Understanding Web 3.0 and Its Constituents

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Coinmonks

4 min readMar 5, 2022

Metaverse, NFTs and Web 3.0 have become today’s most trending talks, for now the future is being shaped by these virtual practices. Some view the Web 3.0 unrealistically while some really do believe in its potential. Whether you believe in it or not, huge businesses are getting into these fields knowing that these prospects are a necessary integration. So what is the Metaverse? NFT? Web 3.0? And where are we heading with all the virtual fuss?

Web 3.0

It is generally acknowledged that we are currently living in the Web 2.0 phase having the social media and interactive internet features majorly related to social media and user generated content. But honestly, we can all currently see that Web 3.0, namely the semantic web, has already taken its baby steps and is changing the whole world dynamics. In fact, it’s important to note that:

It all started with Web 3.0 being the concept of semantic web. Meaning that Web 3.0 was going into Artificial intelligence, automated & adaptive responses and machine learning.
However, it’s basing its work on decentralization, virtual reality and augmented reality.

Decentralization

This regards the process of taking the control from a single centralized source (Eg. Banks) and instead distributing it to networks.

These networks are distributed in millions, each holding data in digital formats, which secures the data and ensures its fidelity.
This process eliminates the mistrust associated with single controlled services as it bans centralized parties like banks and governments from interfering as third parties.
These features show the importance of establishing decentralization as it grants more trust and fulfillment for different political, financial and market fields.

Blockchain

Blockchain technology is a major example of decentralized technologies as it helps record the transactions of digital assets. It also has its unique attributes and advantages:

It was first solely related to cryptocurrencies, but is now entering other fields like management, health-care, security, supply chain management and other business prospects.
The best thing about Blockchain is the speed associated with its delivery along with the transparency. This is well-represented with the openly available end-to-end transactions which could be viewed by any person, anywhere.
There are some Blockchain elements that we need to familiarize:

Ledger technology: This ledger is where all transactions are recorded available for all participants.

Immutable Records: Ledger are immutable, meaning that no one can ever change a single word in the transaction made (A double sided sword)

Smart contracts: In Blockchain, there are digital programs that generate automatic agreement with coded language between two people, which is also uneditable.

NFT

NFTs are non-fungible tokens bought and sold by cryptocurrencies. This digital asset may be bought for specific price called “minting price” and then traded on secondary marketplace. NFTs are part of Web 3.0 since they have their full existence on Blockchain. There are several aspects that make NFTs unique, the most important is the single ownership which creates its uniqueness. However, with the advancement of NFTs, there are several aspects that actually set higher NFT values. Read more

Metaverse

Metaverse are the verge of all that’s new. This huge field consists of a virtual world where people can actually meet each other and spend their time entertainingly. At this point, major platforms like Roblox, Decentraland and Sandbox have already started implementing a virtual concept as the Metaverse. However, the Blockchain is becoming more connected as NFTs are becoming the gateway to headquarters, concerts, events, and activities. The thing is that we still don’t have a concrete vision of the Metaverse and its components.

Future of Web 3.0

Although each of the concepts mentioned above stand alone, there still is an interconnected relation where every other aspect is integrated in the other. Cryptocurrency are expected to create huge differences in the day-to-day practices done especially with the increase in NFT trade and access to Metaverse. The implementation of this web will introduce ton of new facilities like Decentralized Autonomous Organization (DAO), decentralized marketplaces, and normalized digital payments through cryptocurrencies. In fact, we can all predict the virtual practices we’re going into, but no one can hit the right pace it will take us to reach the digitization intended. Until then visit The Ant Land for NFT updates and future booming investments.

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