Imagine a future where we will be able to access a new type of internet and this new version of the web will be more tailored to individual users than ever before! It will not only interpret what we input but will also understand everything we convey. In fact, we are already at the starting point of a new chapter in the web’s evolution called Web 3.0.
Although some of the early applications of Web 3.0 already exist, their potential is yet to be fully realized and this is possible only when the new phase of the web’s evolution becomes the complete reality and gets embedded in the infrastructure.
The cryptocurrency and blockchain industries are booming, and show no signs of slowing down. With Web 3.0 on the horizon, many are wondering what role these nascent technologies will play in its development. In this article, we’ll explore the origins of crypto and blockchain, and discuss their potential for disrupting traditional industries. We will also take a look at some of the most exciting upcoming projects in the space. So, if you’re interested in learning more about the future of crypto and blockchain, keep reading!
What is Web 3.0?
Web 3.0 is the latest version of the internet where websites and apps would be able to give the output and process information in a highly advanced and smart human-b like technique. Users can interact and also collaborate more smartly through tools like machine learning (ML), Big Data, decentralized ledger technology (DLT), etc. without having to think about the centralized repositories. Web 3.0 is the decentralized version of the virtual world that was popularly also called the Semantic Web by Tim Berners-Lee – the inventor of the World Wide Web. It aims to be smarter, autonomous and also serve as an open internet free of any central control.
The data in this new third generation of the internet will be interconnected but serve as a decentralized version. This new phase of the web’s evolution would be a huge jump from the existing version of the virtual world where data will no longer be stored in the data-specific, central repositories.
Moreover, in this web’s phase of evolution, users can interact and collaborate with machines to give accurate data. However, applications need to process the information both conceptually and also contextually. In short, Web 3.0 presents the next internet revolution which would emphasize smart, autonomous intelligent information accessibility. For example, search engines in this new internet era will yield insights tailored to meet the requirements of the users and based on their search. Decentralized servers with information present on multiple computing devices would replace the centralized servers in this new era of the internet. Hence, it will serve as a peer-to-peer internet with no single data-specific repository or authority.
So far, user data has been tapped by the technology giants to make stupendous profits. However, with the arrival of web 3.0, technology companies cannot deceive users to give them their valuable data without providing any compensation. Instead, web 3.0 will be a game-changer where people will be paid for the data they share with the tech firms. Hence, users can let tech firms use their data but at the same time retain their privacy and ownership. Web 3.0 will allow websites and applications to utilize their data more purposefully and will tailor each piece of information to meet their needs.
features of web 3.0
The next internet revolution has some key features which need to be understood in deeper detail to know what the future holds. Here are a few things we need to look at:
- Open – Being made with the open-source software developed by an open and also a smart community of developers, it is accomplished in the full view of the public.
- Trustless – Users using web 3.0 are free to interact and also collaborate on the public and private platform without having the interference of central systems that often puts them at high risk. Hence, the data received is trustless.
- Permissionless – Users and data providers can engage and also share data without giving up control and privacy to their data and also without requiring any permission from an intermediary organization.
- Ubiquitous – The most attractive feature of the next revolution of the internet – Web 3.0 is that it would make the Internet accessible to all of us. Anyone from anywhere at any time can share data or information, which then becomes ubiquitous as it’s available to anyone irrespective of where they are positioned, and as long as they have access to the social media platform. Hence, the internet-connected devices are no longer limited to smartphones and computers as is the case with web 2.0 but in web 3.0, there will be a plethora of smart gadgets and devices fuelled by the IoT (Internet of Things).
- Semantic Web – Web 3.0 will let computers analyze lots of data from the Web. Machines applying semantics in this new version of the virtual world will be able to analyze the data and also decode the emotions behind the data, including the content, transactions, and links between persons. Users can enjoy a better experience driven by improved data connectivity.
