The new iteration of the internet

Inside Web 3.0: The New Iteration of the Internet

Web 3.0 is the third version of the Internet.

If you consider the number of investments and the shares that come with it, it is clear that Web3 or Web 3.0 is the future of the Internet.

according to Emergen ResearchThe global Web 3.0 market size reached $3.2 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 43.7% to reach $81.5 billion by 2030.

Web 3.0 is the third version of the Internet. A 2020 Twitter post described the three iterations of the web in these words:

Web 1.0 was “read only”, with a static website with almost no user interaction. The current Web 2.0 is “read and write”, embodied in the rise of social media and user-generated content. Web 3.0 will be “read and write owned”, as it will help secure the data.

Raj A Kapoor, founder and CEO of the India Blockchain Alliance, explains how to secure data on Web 3.0: “When we use a platform like Facebook, our data is collected, owned and monetized. In Web 3.0, our data is stored on the encrypted wallet. We interact with apps and communities. On Web 3.0 through our wallet. We can also take our data with us when you check out.”

Data security on Web 3.0 will be possible due to blockchain technology. Blockchain will help keep the information on Web 3.0 organized in the form of blocks. These blocks are immutable and are validated by consensus through asymmetric encryption such as keys or digital signatures. Thus, users can access resources, applications, agreements, and content more securely.

Kapoor adds that Web 3.0 will enable data privacy because a crypto wallet is not easily linked to someone’s true identity. “Although someone might be able to see someone’s wallet activity, they won’t know it’s your wallet.”

While Web 3.0 is expected to simplify the ever-increasing crypto transactions, it is likely that new use cases will emerge from it.

Web3 can help people purchase assets such as virtual real estate through fractional ownership, eliminate middlemen in transactions in media and entertainment, and decentralize businesses by enabling community ownership for companies such as decentralized autonomous organizations, notes A. decomposition Report.

If Web 2.0 is currently about the virtual world, then Web 3.0 is about bridging the gap between the virtual and the physical world. The “bridges” between the two worlds are many 21st century technologies such as artificial intelligence, augmented reality, virtual reality (all three are the cornerstones of Metaverse), etc. Web 3.0 can host.

Sharat Chandra, Vice President, Research and Strategy, EarthID adds: “Brands across sectors are embracing Web 3.0 to deliver a personalized and premium customer experience in the immersive world. Game use and marketing are the two notable Web 3.0 use cases that cut across domains.”

If the last file decomposition The report believes that the metaverse powered by blockchain, VR, and NFTs (non-fungible tokens) will rule the Web 3.0. In particular, as mentioned in the report, games are likely to grow exponentially in the Web 3.0 ecosystem.

Powered by the blockchain, Web 3.0 games are also called play for profit or play to own. In Web3 games, players own NFT assets. It can also be sold – which is impossible in Web 2.0 decompositionQuoting a DappRadar report, it says that blockchain-based gaming activity has increased by 2,000% since 2021.

In another significant development that will change the way people play and play games on Web 3.0, several Web 3.0 companies have teamed up to create the Open Metaverse Alliance for Web 3, or OMA3. This alliance aims for a “metaverse without restricting walls, where individual platforms are fully interconnected and interoperable.”

The launch of OMA3 – a DAO with “inclusive, transparent, and decentralized governance” – also points to the role of Web 3.0 in bringing together the different elements of the metaverse and blockchain technology.

While Web 3.0 positions itself as the future of the Internet, there are some red flags as well. Chief among them is “decentralization” – the main premise of Web3 itself.

“True decentralization remains elusive as all the leading blockchain protocols are controlled by a select few wallets,” Chandra says.

Decentralized finance (DeFi), a byproduct of blockchain technology, is also a cause for concern. The decomposition The report states that DeFi protocols have become the number one target of hackers looking to steal cryptocurrency in 2021.

DeFi money laundering is another problem. “So far in 2022, DeFi protocols have become the largest recipient of illicit funds, taking 69% of all funds sent from addresses associated with criminal activity,” the report says.

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