisticated experience, in addition to the aforementioned peer-to-peer technology, blockchain, and artificial intelligence.
Data source: https://defiprime.com/chainbeat
Web 3.0 has 4 essential features
Despite there being no universal definition yet, we can distil Web 3.0 into 4 key characteristics:
1. “Trustless” and “permissionless”
The first is “permissionless and “trustless”. But when people say Web 3.0 is these things, what do they mean? Put simply, something “trustless” means that no third party is required for participants to interact with each other.
Permissionless, on the other hand, means that nobody needs “permission” to participate. There is no governing body that is required to authorize your involvement. Algorand blockchain is just one great example of what is meant by “permissionless” and “trustless”. Thanks to decentralized applications, all Web 3.0 applications and websites will be able to run in this manner.
2. AI
Artificial intelligence is already infiltrating our daily routines. As you write your email, for example, you can already get suggestions for how you might want your sentence to be completed.
With the help of increasingly powerful and smart computers, Web 3.0 is expected to be able to grasp information like humans. Web 3.0 will also leverage machine learning, a type of artificial intelligence that uses data and algorithms to “imitate” the way humans learn by continuously improving accuracy.
3. Decentralization
Large technology and internet corporations now determine how pieces of information are categorized and censored, as well as which content is promoted and prohibited. Through open and transparent processes, Web 3.0 should move decision-making on such matters to the users (community).
A key feature of a decentralized network is that the user controls how their data is stored, managed and otherwise used. Rather than having information stored in single database, like for example Amazon’s central data repositories, all data is stored in various locations to ensure decentralization.
This also allows us to retain ownership of our data, without giving it away automatically and for free.
4. Device interconnectivity
All content would be available and accessible on any Internet-connected device or application. The number of devices that can access the Internet will grow.
The “Internet of Things” is expected to gain traction as a result of the development of Web 3.0.
A good example is IOTA, the first distributed ledger designed for the “Internet of Everything,” a network that allows humans and machines to exchange value and data.
The IOTA Tangle is a cutting-edge distributed ledger technology (DLT) that was created exclusively for the Internet of Things (IoT). It is a distributed ledger that allows for frictionless data and value movement. It is open source, feeless, and scalable.
Web 3.0’s four biggest benefits
1. No central location
Since intermediaries are no longer involved, they lose control over user data. This decreases the danger of government or corporate censorship. However, this is a double-edged sword as some things probably do need to be censored. This will be discussed later in this article.
2. Improved information flow
Larger amounts of data can be analyzed as more gadgets connect to the internet in the future, allowing for more accurate information that is better tailored to the specific needs of individual consumers.
3. Improved internet search efficiency
It can take a long time to find the best results using a web browser. Thanks to metadata and a better knowledge of the context of what we search for, the results for our searches will become more tailored to our needs with Web 3.0.
4. Better advertising
Few people nowadays enjoy being swamped with advertisements at every step. We can all agree, however, that advertisements can be worthwhile if they fulfil our needs. Artificial intelligence systems will be used in Web 3.0 to better tailor advertising to meet the needs of users.
Risks of Web 3.0
However, there are risks associated with the emergence of Web 3.0, and these need to be addressed to provide a balanced overview. These are as follows:
Heightened risk of falling suspect to scams
With Web 3.0 platforms, the user is expected to take more responsibility for their actions. On platforms like Telegram or Twitter, especially, it is common for users to be asked for their crypto wallet seed phrase, private keys or other personal data by people pretending to be from “customer support”.
A lack of experience with Web 3.0 technology can lead people, especially newcomers, into making very poor security decisions. There is often a risk of losing all your funds by failing to take the right security measures. Thankfully, there is a lot of information online about how to stay safe in a Web 3.0 world.
More graphic/obscene material
With a lack of centralized control comes greater free speech and freedom. But that means it is also far more difficult to censor material that we all agree is bad. That includes violence, other graphic imagery, terrorist activity, and other reprehensible content.
Data quality and manipulation
With centralized sources of information, it is easier to maintain higher quality standards. However, this is arguable since the quality of information we have received from centralised mainstream media outlets has often proven to be false. The use of AI is also not guaranteed to help. It is dependent on the quality of information received to be effective. We have seen where this goes wrong with Tay, an AI used by Microsoft, which was trained to become racist.
Will it actually work?
There are some notable Web 3.0 sceptics, such as Stephen Diehl, who go further. These questions are valid and need to be answered:
“Who will pay for the global data centres to serve content?
Whose lawyers will respond to the DMCA requests? Who is going to ban the Nazi accounts?
Who will issue deletes on CSAM content?
Who will reset grandma’s password when she forgets?”
Advocates of Web 3.0 will have to answer these questions to the satisfaction of those who are wedded to Web 2.0 in order for this new reality to really take hold.
What role could blockchain and cryptocurrencies play in Web 3.0?
When it comes to how blockchain and cryptocurrencies interact in Web 3.0, I think it is best to look towards cryptography. To me, it is here that the biggest developments are being made. One concept that caught my eye is something called “zero knowledge proofs” also known as ZKPs.
Why? It is a blockchain technology that allows data to be verified without it being revealed. Put another way, it means we can now verify that a statement is true without revealing any other data at all.
If, like me, you are fascinated by how this works, grab a cup of coffee and listen to this great presentation by cryptographer Cathie Yun at the 2019 MIT Bitcoin Expo. Although a bit dated now, it’s still a great starting point.
So why is this exciting? Well, there are lots of use cases, which focus on privacy and decongestion. These include finance, online voting, authentication, and machine learning. The basis for each is maintaining your privacy, but at the same time providing crucial information.
So for finance, you could prove that your salary is within a bank’s requirements for a loan, without disclosing exactly how much you are earning. For authentication, any private data like passwords would not need to be provided to prove you have the right to access it.
With blockchain, it can be used to help prevent deanonymization of users, but also has a role to play in combating network congestion. This is because ZKPs functionality allows for something called ZK-Rollups.
These are now being used to solve the blockchain scaling problem. Since it is possible to verify that a statement is true without providing any further information, ZK-Rollups require far less resources for block validation. This frees up resources for increased scaling.
This is just one of many potential use cases for blockchain and crypto in our Web 3.0 future. Others include DAOs, the DeFi world, NFTs, and other concepts that run on a more decentralised future.
While many issues regarding the “internet of the future” remain unresolved, one thing is certain: it is a really exciting new technology that makes us reevaluate existing structures and ways of doing things.
Power dynamics that we had long since accepted as unchangeable might now be able to shift to the benefit of the people.
I cannot wait, can you?
