Web3.0

• Web3 is the "internet for the next generation," so discussions about it are growing.

What is the World Wide Web?

• The World Wide Web, commonly referred to as the Web, is a collection of websites or web pages that are kept on web servers and linked to local computers over the internet.
• There are text pages, digital photos, audio files, videos, etc. on these websites. Users can use their internet-connected devices, such as PCs, laptops, mobile phones, etc., to access the content of these websites from anywhere in the world.
• In contrast to the current Web 1.0 and Web 2.0, Web 3.0 is a decentralised internet that will be powered by blockchain technology.
• In contrast to the current situation, where tech corporations dominate the platforms, users will have ownership shares in platforms and applications in Web 3.

About Web 3.0

• Web3 has the ability to transform corporate-owned networks into user-controlled networks while preserving Web2 functions.
• It is also known as read/write/own. Through cryptocurrency tokens, users can control these blockchain-based networks. Value may be added to the community as a result of the network's expansion as token prices rise.
• The decentralised web, sometimes referred to as dApps and smart contracts in the blockchain system, enables the creation and trade of digital assets.
• Cooperative governance arrangements, as opposed to a single entity, govern decentralised applications (dapps).
• A community of token holders, rather than a CEO, manager, or board of directors, decides what to do.

Web 1.0:

• The first version of the internet, or the world wide web, was released in 1989. From 1993 on, it gained popularity. The period ended in 1999.
• In the early days of Web 1.0, most of the internet's content consisted of static web pages that users would visit, read, and interact with.
• Even though there were e-commerce websites in the beginning, the internet was still a closed environment, and users were unable to upload material or leave reviews.

Web 2.0:

• Although most of its features weren't completely accessible until 2004, Web 2.0 actually got its start in some manner in the late 1990s. Web 2.0 is still in its infancy.
• Because users can now produce content, Web 2.0 differs from Web 1.0 in this regard.
• They can participate and give back by leaving comments, giving likes, sharing and uploading their images and videos, and engaging in other similar activities.
• The primary distinguishing characteristic of Web 2.0 is a social media-style of engagement.

Feature

• Artificial intelligence is a major driver of increased automation.
• Based on blockchain, it prevents the use or control of user personal data by tech oligopolies. User data is encrypted and safeguarded by blockchain technology.
• Users can log in anonymously because of decentralised governance.
• permits the use of cryptocurrencies in place of fiat money.
• It involves a semantic web, which by understanding the meaning of searched words, may produce or share content. Content is created on web 2.0 utilising any keywords or integers.
• information is more connected since the semantic web is involved. Users can get all the information here.
• The extensive use of three-dimensional designs throughout its websites and services is another noteworthy aspect.

Significance of Web 3.0

• Decentralised and fair internet is important in Web 3.0. Users will have independent access to their own data on a decentralised, fair internet that Web3 will give.
• Getting Rid of Middlemen The transaction's time and location are logged in the block chain for all time.
• By doing away with the need for an intermediary, Web3 enables peer-to-peer (seller to buyer) transactions. Decentralisation and transparency can also be included in this idea: Decentralised Autonomous Organisation, or DAO, is the foundation of Web 3.
• In DAO, everything is governed by business rules, which are transparently visible to everyone and will be followed when writing software.

What distinguishes Web3 from Web2?

• Centralization vs. decentralisation: Web2 is centralised, which means that data is kept on centralised servers that are owned and managed by big businesses. Web3 is decentralised, in contrast, which means that data is kept on a network of computers that are owned and managed by the users themselves.
• Peer-to-peer vs. intermediaries: To enable transactions and interactions, Web2 mainly relies on intermediaries like banks, social media platforms, and online marketplaces. Peer-to-peer interactions and transactions are made possible by Web3, allowing users to conduct business with one another without the aid of middlemen like banks.

Blockchain

• Blockchain is a decentralised digital system created to store data securely in a way that makes hacking and compromising difficult, unlike on current platforms and Internet versions.
• The usage of it in cryptocurrencies like Bitcoin and Ethereum, where it is employed to store and move digital currency in a secure and open manner, is what makes it most well-known.

Way to Go

• There is no agreement on whether Web3 will catch on the way that Web 1.0 or Web 2.0 did because it is still in its infancy. Top technologists in the business and in academia are very sceptical about Web3, believing it does not address the issues it claims to.
• It will be necessary to depart from the front end, middle layer, and back end architecture that is used today in order to support Web3.

Web3.0

The Finance Minister recently discussed the usage of Web3 and Artificial Intelligence (AI) technology in fraud detection and to produce early warning indications in an unforeseen incident while addressing the 75th Annual General Meeting of the Indian Banks' Association in Mumbai.

What is Web3?

Web 3.0 is another name for it.

• A decentralized internet that uses blockchain technology will be created.
• The phrase "Web3" was initially used in 2014 by Gavin Wood, the creator of Ethereum, a blockchain technology business. Over the following years, many other people have contributed to the concept of Web3.
• It would be distinct from the current Web 1.0 and Web 2.0 versions.
• In contrast to today, when tech giants dominate the platforms, in web3, people will have ownership shares in platforms and applications.

Advantages of Web3

• A "decentralized and fair internet where users manage their own data" will be provided via Web3.
• Web3 makes it possible for sellers to buyer (peer to peer) transactions by doing away with the need for an intermediary.
• Currently, for a seller to conduct business with a buyer, both the buyer and seller must be registered on an e-commerce portal or "shop" like Amazon, Ebay, or another similar site.
• Platform verifies the legitimacy of the buyer and seller as the parties to the transaction.
• The goal of Web3 is to eliminate the "platform" function.
• The core idea behind Web3 is Decentralized Autonomous Organization (DAO), which states that all business and regulating rules for every transaction are transparently available for anyone to see and that software will be created in accordance with these rules.
• A central authority is not required in the case of DAO for authentication or validation.

The state of its development at this time

• There is no agreement on whether Web3 will take off as Web 1.0 or Web 2.0 did because it is still in its very early stages.
• Top tech minds in the industry and the academic community are highly skeptical about Web3, believing it does not address the issues it claims to.
• For instance, Jack Dorsey and Elon Musk do not see a future for Web3.
• In terms of technology, Web3 will necessitate a change from the front-end, middle layer, and back-end architecture that is now in use.
• For processing blockchain, persisting and indexing data in the blockchain, peer-to-peer connections, and other tasks, Web3's architecture will require backend solutions.
• In a similar vein, managing a blockchain-based backend will be required of the middle layer, also referred to as the business rules layer.
• Although it is not yet clear if Web3 will take over as the primary method of using the internet, the issues it presents are important.

Cryptocurrency technology

• A distributed database that is shared by all of the nodes in a computer network is known as a blockchain.
• A blockchain serves as an electronic database for storing data in digital form.
• The most well-known use of blockchain technology is for preserving a secure and decentralized record of transactions in cryptocurrency systems like Bitcoin.
• Without the aid of a reliable third party, it ensures the security and authenticity of a data record and fosters confidence.