Web 3.0 Blockchain and Crypto: Definitions and Examples
Web 3.0 is the name behind the present and future technology. This is the name given to the new kind of Internet service built using decentralized blockchains: collaborative recording systems using cryptocurrencies.
This concept has been proposed in common usage for a long time, but it has become widespread in the last few months. According to investors who have promoted Web 3, it can be defined as an Internet owned by developers and users and coordinated through cryptocurrencies.
History of the Web
Web 1.0 (1990–2005) is based on open and decentralized protocols. The community managed the network, and contributions came from users and developers.
Web 2.0 (2005–2020) is a network controlled by large companies, generating the most contributions and profits.
Web 3.0 returns control to users and developers and restores decentralization without giving up the functionality of Web 2.
Overview of Web 3.0
As the developers suggest, Web 3 will take many forms, such as decentralized social networks, ‘play to earn’ video games in which players earn cryptocurrency and NFT platforms that allow people to buy and sell digital culture items.
The main goal is that Web3 will change the Internet as we know it. It will take power away from ‘giant companies’ or traditional players and start a new digital economy without intermediaries.
When Was the Web 3.0 Created?
Dr. Gavin James Wood proposed the concept of Web 3.0 in 2014. According to him, this concept will largely solve problems such as trust and security on the web and eventually abolish the superiority of many companies that have spread a monopoly on the web. As a result, the web will work exclusively for the benefit of the community.
Advantage of Web 3.0
A significant advantage of Web 3.0 is its integration with technologies such as blockchain, cryptocurrencies, and NFTs.
Web 3.0 supporters argue that in this new phase of the Internet, ownership, and control will be decentralized because users and developers will own them through storage in the form of non-fungible tokens (NFTs). These tokens will give users the right to vote for directions on the network, giving them ownership of a portion of it.
This would avoid the control that big companies like Google, Apple, Microsoft, or Amazon have over the modern Internet.
What Is an Example of a Web 3.0 Application Existing Today?
One typical example is Axie Infinity, a video game developed by the Vietnamese studio Sky Mavis. This video game uses cryptocurrencies and NFT to reward players with real money for achieving in-game goals.
During the game, participants can create characters called Axies and use them in battles against other players. They can also collect virtual lands in the form of NFTs and earn a type of digital currency called Smooth Love Potion (SLP), which can be traded on a cryptocurrency exchange. Axie Infinity has attracted millions of players who earn money from the game.
How Web 3.0 Works
Web 3.0 technology will not run on centralized servers owned by certain people or companies. Instead, they will have a distributed database stored on special nodes. The owner of the node could be anyone. No monopoly in the world will be able to unilaterally remove content because a copy of the database will be stored simultaneously by thousands of users around the world. As a result, classic applications will become decentralized applications (dApps).
Features of Web 3.0
The main distinguishing features of Web 3.0 will be:
Universality
As experts suggest, in the era of Web 3.0, the Internet will be almost everywhere, and the distributors will be IoT devices and ‘smart’ gadgets.
Semantic Web
The mathematical machine does not understand natural language queries well enough and often makes mistakes. To improve this process, it is planned to use Semantic Web technology, when information of the type ‘subject — type of relation — another subject’ can be obtained from the Web and already based on this data to build logical relations.
Artificial Intelligence (AI)
Intelligent algorithms on the Web are not going anywhere. They will continue to assist and support users as they search for relevant content. Some researchers note that AI could be used to identify user comments on marketplaces in the future, which will help create more transparent services.
Conclusion
The transition to Web 3.0 is a long and fairly time-consuming process. Its implementation requires revision of the entire Internet protocol, abandoning the usual hypertext transfer protocols (HTTP) in favor of new decentralized ways, transferring the scheme of managing companies and projects to DAO.
This is a huge undertaking on which the entire economy and the planet’s viability are still tied up.
In addition, it takes time for ordinary users to move to dApps and be able to understand how things work. However, the transition has already begun, as evidenced by the many platforms that have already announced themselves as applications of the new intranet. Therefore, we must keep up and try our best to bring the advent of Web 3.0 closer, as it is a sensible vector for decentralization, democratization, and privacy.
