Web3.0 Review: What is it and Why It Matter?

The concept of Web 3.0 isn’t exactly new as early pioneers who were present from the transition from Web 1.0 to Web 2.0 had the foresight to know that the evolution to Web 3.0 would eventually happen, just as even now there are already early discussions about Web 4.0 and 5.0 though we have barely broken into Web 3.0. The first concept of Web 3.0 comes from Bernes-Lee, a British computer scientist who is credited with the invention of the World Wide Web, coining the concept of Web 3.0 all the way back in 1999. As Web 2.0 is often referred to as the “Social Web,” Web 3.0 is often referred to as the “Semantic Web.”

Bernes-Lee had a vision that the Semantic web would be capable of analyzing all the data on the internet, allowing machines to handle many tasks without human intervention. Much of the capabilities that Lee had imagined the internet would develop back in 1999 have already come to fruition, though a more recent denomination for what Web 3.0 would comprise of came to light in 2006 by John Markoff of the New York Times. Instead of the “Semantic Web,” Markoff would refer to Web 3.0 as “The Intelligent Web,” and would state that it would have 5 characteristics.

The 5 Characteristics of the Intelligent Web:

  1. Semantic Web – Web 3.0 goes beyond focusing on keywords and numeric values so that it understands content like photo, video, or audio and more complex associations between products, locations, and specific behaviours.
  2. Artificial Intelligence – Artificial intelligence software is able to decrypt natural language and understand intention. It can also recognize real from fake and provide more reliable data.
  3. 3D Graphics – The third generation of the internet should integrate the use of 3D graphics and VR technologies to provide results regarding real-life places, diverse products, and objects of interest.
  4. Connectivity – Within web 3.0, information is more connected through semantic metadata, leveraging all the available information.
  5. Ubiquity – Data silos are eliminated. Every device should be connected to the network and content is operable by different applications.

It is quite clear that all five of those characteristics are currently evolving and shaping the internet as we know it. Technological advancements are happening in each of those areas to create a more advanced version of the internet from the one we use today.

But what does Web 3.0 have to do with Blockchain Technology and Crypto?

For the first time in human history, Blockchain technology provides a reliable mechanism that is based purely on clearly defined and indisputable mathematics rather than erroneous, frail and emotionally biased human nature. This allows for the trust and integrity behind the critical systems and functions that run our daily lives. We already trust calculators over our own mental arithmetic capabilities, Blockchain is kind of like that, but for many other and higher impact areas of our lives with use cases ranging across all industries such as finance, health care, supply chain logistics, gaming, farming and agriculture and more. Blockchain technology is already being interwoven into traditional Web 2.0 with an entirely separate Web 3.0 framework being built on networks such as Ethereum.

The rise of technology such as distributed ledgers and Blockchain allows for data decentralization and an environment for transparent, verifiable, tamper-proof and secure data transmissions and transactions. Blockchain integration into Web 3.0 will allow for the ability to overcome Web 2.0’s current issues with centralization, surveillance and exploitative/manipulative advertising, while also providing the framework to support a decentralized infrastructure that will have the ability to displace centralized tech giants, meaning that individuals will be able to rightfully own their own data.

Web 3.0 and Decentralization

As I mentioned earlier, Web 3.0 and Blockchain technology are often used synonymously which can be misleading and not exactly accurate. There is nothing in the technological framework of Web 3.0 that states that it has to be built on, nor utilize Blockchain technology at all. Though I think it is a fair assumption that Blockchain technology will continue to further develop, be integrated into, and play a massive role in the advancement of Web 3.0 as we have already seen happen across many industries.

This brings us to another disconnect in understanding and that is that many people assume that Blockchain technology automatically means decentralization. Many people are currently under the incorrect assumption that Web 3.0 + Blockchain technology = decentralization, which is not the case. On the contrary, it could actually lead to the complete opposite!

Current Implementations of Web 3.0

As I mentioned earlier in the article, Web 3.0 does not necessarily mean Blockchain technology integration, but for the remainder of this article, we will be working under the assumption that the two will be further developed together and working hand in hand, and each mention of Web 3.0 should be assumed that it will have Blockchain woven into the framework of the internet. Blockchain technologies such as Bitcoin, or more so, Ethereum are already providing the early, basic framework needed for Web 3.0 and we have seen many use cases already implemented and built on this technological innovation. Remember how the Internet was the fastest adopted technological innovation of all time? Well, the trajectory of crypto and blockchain adoption is surpassing early internet adoption meaning it is already here in many forms and will likely continue its exponential growth into the daily lives of internet users everywhere.

Finance is the largest industry in which Blockchain technology has made a massively disruptive impact and for good reason. With countless scandals and dirty dealings that have existed in traditional finance since the inception of a monetary system itself, Blockchain technology and Web 3.0, thanks to networks such as Ethereum have provided a framework that is replacing the trust that has been lost in the traditional finance space, helping eliminate corruption, reducing costs and increasing efficiency by rebuilding financial applications that can potentially replace all the legacy services that currently exist across the entire financial space.

Bottom Line

While Web 3.0 may or may not bring about the “power to the people,” type revolution that many people hope it will, Blockchain technology will continue to play a massive role across all industries that have anything to do with the internet. This is already quite evident in the fact that governments and tech giants are investing billions of dollars into Blockchain infrastructure. While Web 3.0 is transitioning us into a future that will blend reality with virtual reality, incorporate aspects of machine learning and artificial intelligence to make our interactions with devices more human-like, the Blockchain layer adds a very interesting proposition to what will be possible in both our digital and physical lives.


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