Everything you need to know about Web 3.0

The third generation of the internet is referred to as Web3. The tech and finance sectors are providing it with a lot of traction even if it is still more of an idea than a reality. Decentralized applications (dApps), which enable applications and services in a distributed manner without a central authority, are likely to receive a lot of attention in Web3. The technologies based on blockchain, AI, machine learning, cryptocurrencies, and open web3 enabled metaverses are also likely to be heavily utilized.

Potential Features of Web 3.0

The idea behind Web3 is to offer a public, open, and decentralized infrastructure. Web3 hopes to unleash the power of composability and enable "compounding software development" similar to that of open source software by utilizing the following technologies:

Blockchain and Smart Contracts

Blockchains and the smart contracts they may carry out are anticipated to be two of the main building blocks of Web 3. Blockchains are public, networked, community-owned databases and computer systems. Smart contracts are lines of code that may be run on a blockchain and serve as transaction protocols for automatically executing, controlling, or documenting legally significant events and activities in accordance with a contract or other agreement.

IPv6

Web3 will likely adopt IPv6, the latest version of Internet Protocol, which identifies devices across the internet so they can be located. The need for this addressing space is due to the ever growing need for more addresses.

Cryptocurrency

Web3 will probably use cryptocurrencies and tokens, whether they are fungible (digital native money) or non-fungible (unique to a particular asset), enabling the digital representation of value. In the new webspace, these digital assets will need to be managed and transferable between different dApps. Web3 wallets, or ledger accounts on the blockchain, are useful in this situation. User interface layers will read the current ledger of your assets, but they won't store them exclusively on one platform, therefore the platform isn't keeping custody of them.

AI and Machine Learning

Web 3.0 is projected to largely rely on AI and machine learning, which together with semantic web should give users a more individualized web experience. Semantic web will be able to read context from user-provided text more effectively, and enhanced AI will be capable of utilizing this information to provide the most accurate content.

Reception

Is it a pyramid scheme, a development of current blockchain-based trends, or the savior of human society? The future and potential of Web 3.0 are still up for debate in the tech sector, but some have suggested that it could be a potential answer to worries about the over-centralization of the web in a few "Big Tech" businesses. Some people believe Web3 has the potential to go beyond Web 2.0 platforms in terms of data security, scalability, and privacy. According to the New York Times, a number of investors are staking $27 billion on Web3 as "the internet's future."

Supporters consider Web3 to be a representation of the cyber-libertarian ideals and past expectations that the internet might empower common people by dismantling established power structures. The difficulties of regulating a decentralized network, however, has raised fears that it would make it harder to stop criminality, online abuse, and hate speech.