- Spatial Web and 3D Graphics– Web 3.0 is also known as the Spatial Web since it aims to revolutionize graphics technology and blur the divisions between the digital and the physical world. It would clearly emphasize the three-dimensional virtual worlds, engaging and bringing forth a heightened sense of immersion in the futuristic gaming applications and also in several domains such as health, e-commerce, real estate, and many more.
Web 3.0 Evolution
In order to understand web 3.0 better, we also need to understand the evolution of the web and the differences between all the phases, starting from web 1.0, web 2.0, and web 3.0.
Web 1.0 –
The first version of the web was only read-only allowing people to read information as the websites presented.
It was a step ahead of the first version where users could not only read the information but also edit or write the content on the applications as well as the websites.
Web 3.0 –
This new breed of the internet is not just a read-write web but also allows users to interact and engage powered by artificial intelligence. Users can interact, read and also write driven by advanced technologies that allows them to have immersive experiences on the applications and websites.
How Does Web 3.0 Work?
Web 3.0 aims to tailor the web to meet the requirements of the users and help them get the best results for their searches on the Internet. It makes the web search easier, more efficient, and also much speedier, thereby also processing the most complex searches in the fastest time possible.
In web 2.0 where a user needs to first interact with its frontend, which then provides the information to the backend, and then it is communicated through its databases. The users are then sent the code which is hosted on data-specific central repositories through an Internet browser. In contrast to this, web 3.0 does not have the entire code hosted on centralized servers storing the code and does not have centralized databases. However, web 3.0 is powered by advanced layers of technological innovation such as decentralized, artificial intelligence, edge computing, and also blockchain. The apps on the new breed of the internet are built with the help of blockchain on a decentralized machine and will be maintained by unspecified nodes on the web. Smart contracts will define the logic of your applications and those will, in turn, be written by the community of developers, which again will be hosted on the decentralized state machines. App developers can deploy their codes on the shared state machines with great ease but the frontend will remain the same as in the case of web 2.0.
Web 3.0 Architecture
In order to better understand the framework and how web 3.0 works, also read about the four key elements in the architecture of web 3.0 integral to it:
Ethereum Blockchain – It is accessible by anyone across the world and maintained by a peer-to-peer network of nodes allowing users to access and also engage, interact with the state machine. It is decentralized with no single entity having any control but rather it provides collective ownership to everyone present in the network. Anyone accessing these globally accessible machines can write to the Ethereum Blockchain but however, they will not be able to update it.
Smart Contracts – The logic behind the applications or the state machines are written by developers as smart contracts or programs that run on the Ethereum Blockchain.
Ethereum Virtual Machine (EVM) – The logic of the state machines or applications as defined in the smart contracts are then executed by the EVM. The changes in the state machines are processed by these machines.
Front End – As is the case with other applications, the UI logic is defined by the front-end. Nevertheless, smart contracts defining the logic of the applications are also connected with it.
Web 3.0 in Crypto & Blockchain Industry
Blockchain is often linked with web 3.0, as just like the decentralized version of the internet, blockchain also stands for openness, transparency, and no central authority. However, it is not just the similarities between the two where they are associated but in fact, blockchain is one of the layers powering web 3.0. In fact, blockchain serves as the cornerstone of web 3.0, redefining the database structures in the backend of the semantic web.
Smart contracts deployed on the decentralized state machines run on the blockchain, called the Ethereum blockchain. Anyone building the blockchain apps needs to deploy codes on the shared state machines. The codes and data of the applications are managed by the nodes on the blockchain and this is controlled collectively and owned by all those present on the network of the nodes. It is a peer-to-peer network of nodes and the rules between the peers of the network impact the state changes on the state machines or blockchains.
All data and information on the blockchain can be accessed globally but these cannot be tampered with or altered, thus ensuring it is immutable and secure. Files can be sent by users in a copy-protected manner, thereby facilitating peer-to-peer transactions without the need for third-party interference. Web 3.0 secured and encrypted the files and data before sharing them.
