Introduction to Web 3.0

It’s hard to imagine a world without the Internet. It has become an integral part of the modern world. This is an integral part of our lives and especially in the phase of a global pandemic, most of us are turning to the internet for our work, communication, school, financial, and leisure needs. We had to rely on it. The Internet has undergone some dramatic changes as our trust has grown over the past 30-plus years. And the next stage of its development is now clearly visible. That’s Web 3.0.

Web 3.0 is developed with the shortcomings of both Web 1.0 and Web 2.0 in mind. Its decentralized architecture aims to solve challenges raised by concerns such as user trust, privacy and transparency. The fluidity provided by seamless human-machine interaction can mean a lot to businesses today.

Wolfram Alpha and Apple’s Siri are examples of Web 3.0 applications that can summarize enormous volumes of information into knowledge and relevant results for users.

The idea behind web 3.0 is to make searches on the Internet much faster, easier and more efficient to process even complex search sentences in no time.

With blockchain at the foundation, Web 3.0 enables a growing number of different types of new applications and services to exist, including the following:

• NFT. Nonfungible tokens are tokens that are stored in a blockchain with a cryptographic hash, making the token unit unique.
• DeFi. Decentralized finance is an emerging use case for Web 3.0 where decentralized blockchain is used as the basis for enabling financial services, outside of the confines of a traditional centralized banking infrastructure.
• Cryptocurrency. Cryptocurrencies like Bitcoin are Web 3.0 applications that create a new world of currency that aims to be separate from the historical world of fiat currency.
• dApp. Decentralized applications are applications that are built on top of blockchain and make use of smart contracts to enable service delivery in a programmatic approach that is logged in an immutable ledger.
• Cross-chain bridges. There are multiple blockchains in the Web 3.0 world, and enabling a degree of interoperability across them is the domain of cross-chain bridges.
• DAOs. DAOs are set to potentially become the organizing entities for Web 3.0 services, providing some structure and governance in a decentralized approach.

credit: TechTarget