Users engaging on the web 3. 0 apps use the advanced technologies powering the web 3.0 such as AI and machine learning to process the requests and queries and deliver the required information straight from the blockchain, making content, resources, applications, and agreements globally accessible for everyone at any given time.
Web 3.0 cryptos run on strong and deeper financial grounds as the cornerstone of this version – blockchain paves the way forward for running the democratic internet version. In fact, the dApps and smart contracts would automate the processes and it is where the web 3.0 cryptos and leading cryptocurrency players will come into effect. In the future, it is the crypto players with the best technology solutions contributing to the web 3.0 ecosystem that would garner optimum traction.
The most popular Web 3.0 blockchain is Ethereum for the critical role it plays in helping developers with decentralized apps. Hence, it is the most favorite blockchain network topping the radar of all web 3.0 crypto players and investors. Besides, some other blockchains are also catching up with Ethereum in the race to develop web 3.0 apps.
Hence, the next time doubts are cast upon the fundamentals of cryptos and critics reject it as a bubble waiting to pop up sooner than expected then put forth the idea of web 3.0 cryptos that runs on deeper financial positions. The crypto investments can be backed by technology-driven facts with precedents.
Hot favorite Web 3.0 cryptos for 2022
Here is a compiled list of the most popular cryptos that are expected to top the Web 3.0 race in 2022.
Helium (HNT) – The data in this decentralized blockchain-powered network is broadcasted using low-energy wireless hotspots through the radio waves. It utilized the proof-of-coverage consensus to authenticate that the hotspots provide real wireless coverage.
Filecoin (FIL) – It is a safe alternative to centralized cloud storage and users can make money from this filing cabinet of web 3.0. It can be used for storing any kind of data or files or even sensitive information such as private company records, images, and texts.
Kusama (KSM) – This is an older and robust network and is also utilized to resolve challenges in web 3.0 blockchain projects. With its proven track record for the success of parachains, developers often strive to get a spot on this network through the parachain auctions.
Polkadot (DOT) – This web 3.0 project is one of the most well-known cryptocurrency projects in the global market. It is gaining attention in comparison to the Ethereum blockchain as it has lower fees, provides scalability, and also delivers faster speeds. It leads the decentralized internet space for its rising market value.
BitTorrent (BTT) – It is one of the most powerful peer-to-peer networks where bigger files can be divided into fragments and distributed over the web in a fragmented form, combining into an entire whole on the recipient’s computer.
Kadena (KDA) –This proof–of–work layer blockchain protocol offers scalability and also faster processing of transactions with its beaded chains. It delivers smart contract capabilities with parallels to those found in Ethereum.
Ocean Protocol (OCEAN) – Web 3.0 solutions can be built on another crypto – OCEAN with all the required tools. Crypto investors looking to make rich gains in web 3.0 tokens with big potentials can use this. A number of tools used in making the web 3.0 applications use this protocol.
We are moving towards the era where the new breed of the internet will allow users complete authority, privacy, and also secured and safe data- all powered by blockchain. It will also facilitate a much more honest, transparent, and also customized browsing experience. The decentralized web 3.0 has several benefits to yield smart, autonomous, human-like search results that would lead to a more equitable web.
Each user and individual on web 3.0 will have complete control of their data, thus empowering them to have a better and richer experience. It will fuel the use of transparent data, from the tailored search results to cross-platform development tools. There are a plethora of innovations that is also yet to come into effect once it becomes fully embedded in the infrastructure.
Web 3.0 inevitably would transform our lives and also change our behavioral patterns —thus making the internet more immersive, thus exponentially becoming an integral part of our daily lives.
Evomantra: leading web 3.0 digital marketing platform
We at Evomantra have an expert and experienced team handling digital marketing for web 3.0 cryptos and web 3.0 blockchain projects. It is the leading blockchain marketing agency to steer the tech firms and help brands to leverage the online marketing channels to popularize their web 3.0 crypto and blockchain projects. New players in this dynamic domain can take advantage of our team of proficient marketers to grow their brands and strategize their social media marketing efforts for reaching out to a wider audience.